Running Head: BUSINESS PLAN FOR CLOTHES LOCKER 1
BUSINESS PLAN FOR CLOTHES LOCKER 2
Business Plan for Clothes Locker
Clothes Locker is a fashion company that is striving to invest in men because most of the fashion companies do focus on dressing women and this limits the choices for men. The company is setting up shop to try and make sure that men also feel like they have become part of the considerations in dressing up scene which is a normal scene for women. Most of the fashion companys work with the belief that men do not like the fancy and expensive designer clothes but Clothes Locker believes in men and is working to try and make sure that there is a space for men in the company. It is evident that Clothes locker plans to work with wool because it is efficient in the production of the finest mens garments which will make the organization unique and provide a competitive advantage. The company will have a few physical locations and instead it will heavily invest on the online platform. The business strives to take advantage of the popularity of the online platform which includes the social media platforms such as Facebook, Instagram, Twitter among others. The fashion industry is one of the largest industries in the world with some leading competition from organizations such as Gucci, H&M, Prada and Ralph Lauren among others. It is important to understand that the organization is seeking to break away from the traditional concepts of business that include setting up locations and spaces in stores but instead it will establish online platforms and function on delivering to their customers in any country of the world. The business will dwell on the online platform and reviews for feedback and promotions which is direct and simple marketing and it is efficient on the online platforms especially because it is sufficient towards bringing the products to the market of the customer. The company strives to get the product to the household of the consumer without the need for them to move which is a major advantage on the current global scene and yearn for consumers to have the best quality of any product. It is relevant that the organization is trying to find the best ways to minimize the costs on the financial plan especially because the rates on online platforms are lower rather than focusing on the structuring of stalls and space in malls and big stores. The main agenda for the store is to try and make more from less with a boost of marketing from the various online platforms.
Description of proposed business
The Clothes Locker is a gents focused fashion retail and service store that will focus on getting men back into fashion and with alternatives when it comes to general importance of putting an effort into what to wear. Clothes Locker will mainly be an online company but with partnership with other clothing brands to help move their merchandise to the right client. The company established that most men will get into the closet and pick any random comfortable cloth and then off they go to whatever is getting them out of the house. The company is seeking to focus on the establishment of the proper store that will equip men with the right clothing and also alternatives. For instance, there will be a range of selection from an official to a casual to a sporty, summer outlook among others. The company is unique because it is striving to work whereby, they can dress the man from top to bottom whereby they have the alternative clothing options that fit different occasions. For instance, an individual can order an official event attire which will range from a suit to the socks, shoes, tie, watch to go with it and all without the client having to think about what to wear and match. The Clothes Locker is focusing on the opportunity that men do not have much fashion help as women do and thus it limits the way that they do look on the outside. It is important to come up with a right plan that helps make sure that the fashion sense of men improves and tries to match that of the women. The Clothes locker will run a store for selling the various types of clothes while at the same time act as an advisory platform for what and how to wear the closets. It is also evident that the company will establish measures of how to get the men organized in the closet and how to plan to wear where it challenges most men. A mans closet might have alternative clothes but the individual will wear the same shirt whereby he throws it into the washer after end of day and still wake up with it the following day.
The fashion retail business in the world is ranking an approximate $300 billion a year and this proves that it is lucrative and a healthy venture. It is evident that the mens fashion market values at $483 billion back in 2018 but with a forecast establishing that it is bound to grow at a rate of 6.3% by the end of 2025. The research proves that the companys position is lucrative and thus can have the best strategies that will help push it towards becoming a global brand name.
There is a limitation of the new entrants into the market but with the technology, the industry is opening up and this will help establish a proper strategy that is productive to the company. The fact that an organization can exist solely online is an opportunity because it cuts costs and increases the marketing space for the organization unlike setting up a big physical store. The main threat in the industry is the fact that an organization needs to scale faster and build a brand because it if fails then the big stores controlling the marketing will squeeze it out.
The main competitors in the industry include organizations such as Banana Republic, Levis and Thom Browne. The company is up for a big fight and because of the competition, the company is willing to shape up its approach on the market that will help make sure that they achieve their place on the market. It is important to understand that the unique strength of the company emanates from the fact that it will help in planning a mans closet and an entire getaway look which is a major challenge for most men. It is unique because the company is establishing that there is a standard of interaction with the customer that is valid to the way that they interact.
Mission statement and core values
The company is focusing on trying the change the fashion trend whereby women have all the focus when it comes to dressing up leaving behind the men. It is important to understand that the organization is trying to focus on giving the men a chance to also look nice and without putting up much thought into what and how to dress but get on the companys website and locate their event and leave the rest to the company. The Clothes Locker mission statement is trying to become a unique venture that caters for the clothing needs of the men in all occasions and delivery within a responsible duration.
Clothes Lockers core values involve a more interactive experience with the customers and not about making profits. The company seeks to find measures that will make their clientele look and appear good which is vital for their interactions and this is important in their progression. The organization will function with the basis that fashion is important and a culture that involves men looking their best and ready for all occasions including resting and a casual day at home.
Clothes Locker is a partnership between friends which makes the company more of a nurtured dream that is coming live and thus it is efficient for productivity on the market. The partnership is appropriate because all the partners have strengths in the core sectors of the organization which is vital towards the growth and success of the organization. For instance, it is important to understand that one partner is proficient in mens fashion, the other is good at marketing which makes the partnership a conclusive deal that will be successful for the market.
