The Development of New Business - Essay Example

Project Plan INFS 2032- 2014 SP2 Assessment 2 Student Name(s): Business Name:Mamitah Fashions Business Name Coming up with a business name can be a very daunting task. This is because a business name has to have various qualities such as being catchy and simple but at the same time be professional andreflect the company’s products and services in the best way. A business name that acts like a brand and markets the company is the most ideal no matter the industry in which the business is in. some of the names that came up in the search for the ideal business name include Trends, Fashionista, Clasique Fashions and Mamitah Fashions. Based on the theme of the company, the products and general view of the company, all the names seemed to be effective. However, critical analysis led to the rejection of Trends, Fashionista and Clasique Fashions. Trends was dropped because it was too general and there are various companies in diverse industries with the same name. Fashionista was okay but there is an individual who had already registered the name. Weighing between Clasique and Mamitah, Mamitah was chosen since the products target women and young children. On the name search, Mamitah was available as shown in the diagram below. Corporate Identity The business will have an image of a stylish, trendy but affordable fashion house. This image will be brought about by uniqueness of the products as compared that of competitors in the market (Skorecka, 2010). A lot of research was conducted on the competitors, market share and pricing of products that will therefore determine the corporate identity. The brand name of the company will portray a business that is influential to people’s lives and not just focus on the profit making aspect of the business. Target Audience The target audience in this business is majorly the female population. From research, they are the people who involve themselves most in fashion and have a passion for shopping (Huddleston, 2011). This is not just in Australia but on a global level. To narrow down the target market, the age bracket of the target market is from 15 years and older. Most women do the shopping for families especially making decision for the clothing of the children whether or not they are income earners. Also, according to Huddleston and Minahan (2011) women tend to keep up with the changing fashion trends from time to time no matter the time of the year as opposed to men. This is evidenced by a small scale research I conducted also data collection from various secondary sources. As such, our target audience will be females of all ages. The products will feature fair prices and thus there is no bias towards either the rich or the middle class. Goods or Services The goods in the business set up are clothing for women and children. There was a niche in the market and as any good entrepreneur would do, I developed the idea. A SWOT analysis was conducted to ensure the viability of the idea and to be able to mitigate the risks that are associated with the operation of such a business (Ahmad, 2013). All over the world, there is cut throat competition on fashion items. Identifying a specific niche in the market and satisfying that niche helps is the viability of a business idea. Fashion keeps on changing and the creativity of the players in the industry has not run out. The provision of clothing for women and children is therefore one of the best investments. The products have to be of the highest quality possible and affordable pricing to attract a client base from all sectors of the economy (Ahmad, 2013). The aim of the business is not just to make profit but also to transform the lives of the clientele. The brand name and the corporate image would play a great role in the market penetration of the company products. Logo Development 3 different ideas for the logo Idea 1 The fact that the product of the company and the target audience is pre-dominantly female, there is need for the logo to sho love. This inspired the heart shaped image that has rough edges for uniqueness and as a sign of style. The difference in the font of letter ‘M’ as compared to the rest of the word Mamitah shows contrast and emphasis on the brand name of the company (Wiedemann, 2011). However, the logo does not look very professional. Idea 2 In this logo, the contrast of the background to the words creates a unique impression of the logo and makes it standout (Silver, 2001). However, the colour of the background will not be very effective on various surfaces. For instance, if the logo was to be used as a letter head, it would not look appealing, presentable and professional. The orange colour is warm and welcoming. Also the difference in the font of letter ‘M’ as compared to the rest of the word Mamitah shows contrast and emphasis on