3.11 fashion business
duty13
FMAN3002businessplanbrief20232024.docx
FMAN3002 FASHION BUSINESS
ASSESSMENT BRIEF 2023
Name: Business Plan
Worth: 60% of Module Marks
Due: Week 27 – Thursday 4th April 2024 12pm (midday) via Turnitin
Word count Between 3000 and 4000 words
Module Tutor: Abbie Swinfield
Rationale:
Entrepreneurial skills are crucial in today’s Fashion Businesses.
The face of global retailing and job roles are changing, and more demands are being placed on product teams to identify market opportunities for new, innovative and sustainable fashion products and fashion business ideas. Competitive advantage is gained through strong design, great ideas, and an ability to spot market opportunities which your competitors may have missed.
The ability to research the market to gain a full understanding of your target customer and what their expectations and needs are is essential. In order to develop new, innovative products and business ideas and bring them to market, strong business and financial skills are key.
Once you graduate, whether you plan on starting a new fashion business or your own brand, or whether your vision is to work for a fashion retailer, entrepreneurial skills and entrepreneurial thinking are essential and more sought after than ever before.
Business Plan Task:
Working as a pair, you are the joint Directors of your own business. Your job is to come up with a new fashion product or fashion business idea, which you will prepare to bring to market by way of a business plan.
You have to decide on an innovative and new fashion product or business idea. There should be strong consideration to sustainability and filling a gap in the market or improving an existing product or service.
The idea MUST be fashion related – if you choose a product, it can be clothing, shoes, accessories or jewellery. Remember this is a fashion business module, and therefore the relevance of the product or business idea to the fashion industry is vitally important. You can choose to prepare to launch your product or business in any country globally, but you must justify your choice.
The business plan can be presented in a standard, formal business plan format using MS Word, or a creative format – using InDesign, or another adobe package. You should develop a clear brand identity and use brand colours and images throughout the business plan, in-keeping with the brand identity.
The following table sets out the sections required within the business plan:
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SECTION |
REQUIREMENTS |
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Product or business idea and pricing strategy |
· Devise a name for the product or business idea and develop a logo and brand colour palette (use Canva, Pic Monkey or other package) · If you choose a product, you must show what the design of the product will look like (using either sketches, CAD or mock ups with images) · Identify the USP and features and benefits of the product / idea · Routes to market (where the product will be sold, B2C or wholesale? Or for a business idea will it be B2B or B2C, online, bricks and mortar etc) · Present a pricing strategy including cost price / sell price / gross profit margin of the product (or service) · Detailed SWOT analysis of the product or business idea |
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Marketing and Launch Strategy |
· Establish the need for your idea through a feasibility analysis. Present evidence of primary research within your appendices · Identify barriers to entry and risks. Detail how you will overcome these. · Identify the target customer and develop a demographical and psychographic profile for them. · Use market research insights (such as Statista and Mintel) to identify your target market and major competitors within the marketplace. · Produce a brand positioning matrix to show your place within the market · Develop a social media marketing strategy to promote your product or business idea to the target market · Detail how you will launch your product or business idea to the market) |
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Sustainability, and Sourcing Strategy |
· For products - justify your choice of country to manufacture in and demonstrate how this is a sustainable manufacturing option. · Demonstrate how the chosen materials of the product are sustainable. · Detail the sustainability of the packaging · If your business idea is a shop / service - demonstrate how the chosen materials are sustainable (including store fittings) Show how the business is taking steps to ensure long term sustainability within it’s practices |
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Financial Strategy |
· Provide start up and ongoing (fixed and variable) costs for the business · Sales forecasting for the next 3 years including spreadsheets and analysis of: · Start up costs · Predicted monthly sales · Cash flow · The type of funding required, how much funding and what the funding will be used for. · Any potential mark-down or discounting strategy. |
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Layout and professionalism |
· Business report presented in a visually exciting and impactive way, with consistent formatting and branding throughout. · Professionally presented with correct spelling, punctuation, and grammar. · Citations and referencing in Harvard style with full reference list · Images / graphs numbered, title and referenced · Logically structure and flow · Conclusion |
STRUCTURE OF THE BUSINESS PLAN
1. Front cover with product image, student name & P number, module name and code, actual word count
2. Contents page with page numbers
3. Executive summary detailing a full but concise overview of the business plan
4. Vision & Mission Statement
5. Company and Director’s Background – briefly introduce the history of the company and the Director, summarising previous experience (your CV can go in the appendices).
