2Case Study 1Preparation Questions: 1.Evaluate Clarence Wooten’s strengths and weaknesses. a.Constantly moving during his childhood enabled Wooten to become comfortable adapting quickly to different situations, making him comfortable around all types of people. Having good people skills is key, being likable can lead you towards allkinds of success if you are consulting with the right people. At a young age, he was able to crack anticopying features enabling electronic games to be duplicated which ultimately lead him into pursuing ImageCafé. Wooten also realized the importance of finance and took a strong interest in learning it so he could be successful in his future. In my eyes, that means he is determined to do whatever isnecessary to attain a set goal. In his early years, Wooten seemed to always move on to another project before finishing the one he was working on because he was always having new ideas. Not being able to finish something would be considereda weakness, even if he has brilliant ideas moving forward. Another one would be letting his ego get the best of him, there was several times where people offered him great deals but he turned them down because he thought he could do better.2.What do you think about Clarence’ product versus service conclusion? What are the strengths and weaknesses of his argument?
Image café Case Solution
Assess the opportunities for Image Cafe. In particular assess the issues presented by the “service provided in the form of a product”. What risks does it solve? Create?
The owner of the company’s childhood dream was to become a rich entrepreneur and develop a well established business. Clarence Wooten, the CEO of the company, was passionate about the invented technologies such as computer games and studios. The company had a risk of limited income of the target markets, and the other cafes were operating at the same time
Image café was founded when there was demand for the internet and the services industry started growing and producing more convenience for the customers to make the world more global. Image café was more competent due to having more expertise to create a website. This opportunity helps the company to attract the customers and develop the site for newly launched companies that could promote their product and services over the website and increase the business cycle. The company has the ability to appeal to a different target market from different competitors and to make the service more reliable for the customers.
The company faced the issues of investment and the initial capital, which was around $ 3million. By approaching different vendors, the owner only received $110,000 which was not enough to establish the business and develop the website. Clarence Wooten was ready to launch the service after the hard work with the increased valuation of the business, but unfortunately, the investors were not willing to invest more amount at that time. It brought the company out of cash and stopped the process of development, which seems a big issue for the owner.
What value could Image Cafe attain if more financing is made available? How likely? What about the Network Solutions offer?
If the company has more financing opportunities, it could make it more complex and dynamic for the customers, and the barriers would be minimized to develop the websites. The company did not have more resources and assets due to unstable situation of the financial portion. The company was initially started on a small scale and target the little market to provide the service and reinvest the receivables to insert more channels and various in the existing products. Due to shortage of capital, Wooten was unable to build the high-potential venture. Furthermore, the company has appealed for the leverage which was the internet service provider to fill the gap and remain the customers loyal.
What would you do if you were Clarence Wooten? Why?
To start the business, I would initially make the proper plan of activities and evaluate the current financial position of the existing companies to locate the investors and have a better view of a business industry. The plan includes the strengths and weaknesses of the new business as well as internal and external opportunities and advantages to start the business.
It seems that Clarence Wooten has started the business based on his feelings, and did not make a proper plan of activities, which led towards the issues and complication for the Wooten to develop the website.
Furthermore, I would do a market analysis on customers’ behavior, competitors’, market segmentation and target market selection to make the business plan more accurate and answerable. Moreover, I would consider the selection of management team and the company’s structure that consist of different operational departments to provide the services and to measure the satisfaction of the customers. Finally, I would further focus on the financial projections and layout the details that how much amount of money the firm needs before the development of the websites and the service boots. .......................
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