Best Collection is an online women fashion business and it will offer ready to wear designer clothes as well as apparel for women. Best Collection will be a sole proprietorship thus owned and operated by one person with a few employees. Best Collection is aimed at offering customers with an exclusive choice of fashion styles and inspiring product designs. Moreover, Best Collection products will be different from other online stores since they will offer fast fashion at a cheap and affordable price as well as offer unique designs for their consumers. Since it is a small online business, it will be head by a general manager and departmental managers and two staffs in each department to effectively run the business. As an online fashion business, Best Collection will be available 24/7 and will reach a global market. Best Collection will also be focused on growing their customer base through online in the global market as well as creating awareness through promotions.
The 21st century has brought about an era based on the internet and network economy which has not only shifted the way of life but also changed the operations of commercial markets. With regards to this, the business plan drafted below will enable the creation of a new and innovative business. The business plan will be divided into various sections that will explain the form of business ownership, company vision, market as well as the product features, product differentiation, organization chart, corporate culture, marketing mix and the SWOT Analysis.
Best Collection is a startup online women fashion business which will sell ready to wear clothes and stylish accessories, as well as womenswear, thus, being considered as one of the most lucrative ventures in the fashion business. Women online clothing business has experienced increased growth. Best Collection intends to open a large online shop which will be the home for casual, contemporary accessories and apparel for women. The vital accomplishment in this type of online and fashion commerce is deciding what kind of items will be retailed to the consumers so as to ensure that they are satisfied. Best Collection will provide services such as special ordering, personal shopping as well as style assessments.
Form of Business Ownership
Being an online retail business, the best form of ownership that will suit the business will be a sole proprietorship. This means that the business will be operated and owned by one person. The losses and income will be taxed on the individual personal income tax. Ideally, the sole proprietorship can be considered as one of the simplest forms of business under which an individual can be able to operate a business (Ronald et al., 2016) This is not a legal entity but simply refers to an individual who owns the business and the personal is exclusively responsible for the operations of the business. This has made it the simplest form of business. Freedom is one of the major benefits and motivation to choose this kind of business ownership. This is because the sole proprietors tend to answer to no one but themselves due to the fact that the ownership is not shared. Relatively, the sole proprietorship is a simple business to start since one does not need to first register the business to begin operating (Ronald et al., 2016). Another most interesting feature of the sole proprietorship is the attractive tax benefits. Ideally most business tends to face massive losses during their early stages. Therefore, for sole proprietorship, the losses can be recovered from the income that the individual earns from the personal sources rather than the business (Ronald et al., 2016) Despite the major drawback which is the unlimited liability, the benefits of sole proprietorship such as 100% ownership and control of the business, simplicity of running the business and that the owner is entitled to the operations of the business outweighs its drawback.
Ideally, the world is becoming a global village and Best Collection intends to venture in the entire universe to dress in class, style and experience the unique designs. Through Best Collection business design, the business aims at contributing to viable development of environment and the society through offering customers with a fashionable selection of style through a quick turnover of different stock as related to e-fashion stores. This will be important in creating an emotional connection between the consumers and the products through inspiring product designs. Best Collection is also aimed at building an effective organization and one great place to operate by acting as a career advancement opportunity with increased workforce diversity. Following the initiatives of the mission statement, Best Collection will provide services like personal shopping, style valuations, special ordering and modifications to consumer needs during the operation hours. The main aim will be to increase customer satisfaction and develop customer demand by offering them a chance to experience new designs and widely diversify to influence their world. Additionally, the Best Collection team will meet the consumers’ bin order to effectively focus on how women approach shopping through obtaining reviews and mentions in the top fashion publications as well as local papers. This will ensure that women are well dressed and their personal styles are maintained to ensure reputation.
