Reference no: EM133650689

Assignment: Fashion Business

Length: 3000 and 4000 words.

Learning Outcomes:

On successful completion of the assignment you will have met the following learning outcomes:

I. Demonstrate the ability to search and identify gaps in the market through critical evaluation of opportunities for sustainable design innovation.

II. Demonstrate the ability to formulate a business plan within a simulated activity to include key legislative, financial and marketing strategies.

III. Demonstrate collaborative learning through effectiveteamwork.

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 customerand 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:

Section	Requirements
Productor business idea and pricing strategy	I. Devise a name for the product or business idea and develop a logo and brand colour palette (use Canva, Pic Monkey or other package) II. 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) III. Identify the USP and features and benefits of the product / idea IV. 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) V. Present a pricing strategy including cost price / sell price / gross profit margin of the product (or service) VI. Detailed SWOT analysis of the product or business idea
Marketing and Launch Strategy	I. Establish the need for your idea through a feasibility analysis. Present evidence of primary research within your appendices II. Identify barriers to entry and risks. Detail how you will overcome these. III. Identify the target customer and develop a demographical and psychographic profile for them. IV. Use market research insights (such as Statista and Mintel) to identify your target market and major competitors within the marketplace. V. Produce a brand positioning matrixto show your place within the market VI. Develop a social media marketing strategy to promote your product or business idea to the target market VII. Detailhow you will launch your product or business idea to the market)
Sustainability, and Sourcing Strategy	I. For products - justify your choice of country to manufacture in and demonstrate how this is a sustainable manufacturing option. II. Demonstrate how the chosen materials of the product are sustainable. III. Detail the sustainability of the packaging IV. 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
Financial Strategy	I. Provide start up and ongoing (fixed and variable) costs for the business II. Sales forecasting for the next 3 years including spreadsheets and analysis of: 1. Start up costs 2. Predicted monthly sales 3. Cash flow III. The type of funding required, how much fundingand what the funding will be used for. IV. Any potential mark-down or discounting strategy.
Layout and professionalism	1. Business report presented in a visually exciting and impactive way, with consistent formatting and branding throughout. 2. Professionally presented with correct spelling, punctuation, and grammar. 3. Citations and referencing in Harvard style with full reference list 4. Images / graphs numbered, title and referenced 5. Logically structure and flow 6. Conclusion

STRUCTURE OF THE BUSINESS PLAN

I. Front cover with product image, student name& P number, module name and code, actual word count

II. Contents page with page numbers

III. Executivesummarydetailing a full butconciseoverview of the business plan

IV. Vision& Mission Statement

V. Company and Director's Background - brieflyintroduce the history of the company and the Director, summarisingpreviousexperience(your CV can go in the appendices).

VI. Product &Pricing / Business Modelstrategy

VII. Marketing & Launch strategy

VIII. Sustainability&sourcingstrategy

IX. Financialstrategy

X. Conclusionsummarising the key points of the business plan

XI. References all references to be in Harvard style as per anyacademicassignment.

XII. Appendicescontaining any supporting evidence necessary to your business plan