Answer to Question #232737 in English for Another you

Question

Think of a service that would meet an unsatisfied need of people in a community. If you were to create a business for it, what possible feasibility aspects you need to consider, with respect to market, finances, and technical/operations? (Write your answer in a form of essay)

Answer 1

Introduction:

The service (business) that should be thought of, for the above question , should appeal to the people, they should like it, only then the business would be a success. So such a business should be thought , that convinces the people to buy the products.

The Service(Business)

The service (business) that would meet the unsatisfied need of the people in a community, can be of selling clothes. Clothes is such a thing that will appeal the people and as well its a basic need for the people.

Now , the business/service what we are talking is not for normal clothes.

These clothes, will not be normal clothes - these clothes will be ones  which fail to achieve /meet the quality standards , viz if the lable of a shirt says "L" (large size), but it got manufactured a "XL" (xtra large) or the cloth material is not up to the mark, (as in would be of low quality), The design or pattern of clothes may not be upto the expected standards - such kind of clothes cant be thrown away or nor can they be sold in a retail cloth outlet. Such kind of clothes have to be sold through a separate cloth outlet and as well such kind of clothes cannot be sold at a MRP (Maximum Retail Price), they have to be sold at a discount or a lower price than MRP, so as to attract the customers. As well these clothes can be of various brands, - branded as well as non-branded clothes.The clothes will be for kids/men/women. The business has to procure the material from as many manufacturers as it can , so as to achieve the variety of brands , styles of clothes.

Feasibility aspects to be considered for the business:

Market:

The target market for such kind of business are lower and middle class people, so the stores of the clothes should be set up in such areas , where middle and lower class people live, so they can visit the store frequently.

Finances:

Its but obvious that a loan has to be taken to set up such a business, so the person has to approach a bank for the same, giving them the project/business details , the prospects of the business, how the loan can be repaid.

Technical/Operations

As the business is about to get set up, the business would require, technical and operational staff.

Staff to attain the customers, billing staff, housekeeping staff can be operational staff. Technical staff would be finance/accounting staff, marketing/advertisement staff.

Conclusion

Thus as we see the business would generate lot of value in the eyes of the customers as , its a business of clothes - which is a necessity/need. As well if the people would be more happy if they get clothes of higher brands at a discounted / lower price than MRP (Maximum Retail Price). A constant flow of capital is needed for such kind of business, but yes the Return on Investment would be great, as the business buys the material from the manufacturers at a much lower price - considering its quality and sells the same to the customers at a profitable price - but at a price which the customers can afford. So if seen in a way - its a win - win situation for both the business and the customers.