business plan

[Student's Name]

[Professor's Name]

November 7, 2021

Contents New Business Idea 1 Submitted by 1 1. Business opportunity: 2 2. Testing the idea: 2 3. Presenting the final product: 3 4. Value proposition: 3 5. Competitive advantage: 4 6. Defining target market: 4 7. Business model: 5 References: 6

New Business Idea

The new business idea is to have eco-friendly clothing. Under this business idea, cloths would be produced using natural Fabrice such as linen and cotton made from plants. Similarly, Tencel would be used in the clothing that would be made from sustainable wood pulp. The idea is to use the material rather than man-made fabric like Nylon and polyester, which are based on petroleum and can take many years to biodegrade. The customer's need to have more Sustainable clothing would be met with this idea.

There is a trend to be more sustainable around the world. According to data from Mintel, Generation Z claims that they are more likely to buy Sustainable products. According to 70% of people from ages 16-19 suggested that one of the most crucial factors that influences their buying pattern is Sustainability in comparison with 20% of people between the ages 64-74 (Kale, 2021).

The previous part of the report has included one of the surveys. The proposed business idea would be tested using different survey tools such as "questionnaire." sampling would be used to get the most unbiased opinion of the people. The questionnaire would include both close-ended and open-ended statements so that participants can have more scope to express their opinion about the proposed business product.

The survey is one of the most influential and cheap ways to collect data from the target sample. Moreover, the survey would be conducted through online channels, where questionnaires would be distributed through different online channels, including Facebook, Instagram, etc.

As mentioned earlier, the proposed business product is Sustainable clothing. The fashionable clothing would be made from natural, organic, and biodegradable fabrics. The cloths would be easily recycled. Moreover, the dye that would be used in the clothing would be non-toxic to further strengthen the portfolio of the proposed business product. The production of the material will follow the "zero waste" cutting method, and the waste will be used in the following production process. Similarly, the packaging for the clothing will also be plastic-free.

Sustainable clothing has many benefits, such as it help in reducing the world's water pollution, other land waste, and carbon Emission. While buying Sustainable clothing, the customers will directly support the practice of fair labor.

The cost of Sustainable clothing may appear more, but the traditional clothes have hidden costs that people pay by hurting the Environment. However, the eco-friendly jeans from the proposed business product can cost from $60, and it can be up to $100. The coat is divided based on a "competitive pricing strategy."

The essential value proposition of the Proposed product is Sustainable economy, and it is also known as the "Sustainable circular economy value proposition." This sustainability value proposition would help this business product be set apart from other products in the market. Moreover, it can be an essential source to have a competitive edge in the market. This value proposition would be used to improve marketing strategies and to have a better conversion rate. Similarly, everything used in the production would be recyclables, including packaging. Similarly, the "no waste" strategies would be used to further increase the "competitiveness" of the product (Mullin, 2021).

The fashion industry is one of the significant contributors to pollution. So, the business idea is different and better in terms of sustainability. The most significant advantage that the company would have is easily recycled clothes. Each and every step followed in the production process would be based on Sustainable practices. There are many famous fashion clothing outlets, but they have been accused of having unethical and unsustainable practices. So, the proposed business idea can compete based on Environmentally friendly initiatives. The business idea would compete in the clothing industry.

The global demand, for example, ethical clothing, is worth more than $6.3 billion as of 2019. The demand for Sustainable clothing is constantly increasing. The target market for the company is anyone having an interest in eco-friendly products. Both make and females from the upper-middle class and higher middle class would be targeted for the product. The target market is also referred to as "Active Green," which would be the most desirable market for green products. The most important aspect to mention is that there is a segment in the market that would buy Sustainable products no matter what marketing efforts are made. The potential customers for the business are between 15-45 years old.

The business model that would be adopted by the new proposed business idea is the "Sustainable business model," also known as SBM. The business model is highly efficient for the long-term success of the company, and it is commercially profitable. Similarly, this business model is highly attractive for customers. There are three main pillars of sustainable business models, including Environmental, economic, and social. These three elements of the sustainability business model are also known as a planet, people, and profit. The fundamental objective behind the sustainability business model is not to take from earth but "borrow" from it with the intention to replenish them. Following is the definition of a sustainable business model:

"Sustainable business mode can be referred to as business model that delivers, create, and capture value for all of the Shareholders without making any negative impact on the environment. The model is all about diversity and resilience."

References: Kale, S. (2021, Oct 6). Out of style: Will Gen Z ever give up its dangerous love of fast fashion? Retrieved from The guardianship: https://www.theguardian.com/fashion/2021/oct/06/out-of-style-will-gen-z-ever-give-up-its-dangerous-love-of-fast-fashion Mullin, S. (2021, feb 11). What's a Value Proposition? It's What Your Business Does Better Than Anyone Else. Retrieved from Shopify: https://www.shopify.com/blog/value-proposition