The partnership comprises of professionals in the fashion design and a marketing expert and this is the reason that makes the partnership the best tool and weapon towards making the organization a success. It is important to understand that there is the dispense of services as a team that makes it conclusive since there is a business marketing expert and also on the fashion end there is an expert that makes the entire process complete. However, the organization is hiring a manager that will take over the daily and management practices in the organization. The manager should be passionate about dressing up the men because it is the organizations mission. It is also important that the manager has to have the right experience in the field of online marketing to help fit the organization on the market which is vital towards improving the way that they make changes in the organization.
Goods, services and the production process
Clothes Locker is focusing to invest on an online platform that specifically dresses men whereby it delivers to the men. The organization will also offer a service of trying to provide fashion advice to the men and how to get them to plan their closets well. The two sections of the organization will operate concurrently because they are all important to the agenda and mission of the organization which is a major advantage.
The organizations standards in the online platform will provide men with alternatives of clothes from for different occasions. Clothes Locker will make sure that an individual has the right, comfortable and appealing attire from head to toe on a given occasion which is what disturbs numerous men. The fact that the organization is venturing in multiple occasions gives it a major advantage because it helps to make sure that there are alternatives for their customers. It is important to register that the competition on the market from organizations such as Levis, Banana Republic and Thom Browne only specialize on a specific attire and occasion but as Clothes Locker it will venture across all daily needs of the common man.
The service of provision of advice and planning for the men closets is the unique feature across all the men fashion companies. It is important to understand that the service is a unique venture and even with growth of the organization, they two can become independent entities to help capture different clientele that might be customers from another company but would prefer fashion advice and how to plan and set their closets. The organization basing online has the opportunity to reach a wider audience form America, Europe, Middle East, Africa and Asia. The concept will help with its popularity because the company is investing across clothing for different cultures across the continents which is vital for its growth and productivity.
Clothes Locker is investing and seeks to target all men above the ages of 18 which widens the gap. The organization will have different types of clothes and attire to fit all the income variations on the target audience. The fact that the business is all inclusive is vital to make sure that they do have a wider audience on the market with the varying cloth descriptions.
The organization is trying to compete on a competitive market and thus it has to have friendly prices in comparison to Thom Browne and Banana Republic that have launched themselves as luxurious brands. The pricing strategy in the organization will vary from luxury choice for the high-end clientele and a general section for the general market (Lucking-Reiley & Spulber, 2016). It is important to understand that the company is building on the understanding that the business is for all men and thus it will have a considerate pricing strategy to fit all the needs of the consumers on the market.
The organizations distribution strategy will revolve around the online channel and delivery to the client at any location. It is important to understand that the organization is not looking to set up locations but to deal with the clientele on an international level through the online platforms which is vital for the growth of the organization.
The organization is investing on advertising on the various platforms even off the online platforms. The concept of using the social media is a key strategy to get the company popular on the market while also striving to make sure that they do have a product that is sufficient for the interactions what is valid to the growth of the company. The investment on e-commerce is vital for the growth of the company and reach a global scale which is the goal of the organization. The organization strives to collaborate with other leading brands in the world to help get the message across and acquire a new clientele.
The company will build a website and the consumers will visit it from any part of the world. The website will be a public domain allowing consumers to interact with the business. The website will require one to signup and login to view the various products and company. However, even without signing up one would be able to read about the general information about the company and see the various products that the company is trying to sell. The company will mainly be an online company thus it will sell the products over the internet (Collins & Flat World Knowledge, 2009). The organization will attach the website and advertisement on various social medial websites such as Instagram, Facebook, Twitter that will comprise of algorithms that track the behavior and searches of the customer to make it easier to provide the consumer with what they need.
Short term goals
The organization is working harder to come up with a solid platform for its startup in the competitive space. The budget for starting the business is $500,000 with a working capital of $250,000 as cash in hand. It is important to understand that the organization is seeking to hit the ground running whereby they are seeking to start making sales on the company website and other online platforms to help make sure that they familiarize to the market. The organizations marketing strategy, advertisement and unique line of products will help make sure that there is appreciation of 13% in revenue.
The organization is working to grow in a decade to become a brand name for the men whereby it is going to collaborate with other leading organizations such as Supreme. The organization seeks to achieve the variety in their cloth line through collaborations and partnerships with other brands to make it easier to achieve their goals and strategies. Clothes Locker is striving to become a household brand for the men and thus it is seeking to build partners on the wide world especially for accessories to accompany the mens clothing. The company is striving to partner with other companies such as Nike for shoes in the casual genre, and Dolce and Gabbana in the official shoes, and Rolex for watches and other hand accessories. The company is striving to fit into a world culture whereby there is more to offer to the customers and thus help make sure that there is a standardized platform which is vital for the interactions that is productive for the organization.
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Brynjolfsson, E., & Hitt, L. (2017). Beyond Computation: Information Technology, Organizational Transformation and Business Performance. The Journal of Economic Perspectives, 14(4), 23-48.
Collins, K., & Flat World Knowledge (Firm). (2009). Exploring business. University of Minnesota Flat World Knowledge.
Lucking-Reiley, D., & Spulber, D. (2016). Business-to-Business Electronic Commerce. The Journal of Economic Perspectives, 15(1), 55-68.
Movahedi-Lankarani, S. (2019). E-Commerce: Resources for Doing Business on the Internet. Reference & User Services Quarterly, 41(4), 316-325.
Novak, T., Hoffman, D., & Yung, Y. (2020). Measuring the Customer Experience in Online Environments: A Structural Modeling Approach. Marketing Science, 19(1), 22-42.
Pauwels, K., & Weiss, A. (2018). Moving from Free to Fee: How Online Firms Market to Change Their Business Model Successfully. Journal of Marketing, 72(3), 14-31.
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The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
The background and/or significance are missing. No search history information is provided.
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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