FASHION BUSINESS PLAN

Description of the Assignment

You will undertake a self-directed business plan as a major component of the honours degree in Fashion Business.

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 / Title Page

• ● Clean and professional layout • ● Include the name of the business or project • ● Provide your name and contact information • ● Name of the tutor authorised your project • ● Display your company logo or other important elements of your identity

(with

moderation).

• ● Date the report was issued.

2. 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:

Indicative content:

• ❖ The industry and market environment • ❖ The unique business opportunity • ❖ Mission statement • ❖ Key objectives and strategies: how will you differentiate from

your competitors? What is/are your sustainable competitive

advantage/s?

• ❖ Financial potential: risks and rewards of the business

opportunity

• ❖ Management team: key people who will achieve the results • ❖ 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:

o ❖ To help understand competitive advantages/disadvantages relative to competitors.

o ❖ To generate understanding of competitors’ past, present future strategies.

o ❖ To provide an i nformed basis to develop new strategies to achieve

competitive advantage.

o ❖ 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.

o ● Qualitative market demand analysis (consumer behaviour) o ● Quantitative market demand analysis o ● If you wish to conduct focus groups 1 focus group would be

sufficient. o ● 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)

Available frameworks:

• ● Resource based approach • ● Value Chain Approach (Porter, 1985)

G. Evaluation of the Strategic Fit (Part 2)

Available frameworks: ● SWOT/TOWS Matrix

6. Marketing Plan (Part 3)

• ● Marketing Objectives SMART • ● Segmentation

1. Segmentation in your market 2. A table of the segmentation variables in your market 3. Segment profiling - describing the identified segments

• ● Targeting 1. Core target – Key profile 2. Targeting strategies (differentiated, undifferentiated ect...)

• ● Positioning 1. Positioning map 2. Positioning strategy

• ● Brand Identity 1. Brand name 2. Logo 3. Colour palette 4. Brand layout with moodboard 5. Labelling and packaging 6. Show the Brand DNA pyramid

Marketing Mix

● Product

7. Core benefit 8. Actual product benefit 9. Augmented product benefit 10. Range Plan( product or service) 11. Merchandise plan 12. Sourcing strategy to include visually illustrated critical path

● Price

13. Price Objectives 14. Competitors price analysis 15. Pricing strategies

● Place

16. Distribution Channels 17. Visual merchandising ONLINE / OFFLINE

● Promotion

18. One year promotional calendar 19. Launch campaign 20. Ongoing campaign

1. Advertising 2. PR 3. In-Store 4. On-line 5. Other.... any aspect of the promotional mix that is relevant to your project! 6. Promotional VIDEO ( all pathways) max 1min video

Plus the extra 4 P’s: People, Physical Evidence, Process and Persuasion if relevant to your project.

7. Operations plan

Indicative content:

● Analysis of the flow of the daily activities and strategies to support them o Explanation of the flow chart

8. Management summary

Indicative content:

• ● Structure of the team • ● 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