Department of

Fashion Management Studies

(FMS)

National Institute of Fashion Technology, Patna

BUSSINESS IDEA GENERATION & FEASIBILITY TESTING

WITH LIVE PROJECTS

ASSIGNMENT: Feasibility testing exercise through 7 domains of attractive

opportunities or SWOT/TOWS matrix for screened idea.

Submitted To: Submitted By:

MR. TONI SHARMA
RIDHI PRAKASH
Idea screened from Assignment 1

• Paper Makeups
• DIY Shoes
• Customized 3D printed Jewellery

Idea 2- DIY shoes

Recently, "Fast Fashion” trends have resulted in shoes becoming seasonal, cheap and
disposable products. However, at what cost to our planet and our society? Unfortunately, it is
a fact that it is incredibly difficult to recycle footwear. Each year, roughly 22.5 billion pairs of
shoes are made and 300 million pairs are discarded to landfill because they cannot be recycled.
Most casual footwear is designed to be bonded and glued together in manufacture but are not
designed to be repaired. Still if one can repair shoes they would probably get bored and would
go for new shoes with latest trend.

DIY shoes in athleisure category will allow wearers to repair and customise footwear
themselves. The shoes will be made up of four parts: the uppers, soles, insoles and fastening
lace. As different parts of the shoe become worn or as fashion changes, the wearer can order
new shoe parts online. The shoes are held together by a lacing system instead of glue. The old
parts can easily be unlaced, and the new parts laced on. All of the parts of the shoes will be
made from biodegradable plastics and recycled polyester fabrics. When users are ready to get
rid of the shoes, they can be recycled also.

The product will be sold online and customers will be able to choose and order different designs
which can be attached on same sole. Shoes will be available in different sizes.
EVALUATION ON 7 DOMAINS OF ATTRACTIVE OPPORTUNITIES

1. Market Domain/Macro Level: Market Attractiveness

• Market attractiveness - macro perspective.
People increasingly value comfort and health benefits from their footwear. This
choice of athleisure has been created by a change of lifestyle. People tend to be
more on the go and enjoy more active leisure time, which influences footwear
choices to be more comfort-oriented.
• Look at the whole market and how big is it?

Change in lifestyle is driving the footwear industry to emphasise comfort, additional

features and sustainability. The global athleisure footwear
market will exceed 110 billion dollars by 2025. Footwear innovators are turning
shoes into carry-on health monitors with additional comfort features. Additionally,
the sustainability trend has spread into the shoe industry, enabling new designs to
be bought with a better conscience.

• Market trends
Athleisure is the trend of wearing cloths specifically designed for athletic workout
which is now applicable for gym goers as well as casual wear. Athleisure wear has
become increasingly acceptable to be worn in various social environment even at
workplaces. Most of consumers find active wear comfortable and flexible which is
attributable to the kind of material used to design such apparels or footwear.
Synthetic fabrics such as polyester and nylon are the most commonly used materials
in such athleisure apparels, which altogether tend to provide the best combination
of the required properties.

• The research reveals if the market is big enough.

