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Running Head: BUSINESS 1
BUSINESS 4
Strategic Plan 1
Starting a business that will be successful is hard even if a person has all the required resources and time. This is because a lot has to be put into consideration before the process begins. Much research on the chosen field should be made if the business is to be a success. This should be made in order to avoid the loss of time and finances since much risks is involved. Starting and maintaining a successful business is hard since much dedication, sacrifice and a massive amount of hard work is required. The business should also be driven by its mission and its vision so that it can be able to achieve the purpose it was intended to. A business vision is its key to success and without it effective business planning would be impossible to achieve. The business vision provides the direction in which the business is heading to. The vision and the mission of the business should go hand in hand and one should be used to comp0limante the other or one can be used to achieve the other. Before business vision or mission statements are made a lot should be considered. They include the goals and objectives and the plans of the business.
Establishing a fashion boutique is very difficult since in the fashion industry styles change every day and one have to keep up with the changing trends in order to be marketable. First and foremost one has to be quite clear on the style that they would prefer to sell. It can either be punk, fancy, casual or rock. Once this has been made then the business mission and vision can be created in relation to the fashion product. The vision statement of the boutique will be to provide the latest trends in the fashion market by everyone for anyone and affordable price to all. Operating a fashion boutiques is made difficult since different people have got different fashion taste and all of this tastes need to be meet. So, the one operating the boutique must be conversant with all the trends in the business and be able to advice one appropriately depending on the occasion or purpose one is buying a cloth.
As the vision of the business clearly states, the boutique will always be providing the latest fashion trends in the market by everyone. This is to show that the boutique will not be choosing the designer of the clothing but as long as the cloth is fashionable, the boutique will be selling it, this thus shows that the boutique is willing to offer the public the latest trends in all the categories of fashion and will not be a specific wear shop like a shirt shop or dress shop. By being able to provide all types of wear: men and women, the boutique will have a larger scope or clients. The clients will range from business people to teenagers to working class ladies. They will thus a have a large market in which to supply and thus be successful and make profits. By also offering all forms of design, they will be able to satisfy all the public’s demand. Also like the vision states, the boutique will be providing their clients the latest fashion in the market at an affordable price. This thus means that they care for the people and would not like to exploit them of their finances. They will thus have faithful and loyal clients which will be of great benefits for the success of the business.
The mission of the company is used to describe what the business does. The mission shows what the business does how they do it, to whom they do it for and why they do it. This shows the summary of what the business deal with. The mission statement of the fashion boutique will be: we are a business that provides the latest fashion trends in the market at all times, by ensuring that we are in conduct with the world so that our clients can be satisfied and be able to dress well. The mission thus shows the boutique will always have the best and latest fashion in the market at all times and that their goal is to keep their clients happy and well-dressed so that they can be confident. Its shows that customer satisfaction is their number one concern always. The mission statement shows the uniqueness of the business. It tells your clients what you are all about and what your greatest priority in the business is.
Different people have got different cultures and this might have a major influence on what they wear. A good example is of the Hindu who has a particular cloth for their men and women. In Hindu women’s clothes are designed for them to be graceful while the men’s clothes are for comfort and warm climates. The women clothes include the sari and the chuli while men outfits are the lungi and the dhoti. So, when setting up a fashion boutique, the culture of the surrounding people was greatly considered so that the business can be relevant and have buying clients. The type clothing being sold in the boutique should not encourage the people of the surrounding areas to wear indecently and be immoral. The clothing provided should not encourage immorality and should not go against the code of clothing ethics.
The boutique's future in business greatly depends on its mission, vision and value statement. A great deal of time was spent in coming up with them and they are the ones that help to define the strategy, directions and decisions made in the fashion boutique. Through the vision, mission and values, the strategic plan of the business can be made and implemented accordingly. The path in which the business is to take is made clear and one can work towards their objectives and goals in order to make the business a success.
The business can address the client's need by offering a variety of styles in clothes. This gives the clients a variety from which they can choose from. The business can achieve a competitive advantage by providing tailor made services as well. This means that if a client cannot be able to get something of their taste from the available collection, then something unique can be tailored just for them. This will include the design and size they want. By doing this the clients are made happy and satisfied. The boutique can now have a competitive advantage over their competition who just sells clothing.