MJINI Case Study - 1100 Words

MJINI Case Study (Case Study Sample) Content: Student nameSupervisor nameSubject titleDate.MJINI caseIn 1999, Patrick Walsh and Jeffery Meade founded MJINI-urban youth enterprise; a research company to help sales firms gain insight of the market they were unable to reach. There were other companies providing the same services or services almost similar to what Jeff and Patrick offers. However the two, as both business graduate and young entrepreneurs, not only did they know what to sell, they knew how and where to find it. Little capital, lack of experience and attracting customers were their main challenges.The business venture Patrick and Jeff were investing in, to them, it was an interesting and ideal opportunity for them. This is because; for one, both were graduates of the Babson College. At Babson, they got introductions to a number of business network contacts. Babson also sponsored them to attend business conferences, equipping them with experiences about entrepreneurship. The introduction to business and their passion for entrepreneurship was a driving force in their venture. Secondly, Jeff and Patrick were both young at the time, and they were brought up in communities through which they gained characters that could enable them succeed in their venture. Their age would enable them to relate well to the youth, and their background ensured they would relate well to different cultures. These features made the business opportunity very interesting for the two young entrepreneurs.In addition, the market was very wide. MJINI main targets were the young consumer between the age of 12 and 34. According to one of the market estimates, which the MJINI had, 45.3 consumers, accounting for 890 billion annual spending, were between the age of 12 and 34. Another estimate showed that 70 million consumers spending 300 billion were of age between 14 and 24. The estimates showed that MJINI had a ready market to draw from it.To test the viability of their idea, Jeff and Patrick equipped themselves w ith recent measured estimates that showed how their target market performed. As expected, they learned that the market was heavily dominated by the youth whom they were focusing on. They also did research on their main competitors and from the result; they felt that the market was larger than their competitors would cover. They also found out that the competitors used the traditional and proven method of research. According to Jeff and Patrick, this was a weakness to capitalize on. They thought that being young and able to speak directly to the target consumers would put MJINI in a position to offer better and superior research than their competitors.Jeff and Patrick had gained experience with urban youth market shortly after starting their company; however, they still lacked experience selling their product. Potential customers had to see what MJINI had done before, to figure out whether to buy from them. Lack of experience provided many problems. To overcome these probl...