the brand of the company. Idea 3 Logo idea 3 was one of the most attractive based on the bright colours and the inspiring star. This gives the impression of the rising star that the business is. Contrast is created from the variation of the fonts and the shades of blue. The oval shape surrounding the logo makes it easy for the logo to be used in various prints such as business cards, pamphlets and other advertising materials. However, on bigger surfaces like billboards it would be not very effective in passing the message. However, the logo would appeal to the target market. Final Logo Design In the design of the logo, some of the factors that were given priority were simplicity, colour, font readability, relevance, distinction, versatility, appropriateness, memorability, timelessness and message (Adams, 2004). The final logo id simple with only two primary colours which avoid the flashy aspect that most fashion company logos have been subjected to thus facilitating the concept of distinction. The colour black which is the main colour of the logo relates to hidden, secret and unknown concepts. In psychology, colour black provides protection from emotional stress, hides vulnerabilities and displays confidence and power. This shows that the logo represents everyone and not just a specific class in the society and that the company aims to inspire all. In terms of versatility, the logo can be used in any surface or template such as business cards, flyers, billboards, website etcetera without any complications or distortion of the image. The smiley face on the logo gives a friendly face while maintaining the professionalismrequired in business. The smiley face also make the logo appropriate for its purpose as it is welcoming. The contrast in the fonts is effective and makes the logo pleasant to look at. The logo would also be appealing to the target audience (Mallon, 2012). Due to the simplicity of the logo and its design, it is memorable. The smiley face creates a unique aspect that would remind a client of Mamitah Fashions any time they see a smiley face. Timelessness has also been captured in the logo though a simple, appropriate and targeted design. There are no flashy and trendy concepts integrated in the logo that would render it useless of ineffective in the course of time. The fonts used in the Logo include Berlin Sans FB Demi, Forte and Brush Script MT. These fonts are clear and easy to read. References Adams, S., Morioka, N., & Stone, T. (2004). Logo design workbook: a hands-on guide to creating logos. Gloucester, Mass.: Rockport Publishers. Ahmad, M. (2013). Marketing Case Studies and Swot Analysis Swot Analysis Applied to Marketing Case Studies (1. Aufl. ed.). Saarbrücken: LAP LAMBERT Academic Publishing. Huddleston, P., & Minahan, S. (2011). Consumer behaviour: women and shopping. New York: Business Expert Press. Mallon, S. (n.d.). 7 Essential Qualities of a Great Logo. Straight North Internet Marketing Blog. Retrieved May 7, 2014, from http://blog.straightnorth.com/7-essential-qualities-of-a-great-logo/ Silver, L. (2001). Logo design that works: secrets for successful logo design. Gloucester, Mass.: Rockport Publishers. Skorecka, K. (2010). Corporate identity. Poznan: Publishing House of Poznan University of Technology. The Colour Black. (n.d.). Empowered By Colour. Retrieved May 7, 2014, from http://www.empower-yourself-with-color-psychology.com/color-black.html Wiedemann, J. (2011). Logo design. Köln: Taschen. A2 Assessment feedback Graduate qualities assessed in this assessment: 2, 4, 5 Desktop Publishing for Business INFS 2032 = 2014 SP2 Assignment 2: Minor Project, 25% weighting overall. Marks Available Assignment Requirements Expectations Very Poor Poor Average Good Very Good Project Plan - 15 marks 7 marks Business name & type Discussion on research undertaken for naming your business 3 marks Corporate Identity Discussion on the corporate identity of your business 3 marks Target Audience Discuss target audience & research undertaken 2 marks Goods & Services Describe your goods & services Logo Development - 20 marks 9 marks 3 ideas for Logo Hand drawn original designs & process. Why rejected? 11 marks 3 original logos Discussion of final logo design decisions & thought processes Final Logo & Identity Design - 15 marks 6 marks Final logo design Logo designed and presented with variable usage modes. 5 marks Identity design Full breakdown of colours and fonts to be incorporated into logo. 4 marks Effectiveness Effectiveness of the logo design Extras - 10 marks 5 marks Grammar & Spelling Accurate grammar & spelling used 5 marks References Include references and ideas used Submission - 10 marks 10 marks You must follow all directions given for submission Failure to submit the template as per the requirements will result in a very low mark. Feedback GRADE Read More