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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. (all pathways)

Business Plan Outline

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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:
To help understand competitive advantages/disadvantages relative to competitors.
To generate understanding of competitors’ past, present future strategies.
To provide an informed basis to develop new strategies to achieve competitive advantage.
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.

Qualitative market demand analysis (consumer behaviour)
Quantitative market demand analysis

If you wish to conduct focus groups 1 focus group would be sufficient.
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
Segmentation in your market
A table of the segmentation variables in your market
Segment profiling – describing the identified segments

Targeting
Core target – Key profile
Targeting strategies (differentiated, undifferentiated ect…)

Positioning
Positioning map
Positioning strategy

Brand Identity
Brand name
Logo
Colour palette
Brand layout with moodboard
Labelling and packaging
Show the Brand DNA pyramid

Marketing Mix

Product
Core benefit
Actual product benefit
Augmented product benefit
Range Plan( product or service)
Merchandise plan
Sourcing strategy to include visually illustrated critical path

Price
Price Objectives
Competitors price analysis
Pricing strategies

Place
Distribution Channels
Visual merchandising ONLINE / OFFLINE

Promotion
One year promotional calendar
Launch campaign
Ongoing campaign
Advertising
PR
In-Store
On-line
Other. … any aspect of the promotional mix that is relevant to your project!
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

Formative deadlines (formative assessment):
1st part of the business Plan end of Term 2 from Executive Summary till marketing section
2nd part of the business Plan Finance and Management end of Term 3 Final handing in for the whole business plan in JUNE 2022

Essential Reading:
Beaver, G., 2002. Small Business, Entrepreneurship & Enterprise Development, Harlow: FT Prentice Hall.

Carter, S. & Jones-Evans, D., 2000. Enterprise &Small Business : Principles & Practice, Harlow: FT Prentice Hall.

Jankowicz, A.D., 2005. Business Research Projects 4th ed., London: Thomson.

Maylor, H.& Blackmon K., 2005. Researching Business and Management, Basingstoke: Palgrave MacMillan.

West, D., Ford, J. & Essam, I., 2010. Strategic Marketing: Creating competitive advantage. Second Ed., Oxford: Oxford University Press.

Harvard Business School, 2007. Creating a Business Plan, Boston: Pocket Mentor Series Harvard Business Press Books.

Meadows, T. (2009). How to set up & run a Fashion Label, Laurence King Publishing, London

Recommended Reading:
Barnard, Malcolm. (2002) Fashion As Communication. Routledge

Brassington, F. & Petitt, S. (2006), Principles of Marketing, 4th Ed., England, Prentice Hall

Easey, M. (2009), Fashion Marketing, 3rd Ed. Oxford: Wiley-Blackwell

Fairburn, Gavin. (1996). Reading, Writing and Reasoning: A guide for students. Open University Press

Foster, Timothy. R.V. (1991) 101 Ways to Generate Great Ideas. Kogan Page.

Jackson, T. & Shaw, D. (2009), Mastering Fashion Marketing: Palgrave

Klein, Naomi. (2002) Fences and Windows: Dispatches from the front lines of the globalization debate. Flamingo

Klein, Naomi. (2010) No Logo: No space, no choice, no jobs. Forth Estate

Kotler, P. & Armstrong, G. (2010), Principles of Marketing, 13th Ed. Upper Saddle River, NJ: Prentice Hall

Lambing, P. & Kuehl, C.R., (2000). Enterpreneurship, Halow: FT Prentice Hall

Malhotra, N.K. & Birks, D. F., (2006). Marketing Research: an applied approach, Harlow: FT Prentice Hall

Patten, D., (2001). Successful Marketing for the Small Business 5th ed., London: Kogan Page.

Polonsky, M.J. & Waller, D. S. (2011). Designing and Managing a Research Project: A business Student’s Guide, London: Sage Publications Ltd.

Posner, H. (2011) Marketing Fashion, Laurence King Publishing Ltd.

Raymond, Martin. (2010) The Trend Forecaster’s Handbook. Laurence King
Publishing

Raymond, Martin. (2003) The Tomorrow People: Future consumers and how to read them. Financial Times Prentice Hall

Schon. Donald A. (1991) The Reflective Practitioner: How professionals think in action. Ashgate