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Business Proposal: A Clothing Retail Store - Essay Example

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Business Proposal: A Clothing Retail Store Customer Inserts His/Her Name Customer Inserts Grade Course Customer Inserts (05, March, 2012) Introduction The demand for clothing has always been high in the United Kingdom. The majority of UK consumers also enjoy a relatively high living standard therefore they demand good quality products…
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Download file to see previous pages It will also talk about the overall business strategy of the business and main target markets. Immediate and long term objectives will also be discussed in this business proposal. The clothing retail store will be a medium end clothing store that will provide high quality garments to customers at lowest possible prices. The main differentiating factor of the business will be lower prices but no compromise will be made on quality. This will mainly be achieved through outsourcing the production to third world developing countries. Clothing Retail Industry The clothing retail store will be similar to a conventional store where people will get good quality clothes at lower prices. The store will not cater to high end fashion consumers but to buyers with medium to lower levels of budget. High end fashion stores are plenty and market is limited therefore it is not possible to make a name in the industry easily. The unique selling proposition we will be offering is the lower prices with high quality of garments. Everyone looks for good quality clothes and no one hates to save money. This is the whole idea behind our clothing retail store. The main strength of UK clothing retail industry is the developed markets of the country which are mature. Also general income level (normally) increase in the country which gives people a chance to upgrade their life styles. Consumption patterns also increase every year as people spend more and more. All this makes UK clothing retail industry attractive for small start-ups. Also 57 percent of consumers in UK use value retailers (Verdict Consulting, 2011).This is a good sign for the industry as a whole. Growing competition from international players has affected the UK clothing retail industry (University of Cambridge, 2006). Third world countries are winning the battles on the basis of their cheap cost. Also UK industry has not focused on innovation like other developed economies and this is why international competition plays a major role in limiting the clothing sector. This has also contributed to an increasing trend of outsourcing as businesses narrow their focus on specialization. All major companies have production units outside of the country and they are able to exploit the cheap labour of the third world countries. But this has also started a price competition in the industry where everyone is lowering prices to attract customers. Keeping all the information about the clothing retail industry in mind we will be talking about different areas of our business proposal below in detail. Basic Business Strategy The basic business strategy will be a blend of cost leadership strategy and differentiation. Lower prices will be our unique selling proposition as we will be offering high quality clothing to the customers at lowest possible rates. The aim is to gain a competitive advantage over other competitors by lowering manufacturing and distribution expenses. We will also pursue differentiation by making our products unique so customers do not find anything similar anyplace else. Research has suggested that companies who use both cost leadership and differentiation have better odds of achieving success than companies that pursue one of these strategies (Peter, et al. 1990). Our products will include regular jeans, t shirts, tops, jerseys, and other accessories. All these products will be designed by ...Download file to see next pagesRead More
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