6. Product & Pricing / Business Model strategy
7. Marketing & Launch strategy
8. Sustainability & sourcing strategy
9. Financial strategy
10. Conclusion summarising the key points of the business plan
11. References all references to be in Harvard style as per any academic assignment.
12. Appendices containing any supporting evidence necessary to your business plan
Important points to note:
· The word count for this business plan is between 3000 and 4000 words. Please also use visuals, tables, graphs, charts and imagery to convey key messages
· Not included in the word count are: front cover, contents page, graphs, spreadsheets, figures or items which may be included in the appendices.
· Appendices may be used for supporting evidence which is not required in the main body of the business plan, however all items in the appendices must be referred to within the main body of the business plan.
· Images can be included throughout the business plan but must be clearly referenced
· You are required to submit the business plan to an industry standard, a clear structure and layout and proof reading is essential.
· The work must be equally split between the pair of Directors
The Business Plan should be submitted via Turnitin by 12pm Midday on Thursday 4th April 2024 through the link on Learningzone .
Learning Outcomes:
On successful completion of the assignment you will have met the following learning outcomes:
1) 1) Demonstrate the ability to search and identify gaps in the market through critical evaluation of opportunities for sustainable design innovation.
2) Demonstrate the ability to formulate a business plan within a simulated activity to include key legislative, financial and marketing strategies.
3) Demonstrate collaborative learning through effective teamwork.
Late work:
It is imperative that you stick to the given deadline. If you are unable to meet the deadline, due to e.g. illness, you may apply for an extension to the hand in date however this must be done prior to the deadline. Note in particular that problems with information technology (loss of data, printer failure, etc.) will not be accepted as justification for an extension. It is essential you get into good and ‘safe’ habits with regard to computer work by ensuring you make regular back-ups of work and by ensuring that you do not leave printing until the last moment; note that printer queues become very large prior to assessments – inability to print work by published deadlines is not a valid reason for a coursework deadline extension.
The following penalties will be applied to late work:
· Unauthorised late work submitted up to 14 calendar days after the published deadline will be subject to a cap of 40%; this will be noted in the tutor feedback on your work
· Unauthorised late work submitted more than 14 days after the deadline will receive a mark of 0%; this will be noted in the tutor feedback on your work
Feedback date(s):
You will receive feedback on this project submission by 25th April 2024 . This is in accordance with University regulations which states that you will receive written feedback within 4 weeks (20 working days) of the hand in date (excluding Christmas, Bank Holiday and Easter vacation weeks). Please note unforeseen circumstances such as staff illness may mean that this date has to change.
Formative feedback will also be given verbally throughout the module, through e.g. group and one on one tutorial sessions providing an opportunity for questions & to gain feedback on your progress. Please ensure you take advantage of these opportunities to get the most out of this module.
Marking Rubric – Business Plan
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Assessment Feedback Form – BA(Hons) Fashion Management Student Name………..……………………………………………………………………………… Module ……FMAN3002 – Fashion Business Entrepreneurship - Business Plan Tutor………Abbie Swinfield / Fiona Bailey |
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Marking Criteria |
Assessment component weighting |
100-90% First |
89-80% First |
79-70% First |
69-60% 2:1 |
59-50% 2:2 |
49-40% Third |
39-30% Fail |
29-0% Fail |
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Product / Business idea, pricing strategy – ability to research and fill a gap in the market |
20% |
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Marketing & Launch Strategy – commercial and effective |
20% |
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Financial Strategy – realistic and well researched |
20% |
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Sourcing & Sustainability strategy – effective and viable |
20% |
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Business plan layout, effective exec summary, vision & mission statements, referencing and professionalism – industry standard |
20% |
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Please refer to the sheet below to understand your grade in reference to the Fashion & textiles mark descriptors.
