Entrrepreneurship Paper

4-P StrategyFramework

Modcloth

Your Venture

Product/Service How/what customer needs are addressed? What features are essential? are not needed? Appearance, sizes, colors? Catchy, explanatory, simple brand name? How to differentiate from competitors? How to reduce cost for profitable sales?

Through customer service & social media

ModCloth’s niche/Blog & Blog’s interaction

Niche

Yes

Niche & developed custom relationship

Moved headquarter to California

Through application

Convenience of application

None

OMW

Simplified service process, emphasized on customers

No need to rent bike stations & kiosks

Place Where do buyers look, purchase, use? Retail, online, catalog, salesperson? How to access the right distribution channels? Trade fairs? Web? Differentiate place from competitors?

Website

No advertisement & catalog, sales promoted on social media

Distribution center in Pennsylvania and California

Web-based

Application

None

Customer Service

Web-based

Price What is the value to the buyer? Are there established price points in this area? Is the customer price sensitive? Will a lower price gain market share? Will customers pay a premium price? Discounts for trade, segments, loyalty? How does pricing compare with competitors?

Competitive price

Yes

No

Maybe

Yes

Yes, on loyalty mostly

Competitive

Cheap

Yes

Yes

Yes

No

Yes, coupons for frequent users

Cheaper

Promotion Where/when to promote to your target market? Reach through press,TV, radio, billboards, direct mail, PR, Internet? The timing of market launch and promotions? Differentiation from competitors’ promotions?

Via social media

Internet

After Susan Koger has gain success on her own cloth selling website/randomly

Public transportations, warmer seasons

Application

After we have acquired investment, warmer seasons