In the US, the sales of so-called sport leisure shoes have risen 17% in 2017, whereas
sports performance footwear has been on an annual decline of 10%. This suggests
that as much as consumers value their comfort, they do not sacrifice it for the style.
Instead, the features need to be combined.
• PESTLE Analysis
✓ Political Analysis: Expanding free trade policies facilitate better market
penetration overseas. Moreover, improving government support for
infrastructure, especially in developing countries, gives more opportunities to
expand its operations in these markets. There are opportunities to improve
market presence and global expansion in the sports footwear, apparel and
equipment market.
✓ Economic Analysis: Rising disposable income, especially amongst the lower-
and middle-income classes, is still allowing consumers to increase their
footwear purchases, mostly towards more added-value products. The economic
scenario also started showing positive signs of recovery leading to consumers
increasing spend.
✓ Social Analysis: From the past few years with the advent of technology and
increase in average income levels of the people there has been an upward shift
in the lifestyle of the people. Consumer attitudes and opinions changing
favourably. With the increase in income and modernization, people are getting
shifted towards branded shoes more. They prefer buying a relatively expensive
shoe rather than the one which is cheap with less durability. Also, they want to
be part of Sustainable movement.
✓ Technology Analysis: creating products from biodegradable plastics and
recycled polyester fabrics this decreases the overall impact of the product. This
will require lots of research and development of product by using ocean plastic
and other materials which are non-biodegradable. But the increasing R&D
investment among firms threatens, as these competing firms aim to develop
more technologically advanced sports shoes, equipment and apparel. Rapid
technological obsolescence also threatens by putting pressure on the company
to increase its product development efforts.
✓ Environmental Analysis: Expanding environmental law creates opportunities
to improve its environmental and sustainability programs, which are currently
recognized as among the best in the industry. The business also has the
opportunity to use these programs to address climate change, which affects
supply chains and the appropriateness of shoes and apparel in certain regions.
 The increasing sustainability strategies of firms threaten by imposing more
pressure for increased sustainability efforts throughout the industry.
✓ Legal Analysis: In case of developing nation like India, it is very important to
expand footwear industry share in global market by taking advantage of UCA
(Unfair Competition Act) law. In the current era of economic affairs, it is
imperative that trade policies across the world ensure a level competing ground
through laws that mandate genuine trade practices. There are various subsidies
provided by Indian government to boost footwear industry in India.

2. Market Domain/Micro Level: Sector Market Benefits and Attractiveness

• Can’t make everyone happy!
This product will cater to consumers who are not lazy and want durable product.
Consumers who love "Fast Fashion” trends have resulted in shoes becoming
seasonal, cheap and disposable products will not likely be attracted to this concept.
This product will be for younger generations as they need to be smart and accept
sustainability.
• Identify YOUR segment (micro level)
Males and females from young to middle age can look for this product. Children
love to mix and match their attire and upcycling is a trend loved by them as the
changes are cheaper than buying new products. We will also be looking to attract
an older, more professional audience by designing relaxed-fit footwear that can be
worn in a formal office environment.
• Who will benefit the most from your venture/product?
Consumers who are looking for durable product which they can customize as per
their requirement and dispose safely when worn out without impacting harm to the
environment.
• Product differentiation
The footwear will be available in male and female section with various choices of
color and designs of latest trend.
• Micro trends (grow/de-grow)
This concept will add to the new trend of slow fashion. People have a choice to buy
things that are of better quality, mostly natural, organic, limited edition and bio-
 degradable. It is a result of awareness caused by the harmful effects of fast fashion.
The focal point of slow fashion is sustainability. The benefits are good quality
products with clean environment and fair policies for consumers and producers. The
slow fashion concept puts emphasis on quality over quantity.

• Data: qualitative & quantitative including customer survey,

analysts' reports and market research reports.
The athleisure market size was valued at $155.2 billion in 2018 and is expected to
reach $257.1 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.

There are now reportedly over 20 billion pairs of shoes made every
year. Approximately 300 million pairs of which are sent to landfill because they
can’t be recycled. Currently, no alternative products exist to tackle to issue of
footwear waste. This leaves consumers with few desirable, fashionable or practical
alternatives. This idea will be a step in the right direction in terms of validating
modular and sustainable footwear

3. Industry Domain/Macro Level: Industry Attractiveness

• How attractive is the industry? macro level.
 Athleisure is considered to be one of the key trends in the fashion industry as it is
the best combination of casual style with health enthusiastic appeal. It brings
together sporting, fashion cultures, and urban lifestyle. The global athletic footwear
market will exceed 110 billion dollars by 2025. Footwear innovators are turning
shoes into carry-on health monitors with additional comfort features. Additionally,
the sustainability trend has spread into the shoe industry, enabling new designs to
be bought with a better conscience.
• Porter's Five Forces Analysis

