Grab Me Divas Clothing Selection - Case Study Example

Grab me Diva’s Clothing Selection Clothing’s define whom a person is and has a rich history of civilization of man. In the United Kingdom as it is in all other countries in the world, clothing trends evolve drastically and everyone is attracted to fashion. however,being a prominent competitor, it is most favorable since clothing is a fundamental need to human. Grab me Diva’s clothing selection is an upscale women’s cloth line whose name, ”grab me Diva’s clothing collection” calls out to all beautiful women out there to grab something that is appealing to their eyes once they get to the store. Located in London, this clothesline specializes in selling trending ladies clothes at an affordable price. It is a single owned business that will ensure that our clients are well dressed and are appealing. Grab me Diva’s clothing collection will offer services such as personal shopping, alteration, and ordering to customers by personal appointments and during store hours. Grab me Diva’s clothing collection innovative Style Assessments and educational emphasis on assisting women to come up with their personal styles will maintain our reputation as a truly complex clothesline in United Kingdom. We are going to create awareness and sales by making use of personal relation tactics and regular stylist referrals and we are determined to meet the customer where they are, focusing on how women approach shopping by reviewing fashion magazines, local paper, travel guide and the internet. This will be actualized by the robust team of experts and experienced personnel working at the Grab me Diva’s clothing collection following a clearly stipulated project plan and are dedicated to deliver quality goods and services to the client. This team holds expertise in retail merchandising, fashion and design and accounting. Market Population With a population of 8,416,535[2013] people in London, the approximate number of women client who are likely to shop with us is slightly over50% of the population with after tax and benefits household disparities of 53,900 and 13,600. therefore, this will also imply that the number of clients will intensify from the fact that Grab me Diva’s clothing collection will provide easily affordable and quality goods and services to clients of middle and high-class cradles. Research shows that working women spend around 4000 pounds per year on work clothes, where at least three quarter of a given number of women are under pressure to dress in order to be noticed and one in four changes the way they dress to compete with colleagues [Bianca London for Mail Online]. Research shows that most women get to retail shops only to evaluate the cost of purchasing a variety of products based on product and company data derived from expert and personal sources. Additionally, consistent survey has revealed that women buy their items based on the relationship they have with a brand. [Connie Myers, "What Do Women Want? Marketing," Utah Business, Sept 2002] Statistics shows that our personal experience repeatedly indicates that best customer service lowers the chances of losing the customers to rival businesses while proper communication attracts customers hence increases total sale . Current Problem The problem has a clothesline that is selling at an affordable price alternating with the quality of goods. Motivated towards providing a comfortable and approachable shopping environment, the Grab me Diva’s clothing collection will provide affordable yet quality goods and services to our clients wherever they are. We will ensure this by creating a widespread network with stylists in the UK, advertising in the local paper, as well as books and travel guide and also the internet. Our major goal is to deliver quality goods and services to potential customers at an affordable price at their convenience. Additionally, our mission will be to provide quality, well-constructed fashions from prominent and cutting-edge designers,to offer a variety of good quality accessories, to help women learn what clothing and styles go best with their unique personalities and lastly,to generate sales through first-class exclusive services to our clients. Moreover,our objectives will to maintain profit through close attention to expenses and cost of goods sold and to drive awareness and sales build via utterances in a local shop and the nations top fashion magazines. Revenue Generation The startup capital is estimated at 453,600, including the inventory for the first month in which the owner will contribute 41% of the money. This owner’s investment will be approximately 185,976 pounds of which, 73,000 pounds is in savings. This amount will be used in procurement of assets such as stock, labor, land, acquiring of necessary licenses to operate a clothesline. The remaining 49% will be sourced from bank loaning and from investors seeking to join the venture. This money will be used to facilitate expansion of the clothesline, advertisement in various publications so as to establish a vibrant network in the market pitch, undertaking innovations towards customers’ satisfaction and employment of necessary labor. Profits will be reinvested back to the business to facilitate expansion of stock. The profit, which is estimated at 15-20 % of the owner’s investment capital annually, is