Business Opportunity
MKT 431
October 19, 2015
Nicholas Sherwin
Business Opportunity
Understanding the difference between an idea and an opportunity is important. An idea is a thought that has no value unless you can make a profit. On the other hand, an opportunity is a business idea that can be implemented with available resources to prosper. The idea becomes an opportunity when you act on it and there is a need for the product/service. Basically, an idea is a concept that has the potential to make the entrepreneur money whereas an opportunity fulfills the consumers want/need thus making the entrepreneur a profit. However, if you want to stand out from the competition, you better have a unique value proposition, diverse revenue streams, and loads of creativity. With that being said, this paper will discuss a business idea for the apparel industry and market trends that supports the idea as an opportunity.
Local Apparel Industry
Locally, the retail apparel industry does not keep up with current trends plus you have to shop elsewhere for shoes to match the attire as well as accessories. This means inconvenience for those who have to shop out of town to find what they want or go to multiple stores. Therefore, an idea for an apparel store that offers online sales supplying trending clothes, shoes, and accessories could be a great opportunity for the local area as well as surrounding areas. Not only will it meet the wants/needs of consumers but with research, planning, and hard work it could bring in a prosperous profit. However, we are going to research market trends to determine if it supports the apparel industry as an opportunity.
Market Trends
With the development of technology that is focused on helping retailers merge their physical and digital settings, the retail industry has rapidly evolved (Russell, 2015). This gives shoppers a smoother shopping experience and boosts customer satisfaction as well as sales (Russell, 2015). Since...