Creativity and Innovation in Entrepreneurial Ventures
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
- Products: Designer apparels of several countries in Omani retail market.
- Importance to the consumers: Meeting their quest for high quality designer apparels, this is a significant business idea for the increasing number of consumers that demand international designs in their clothing.
- Business need: Perfect location for effective sales, experienced market experts and importing designer apparels from famous designers (Al-Mataani, 2017).
- Competitive advantage: Less number of designer outlets in the retail industry in Omani market, that offers variation in designs.
- Location:Across Muscat as it has a large population density who have high demand in high fashion cloths (Baporikar, 2017).
- Start-up capital: $ 2500; as it is a new business venture and the initial plan is to open a boutique store in a leased apartment.
- Environment: Less bargaining power of the customers and high bargaining power of the customers
- Pricing strategies: Low penetration strategy (Ibrahim et al, 2017)
- Customer Demographics: Fashion fiestas and consumers with high demand of new designs in clothing lines
- Competitors: Apparel retail stores
- Promotional strategies: Social media marketing and promotion events near existing malls
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.