anticipated from the fact that London has a higher number of ladies than that of gentlemen [census, 2011]. From this amount, 40% will be deposited in the cloth line’s savings account to facilitate repayment of its liabilities while the remaining 60% will be used to increase stock, pay for labor and promote expansion (Miller 2008). Market Approach Strategies There are multiple clotheslines in London that are offering the same services and products that we will hence the need for creativity in the type of products and services offered to our customers. Indirect competitors are those boutiques in London that target a variety of markets or do not carry lines that Grab me Diva’s clothing selection will carry, in addition to well-known boutiques in other metropolitan areas. From market research that Grab me Diva’s clothing selection carried a comparative analysis of 15 boutiques in London, and the result showed that few are able to deliver a high-quality customer attendance, as browsers are often assumed. It appears that if you dont look a certain way or show that you have money when you walk in, you are immediately disregarded. Dressing rooms are typically small and have curtains that dont guarantee 100% privacy. Clothing sizes tend to run small, and items tend to be overpriced. Therefore,in order to avoid losing potential customers, the following actions should be embraced in order to retain our customers permanently. a) Locating a business in a convenient shopping region where it will be easy for cusomers to access in terms of distance and time. b) Maintaining and providing quality goods and services and maintaining a healthy relationship with vendors and suppliers. c) Enquiring the customer on what kind of clothing they may be interested with by providing a questionnaire. d) Providing outstanding customer services by regularly checking with our customers about the goods purchased, informing customer of a new brand of product they may be interested in and delivering products to the customers e) By appropriately pricing products so that the price is not too high. additionally,this will attract people who are willing to spend on fashion both from high and middle class. f) Create an extensive network through advertising in the local and national media, by words of mouth to the clients, buying advertisements on local TV and on the internet, create a public domain and utilize the social media and publicize an own publication, comprising of the products we sell together with their price and distribute it to the public. g) Keep up with the cutting edge fashion designs and delivering them to the customer for display in time. h) Maintaining a flexible opening and closure time span in order to track every transaction done. i) Offer a variety of quantity sales for a single item purchase to wholesale selling at reasonable pricing. j) Obtaining a spacious business premises and that will provide a conducive environment that will promote confidence in the customer (Miller 2008). Ownership Grab me Diva’s clothing collection has been founded as a sole proprietorship business with all legal certificates, permits and licenses due to the ease of formation and the simplicity of its structure and record keeping. The cloth line will consider partnership in case of expansion or opportunities arise in the future. Team and key stakeholders Grab me Diva’s clothing selection currently will run under single leadership with the owner as the CEO with the responsibility of pioneering all the personnel towards realizing the stipulated goals, making innovations and reinvesting profits. The business will have various departments that include; a) sales department that will be responsible for publicizing the clothesline required to spread publications, maintain an online marketing. B) Accounts department required to streamline all the finances of the clothesline.C) Procurement department will be responsible for replace the stock and updating stock. D) Information Technology department that will be required to maintain the businesses website and handle online buying and selling. E) Distribution and packaging department whose responsibility will be packaging and dispatching products to customer’s residence or point of collection. They will ensure safe transportation and timeliness in delivering a consignment (William 1999). Overall, regardless of stiff competition from boutiques and other similar clothesline shops, this is a promising business venture from the fact that clothing is a fundamental human need. Also, it is viable since the total United Kingdom’s household consumption of clothing and footwear is 59 billion pounds and thus British consumers spend about 900 pounds per year [national statistic office (on UK business by sector and location)]. Britain is also the leading producer of quality silk and hence quality and pricing is realistic. Works Cited Stolze, William J. Start Up: An Entrepreneurs Guide to Launching and Managing a New Business. Franklin Lakes, NJ: Career Press, 1999. Print Miller, Edwin L. Lifecycle of a Technology Company: Step-by-step Legal Background and Practical Guide from Start-Up to Sale. Hoboken, N.J: J. Wiley, 2008. Lynn, Jacquelyn. Entrepreneur Magazines Start Up: Start Your Own Crafts Business : Your Step-by-Step Guide to Success. Irvine, CA: Entrepreneur Press, 2004. Print. Read More