Product Features and Benefits
Best Collection will offer ready to wear designer, contemporary and casual accessories and apparel for women. With regards to this, Best Collection will offer three different European and American labels such as Language, Maxmini, James Jeans, Vince, the Great and James Persse. Best Collection will also offer products such as Achoo Panto scarves, Jamin Puech handbags as well as other wardrobe accessories such as lint brushes, Tosca Delicate, sachets and other Best Collection branded products. For instance, the Maxmini is a very common Italian fashion that offers good cut in and quality classic styles. Maxmini has had a large presence in most U.S stores making it a great product that Best Collection can offer to the customers.
One of the greatest advantages of Best Collection products is that they are moderately cheap and affordable fashionable women clothes. Best Collection products have a highly responsive supply chain that offers a unique process of fast fashion that makes its products successful. Best Collection products have responded to different seasons through high frequency of communication and information that will enable take into consideration the various fashion choices. Best Collection supply chain is flexible and responsive with new products being offered constantly. The patterns of new fashion product drop for women will be important to the customer in maintaining a classic and unique style (Easey, 2009).
Best Collection will create value through product differentiation a concept that was first proposed by Edward in 1933. This is considered as a process through which an item is distinguished from its competing products by enhancing the product attractiveness in the target market. The purpose of differentiation is to show the existing difference and uniqueness between the products to enhance their value and attract more clientele base (Ronald et al., 2016). Best Collection, they have focused on vertical differentiation where the characteristics and quality are clear hence being perceived better for the consumers. One of the greatest differentiation on the women fashion retail for Best Collection is the introduction of online shopping. This new phenomenon has given the consumers the opportunity to compare different products through their description of reviews, attributes and prices from different retailers. Through online shopping, Best Collection will be able to present the information online which will make it easy for the customers to access the information. Best Collection will also offer a wide supply of products through fast fashion which is a strategy that will be used to offer unique products. Fast fashion means that the company will be able to offer unique products on a weekly basis in order to appreciate the different personality style for the consumers. Thus, the differentiation of products in Best Collection is based on an increased variety of products and the decreasing quantity of products in the inventory to ensure that fast fashion is facilitated.
The organization chart is important in showing the key position in the firm as well as inter-relationships among them (Ronald et al., 2016). Best Collection is a small online business and therefore will need a simple organizational structure. There will be one director who will act as the general manager. All the business decisions will be done in line with the objectives of the company. Employee’s tasks will be delegated with respect to the level of strengths and expertise. The director will be responsible for the overall administrative functions, inventory control, purchasing, marketing as well as promotions. The personnel plan will include the operations executive and two staffs, the marketing executive and two staffs and the finance executive and two staffs. This means that Best Collection will rely on a functional structure where the employees will be groups with respect to their specific knowledge and skills. This vertically structures the business into departments that have their head of departments.
Corporate Culture & Incentives
The company culture is considered important to employees since the staffs are likely to be satisfied with the working environment when they fit into the culture of the company (Alvesson, 2012). The corporate culture is considered as the set of customers where people share a belief and work together towards a specific goal (Alvesson, 2012). Best Collection will have some rules in the organization culture which will include quality, value, convenience and value. Best Collection culture will combine their system in order to improve their services and products thus making their operations profitable, providing for the society as well as ensuring ethical business operations. Best Collection will encourage the staff to take more responsibilities and offer them a chance in decision making. The employees will be taken as part of the brand development team. For instance, by designing an attractive uniform for the staff will make them feel proud to be members of Best Collection.
Incentives are considered as schemes that are used for encouraging and promoting the behaviour or actions of staff in an organization. This is an important way through which the business can motivate staff as well as retain and attract customers. For the case of Best the profit sharing plans as a form of incentive program will be relied on. In this case, the profits earned up to a particular level are distributed to the staffs (Ronald et al., 2016). For instance, 10 percent of the business profits may be split evenly among the employees. This will be an important way of appreciating the efforts of the employees as well as keeping them motivated.
The marketing mix is one of the basic concepts of selling which are set as controllable marketing implements that a business uses to build the desired reaction to the target market (Khan, 2014). Best Collection marketing mix will include 4P’s; product, price, place and promotion.
