Male Gear Wear
Executive Summary
Male Gear Wear (Gear Wear) is a men’s aerobic sports retailer based in Ashland, Oregon. Gear Wear offers the most comprehensive selection in town and arguably on the Internet/mail order as well.
By offering the most complete selection as well as a knowledgeable support staff, Gear Wear will quickly gain market share.
Ashland was chosen because of its diverse, active culture. It is not uncommon for people to make a job sacrifices in exchange for quality of life gains, and the active, outdoor lifestyle is the majority in Ashland. Gear Wear is a Oregon based L.L.C. primarily owned by Stan Gearboy.
Keys to Success
Gear Wear has identified three keys to success that they believe will be instrumental in reaching sustainable profitable. The first is the need to meet the customer’s needs by offering the most comprehensive selection and knowledgeable staff. The second key to success is the need to monitor the competitive environment in an effort to ensure differentiation. The last is related to the accounting systems of the organization. Gear Wear has identified the need to design and adhere to strict financial controls.
Competitive Edge
Gear Wear’s competitive edge is its unsurpassed selection and sales staff knowledge. This will be a significant edge because no other store offers the comprehensiveness within multi-sports as Gear Wear. The type of athletes that participate in a variety of aerobic sports do so as a part of their lifestyle. It is a part of their life, an activity that they enjoy and look forward to. While the activities may be somewhat painful when you are doing them, depending of course on the intensity that you reach, overall it is quite enjoyable. This would also explain why they particate in so many different ones. One on hand some of the sports are seasonal, on the other hand, you cannot get enough of just one.
Management
Gear Wear is being lead by Stan Gearboy, a veteran of the outdoor sport industry. While in undergraduate school, Stan was an active member of two different sport teams. This was his first introduction to his passion of aerobically challenging sports.
Following his degree, Stan went to work for R.E.I., a successful outdoor retailer (both brick and mortar as well as mail order). Stan spent years at R.E.I. learning from the best. While Stan was quite comfortable in the retail environment, he realized that if he wanted to pursue his dreams of operating a retail store, he needed to build his skill set. Stan studied for his Masters with the goal of opening his own store within the outdoor industry. Through a combination of passion, experience, and education, Stan is the right person to lead Gear Wear to success.
Gear Wear has conservatively forecasted explosive sales by the end of year two, escalating continually in year three. The net profit margin will be low in year two and increase modestly in year three. While this appears to be fairly low for a retail operation, Gear Wear has sufficient cash to weather the first few years with the goal of building a sound foundation for the business, including a loyal customer base.
1.1 Objectives
- Become the premier men’s aerobic sports clothing retailer in Ashland.
- Increase market penetration to 10% by year three.
- Reach profitability within the second year.
1.2 Mission
It is Gear Wear’s mission to become the premier men’s sports clothing retailer in Ashland. This will be accomplished by offering fair prices, the best selection, and a knowledgeable staff to assist customers in any way. Gear Wear will strive to exceed all of their customer’s expectations.
1.3 Keys to Success
- Meet the customer’s needs by offering a comprehensive selection and knowledgeable staff.
- Monitor the competitive environment ensuring differentiation.
- Employ strict financial controls.
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