BUS3ENT: Entrepreneurship Business Model Report Assignment Help
Question
BUS3ENT: This Entrepreneurship Business Model assignment for La Trobe University requires the students to write a report in which they are supposed to analyze a developed business model for a new, for-profit business entrepreneurial enterprise. The student has the flexibility to imagine that this business venture can be set up by himself. The business model needs to be assessed based on how innovative and different it is, while also analyzing the industry and the market for the product or service. The feasibility must be evaluated along with an in-depth assessment of the business model canvas.
Solution
The solution constitutes a detailed report analyzing the business idea to launch plus-size clothing in Australia. The report is divided into different sections, which include- an Executive summary, an Introduction, Innovation and differentiation, Industry and market analysis, Product Feasibility, Market feasibility and Economic feasibility of the business idea, and Business Model Canvas, followed by a brief Conclusion.
Executive Summary
The solution begins by providing an executive summary of the entire report which highlights the major findings of the study. Only half of the executive summary is provided here.
Innovation and creativity are important to tackle the dynamic business challenges effectively and continuously drive the competitive advantages for the business. This report evaluates the proposed idea to launch the plus-size clothing business in Australia. The demand for plus-size due to increasing obesity among the young generation is an opportunity to launch customised and online services.
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Introduction
The solution begins by providing a short introduction for the report which incorporates the purpose of writing this report.
Innovation and creativity have become important for business managers to continuously explore new opportunities and drive competitive advantage. Innovation and creativity are considered unique approaches to satisfy the customers’ specific needs that deliver superior value to the customers, business, and stakeholders (Khan & Mohiya, 2020).
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Innovation and differentiation
This section assesses the business idea based on how innovative and different it is. Our experts have ensured that this analysis is done by keeping in mind that this analysis becomes important for making the product stand out in comparison to other competitive products in the market.
According to Parjanen & Hyypiä (2019), product and service differentiation is important to catch customers’ attention and inspire them to purchase with a particular brand. Differentiation is related to satisfying customers’ needs with high value at similar costs and expenses. This offers customers a valid reason to switch new brands and services. The present business, Sydney Fashion will target the plus size women in Australia and their concern for trendy and stylish fashion. Customisation and premium quality product will be another feature to develop customer loyalty in the stiff competitive environment.
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Industry and market analysis
The next section introduces the reader to how the industry and market segment identified for the product provide a supporting environment for the product’s launch in the market. Our experts have provided extensively researched secondary data while also applying understanding from appropriate theoretical backgrounding related to the product.
The fashion industry of Australia contributed $27.2 billion to the Australian economy and generated $7.2 billion in exports. The market is expected to grow in the next five years, 6 offering opportunities to target the fashion sector for innovative business ideas. The low barriers to entry in the fashion market drive the country’s significant growth as the competition gradually increases (IBIS World, 2022). On this note, Neto, Filipe & Caleiro(2019) mentioned that market competition forces companies to implement innovative and creative ideas to create differentiated competitive advantages and ensure the company’s survival. In this context, the augmented reality and virtual experience is at high to offer a more personalised experience and focus on the specific need of the customers. This is related to the strong association between brand and customer crucial for the success of small businesses (Acar, Tarakci & Van Knippenberg, 2019). In this context, the plus-size clothing sector has accounted for 4.8% growth from 2017-to 2022 and is expected to grow by 2.3% in the next two years. The increasing obesity rates in Australia are continuously increasing and the prevalence of obesity at the age of 35-44 is 7% (Australian Government, 2022).
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Product feasibility, Market feasibility, and Economic feasibility
As the assignment demands the student to analyze the feasibility of the product, market feasibility, and economic feasibility, our experts have written a high-quality analysis for all these three aspects.
Product feasibility
The product feasibility stands for the value offered to the customers and focuses on the realistic business idea. In the present case, the plus-size clothing idea is feasible based on the customers’ demand for the unique and trendy style. Fashion has become an integrated part of human life and is transformed into a prestigious issue in high society. An individual’s fashion style and behaviour provide confidence and motivation for personal and professional life to an individual.
Market feasibility
Based on the market analysis, it is identified that the high growth potential of the fashion industry and the increasing obesity rate in Australia are key factors driving the need for plus-size clothing in Australia. The developed infrastructure and supply chain are key factors supporting the digital platform to place the business among the targeted audience. On this note, Siyal et al. (2021) mentioned that market feasibility stands for the reason and rationale that encourage the customer to buy the products.
Economic feasibility
Economic feasibility refers to the cost generated for the company to offer innovative services to the customers compared to the competitors. On this note, the online distribution network and local partners will reduce the cost and ensure the business’s success. The use of natural; fabric will be cost and quality effects, which will drive the sales growth and generate revenue for the company. In addition to this, the individual local designers will be hired to 8 save the cost of training and development of the team members.
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Business Model Canvas
Our experts have developed a business model canvas that maps out all the important elements related to the business idea and its management. All the elements proposed in the table are also analyzed in detail. Our experts have proposed supporting justifications for the proposed venture.
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Key partners
Business partners are important to ensure the continuous in and outflow of the resources and information for the continuation of the business. For the present business, local designers and suppliers of raw materials will be primary partners in launching the business.
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Key activities
Designing and sewing clothing products for plus-size customers in Australia will be the primary activity of this business. Further, marketing and promotion will be supportive activities to raise customer awareness, increase customer confidence about the brand and keep them informed about the latest collection.
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Value proposition
The value proposition is an important element in evaluating the performance and success of the business in a particular market. Value proposition refers to the value offered to the customers that create the differentiated identity of the brand and drive the competitive advantages (Lee et al. 2020).
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Customer relationship
Customer relationship is important to manage and retain the customers with the brand. Customer relation with the brand is important for the business’s continued success.
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Customer segment
The young and adult working women of plus size will be targeted.
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Cost structure
The cost structure refers to the elements and processes that will generate a cost for the company.
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Revenue
Revenue is related to the activities that generate returns and profit for the company.
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Key resources
For the present case, designers, marketing activities and infrastructure to transform the raw material into the final product will be the key resource for the company.
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Channels
Online Channel will be used to position the Sydney Fashion among the targeted customer and manage the dynamic market challenges effectively.
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Conclusion
Lastly, the solution also provides a short conclusion to the findings proposed in the study. You can find half of the conclusion written by our experts below.
Based on the above analysis, it is concluded that innovation is important to create competitive advantages and leverage the emerging changes. Innovation is the ability of the business manager to identify the unsatisfied need of the customers and align the resources to create superior value for the customers, brand and stakeholders. The feasibility of the innovative idea is important to mitigate future risks and maintain consistency.
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