Evaluating The Opportunity That Is Identified By Chris And Val In The Case
Entrepreneurship and Innovation Management
Name
University
Entrepreneurship and Innovation Management
Evaluate the opportunity that is identified by Chris and Val in the case using the analytical tools you have covered in class?
What Chris and Val discovered was the dry cleaning industry was fragmented, low entry barriers and undifferentiated. The duo started off by working with two professional dry cleaning businesses where they could analyze customer relations, the running and fixed costs, the buying habits and customer retention rate. They found out that the stores were either plant stores or dry stores. The Dry stores are either independently owned or they are owned by plants who own chains. The bridge that Chris and Val are trying to create for the customer is quality and cost of coming to get there cloths dry cleaned.
The customer base they are trying …show more content…
Once a customer gets a fixed idea in there head, it is very difficult to change and unless they can get more dedicated employees, new machinery and changes done to most of the business they buy it might not turn out to be a profitable venture. (Dry Cleaning Delivery) The advantage of acquiring a dry cleaner would be that they would just have to take over and improve the working condition and the hunt for employees, training them on machines, acquiring new machinery would not be something to instantly worry about. Also, even if they would have a few customers, they would still be taking over a running business. The old financial records would be able to provide an insight into where they are losing profits and making losses and old records of customer complaints and suggestions can be dealt
Name
University
Entrepreneurship and Innovation Management
Evaluate the opportunity that is identified by Chris and Val in the case using the analytical tools you have covered in class?
What Chris and Val discovered was the dry cleaning industry was fragmented, low entry barriers and undifferentiated. The duo started off by working with two professional dry cleaning businesses where they could analyze customer relations, the running and fixed costs, the buying habits and customer retention rate. They found out that the stores were either plant stores or dry stores. The Dry stores are either independently owned or they are owned by plants who own chains. The bridge that Chris and Val are trying to create for the customer is quality and cost of coming to get there cloths dry cleaned.
The customer base they are trying …show more content…
Once a customer gets a fixed idea in there head, it is very difficult to change and unless they can get more dedicated employees, new machinery and changes done to most of the business they buy it might not turn out to be a profitable venture. (Dry Cleaning Delivery) The advantage of acquiring a dry cleaner would be that they would just have to take over and improve the working condition and the hunt for employees, training them on machines, acquiring new machinery would not be something to instantly worry about. Also, even if they would have a few customers, they would still be taking over a running business. The old financial records would be able to provide an insight into where they are losing profits and making losses and old records of customer complaints and suggestions can be dealt