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Transcript of New business venture
HEAVENLY BOUTIQUE
NEW BUSINESS VENTURE
ENTREPRENEURSHIP
SUBMITTED TO:MISS UZMA RASOOL KHAN
DATED: 24 OCT, 2011
CHAMELEONAROOBA AZAM
BEENISH KABIR
DOULAT MALIK
HIRA SHAHID KHAN
SAHAR KHAN
SAMREEN LODHI
SHAHZADI NEELOFAR
INDEXIntroductionExecutive Summary:SloganVisionMission statementMulti dimensional business operationNature of businessBackground of H.BStrategic ObjectiveProductStrengths and Core CompetenciesMarket TrendMarketing StrategyValue PropositionMarketing MixSupply Chain ManagementFinancial Summary of H.BCONCLUSION
Introduction:
Heavenly Boutique is a totally unique idea for the people. Normally boutique has a display center with one or two tellers who adjust the dress with respect to fitting,…..but we introduce the boutique like a local garment factory, where you choose the cloth then select the design, with the help of machinery or blocks (as per your choice) your favorite design print on it then on computer you choose the style of your shirt then by interfacing cutting machine or sometime with the help of cutting master, cut the cloths then sewing and stitching it, in a very short time.
This work will do in four stages, but all stages are at your eye range .If you feel any type of error in any stage, stop it and correct it, which is possible any other ordinary boutique. There is difference between heavenly boutique and others……….
Executive Summary:
Heavenly Boutique is a retail store for women’s wear with good quality and latest trend owned by all group members.This business will cater to the need of women’s age from 15 to all.Location of business is assume an actual location.
The targets of audiences of the business are:
Age population
15 to 29 years 228,522
30 to 60 years 322,012
Total 55053
Slogan:
“Your skin according to your wish in a pocket time”.
Vision:
“To be a distinguished women’s wear retailer known worldwide for the quality of products, sitting new trends and life styles”.
Mission statement:
“To offer continuous value added products to our customers”.
To accomplish this, we focus on exceptional design, innovation, quality, conveniences and interactive communication.
Multi dimensional business operation:
The business is operated in two dimensions.
The first one is retailing which is of no different than any other retailing activities.
The second dimension is the strength of our business or in more formal business language our competitive advantages, it is related to designing and manufacturing according to wish in a short time. We provide customer to choose the material or fabric of the cloth (cotton, satin, yarn, silk), the print, the stone, the cutes the color etc. Everything from top to bottom is of customer choice and expert advice is given but with respect of the customer desires.
Nature of business:
The business is manufacturing in nature .it is a product-oriented business. The product is the outfits made and designed heavenly boutique.
Background of H.B’s:
As this is a new business, the concept was developed that all activities perform according your wish in a your pocket time, in a past boutique used only for display center, cutting, sewing, and designing were performed in the factory, which was hidden from the purchaser therefore we replace the old concept.
Profit –Making Point:
Profitability is the result of having the right product at the right time in the right place for the right people at the right price in a pocket time. Heavenly boutique Completely stood for the definition given for profitability and complete satisfy this definition by providing a product that was never presented in the market before, the reason that this concept was liked by customer was because now customer have a little knowledge of fashion, they know what they want and how they want, we just polish and deliver what they wanted exactly as per requirement. We hit those place that are filled with crowed of people so, we approach masses easily .The price are set according to the demand of customers. High demand causes high amount of money but we didn’t forget our middle income customer heavenly boutique is a place where there is a thing for everyone and every one can what the wish for.
Strategic Objective of business:
A strategic objective is a goal that a business plan to achieve in long term .the strategic objective of H.B can be grouped in the following areas that it hope to improve .These areas includes increasing revenue, improving efficiency, perform better than competitors, using technology to improve business operations, improving customer relations, enhancing the product the business sells and finally having a loin share of the market.
Product of H.B’s:
Basically, the outfits are the final product that are created and designed by professionals but with totally bit of help from its customers as we believe that effective participation are essential elements that will contribute to a large extent because it will give a spice of individuality, as it is present in the personality of each individual. In this way the particular outfit wore by any individual will bring her personality, this is the basic idea behind the product of H.B .we provide customer to choose the material or fabric of the cloth (cotton, satin, yarn, silk) the print, the embroidery, the stone, the cuts and the color from our color design file etc. Everything from top to bottom is of customer choice and expert advice is given but with respect of our customer desires.
Strengths and Core Competencies:
The foundation parameters on which we ensure the excellence of our garments are:
Material Cut Design Conformation Embroidery
Stitching Stability Finishing Color fastness
Market Trend:
From 1995 to 2005 break decided to women’s wear in and malls more than twice.Nationalized brands began producing small-sized visions of the teenager, working class and mature line s and invested a lot in expending their infant and middle age women outfit’s brands.
Market demand:
Shifting demographics made the women’s and infant wear business look attractive to new entrants and, therefore, the market tremendously competitive. Big retail chains began to penetrate the market. Sales continuous to grow. Fueling this growth was a climb in the birth rates in the late 1980s and the early 1990s, which amplified demand for infants and women’s wear.
