BUSIVENT
Summative Assessment 1
How Well do you Know Your Business
5 Questions to Decide whether your Business Idea have a chance of…
Being Successful.….
Answer the following questions concisely, accurately and
comprehensively:
1.Is the market for your
chosen business idea big
enough? For your answers,
make a simple background
research on your market.
Give details to justify your
answer?
2.How much will it cost to
reach your market? Can you
afford it, given your profit
margin? Justify your answer.
Yes, because it Retail industry: Size, the size of the mannequin business
is closely tied to the overall retail industry's performance. A thriving retail
sector generally indicates a higher demand for mannequins.
Fashion industry trends:
The fashion industry's growth and trends influence the demand for
mannequins. As fashion evolves and retail spaces adapt, there may be a
need for new types of mannequins to showcase the latest styles.
Material and Design Innovations:
Advancements in materials and design may influence the demand for
newer, more realistic, and versatile mannequins. Eco-friendly materials,
customizable features, and technological integrations could drive
innovation in the industry.
Competition within the industry:
The number and competitiveness of companies in the mannequin
business will affect the overall size of the market. A high level of
competition may indicate a healthy and sizable market.
E-commerce Impact:
The rise of e-commerce has changed the retail landscape. However,
even online stores often use virtual mannequins or displays to showcase
products. This could represent a growing market for mannequin-related
digital solutions.
Popularity of visual merchandising:
The effectiveness of visual merchandising in attracting customers can
impact the demand for mannequins. Retailers who prioritize their store
layouts and displays are likely to invest in quality mannequins.
By (per month) of our mannequin.
Mannequin ₱ 100,000
Shipment ₱ 1,500
Packaging ₱ 3,500
Delivery package (J&T) ₱ 500
Labor Cost ₱ 5,000
And the TOTAL cost of ₱ 110,500
Yes, we can afford it as of now. By analyzing our financial data conditions
and market dynamics that can change regularly, monitoring and
adjustment of our financial strategies are essential for long term success.
3.Do you fully understand your
competitors’ strengths and
weaknesses? What are they?
4.How strong is your unique
selling proposition, is it strong
enough to allow you take a
share of the market away from
the competition? Justify your
answer.
5.Can you make a large
enough profit, based on the
information you get from your
market research?
Yes, and their strengths and weaknesses are.
Strengths:
Visual Appeal: Mannequins provide a visual representation of how
clothing or products will look on a human form, making them essential for
retail displays.
Ersatility: Mannequins come in various shapes, sizes, and poses,
allowing retailers to choose models that best represent their target
audience or showcase specific clothing styles.
Cost-Effective: Compared to hiring models for live displays, mannequins
are a cost-effective way to showcase clothing and accessories.
Weaknesses:
Lack of Realism: While mannequins offer a visual representation, they
do not convey the same realism as live models, especially in terms of
movement and body language.
Inability to Convey Fit: Mannequins may not accurately represent how
clothes will fit on a real person, as they don't account for variations in
body shapes and sizes.
Limited Creativity: Mannequins are fixed in their poses and expressions,
limiting the ability to convey a specific mood or story that a dynamic
display might achieve.
Space and Storage: Mannequins take up physical space, and storage
can be a challenge when not in use. This can be a consideration for
smaller retail spaces.
I would say stronger than they think because a mannequin supplier might
differentiate itself by offering highly realistic designs, innovative features,
sustainable materials, or customizable options. The strength of its USP
would depend on how well these features resonate with the target market
and whether they provide a clear advantage over competitors.
the success of a mannequin supplier in taking market share from
competitors would depend on the strength and relevance of its unique
selling proposition in meeting customer needs and standing out in the
market.
Yes, we can make it a large profit by Marketing and Branding to Develop
a robust marketing and branding strategy to create awareness and attract
customers. Utilize both online and offline channels as appropriate for your
target audience. Etc. the success may require ongoing adjustments
based on our market feedback and changes in industry dynamics.
Regularly we will be reviewing a strategy and adapt to evolving market
 conditions to maximize profitability.

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