Client Evaluation; Bobbles & Lace

Name: Professor’s name: Course: Date: Client Evaluation; Bobbles & Lace Introduction In the effort to survive the increasing competition in the retail industry especially the fashion sector Bobbles & Lace reached out for insight on sustainable growth and development of its business. The consultancy embarked on comprehensive research of the business entity as well as its micro- and macro environments to develop an effective strategy for achieving the said outcome. Provided herein is a holistic approach towards the evaluation of Bobbles & Lace through a systematic analysis of various elements within and outside the business organization. The first section of the memorandum provides an overview of the daily business operations of the firm, which highlights various aspects such as leadership and management as well as its business strategies. The overview of the retail entity will be followed by an analysis of various aspects within its external business environment such as the fashion industry itself, competitors, and customers. An appropriate framework for analyzing the firm’s potential for growth in the highly competitive sector will make up the third section of the memorandum. The section will highlight the areas of strength, weaknesses, opportunities, and threats for the organization. The successful completion of the above sections allows for the overall analysis of the firm. The overall analysis serves to identify the key areas of success within the firm or its working strategies while also pointing out at the challenges or factors limiting its potential for growth. The analysis section also provides solutions for dealing with the limitations while also coming up with questions the firm has to answer during client presentation for clarity purposes and making of effective or rather suitable recommendations. Client Details It is evident that the main reason for Bobbles & Lace to seek consultative services is to develop an effective strategy for sustainable business growth and development. The fashion industry is highly competitive and maintaining one’s share of the market calls for the implementation of effective strategies across the different aspects of the business organization. Identifying the key areas of concern for the client, Bobbles & Lace, such as its strengths and the available growth opportunities would play a significant role in ensuring that the firm achieves its desired outcome. * Overview of the Client’s Business Bobbles & Lace is a fashion retail outlet specializing in trendy women’s wear with a renowned presence in designer clothes, shoes, and jewelry. The clothing category, for instance, consists of designer clothes such as denim, tops, dresses, jumpsuits, outdoor clothing, and animal prints. The firm also shelves different types of shoes including booties, boots, sneakers, wedges, pumps, sandals, as well as flats. Bobbles & Lace further accessorize their clothing line and shoes with exquisite jewelry, hats, gloves, scarves, sunglasses, and handbags. The outlined items are the main source of revenue for the retail fashion entity.[Lace, Bobbles &. "Our Story." 2019. Bobbles & Lace. /service/about/. 10 September 2019] Bobbles & Lace is co-owned by Valerie White and Lindsay Rose Rando, both of whom are passionate fans of fashion and style. Valerie White’s success in dealing with jewelry coupled with Rando’s runway experience in the runway makes for an excellent combination in running a clothing and fashion retail outlet. The firm’s headquarters are in Beverly, Massachusetts with outlets in other locations in the United States such as Boston, Marblehead, Newburyport, Andover, Portsmouth, and Wellesley. With nearly ten years in the fashion industry, the firm is strongly establishing itself as a formidable force in the highly competitive fashion industry. The business organization targets both young and older women with a taste for trendy or designer clothes, shoes, and accessories. Bobbles & Lace has a team of experienced fashion gurus dubbed Bobbles Babes whose sole task is to select a trending collection of the firm’s product catalog on a daily basis. The retail outlet keeps to date with fashion and provides a variety to its customers whom it also gives expert advice on fashion. The fact that it also offers affordable prices for its trendy wears serves as an advantage to the firm’s prospects.["Store Locator." 2019. Bobbles & Lace. /service/store-locator/. 10 September 2019.] * The Industry The product portfolio for the business organization clearly indicates that Bobbles & Lace falls under the fashion industry. However, the firm deals with affordable fashion designs for all categories of its products and thus targeting middle-income earners. The women’s fashion industry is becoming more competitive due to the rise of fashion houses and clothing lines around the world. Almost every part or continent of the world has its own share of fashion designers for clothes, shoes, and even accessories. Maintaining a firm’s share of the market while also incurring profits becomes a challenge for most firms. With an estimated annual revenue of $7.6 million, Bobbles & Lace commands a...