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Summing Up

Summing Up. Ecoloving.wordpress.com. JinYoung Yook Jean Chu Jungrim Lee Chen Y Zhu. Products & Service. Product & Service Special recycled bag for young ladies in 20s Unique selling point. Customer segment, Research and Value proposition. Customer segment Mainly women in their 20s

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Summing Up

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  1. Summing Up Ecoloving.wordpress.com JinYoung Yook Jean Chu Jungrim Lee Chen Y Zhu

  2. Products & Service • Product & Service • Special recycled bag for young ladies in 20s • Unique selling point

  3. Customer segment, Research and Value proposition • Customer segment • Mainly women in their 20s • Research Process • Field research at the university campus and high streets • Questionnaire • Interview • Developing persona • Value proposition • Exploring design in recycled bags • Unique Design • Mixture of various materials • Affordability • Direcly being part of recycling move

  4. Key activities, partners and resources • Key activities • Key partners - Designers, Online/offline shopping malls/stalls • Key resources?

  5. Branding, Design Strategy and Channels • Branding and Design Strategy • Channels • Direct: Web sales + In- house sales • Indirect: Fair + A car-boot sale • Strengths and weaknesses

  6. Company policies: • Minimal based on eco-friendly concept • Equal contribution based on skills • Easy to join • Non-profit; profit donation to charity of choice • Return policy Legal considerations: • Financial transaction via online market place • Delivery system; accident/ insurance Intellectual Property

  7. Cost Structure • Virtually no expenditure due to recycling items, using internal resources • Current Assets: £0.00 • Current Liabilities: £-96.00 • Expenditure: £100.00 to Young Enterprise fee • Product sale: £5.00 (20% VAT included) Pricing on Product • Labor input and material used

  8. Key Challenges/Solution • Finding the right model: Young ladies in 20s • Testing the model before a full-scale launch: Used prototyping and survey list • Inducing the market to adopt the new model: creative recycled market through high quality design • Continuously adapting the model in response to market feedback • Managing uncertainty: To seek special materials and to develop production capacity • Aligning old and new models: The balance of price and design style • Focusing on the long term: To expend sort of products such as accessories

  9. What would you have done differently? • Taken more time in choosing member. • Time allocation • Design team creation • Market research

  10. The most Successful part of business • Low start-up cost • Cost maintenance – no expenditure • Expand Recycled Market (To involve young generation into the ECO market) • Development of Recycled Design • Bringing fashion to environmentally conscious crowd • Expansion of future customers for sustainable creativity

  11. How did running a business prepare you for future entrepreneurship? • Observation about solving the contemporary issues of our generation requires • Risk Analysis • External Environment • Storytelling • Prototyping • Finding the component of new business model • How to adopt the new model • The significance of business plan as an implementation guide • The importance of collaboration and communication • Human Resource • Internal Environment • The management team

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