Business Description Definition Business Plan

Pages: 4 (1271 words)  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .

Each operational segment will operate under the supervision of a director and a team of managers. The teams will be responsible to achieve the organizational objectives through middle and lower level employees; which include sales forces, customer relationship executives, officers at the retail outlets, and laborers in the production units.

Environmental Forces:

In the initial phase of its operations, the company will have to face a number of environmental forces which will directly impact its performance in the industry (Kurtz, MacKenzie & Snow, 2010). These forces include social, cultural, and demographic forces, legal forces, technological forces, and economic forces (Kotler, 2010). In order to operate in the most effective, competitive, and profitable way, the company will have to encounter the environmental threats posed by these forces and avail attractive opportunities from the market.

Its strengths; like the quality of products, distribution strength, extensive advertising, and strong financial position will help the Management in beating the competitive forces and growing in the market with a rapid pace. Moreover, the company will have to set up an efficient Internal Control and Total Quality Management system at its offices in order to ensure a transparent functioning of all the departments and maintain the top quality of its products and customer services (Kurtz, MacKenzie & Snow, 2010).

Brand Management:

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Moreover, the Management will have to design effective branding strategies to make this new leather garment brand successful in the U.S. market. The existing multinational and local brands like Giorgio Armani, Diesel, Gucci, Ralph Lauren, Harley Davidson, etc. have strong brand image and customer base. The Management will need to formulate effective strategies and tactics to attract customers by making strong brand promises (Kotler, 2010). Due to a stiff competition, the brand will take more than 2 years to fully establish in the market.

5. Marketing Strategies for the New Leather Garment Brand

TOPIC: Business Plan on Business Description Definition of the Assignment

The company will have to promote its new leather garment brand in the entire Californian market in order to attract potential consumers. The perfect time to promote the brand will be the start of severe winter season. The major marketing mediums which the company can use to promote this brand include traditional electronic media (television and radio) and print media (newspapers, fashion magazines, and company broachers). In order to catch consumers' eyes, the company will have to design attract advertisements and promotional campaigns. In the initial phase of promotion, it will have to set a reasonable price for its products. It can use price-skimming or offer attractive discounts on all types of leather garments in order to attract consumers.

In addition to advertisements on television, newspapers, and social media, the company can also use in-store displays, banners, and bill board communication for its leather garment brand. It can take the services of reputable business development firms and well-trained sales force to boost up its sales in the initial phase (Blythe & Megicks, 2010). For the delivery of finished products to its retail outlets throughout the city, the company can take the services of local distribution companies.

6. Financial Management

a. Marketing Budget:

The proposed marketing budget for the new garment brand is as follows:

Marketing Research: 20%

Advertising on Electronic and Social media

(Television, radio, and internet): 30%

Advertising on print media

(Newspapers, Fashion magazines, and other publications): 25%

Bill boards, In-store Displays, and banners: 12.5%

Commission and salaries to business development firms and sales force: 12.5%

b. Initial Capital Outlay:

Sr. No.

Particulars

Estimated Outflow

1

Raw Material Stock

$5,000,000

2

Processing Plant

$15,000,000

3

Manufacturing Plant

$30,000,000

4

Finishing and Labeling

$2,000,000

5

Marketing Budget

$500,000

6

Distribution Budget

$500,000

7

Salaries and Administrative Budget

$50,000

8

E-Commerce Setup

$3,000

9

Legal Requirements

$1,000

Total

$53,054,000

References

Blythe, J., & Megicks, P. (2010). Marketing Planning: Strategy,… [END OF PREVIEW] . . . READ MORE

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