Best Collection will offer products for women and girls from jeans, tops, skirts, trousers, T-shirts, accessories, shoes as well as bags. This will make Best Collection one-stop solution for each individual who wants to buy casuals or formals from various designs. Clothing or accessories that are not purchased are not fashion thus the knowledge of the market is essential in the success of the business as well as lowering the risk of failure (Easey, 2009). Best Collection will offer high-end fashion products from most of the well-known designers and labels in European and American labels such as Language, Maxmini, James Jeans, Vince, the Great and James Persse. Best Collection will remain committed to unique and fashionable designs that will satisfy the consumer personal style. On the other hand, to ensure sustainable development the products will be packed in biodegradable plastic bags with a distinct label that will enable easy identification.
Price is considered as the amount charged to the customer in exchange for service or product (Khan, 2014). Best Collection will offer high-end fashion products at a standard price which is affordable. Best Collection aims at offering unique and quality products at a much lower price as compared to other competing worldwide stores. Through following a low price strategy, the company will not spend much on advertising. Therefore, through their market-based pricing, they will be able to attract customers who will be willing to pay.
Best Collection will have an online platform where the customers will be able to access the products as well as their quoted prices. The online platform will act as the foundation for generating the customer base. On the other hand, Best Collection will have a physical store where the customers can visit after viewing the products and may wish to have a view of the products. Relatively, the online platform will effectively manage the customer feedback and review in order to ensure that the consumers are satisfied with the large assortment of sizes and styles that are readily available at Best Collection.
Promotion is considered as any kind of marketing communication that relied on to persuade and inform the target market (Khan, 2014). Best Collection will focus on aggressive and creative promotional plans that will facilitate the growth and development of the business. This will enable the business to directly focus on the target customers. The promotional strategies will include both print media and social media advertising. The grand opening of Best Collection will be included in major newspapers and fashion magazines to create more awareness. A press release kit will be provided to all the major media outlets offering a view of the grand opening of the online women fashion store. Due to the increased fashion brands, there has been need to rely on social media marketing to impact customer relation as well as their consumer intention (Kim and Ko, 2010). On the other hand, Best Collection will rely on social media platforms such as Facebook, Instagram and Twitter to create awareness to most of their online customers. Use of social media platforms has become common in almost all fashion brands (Kim and Ko, 2010). This will be an important strategy since the internet and technology have facilitated increased usage of the internet. Best Collection will be able to reach a large customer base through both the print media and social media advertising.
Global Market – Best Collections will enjoy a global market due to the benefits of the e-commerce business (Awais and Samin, 2012).
24/7 Availability– E-commerce has lowered the restrictions in business brought about by time. Online dealings can be done at any period with which there is increased time-saving by low movements.
Simplicity of communication– The consumers will be able to converse directly with the support team as well as give their opinions and reviews through the internet.
Fast purchasing procedures– With the click away mechanism, purchasing on E-business has been made efficient. There is no need for movement to access the items from the physical store.
Security – Consumers feel insecure to transact online due to credit card fraud which has been one of the greatest issues with internet payment (Awais and Samin, 2012).
Absence of undeviating engagement with the consumer– Deficiency of personal engagement with the consumers has been one of the greatest challenges. This is because the retailer is unable to convince the consumer. Relatively, the consumer needs a personal touch with the product before purchase.
Global expansion- Due to increased internet usage in the world there has been an increased chance for the E-commerce trade that demands to get more consumers as well as to enlarge internationally.
Reaching mobile users- Relatively, there has been a large figure of phone users which has increased the number of consumers for e-commerce.
Heavy competition – Both international and local competitors will pose great encounters in the task of the trade (Awais and Samin, 2012). Competition has continued to increase each day due to the fact that there is more awareness of e-commerce in big firms.
Privacy concerns- Most of the online transactions have led to altered private info thus generating a load for e-commerce. Most of the consumers have increasingly pad attention to privacy issues.
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Kim, A. J., & Ko, E. (2010). Impacts of luxury fashion brand’s social media marketing on customer relationship and purchase intention. Journal of Global Fashion Marketing, 1(3), 164-171.
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