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Signed By………………………..…………..Date ……………… Overall Mark %…………..… Subject to PAB
Should you wish to discuss your feedback please see the marking tutor
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90-100% |
80-89% |
70-79% |
60-69% |
50-59% |
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Fulfils all the assessment criteria for the module component at an exceptional level
Displays exceptional degree of originality and/or creativity. Exceptional analytical, problem-solving and/or creative skills.
No fault can be found with the work other than very minor errors, omissions or limitations.
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Fulfils all the assessment criteria for the module component at an outstanding level
Displays high degree of originality and/or creativity.
Work of outstanding quality, evidenced by an ability to engage critically, analytically and creatively.
Exhibits independent lines of argument and /or practice.
Demonstrates extremely wide and relevant contextual understanding. |
Fulfils all the assessment criteria for the module component at an authoritative level
Extremely well developed work showing a clear and authoritative understanding of the subject through its practice, interpretation or application.
Demonstrates significant originality, creativity and/or insight. Significant evidence of ability to sustain an argument and/or concept, to think analytically, critically and/or creatively. Evidence of extensive study and appropriate contextual understanding and where applicable draws on an appropriate range of properly referenced sources.
Achieves an excellent standard of technical accomplishment. |
Fulfils the assessment criteria for the module component thoroughly
Demonstrates a thorough grasp of the relevant theories, concepts, principles, methods, and practices.
Clear evidence of concept development and critical judgement in making, selecting, ordering, analysing and presenting.
Demonstrates ability to synthesise material, to construct responses and demonstrate creative skills which reveal insight and may offer originality.
Shows evidence of appropriate contextual understanding, and where applicable draws on an appropriate range of properly referenced sources. Demonstrates a good standard of technical accomplishment. |
Fulfils assessment criteria for the module component effectively
Demonstrates evidence of an effective grasp of relevant material, principles, key concepts and practices.
An ability to develop and progress a concept/argument and develop reflective practices.
Demonstrates an appropriate degree of creativity, conceptual ability, critical analysis and insight.
Accurate, clearly written/presented and adheres to the referencing conventions appropriate to the subject and/or task.
Contextual understanding is evident.
Some limitations in the attainment of technical skills. |
Fashion & Textiles Mark Descriptors
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40-49% |
30-39% Fail |
20-29% Fail |
10-19% Fail |
0-9% Fail |
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Fulfils the assessment criteria for the module component at a Basic level A response demonstrating an understanding of basic points and principles sufficient to show that some of the learning outcomes/ assessment have been achieved at a basic level. Suitable organised concepts and /or work demonstrating a reasonable level of understanding. Covers the basic subject maTter and is appropriately presented but is clearly derivative and insufficiently analytical. Demonstrate limited conceptual ability, level of evaluation and creative skills. Demonstrates adherence to the referencing conventions appropriate to the subject or/ and task. Limited technical skills. |
Overall insufficient fulfilment of the assessment criteria for the module component.
A weak response, which, while addressing some elements of the task, contains significant gaps, inaccuracies or deficiencies.
Shows only weakly developed elements of understanding and/or other skills appropriate to the task.
May contain significant weaknesses in presentation. |
Overall insufficient fulfilment of the assessment criteria for the module component.
A poor response, which falls substantially short of achieving the learning outcomes.
Demonstrates little knowledge and/or other skills appropriate to the task
Little evidence of argument and/or coherent use of material |
Overall insufficient fulfilment of the assessment criteria for the module component.
A very poor response demonstrating little relevant understanding. Displays only isolated or no knowledge and/or other skills appropriate to the task.
Little adherence to the task |
Overall insufficient fulfilment of the assessment criteria for the module component.
Displays virtually no knowledge and/or other skills appropriate to the task. Work is inappropriate to assessment task given |
