Business Plan

BUSINESS PLAN (i)

BUSINESS PLAN 1

Business Plan xxxxxxxxx MGT699 Capstone xxxxxxxxx 30 August 2020 KOUTURE TRAVEL & DESIGNS P.O BOX 0100-089000

Table of Contents

1.0 Abstract 2

2.0 Company Description/History/Background

3.0 Mission Statement

4.0 Goals and Objectives

5.0 Stakeholder Analysis

6.0 Industry Analysis

7.0 Competitor Analysis

8.0 Marketing Strategy

9.0 Organizational Success Strategies

10.0 Financials Plan

11.0 Final Remarks

12.0 Appendix

References

Abstract

Kouture Travels and Designs is an apparel manufacturing company that produces and retails the apparel through di8fferent outlets. The company is currently focusing on increasing operations of both production and marketing in the country. As such, the company needs financial support from potential funders who may be interested in the idea. This business plan will outline the company's mission, the goals and objectives of the company, and an analysis of the stakeholders.

Company Description

Kouture Travels and Designs is a company which will be dealing with the latest fashion wears for male, female, adult, and children. It is located in middle Georgia, mostly selling t-shirts to our customers. Our goal is to provide quality services to our customers. This will be achieved by since our employees are fully committed to serving customers freely, by allowing free interaction with them. We will allow our customers to bargain for the prices will not be fixed. We believe our customers are our bosses, so we will do anything for their satisfaction.

We will try to be unique in such a way that we will offer recognizable discounts to every purchase made using a certain criterion, that is, if you buy five t-shirts, you win an extra t-shirt and a chance to appear in our magazine. We will still supply customers with cards, so whenever you buy in our company and present the card, you will get points which you can use later to purchase without cash. Our company hall will consist of the Manager, cashier, and customer attendants. Customers will be allowed to go in crosscheck all the products available, choose what fits him/her well according to customer's choice, and later purchase after necessary bargaining. We will also launch an online app where customers can purchase items online, and they are delivered.

Mission Statement

Our mission as Kouture Travels and Designs is to transform and serve the society willingly by quality assurance to improve their social life and standard of living by offering quality products and services. To provide the best quality of locally produced apparel at customer-friendly prices.

Strategic goals and objectives

As initially stated, the company would love to expand its operations, including the production and marketing of the apparel produced. One of the ways this is going to happen is through the opening of more retail outlets in the country to penetrate the market. Our road to success is guided by several objectives that we aim to meet as we expand the business.

We aim to improve customer satisfaction levels from 75% to 80% before the end of this calendar year. Customer satisfaction is essential to the company because we would like to identify the number one quality apparel producer among the customers. Therefore, we will try to incorporate some of the ideas by our customers in the production, among other customer relationship management strategies, to improve on our customer satisfaction levels before the end of this calendar year.

We also aim to reduce operational costs by 15% by the next financial year. In our expansion, as a company, we ate targeting a 15% reduction in operational cost (Indeed.com, 2019). To achieve this, we have begun training our manufacturing teams on sigma six strategies. We project that we will be able to attain operational excellence with the successful implementation of the company's strategy.

Kouture Travels & Designs aims to increase stakeholder value by 10% within the next quarter. Given the strategies in place for expansion and attainment of operational excellence, we aim to expand the company's stakeholder value by 10% before the next quarter. From the increased sales and reduced operational costs, the company will increase value for its stakeholders.

The company also aims to maintain current profit margins over the next three months. Besides, we aim to balance the budget of the company before January the following year. Finally, the company aims to secure ten new clients before the end of this calendar year.

Stakeholder analysis

The business's most critical stakeholders will include the executive, the marketing and sales department, finance, product development, manufacturing, distribution, and procurement departments. The executive will be the stakeholders in the company and the management staff. These are high power high-interest parties in the company and will have to be kept satisfied (Product Plan, 2020). They have more than five years' experience in the business. The marketing and sales department will be classified under the high-power low-interest group. The product developers and manufacturing team will fall under low power, a high-interest group in the company. Finally, the distributions team will fall under the low power, low-interest group.

Industry Analysis

Kouture Travels and Designs as an apparel manufacturing company with different outlets focuses on production and distribution of its products (BusinessPlan, n.d). The Kouture Travels and Designs Company have enjoyed considerable market share because of its ability to satisfy customers through different offerings products (BusinessPlan, n.d). As the company seeks to expand its services in Georgia, it must be keen to identify strategies that work best in gaining market share and competing well with exiting competitors in the same industry. The apparel industry is a highly competitive one; therefore, for the company to command the market, it must understand the industry. The industry in question is one that is committed to customer satisfaction. For this reason, the company in question must focus on strategies that attract customers. For example, giving customers a chance to bargain on the process of goods provides the company with an opportunity to attract more customers due to high customer satisfaction. Through this, the industry receives more customers which in turn provides enough finances that aid the company when expanding.

Competitor Analysis

Competitor analysis focuses on understanding the strengths and weaknesses of potential competitors (Guo et al., 2017). This gives Kouture Travels and Designs Company a better chance to command the market. The company seeks to improve customer satisfaction concerning its competitors. The company, therefore, focuses on identifying instances where its competitors have been instrumental in meeting customer needs. Also, it focuses on the identification of cases where the competitors have failed to satisfy its customers. Where competitors have not involved the customers in their productions, Kouture Travels and Designs Company can involve its customers in its production. One way to do this is through the creation of an open channel of communication where customers are asked to provide their comments concerning improvements to be made on the company’s products.

Also, the company seeks to reduce its operational costs by 15% by the end of the financial year (BusinessPlan, n.d). This, in turn, provides funds that will be used in expanding its operations. Besides, to remain competitive, the company must consider looking at its competitors’ social media engagement. Today, many organizations reach to their customers through social media platforms (Alalwan et al., 2017). Therefore, through analysis of the competitors’ social media engagement, the company designs strategies for marketing its products.

References

Alalwan, A. A., Rana, N. P., Dwivedi, Y. K., & Algharabat, R. (2017). Social media in marketing: A review and analysis of the existing literature. Telematics and Informatics, 34(7), 1177-1190.

BusinessPlan_Week3WorkingDoc.docx

Guo, L., Sharma, R., Yin, L., Lu, R., & Rong, K. (2017). Automated competitor analysis using big data analytics. Business Process Management Journal.

References

Sahlman, W. A. (1997). How to write a great business plan. Harvard business review, 75(4), 98-109.

Indeed.com (2019) Complete Guide to Setting Strategic Goals (With Examples). Retrieved from

https://www.indeed.com/career-advice/career-development/setting-strategic-goals

Product Plan (2020) Stakeholder Analysis. Retrieved from

https://www.productplan.com/glossary/stakeholder-analysis/