Market Opportunities:
Market is growing with a rapid rate so it’s a great opportunity to enter in the market where demand is increasing drastically.
Satisfactory time, satisfactory hope, satisfactory approach. Country is growing through recessionary period so parents are on tight
budget, which is a great opportunity for our business to offer discounts and low pricing packaging to attract our consumer.
This business has conventionally been highly seasonal, as with other clothing business, so spring is on the way, this is also season for weddings and women’s wear has some gorgeous dresses and suits for wedding parties.
Marketing Strategy:
The marketing logic by which the business unit hope to achieve its marketing objectives. The marketing strategy of H.B is focused to create profitable customer relationship by focusing on marketing segmentation, target market and market positioning, they are as follow:
Market Segmentation:
The market consist of many types of customers needs for that it is important to determine which segment offer the best opportunity for achieving the objective of H.B , so, customer can be grouped and served in various ways based on geographic, psychographic and behavioral factors. The process of dividing a market into distinct group of buyer with different needs and characteristics are called market segmentation. In the market of outfits, for example customer who want the most expensive embroidery with heavy stone work with a unique style and color regardless of price make up one market segment. Customers who care mainly about price of outfits make up one market segment.
Target Market:
H.B’s target market comprises mainly of the elite class but according to our research upper class only consist of 8 percent of the total. We have also targeted the upper-middle and middle class as they together make a good percentage of the total customers in the market today. Now going in deep, our target market starts with teenagers, working class and middle aged
women’s.
Market Positioning:
Market positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the mind of target customers for this H.B has a very unique concept that will differentiate it from its competitors in the mind of target customers. As this was never practice before to involve customers during their design and manufacturing phase, providing them minute detail of their outfit till they are transferred to customers and final product.
Value Proposition:
Profitable Customer Relationship
Market Segmentation
Target MarketMarket Positioning
Our core value position is that we will add value to our product by providing matchless women’s wear with extensive range of color and different size in comfortable and durable fabric with easy mode of cash transaction at comparatively low prices.
Branding :
We position ourselves as a brand, which gives at quality products at fairly low prices with extensive range of vibrant colors and continuous value addition to our products with innovative ideas in design in printing.
Marketing Objective:
Image ourselves as a brand with competitive edge To offer continuous value added products to our customers. To achieve our financial target. Set a bench mark in a industry as a cost leader through minimization
of waste and improve performance.
Strategy:
Meet the demand of market and supply demanded goods on time with out any barrier or hurdle.
Offer excellent product and low price. Make products according to the needs of the customer. Give good hassle-free ambiance for shopping, which help the business
and give edge over rivals. Develop a women-friendly environment and decoration, which will
attract women’s to bring their teenager in the store and shop with comfort.
Marketing Mix:
Guided by marketing strategy, the set of controllable tactical marketing tools
that H.B blend to produce the response it wants in the target market. A
marketing mix made up of factors under its control—product, price, place
and promotion.
Product:
Product
Price
Promotion
Place
We present an extensive range of women’s wear that are manufactured
using different fabric such as cotton, silk, wool, yarn and
others available in wide range gorgeous, colors, design
and print these, apparels and designed keeping in mind
the most-up-to date fashion trends.
The different age groups, our variety of
women’s wear is offered in different sizes
and is tremendously comfortable to wear.
Variety:
H.B’s Completely agrees with one of the golden principles of life that
“variety is the spice of life”, keeping this statement in mind H.B provide a
wide range of variety to entertain its maximum customers, the customer now
have variety to choose what they really want in their outfits. In this way we
try to satisfy the needs and wants of our customer as they
are the most important entity to our business.
Quality:
H.B’s does not compromise on quality as it is one of our competitive
advantages that differentiate us from our competitors. We strongly believe
that if quality is great than customer will always prefer us keeping other
factors constant. We are focused to develop long term relations with
our customers so, no compromise on quality.
Design:
Our designs get inspiration from our customers want. As
they all desire to look more beautiful when they ware H.B
design so making that moment so especial we design our
outfits and every design describes the personality of that particular
individual who owns it. It’s our job to create a touch of uniqueness for each
individual customer.
Brand Name:
To establish the name of brand is one of the difficult tasks at the same time a very important task too. Ones brand name is recognized by customer it adds value to the business to a large extent and H.B’s is determined to be a fashion fiesta on the fashion industry.
Dyeing:
Dyeing is the process by which physical or chemical changes are produced into textile substrate so, that the reflection of light appears color. The substances which are responsible for this phenomenon are called dye staff.
Example of Yarns dyeing
Printing:
Printing is a localised form of dyeing, applying colorant to selected areas of the fabric to build up the design.
simple printing dress Block printing dress
Embroidery:
Embroidery is the art of handicraft of decorating fabric or other materials with needle and threats or yarn .Embroidery may also in corporate other materials such as metal strips, pearls, quills, beads, and sequins. A characteristic of embroidery is that the basic techniques or stitches of the earliest work chain stitch, running stitch and cross stitch remain the fundamental techniques of hands embroidery today.
