Brand name: Suits her
Point of difference: Embroidery red lips as elbow pads in every single design, only suits for women, straight simple cuts.
Elegant and feminine.
Targets consumers: 23-45
Background: equal rights, mention coco chanel, cavalli, etc.
Competitors: prices ranking from 500-900
Will be found online through media platforms (instagram, facebook, twitter)
No online store
One actual store – UK London, King’s Road
Description of the Assignment
You will undertake a self-directed business plan as a major component of the honours degree in Fashion Business. You will develop ideas and concept for a new brand / company or new service/ product.
You are required to select a fashion / fashion related area with sufficient published information about it. You will undertake secondary and primary market research and develop a relevant marketing plan, financial plan which will allow you to come to conclusions. This project needs to show evidence of reflection and development of your practice.
Business Plan Outline
The structure and content of a business plan depends on the nature of the business initiative and the target audience of the document.
According to the Harvard Business School, a business plan for a start-up venture will include:
1. Cover Page
2. Table of contents
3. Executive summary
4. Business Description
5. Business Environment analysis:
a. Industry background
b. Competitive analysis
c. Market analysis
6. Marketing plan
7. Operations plan
8. Management summary
9. Financial plan
10. Attachments and milestones
To support students in meeting the above requirements, the typical business plan structure presented by the Harvard Business School has been expanded and modified. This outline will be discussed and adapted for each individual student through the course.
1. Table of Content
• All sections must be clearly listed.
• The table of content will provide your reader an indication of the important topics enclosed in your business plan.
3. Executive Summary
• Your executive summary should summarise all the important sections of your plan:
ϖ The industry and market environment
ϖ The unique business opportunity
ϖ Mission statement
ϖ Key objectives and strategies: how will you differentiate from your competitors? What is/are your sustainable competitive advantage/s?
ϖ Financial potential: risks and rewards of the business opportunity
ϖ Management team: key people who will achieve the results
ϖ Resources or capital being requested: what do you hope to obtain from the readers of the plan? (Capital and/or resources)
• You will write your executive summary once you’ve completed your the report.
4. Business Description (content and objectives)
In this section you will introduce your business concept to the reader. It is also important to explain clearly your business objectives.
• Your own understanding of the business concept.
• Your business objectives.
• Reasons and motivations of your choice.
• History of the concept or business (where are you now? First draft, start-up, business to be expanded etc.).
• Customer who will use your product/service (in other words, what “problem” will your product or service solve for the customer?).
• Structure of the business.
• Location of the business.
5. Business Environment Analysis
The analysis of the business environment will answer the following questions:
• What general forces are affecting or can affect the business?
• Who are your competitors within the industry?
• Who are your customers within that market?
A. Analysis of the Macro Environment (PESTEL) (Part 1)
• An intro into PESTEL and an analysis of PESTEL – this could include a PESTEL mapping.
• Identify and list a set of macro variables relevant to your business environment.
• Using the PESTLE framework assess implications, certainty and impact.
• Important trends in the industry (Consumer, Retailing, Lifestyle, Marketing, Promotional).
B. Analysis of the Micro Environment (Market Sector/ Segment – Market Trends) (Part 1)
• Size of the Industry.
• Market Size.
• Current Market Analysis from secondary sources (performance, growth, shrinkage).
• Analysis of the competitive forces (Porter’s five forces model).
C. Competitor Analysis (Part 1)
Competitor research & analysis has several important roles in strategic planning:
ϖ To help understand competitive advantages/disadvantages relative to competitors.
ϖ To generate understanding of competitors’ past, present future strategies.
ϖ To provide an informed basis to develop new strategies to achieve competitive advantage.
ϖ To help forecast the success of new proposals and strategies.
• Compare 4 brands that will be your competitor.
• Identify potential competitors.
• Understand competitors’ objectives.
• Identify competitors’ strategies.
• Assess competitors’ strength and weaknesses.
• Estimate competitors’ reactions.
E. Market Analysis (Part 2)
This is your results from your Primary research both your qualitative and quantitative research.
• Qualitative market demand analysis (consumer behaviour)
• Quantitative market demand analysis
• If you wish to conduct focus groups 1 focus group would be sufficient.
• If you wish to conduct In-Depth interviews 3-5 should provide you with the information required.
This section will inform the segmentation, targeting and positioning strategy
F. Strategic analysis of the Internal Environment (Part 2)
• Resource based approach
• Value Chain Approach (Porter, 1985)
G. Evaluation of the Strategic Fit (Part 2)
• SWOT/TOWS Matrix
6. Marketing Plan (Part 3)
• Marketing Objectives SMART
1. Segmentation in your market
2. A table of the segmentation variables in your market
3. Segment profiling – describing the identified segments
1. Core target – Key profile
2. Targeting strategies (differentiated, undifferentiated ect…)
1. Positioning map
2. Positioning strategy
• Brand Identity
1. Brand name
3. Colour palette
4. Brand layout with moodboard
5. Labelling and packaging
6. Show the Brand DNA pyramid
1. Core benefit
2. Actual product benefit
3. Augmented product benefit
4. Potential product benefits (a line extension?)
5. Range Plan?
6. Sourcing strategy to include visually illustrated critical path
1. Price Objectives
2. Demand – (creating a demand for the product?)
3. Price band Matrix
4. Cost estimation and break even – (advice that this is to be discussed in the financial part of the business plan)
5. Competitors price mix analysis
6. Pricing strategies
7. Final price
1. Distribution Channels
2. Consider the location of your outlets
3. Selling methods
4. Visual merchandising
1. One year promotional calendar
2. Launch campaign
3. Ongoing campaign
e. Other…. any aspect of the promotional mix that is relevant to your project!
Plus the extra 4 P’s: People, Physical Evidence, Process and Persuasion if relevant to your project.
7. Operations plan
• Analysis of the flow of the daily activities and strategies to support them
• Identification of critical operating factors for the business to operate (key success factors) e.g.:
o Advantages in sourcing material
o Technological innovation in the manufacturing or distribution process
o Effective pricing strategy
o Access to skilled employees
8. Management summary
• Description of team members’ qualifications
• Presenting team as unit: management philosophy, strengths and weaknesses of the team
9. Financial plan
• Capital requirements
• Financial projections
• Assumptions underpinning the financial projections
• Breakeven analysis for sales
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