Question One
Wool and the Gang made sure that they defined their market by focusing on exactly what they needed and who they wanted to bring on board. They realized that times were changing, and so was fashion. For this reason, they ensured that they developed new knitting patterns that would entice people of all ages, especially young men and women between 25 to 35 years old. Generally, this is the age group that makes up a large part of the population; hence capturing their attention meant making more sales. Additionally, this group of people was also likely to buy these items for their young ones and possibly their parents.
Another strategy that the Wool and the Gang utilized to define their market was by synthesizing their idea. They knew that they could not just sit and wait for the clients to stream for their goods; therefore, they decided to take a step and do what other people in the industry had not explored. Consequently, they decided to hold extraordinary parties in different regions, including Chicago, London, and San Francisco, where people got chances to knit and win prizes. This strategy helped them win clients who would never go to a wool store to buy yarn or needles for knitting.
Additionally, Wool and the Gang did not overlook the impact of technology when it comes to capturing the market. They made sure that people felt their presence on various platforms hence increasing their clients. Some of the platforms where they took their products included Instagram. Since their main focus is the young clientele, Wool and the Gang also made sure that they grew their e-commerce site by having young women modeling their items for fashion magazines.
Question Two
According to the article, Wool and the Gang is in the Design, Develop, and Integrate stage of SLC. Moreover, this is the stage that involves implementing a working solution that will benefit an organization. The stage requires acquiring, creating, and customizing the necessary steps to ensure that the solutions attain success for the business. Wool and the Gang realized that holding parties in cafes, bars, and knitting stores would bring people from all walks of life together. People usually love to engage in activities that are fun rather than boring ones. Traditionally, knitting was an activity associated with older women who engaged in it for lack of anything better to do. Consequently, they did it not because they were passionate about producing items that would attract people but just for the sake of it. Ideally, the Wool and the Gang decided to make knitting an activity that would make people realize their talents hence producing new stylish patterns that would improve their business, a strategy that seems to be working in their favor.
During the Design, Develop, and Integrate stage, an organization also ensures that it customizes various ideas to develop a unique style. The style becomes a force that propels it to greater heights. Wool and the Gang did not only come up with a new way to promote its business by holding parties, but it also ensures that they had people who would model their products to enhance their business. Additionally, they also ensured that they opened channels where people would post their finished products to encourage others to venture into the knitting activity, hence increasing their sales.
Question Three
Wool and the Gang have utilized different strategies to ensure that they remain relevant in the market. One of the key strategies that have played a significant role in establishing its market is the growth strategy. Although the author of the article states clearly that the business founders do not talk about the finances, they affirmed that the company has been doing well financially, having a more than 300 percent growth in a single year. An increase in the financial flow of any particular business is the greatest measure of its growth. Poor cash flow indicates poor growth. Ideally, it is appropriate to state that the company has successfully focused on growth by seeking more clients through various activities.
Additionally, Wool and the Gang also use competitiveness as a market strategy to ensure that it acquires a larger market share. The article mentions that the company ensures that they produce items for men, women, and children to ensure that they cater to every person. The company also produces a variety of products, including leather goods and jewelry. As a result, they have captured a large market and hope to dominate in the fashion industry. Through this method, they continue to win more clients hence increasing their sales. They also ensure that they remain competitive by customizing different items for their clients while having readymade goods to keep their clients happy and satisfied. Ultimately, Wool and the Gang has continued to dominate the industry through its unique strategies that other players are yet to implement.
