AD 741 Temple University Rent The Runway Company Report

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AD 741

Temple University

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Hi, I need you help me to write a parts of final report about my case.

My company is Rent the runway

Apply ideas and frameworks drawn from throughout the course to do an original concept based analysis of the company's current situation in its marketplace and its product/service strategy, and make specific recommendations for the coming 3-5 years concerning product/service strategy and offerings and related organizational and structural issues.

According to the PPT and word document, you just need write a report about Lean startup methodology and Recommendation

Please try to work hard on this and no plagiarism.

Need reference by APA style.

Thanks!

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Rent The Runway solved the problem of young women involving the need to get access to designer clothes which in most cases they cannot afford. The idea used to solve the problem was allowing the customers to rent the designer clothes instead of buying them at a much higher price. The company focused on reaching the customers on a personalized level by inviting them for trials at the company, including them in activities and offering a bonus for every recommendation a customer would make. The company also built a website to allow customers and designers to mingle on business grounds. They explored the needs of customers and they realized that people were willing to pay for their products. This is a strategic lean startup methodology that made customers feel a sense of selfconfidence. -Introduce accessories to test expansion capabilities - Accessories offer high edges (in light of Avelle's rental costs) -RTR as of now has 30 planners on board at the MVP organize, a significant part of these draftsmen will similarly sell adornments -Easier to get new creators on board since idea has been demonstrated -Customer bits of knowledge group can combine embellishments in styling proposals LEAN STARTUP METHODOLOGY Rent The Runway solved the problem of young women involving the need to get access to designer clothes. The solution was allowing the customers to rent designer clothes instead of buying them. To create more value the company reached its customers on a personalized level through testing of demand and inviting customers The company also built a website to allow customers from all over to reach designers for rentals. They explored the needs of customers and that made them believe that they had products people would pay for. This methodology made the customers feel self-confident and appreciated. LIITTI1 21 LI3IIIIIIIIIII 5 6 7 8 9 . RECOMMENDATIONS Look into offering menswear As a top competitor in the industry they have the connections and backend to implement this option “Market Watch is projecting that the global online clothing rental market, which was $1.2 billion in 2018, is estimated to grow at a compounded annual growth rate of 10.76 percent through 2023." (Palmieri, 2020) Solve options for attachment - offer the permanent purchase of the item at discounted price Some women may pick out clothes for their partner, why not let them do this in the same app? Disruptive Innovation O DICEE Expansion of product offerings ties to the Lean Startup Methodology: Find more products - Execute - Validate Introduce accessories to test expansion capabilities Accessories offer high edges (in light of Avelle's rental costs) RTR as of now has 30 planners on board at the MVP organize, a considerable lot of these architects will likewise sell adornments Easier to get new creators on board since idea has been demonstrated Customer bits of knowledge group can consolidate embellishments in styling proposals
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1
Rent the Runway’s Conceptual Analysis
Rent The Runway is known to be a virtual company that offers fashionable and
exclusive dresses and other accessory rentals. The company was started in 2009 by Jennifer
Hyman and Jennifer Fleiss. Initially, the company was entirely operated online by it later
opened a retail store in different locations in the United States. Rent The Runway gives its
customers the privilege of renting a new or used designer clothing for 4-8 days at a price as
low as ten percent of the items selling price. The customers also can make monthly
subscriptions that allow for either unlimited rental services or the rental of 4 items per month
at a much lower price. Besides designer dresses, the company deals with children's wear as
well as pieces of jewellery
Rent The Runway applied and still applies the lean start-up methodology in
determining how to run its business operations and relate with the customers. RTR, as a...


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