Stitching:
A stitch is the single loop of thread brought in-and-out of the fabric in a particular way. A verity of stitches n are used for specific purposes, named according to the position of needle and direction of swing.
Sequin embroidery machine Embroidery machine Embroidery sewing machine
Finishing:
The term finishing includes all the mechanical and chemical processes employed commercially improved the acceptability of the product, except those procedures directly concerned with clothing. The objective of the various finishing processes is to make fabric from the loom or kitting frame more acceptable to the consumer .Finishing process includes preparatory treatment such as bleaching prior to dyeing, treatment such as glazing ,to enhance appearance and sizing ,affecting touch and treatment adding properties to enhance performance such as preshrinking.
Price:
The price range of H.B outfits’ starts from Rs 3000,4500 and goes to a level
of Rs 15600, a price range for one segment of market and for other segment
in which customers are willing to pay high price as per their outfits demand
than the price varies and it is set accordingly. Another area that need to be
focused is the price of competitors outfits like of Maria .B and Nagris Hafees,
their price range must be kept in mind while setting price strategy.
Place:
It is important to choose those places where our target market is present
commonly so that they can easily approach us. As our target market
comprises of elite, upper-middle and middle class, we chose Zamzama and
Tariq road. The location of zamzama outlet is on zamzama boulevard plot 4B,
7th commercial lane phase 5 D.H.A and one outlet at Tariq road Dolmen mall
shop number 28, 1st floor Karachi.
Promotion:
Promotion consists of those activities that communicates the characteristics
of product and persuade target customers to buy it. The advertising
activities includes print media (Dawn and Jang) that publishes our
advertisement and also we use electronic media, billboard holdings at
zamzama, Clifton, Tariq road and shahr-e-faisal to attract and inform
customers about the outlets and the designs. Another very inexpensive
means of advertisement is used which is word of mouth advertisement in
social lobbies.
Supply Chain Management:
Competitors :
To run successfully, business must provide greater customer value and
satisfaction to its customers than its competitors do. Currently D’s Art have
to competitors in the market namely Nagris Hafees and Maria. B. These two
brands are old players but they are really good in their work but indeed we
can not underestimate the new player who comes with new rules of the
game so everyone have to watch their back because everyone want to
capture large share of market and it will only come from satisfying
customers wants.
Financial Summary of H.B:
Required area : between 1000 to 1200 yards
(Price varies with respect to
location)
Printing machine : 80,000 to 90,000
Printing blocks : 50,000 to 60,000
Computers (with graphic software) : 0.3 millions
Cutting machine : 80,000 to 90,000
Sewing machine : 70 to 80,000
Stitching machine : 40 to 80,000
Packing machine : 30 to 40,000
Conclusion:
Heavenly Boutique is a fashion house which is based on sole proprietorship.
It is a product oriented business in nature. It is operating a multidimensional
business. The first dimension comprises of retailing and the second
dimension is of manufacturing and designing with customer’s involvement, a
unique concept, the second dimension is also known as the competitive
advantage of H.B. Profitability is the result of having the right product at the
right time in the right place for the right people at the right price. A unique
profit making point is that the product concept was never presented in the
market before, the reason that this concept was liked by customer was
because now customers have a little knowledge of fashion, they know what
they want and how they want, and we just polish and deliver what the
wanted exactly as per their requirement.
Strategies objective are the long term plans, the strategic objective of H.B
can be grouped in the following areas that it hopes to improve. These areas
include increasing revenue, improving efficiency, performing better than the
competitors, using technology to improve business operations, improving
customer relations, enhancing the product the business sells and finally
having a lion share of the market. After strategic, tactical objective (short
term plans to achieve long term plans) H.B tactical objectives include a value
that can be measured, the method used to measure the results and
reasonable time period in which the objective should be achieved. Marketing
strategies involves market segmentation, which segments offer the best
opportunity for achieving the objective. H.B segmented market in to
customer who wants the most expensive embroidery with heavy stone work
with a unique style and color regardless of price make up one market
segment. Customers who care mainly about price of outfits make up another
segment of the market. Target market involved elite, upper-middle and
middle class. Going in deep, our target market starts with teenagers,
working class and middle aged women’s. The marketing mix involved
product, H.B creates a fine product (outfits) that is a unique combination of
design, fabric, color, embroidery, stone work, cuts and other related items
that make or complete an outfit. In product we also focuses on variety,
design and quality. Place or location of outlets where our target market is
present, on Zamzama boulevard plot 4B, 7th commercial lane phase 5 D.H.A
and one outlet at Tariq road Dolmen mall shop number 28, 1st floor Karachi.
Price range of H.B outfits’ starts from Rs 3000,4500 and goes to a level of Rs
15600, a price range for one segment of market and for other segment in
which customers are willing to pay high price as per their outfits demand
than the price varies and it is set accordingly. Promotion involve the
advertising activities includes print media (Dawn and Jang) that publishes
our advertising and also we use electronic media, billboard holdings at
Zamzama, Clifton, Tariq road and shah-e-faisal. Currently H.B have to
competitors in the market namely Nagris Hafees and Maria. B. H.B is a place
where there is a thing for everyone and everyone can have what they wish
for.