Example Of Entrepreneurial Thinking Case Study

Magnusdottir and Santa Domingo worked in the fashion industry for many years and this gave them enough experience which enable believe in improving the efficiency of this fashion industry by coming up with unique and more faster ways of doing things. Despite the fact that the surfeit of sales channel fashion press were in existence, Magnusdottir realized the presence of uncertainties relating to consumer demand mainly for the conceptual runaway d high-end pieces. She approached Lauren Santo Domingo in order to work together in co-starting a retail business or company.
In the year 2011 in February, they launched a Moda Operandi which was a an online business where products are displayed while at the same time involved the use of old trade practices and techniques in marketing and selling its products. From the start of its operations, its website has been characterized by a collections of the high-end fashion designers after the company appeared in the seasonal fashion show. This show gave them an upper hand in attracting many customers who visited their site to look for the products advertised by the company. The company continued to feature their products in the seasonal fashion weeks thereby enabling the company to gain popularity as well as attracting many customers leading to increased revenues of the company. The online site of the company enabled the customers to make pre-order of items especially those of luxury nature. This business clothing later diversified to luxury items, high-end fashion accessories and jewelry while at the same time clothing still constituted the major part of the business.
This company therefore started from a simple idea of improving the effectiveness of the fashion industry where both Magnusdottir and Santa Domingo were working for. The use of technology in improving this fashion industry therefore laid the foundations for starting this online fashion business. The online business idea was therefore the main component of starting Moda Operandi fashion business.
Moda operating tremendous growth in size calls for many adjustments in order to enable it operate efficiently in the market. The company therefore faces many challenges with regard to its operations in the market. Most of the sales and marketing activities of this business are done online therefore the customers therefore needs a customer friendly website in order to shop and clearly identify the qualities and specifications of the products they need from this company. This therefore is faced with the challenge of designing a more user-friendly website in order to ensure that its customers can have easy and faster access to the products on the website. The website should also facilitate faster connectivity in order to facilitate effective and efficient communication between the company and the customers who shop online. The cost of designing as well as maintaining this website is quite expensive therefore posing a challenge to the business in cost accounting in an effort to minimize costs as well as maximization of output which in turn leads to maximum profits.
This company also faces a big challenge in relation to accessibility of customers. Most of the customers were not used to online shopping mainly because not all the customers have access to the site of this company. The company therefore had to spend lots of funds in advertising it business and contacts in order to create enough awareness about its website and the products they offer. The company therefore faces challenges in promotion of its products since the company needs to do promotional activities to many sectors of the market. The scope of promotional activities therefore needs to be wide in ensuring that all the customers in different regions and places are aware of the product and items of the company. The company may also face a challenge of losing sales in case of system breakdowns especially due to low connectivity. The company therefore faces a challenge in ensuring that there are back up systems in order to facilitate continuous transactions in cases of system failure.
The company also faces a challenge with respect to web designs since the company needs to come up with unique web designs which are more appealing to the customers. The company should therefore invest funds and skill in improving the website in order to ensure that the forces of competition are countered easily. The cost of design is a challenge to the company in order to avoid risks associated with inaccessibility of the website.
This company also faces a threat with respect to competition from competitors who have also gone online with respect to online shopping and business activities relating to fashion and jewelry items in the market. The company should therefore put strategies in place in order to compete effectively in the market.
In the context of opportunities, the company should take advantage of the improvements in technology in order to improve its designs as well as increasing the market scope. The company should therefore invest in the increase in networking in order to increase the market share as well as increasing the volumes of sales in the market. This will also help in increasing the profits of the company. The company should therefore invest in creating networks with the customers so that good customer relations are enhanced which further helps in increasing the customer base. The company also takes advantage of the online business in order to access both the local and international customers since they can shop online from any region in the world.
The company should also take full advantage of the mobile technology in facilitating its transactions especially in relation to banking and receiving payments from customers. This will help in enhancing the speed of transactions.
The increased in growth of this company sales and profits can be improved through proper and effective design in order to upgrade and adjust the recent developments of the company. This will ensure that accessibility to the products on site is improved. This will also increase the volumes of sales which in turn increase profitability. This can also be achieved through system design and regular maintenance in order to update the system of the current trends and new products on the website. The company should therefore invest heavily in ensuring the credibility and integrity of the website and its systems in order to facilitate effective transactions in the sale of products and services. The growth strategies are therefore aimed at improving the efficiency of transactions through the website. The website should enable the communication between the clients and the company in order to facilitate business.
The company should also ensure that the company takes advantage of technological improvements in boosting the effectives of the operations and products of the company. The company should also ensure that the unique and user-friendly system is designed so as to counter the competition pressure in the market. The company should also improve its communication through networking in order to ensure proper flow of information between the company and customers thereby enabling faster and efficient transactions. This will boost the sales of the company and in turn improves profitability of the company.