✓ Competition in the industry: There are many companies providing

sustainably manufactured products and raw material but the concept of
replacing the different layers of shoe and assembling it as per one’s choice is
unique and new concept thus having very less competition.
✓ Potential of new entrants into the industry: This product will need patents
and lots od research and development so there is no bright chance of too many
entrants. There are many proprietary product differences in the industry
therefore brand identity has an immediate competitive advantage.
✓ Power of suppliers: Genuine and authorized suppliers will be segregated to
fulfil raw materials which should be recycled. The suppliers dependent on the
firm in order to survive can switch between suppliers quickly and cheaply due
to geographical locations, cheap labours on various regions
✓ Power of customers: Customers should have awareness of slow fashion and
sustainability then only they will be attracted to purchase this product. It helps
the brand entity plays its role in purchasing behaviour, strong identity will give
customers trusts and loyalty.
✓ Threat of substitute products: There are many footwear brands coming up
with various kinds of technological upgradation. Also, as athleisure industry is
increasing and trending and sustainability will become a must substitutes may
be expected in future. Still Consumers are not likely to substitute due to the
performance specification of the product.

4. Industry Domain/Micro Level: Sustainable Advantage

• What will be your USP?

 It will be a unique and sustainable casual shoe alternative to currently selling shoe
designs. This concept focuses on the repairability, personalisation and modularity
of footwear.
• What competencies will be required to develop and sustain the
USP?
✓ Focus on customisation and sustainability of shoes.
✓ Sound Knowledge of footwear and raw material requirements should be
there.
✓ Also, Product design development should help make designs classic so that
its trend won’t fade away.
✓ How can the product be made more durable?
• Is it easy/difficult to duplicate your product?
With having patent and copyrights of my product and its design others won’t be
able to manufacture this product without my permission, Though some might get
an idea of designing different kind of footwear catering to customization and
sustainability.
• VRIO Analysis

✓ Valuable: A resource is valuable if it helps the company to meet an external

threat or exploit an opportunity. Durability is what people are searching for
as consumers are looking forward to adapt slow fashion. Here recycled raw
materials, especially use of ocean plastic and recycled polyester will add
value to the product.
✓ Rare: Repairability, personalisation and modularity of footwear.
 ✓ Inimitable: As this concept will be new in the market the company can have
at least temporary monopoly on new product. Competitors can still go for
same raw materials but intellectual property rights will protect the design.
✓ Organized: A resource is organised if the firm was able to actualise it. Here
value, rareness and inimitability will be actualized so competitive advantage
will be used.
• What are your competitor’s resources?

There are bigger footwear brands with technologically sound and sustainable
resources. They cater to health and fitness benefits but are quite expensive and will
segment only upper and upper middle-class market. Some brands like Rothy c rafts
the sustainable shoes where each pair of shoes are shaped by 3D knitting using
ocean-bound marine plastic. With these kinds of sustainable practices and
recyclable materials, there’s far less waste involved too; all you’re left with is shoes
that fit like a glove. Often touted as one of the most comfortable shoes on the
market, they’re made to last to further reduce waste.

• What do they have that you don't?

Some brands offer discounts on bringing old footwear while some brands have
shoes . With the constant development of sports sensors and gadgets, soft sensor
networks are circuits of flexible sensors that have been embedded into shoes to
measure biomechanical data. The information helps individuals keep track of their
movement habits and, in the best case, it can help prevent injuries. For
example, Stridalyzer is an insole that identifies force and pressure and thus can help
in injury prevention. Additionally, shoes have been developed to have pedometers
and GPS systems implemented in them. HP, for
instance, invented Lethal haptic footwear that works as a navigation system
when they are connected to a smartphone via Bluetooth. The shoes then vibrate to
tell the direction in which the user should go. Shiftwear is a company that allows
the user to control and change what picture or video is shown on a flexible full HD
color display on their shoes. The screen is charged with kinetic energy while
walking, and the shoes are both waterproof and resistant to stains. Shiftwear has
 revolutionized the customization market for footwear by letting
wearers communicate their style, opinions, and values in a moving image.

5. Team Domain: Mission, Aspirations, Propensity for Risk

• What is the level of commitment to this idea?

Each year, roughly 22.5 billion pairs of shoes are made and 300 million pairs are
discarded to landfill because they cannot be recycled. Most casual footwear is designed
to be bonded and glued together in manufacture but are not designed to be repaired. But
this product is designed as a possible solution to reduce footwear waste. It is a statement
to the industry that sustainable footwear is a viable alternative.

• Why you want to start this business?

By creating products from biodegradable plastics and recycled polyester fabrics this
decreases the overall impact of the product on the environment. Sustainability is the
alarming need of current situation to save the planet.

