Othello – William Shakespeare Othello is a Shakespearean tragedy; * That concerns the fortunes of 1 person – the leading man. * The hero…...Read
Niche Market Defined
According to Phillip Kotler, a niche is actually a narrowly identified customer group. Niche marketplaces primarily contain market segments within the greater market place with similar demographic, psychographic, shopping for behavior and lifestyle characterics. The Fenix Group began with two entrepreneurs, Anthony Keung (Chinese) and Masaaki Ogino (Japanese) who shared the same organization philosophy, which is aiming at niche markets, that most times happen to be left unmarked or under-served.
How performed Fenix determine and tap into different specific niche market markets?
Knitwear Manufacturing Niche area
The Group 1st niche was knitwear production after which they diversified into fashion and general merchandise retailing. Fenix identified every new niche market out of experience and knowledge attained from previous business opportunites. For instance, expertise gained from working in a yarn manufacturing supplier enabled these people them to move from trading imported Japanese yarn to Hong Kong interlaced factories to expanding in knitwear manfacturing and preparing their own developing company in Hong Kong. This kind of venture was successful in the Japanese marketplace due to elevating demand for high quality knitwear due to increased labor cost of community production. Fenix opened knitwear factories in South and Central Cina to minimize price and improve their competitiveness by concentrating just on top quality knitwear due to increased price competition. This strategic move to China placed the foundation pertaining to the duo future expansion in made wear manufaturing which attained them a worth of US$ 100 , 000, 000 from making nine hundreds of thousands units of knitwear annually. The company as well exported for the US and developed relationships with European brand including Armani and Maxmara.
Fashion Selling Niche Market
Fenix first experience of brand selling was in the first eighties when they opened two counters in a department store in Sogo, Hong Kong that marketed multiple artist clothing from customers. As a result of poor profits, Keung and Ogino altered their technique and found merchandise via known knitwear manufacturers and retailed associated with the Fenix labels. This kind of slighty superior the bottom line which in turn allowed the company to breakeven but was nonetheless below targets.
Experiencing these kinds of hurdles from the brand retailing business Fenix was undetttered and continued to look for new ways of bridging the gap on the market. The niche market identified popular retailing was based on the experience of being Prada franchised retailer for 14 years inside the high- end market. Though Prada shielded their core competencies, the working relationship a new lot of coverage in the technicians of the marketplace which allowed the company to find valuable observations into high- end client markets in Asian, European and US market.
After staying advised that Prada will not renew the twelve season contract, Fenix created and launched their particular fashion brand Anteprima inside the high-end marketplace. Keung and Ogino realized that an increasing require existed to get high- end fashion designer labeling to supplement a trendy modern lifestyle intended for upscale buyers and they made a fortune on that assumption to make their own brand a top selling product in Hong Kong and The japanese.
Additionally , Prada assisted the Fenix in establishing their particular niche market inside the high вЂ“ end market by supporting them with the availability and type of their products simply because they lacked the interior expertise. Ultimately with the regarding the Prada brand, the arrangement was discontinued and Fenix invested it its own design and production center in Italia to continue the Anteprima line of brand products.
Basic Merchansing Selling Niche Market
In the 10th Hong Kong Forum last season, Keung manufactured the statement that " change is usually foreverвЂќ. With this motto the Fenix Group surely could identify just one more untouched niche market which re-inforced their chic as a international network of knitwear...
Mentioned: Farhooman, A. F. Small enterprise Management And Entrepreneurship in Hong Kong: A Casebook
Oz, E. Managing Information Systems
Yun, T. C. Taylor, G. Move from OE to OBM: A case research of Fenix
Kotler, P, Keller, K. L. Marketing Management
The tenth HK Discussion board, Anthony Keung, Chief Executive Officer, Fenix Group http://www.youtube.com/watch?v=4wcqnQU53DM