Customized bags Industry for Entrepreneurship class - Essay Example

Topic:  Customized bags Industry for Entrepreneurship Instructions: This is a research paper on "Customized bags" for Entrepreneurship I need a concept (Industry & Opportunity) about customized bag industry. It is "going green customized bags." I want you to write about market target and market trend for customized going green bags industry. Also, I want you to write about management part. Assume that 4 of people will run the business (partnership). I want you to assign most important roles to start up the business for each of 4 people and write about the management roles.

------Customized Bag IndustryBags have always been an integral part of human life- be it made of paper, plastic, cloth or leather to pack and carry goods. However with changes in buying behaviour and preferences, in making purchase decisions consumers look for value addition. The personalized product industry is growing at a fast pace and according to market analysts this industry is going to see a huge surge in its sales and profit figures in the years to come. When shopping for a gift, consumers look for a selection that will make a lasting impression on the minds.

Consumers perceive personalized gifts as value for money. Business Opportunity: Going green customized bagsIn the face of global warming, depleting natural resources and increasing concern among the nature activists, the environment friendly custom bag industry upholds a good opportunity for willing investors and enthusiastic entrepreneurs to venture into. The objective is to start small and gradually scale growth. The method devised to enter the custom made bags industry is to set a web platform whereby customers will login to the website also choose the size and type of bag they want and then choose their favourite design or upload their personal photographs or set the names to be printed on the bag.

However the crux of the plan is to provide only eco-friendly bags made from paper, jute and other natural fibres. Customers will also have the option to choose from a range of fashion bags made from post-consumption and industrial waste. Our website works as a bridge between the manufacturers of eco-friendly bags, designers and potential customers. Once an order is processed the bags will be customized using in-house expertise in printing and sewing and thereby delivered at the door step of the customer.

Target Market To start off with we would cater to the needs and requirements of both retail and corporate clients. Retail customers would comprise today’s fashionable youths who value fashion accessories but at the same time are committed to keep the environment clean. The customized eco-friendly bags apart from serving their generic functionality also add a personal statement to the user. These custom made fashionable bags speak for themselves and gives the user his or her individuality. These bags can also be used as excellent gift items and this is where the corporate clients come into the picture.

Gifting clients, distributors and employees have been an age old tradition in all corporate houses, big or small. Recognizing someone’s worth and valuing someone’s presence is precisely the idea behind the concept of gifts. Market TrendFrom years bags have been treated as fashion accessories by women of all ages. However it’s only in the recent years that the trend of using custom made bags appeared. Custom made fashionable products form one segment of the industry and green products the other.

The concept of green customized bags has not been cashed on till date. The USP of this venture is going to be ‘staying fashionable in a harmonious way’. There is a huge untapped market for such bags however what matters at this point is deciding on a powerful entry mode, implementing of strategies in a time effective way, seamless operations, quality products and ensuring customer satisfaction. Business Ownership and Management RolesThe green custom made bag venture is a brain child of four friends who have complimentary set of competencies.

This business idea requires 3 distinct attributes – Excellent expertise in IT/Internet Technologies, Logistics/Operation Management and Financial management. One of the four founders, who is a Computer Science graduate with an MBA in Systems, brings in the technical know how. He is responsible for determining the IT and E-marketing strategy of the start up. One of the founders will be responsible for Marketing –s/he will be responsible for determining the positioning, defining the value proposition and all marketing tie-ups.

He 3rd co-founder will be responsible for managing finance for the start up. S/he will interact with investors and other financial stakeholders and also be responsible for maintaining stable cash-flows. The fourth member of the team will be in charge of the logistics and administration related activities.