• Are you passionate about this idea, and, if so, why?

I am passionate about this business because this will help to save the environment due
to lesser use of resources and creation of less waste. This business has a new concept
which will be fun customizing and repairing what you own thus making the business
profitable.

• Personal goals and values - how well do they align with the venture

My personal goal is to create awareness of Slow fashion and sustainability among the
consumers. They very well align with the product I want to create.

• Will you take the risk? Will you word hard?

As Sustainability and slow fashion will be the future trend focusing on Recycle reduce
and reuse, I will be willing to take risk and work hard to grow this business to make it
successful.

• Explore the motivations of your team, too.

 As of I don’t have any team supporting me in this concept but I will like to make a team
having same value and beliefs as I have so that our forces push this business towards
success as a team.

• Money and/or reputations could be at stake!

Yes, to start this business Finance and capital investments will surely be at stake but
with appropriate research, patience and strong foundation at initial stage will help in
success of this business.

• What’s your approach to risk? Cautious or Courageous?

My approach towards risk involving in this business will be a mixture of both cautious
and courageous. As at many turns of business I will have to stay cautious of any
duplications and copyright issues while be courageous to try this new concept and
implement it to my business.

6. Team Domain: Ability to Execute on Critical Success Factors

• Identify the Critical Success Factors (CSFs)

✓ Sustainable production
✓ Reduce wastage and use of limited resources
✓ Making repair of the product easy for customers for easier acceptance of this
concept by consumers.

• Can your team deliver on the CSFs?

Yes, indeed our team will successfully deliver the CSF’s as they will be the core to
success of business.

• Now answer the question - How certainly can you and your team
deliver successfully on these CSFs?

To successfully deliver the CSFs a proper plan will be initiated to launch the product.
Before launch proper awareness needs to spread among consumers with appropriate
advertisements attractive to the customers creating willingness to support the brand and
 buy products. Quality and durability will be checked at every stage on priority.
Customers feedbacks will be analyzed to keep improving the product.

• Identify the gap in skills or abilities.

More research and information needs to be gathered regarding this concept to keep
updated and implement those changes in order to keep the product attractive as old
concepts might peak at initial stage but they may fade later.

• Who can you bring on board to fill this gap?

A good R&D team and marketing team needs to be assigned to keep the business on
track.

7. Team Domain: Connectedness up, Down, Across Value Chain

• How important are your connections to the success of your business?

It is very important to make good connections because with healthy connections,

information can be exchanged more quickly, people are able to understand concepts
more easily, and there is a greater level of trust. This will make it easier for
the business to initiate changes and adapt to the market.

• Do you know any relevant suppliers and investors?

Sustainable development finance needs are estimated at trillions of dollars per year, and
even if funding from all public sources is maximized, there will still be a shortfall,
making financing from the private sector essential. UN research suggests that there is
no shortage of money from the private sector which could be invested in sustainable
development. The members of the alliance collectively control some US$16 trillion of
assets. They operate in over 160 countries on six continents of the world, and they serve
more than 700 million retail and corporate clients. These are very, very important
people who lead very, very important enterprises, and they’ve come together following
the call of the secretary-general to build this alliance, to mobilize the financing that we
need to make sustainable development a reality. Members of the Alliance aim to use
their expertise, influence and business acumen to stimulate long term investment in
development and speed up progress towards achieving the Sustainable Development
Goals.
• Look at your potential customers and distributors

The potential customers are the younger generation to the middle-aged generation.
Also, customers with awareness of reduce recycle and reuse are likely to be potential
customers. Distributors will be identified in the process of supply chain management
and initially the product will be sold online.

• Do you know any of your competitors personally?

I don’t know any competitors personally but will surely plan to build connections with
them and keep myself informed of what new launches and business strategies they are
using which led to their success.

• If so, how could this relationship help or hinder your venture?

I will try to keep these relationships as formal as possible so that there should be no
possible harm to my business.

• And could these people be partners if you thought about them

differently?

If my commection’s brand name is valued by customers and the brand also caters to my
belief and goals then only I can think of collaborating as partners with them because if
the case is vice versa it may harm the reputation of my product.