Question

In the fashion retail industry, Jennifer Hyman and Jennifer Fleiss were the first to use technology in such an innovative way. What is the best way to describe this entrepreneurial opportunity?

Answer 1

Answer:

Providing an existing product to an existing market in a new way

Explanation:

Jennifer Hyman and Jennifer Fleiss realised that there were some serious issues in the fashion industry. The younger group and women populace had the desire/demand to buy designers clothes but could not afford the same.

Moreover, the designers themselves wanted to reach this demographic audience. As these customers may face cash issues now but given the opportunity they were long life customers.

Therefore, Jennifer Hyman and Jennifer Fleiss came up with the idea to use technology in way that the could provide the existing products to the existing market in a cost effective way, thereby, enabling them to buy these designer made clothes.