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Suits for Men 2015 HSBCC Entrepreneurship Case Team: Matt Bissonnette, Trisha Carleton, Marcus Mayall Agenda Problem Statement Analysis Alternatives Recomme ndation Implemen tation Problem Statement • Michael Bakshi runs Suits for Men Inc. • A valued tailor is approaching retirement • Considering new suit lines & staffing options Problem Statement Analysis Alternatives Recomme ndation Implemen tation Internal Analysis Profit/Suit (On average) Problem Statement Current Offerings: High End Ready-Made Suits Tailor-Made Suits $120 $360 Considered Offering Medium Price Suits $70 Analysis Alternatives Recomme ndation Implemen tation • Demand: High End- Highest demand 3150 sold in 2011 Tailor-Made- Lowest demand 210 sold in 2011 • Internal Strengths -Strong customer loyalty -Family experience Problem Statement Analysis Alternatives Recomme ndation Implemen tation External Analysis • Menswear industry is booming • Located in downtown Vancouver in close proximity to competitors • Current customer base: Upper-middle to high class businessmen • Potential of capturing larger market Problem Statement Analysis Alternatives Recomme ndation Implemen tation Entrepreneur Capabilities • Bakshi joined the industry in the 1990’s • Strong support system • Highly qualified staff Problem Statement Analysis Alternatives Recomme ndation Implemen tation Alternatives • 3 alternatives • All need to be viable options • One option can usually be “the status quo” or make no changes Problem Statement Analysis Alternatives Recomme ndation Implemen tation Alternative 1 – Status Quo • Maintain current operation • Hire another staff member • Risk of hiring difficulties • Little growth income potential • Not choosing medium: loss in sales & not convinced Problem Statement Analysis Alternatives Recomme ndation Implemen tation Alternative 2 • High-End suits have 5:1 demand over tailor-made suits • Solely sell High End Ready-Made Suits • Start campaign to raise awareness of exclusive suits • Profit Increase • Risk of losing clients and demand • Increasing price of suits to cover cost of free tailoring Problem Statement Analysis Alternatives Recomme ndation Implemen tation Alternative 3 • Based on low net income start marketing campaign • Don Cherry as spokesman • Higher demand, exposure and profit • Short term plan • Difficult to get Cherry to commit Problem Statement Analysis Alternatives Recomme ndation Implemen tation Decision Criteria Our final decision was based on: • Profitability • Sales trends • Marketability • Owner’s skills • Sales Rep relationship • Lack of confidence towards expansion Problem Statement Analysis Alternatives Recomme ndation Implemen tation Recommendation • Implement Alternative #2 • Simplify business operations • Increase profitability by specialising in High End Ready Made Suits • What if ? Go back to status quo – most comfortable choice Problem Statement Analysis Alternatives Recomme ndation Implemen tation Implementation Plan • What are the next steps for the decision maker? This can be broken down into short term, medium term and long term • How does he/she make your recommended changes? • This is the most important area of your entire presentation! Put the appropriate thought in! • What is the urgency of the situation? Problem Statement Analysis Alternatives Recomme ndation Implemen tation Question Period Questions?
