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Business Analysis of the Holiday Rejects

Business Analysis of the Holiday Rejects

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Business Analysis of the Holiday Rejects

  1. 1. Table of Contents 1. Innovation 2. Founders 3. Starting the Business a) Porter’s Five Forces 4. Why is it Innovative? 5. SWOT Analysis 6. The 5 P’s of Marketing 7. Marketing Strategy 8. Competition 9. Leadership a) Adil’s Leadership Style 10. SLEPT Analysis 11. Prognosis for the Future 12. References
  2. 2. Innovation • Holiday Rejects is Canada's first ever ugly Christmas sweater store. • Operates during the holiday season. • Has 6 retail stores/kiosks across Canada. • It sells both vintage and new sweaters. • Sweaters come from far and wide from multiple supplies.
  3. 3. Founders Kyle FitzgeraldAdil Hooda Chris CheungJack Hsu
  4. 4. Starting the business SKILLS PERSONAL ATTRIBUTES CUSTOMERS KNOWLEDGE OF COMPETITORS MARKETING RESOURCES
  5. 5. KnowledgeofCompetitors:Porter’sFiveForces Barriers to Entry Threat of Substitutions Power of Buyers Power of Suppliers Competitive Rivalry
  6. 6. Why is it Innovative? “Innovation means breakaway from established patterns.” (Mintzberg, 1983)
  7. 7. SWOT Analysis STRENGTHS WEAKNESSES • First in Canada • Specific Time for Demand • Unique Product Purchased at Low Price • Good Quality Products Found No Where Else • Easy to Advertise • Seasonal Business • Market Is Very Specialized • Prices Sometimes Drive Customers Away OPPORTUNITIES THREATS • Vertical Integration • Expansion Plans For More And Bigger Stores/Kiosks • Ugly Sweater Parties Are Becoming Very Common • Increase Promotions • Possibly Affiliation With National Ugly Sweater Day • Extend Idea To Other Holidays • Licensing The Idea • Being More Active On Social Media – Creating Contests/Hashtags/Etc • Market Might Die • Easy For Potential Competition To Enter The Market
  8. 8. The 5 P’s of Marketing Product Varied. Vintage. Unique (tacky designs) Very high quality. Different Sizes. Service is that you can try it on. Price Pricing technique: Price skimming. High priced because of niche market and demand can only be met by them. Place Kiosks in high traffic malls - specially during holiday season when everyone is out holiday shopping. Promotion No advertising. Word of mouth. They use the media and their “original” idea to get promotion. People The owners are the employees so they really love the product and try to sell it.
  9. 9. Marketing Strategy NICHE PLAYER OUTSTANDING SUCCESS MARKET TRADER COMMODITY SUPPLIER BROAD MARKET FOCUSED MARKET LOW PRICE HIGH PRICE LOW DIFFERENTATION HIGH DIFFERENTATION
  10. 10. Competition
  11. 11. Leadership Despite the owners calling it a partnership and the friends doing equal work - Adil Hooda seems to be “the plant” of the Holiday Rejects. He came up with the idea, put the group together and his direct approach with the Dragons on Dragon’s Den speaks volumes about his confidence in business and his ability as a leader. Chris also exhibited leadership skills when he chose to step down from the company and let Jack take his place at the Holiday Rejects. Chris, who is a full time engineer, realized that the company could have more growth if he allowed someone with more availability to take over.
  12. 12. SLEPT Analysis Social Social practices are what Holiday Rejects thrive off. The trend of ugly holiday sweaters is making a comeback and they are catching the wave of new customers with the innovative storefront/kiosk approach. Legal Holiday Reject’s main legal focus is getting fully licensed as a brand. Economical Holiday sweaters could be considered a luxury item or an accessory. Thus Holiday Rejects would have to watch for economic trends and manage their funds accordingly. Since the business is still young, overspending in poor economic conditions could spell disaster. Political Unless radical changes are made to business policy on a federal level, politics will have little influence on Holiday Rejects Technological Technology will play an important role for Holiday Rejects as they strive to gain media exposure and brand recognition across the nation. The Holiday Rejects website could be upgraded for higher volumes of customers, increased participation in social media, there are many possibilities when it comes to the technological applications for Holiday Rejects.
  13. 13. Prognosis for the Future? Introduction Growth Maturity Decline/Rebirth Potential Outcome Desired Outcome
  14. 14. References Edey, N. (2015). Holiday Rejects get thumbs up. Cochrane Times. Retrieved 18 March 2015, from http://www.cochranetimes.com/2013/12/21/holiday-rejects-get-thumbs- up Hooda, A. (2015). http://www.cbc.ca/dragonsden/pitches/holiday-rejects. (2015). Nowthatsugly.com,. (2015). Cities across the Lower Mainland Proclaim Ugly Christmas Sweater Day! | Now That's Ugly. Retrieved 18 March 2015, from http://nowthatsugly.com/cities-across-the-lower-mainland- proclaim-ugly-christmas-sweater-day/ Tajouri, Z. (2015). Ho-ho-holy moley, is that sweater tacky, or what? | The Press. Saitjournalism.ca. Retrieved 18 March 2015, from http://saitjournalism.ca/thepress/2013/12/03/ho-ho-holy-moley-is-that- sweater-tacky-or-what/ Ugly Christmas Sweaters | Holiday Rejects,. (2015). Ugly Christmas Sweaters Canada | Find a Store Near You. Retrieved 18 March 2015, from https://www.holidayrejects.ca/

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