Gulf College- Muscat- Sultanate Of Oman
Module Code: GRM3002
Write a short essay for the client who needs a piece of advice to start a new business which is totally different in Oman market.
Oman is one of the emerging business markets, which has been selected by several entrepreneurial ventures (Al-Mataani, 2017). This essay attempts to delve deep into the business identity and requirements of an innovative business idea that can prove to be a successful venture in the Omani business market. This essay attempts to suggest necessary and prudent advice which has the ability to facilitate a successful new business venture regarding establishing a designer boutique that offers the citizens with international designer apparels both for men and women.
Major business concerns
Strength: Innovation and competitive advantage
Weakness: customer segmentation and comparatively less number of consumers
Opportunity: expansion of the business in different cities
Threat: new malls and apparel stores with lower cost products
The inception of the entrepreneurial venture requires strategic approach in the pricing and market analysis (Becherer and Helms,2017). Therefore, it is important to understand the market needs and customer segments for a sustainable business practice.