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The industry of apparel is flourishing and quite promising. The assignment is thus going to focus on the apparel industry. There is a great potential in the wedding dress business as every years hundreds of couple get married and they also like to have the special wedding dress for the special occasion. The Unit 54 Business Skills for Proposal and Pitches Assignment is going to focus on the business proposal and evaluation of the market conditions before presenting the idea. To start one’s own business is not an easy task because most of the businesses fail because of only one reason i.e. improper research about the market. The focus of this assignment is thus on making the learner able to assess the risks involved in the business proposal.
The apparel industry is quite a flourish industry. The people all over the world love to wear the trendy clothes and this is the reason that the business environment proposal about the apparel industry is one of the effective business proposals. Providing the low cost wedding dress replica is going to be a good idea as people love stylish things but they also want the cost effectiveness. The apparel business constitutes a good amount of business in UK itself.
As the graph illustrated above depicts that there is a huge potential for growth for the apparel industry. With people having more and more interest in the stylish apparels the growth of the clothing industry seems quite promising and flourishing. As the graph shows above that the business of the clothing is quite promising in the UK because evry year the apparel industry constitutes the $4bn of business in UK. Thus low cost apparel business idea seems quite promising. (RFID, 2013)
As in the section above we have discussed the conditions of the market. After the research it is assessed that the business of apparel is quite promising and flourishing in the UK industry. In London people like to wear trendy clothes but with the limited incomes of the people sometimes they have to make a compromise with their wedding dresses. This is where the idea of the cost effective wedding dress replica comes in the existence. The current trend in the apparel industry is the cost effectiveness of the dresses. With the vulnerable economy of the world the people have become conscious about their savings this has given the rise to the new trend in the apparel industry and this trend is cost effectiveness of the wedding dresses.
Wedding dress is worn on the most special occasion of the person’s life but having wear the wedding dress only once there is trend of the replica of the beautiful dresses which is not as expensive as the original dresses as well as which are beautiful also. This is the reason that the trend is of the affordable beautiful stylish clothes. The dresses which are made this way are worn by the middle and lower middle class families.
The figure above shows that there are a great percentage of the average income people in UK. The average income people like to spend less for the apparels as their income is limited. (Doughty, 2013)
Within the apparel industry the wedding dress industry is chosen. The cost effective replica of business seems quite promising and flourishing business. As there is the strength of every product as well as there are the few weaknesses also; thus the strengths and weaknesses of the wedding dress business are the:
Strengths of the Product
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Weaknesses of the Product
The PESTEL analysis is tool which is used to analyze the macro environment and the various factors which affect the business. To analyze the micro as well as the macro environment is of greatest importance for the business. Without assessing the impact of the various factors of the micro and macro environment the success of the business cannot be imagined. Thus for this purpose the PESTEL analysis is done by the company. The PESTEL analysis for my company is as follows:
The segmentation is the process which is very crucial for approaching the customers by the company. For my business the segmentation is very essential as the market of the apparel is quite large and impossible to be approached as a whole. There are numbers of customers who have their own preferences and life style. One single strategy is not going to be a successful for each and every individual of the market. This is the reason that I would like to segment the market for my business. The segmentation can be defined as:
‘The segmentation process refers to divide the entire market into small portions in order to make the effective strategy for that small portion of market which has the individuals who have the similar needs and preferences. This is the reason that their demand patterns are also similar. (Business Plans, 2014). The types of segmentation are:
The product that I selected for my business is the cost effective replicas of the wedding dresses. For which I would use the cost effective material in making the dress and the main emphasis would be laid down on the style of the dress. The market segmentation for my product is ‘the Y generation females who like to have a great degree of impact of the TV and Social Media on their choices’. The target market is ‘working Females’.
For my product the segmentation is Demographic as well as behaviouristic. As the target market is the working class of females which defines their income and the behaviouristic also which defines the behaviour of the females towards the costs of the dresses.
Going into a new business is not easy as there always are threats to the business. This is the reason that model is given to assess the threats available to a business. The model for assessing these threats is the model given by Porter. This model is known as Porter’s Five Forces model. In this model the five forces are defined. These forces directly affect the strategy of a business and also to assess these forces is of great importance for the success of the business. The Porter’s Five Forces helps a business to know its current position in the market and also helps to know that what those advantages are that the business can make the use of and what are the weaknesses of the business. (Manktelow, 2015)
Fig: Porter’s Five Forces Model
The strategy of providing the low cost product to the customer seems quite promising because of the following reasons:
Mr David Mr James Mr Thomas Mr Edward Ms Christine
Business Proposal Session
Thu 15 Nov, 2015 12:43:54
Sub: A Formal Meeting of Directors to present their business idea.
Dear Directors of Company
Apropos, I am writing to inform about the meeting to be held for discussing the business ideas. It is required though that each individual comes with specific and feasible business idea. The meeting will be chaired by Mr. Robin the honorable CEO of our company. The objective of meeting is ‘to forward a proposal to the group of venture capitalists’ so that they can invest in our business. The time and venue of meeting is:
Time: 12:15 pm
Duration: 1 hour 45 minutes
Venue: The Common Meeting Office
I will send the agenda and details of the meeting by tomorrow. Please confirm your presence at your earliest.
We look forward to receive your esteemed support in this matter.
12548 (Master Adviser, 2014)
The meeting was attended by 5 directors (including me) and the Chairperson.
Discussion: The discussion was held on the agenda new business ideas.
The ideas that were discussed are listed below:
My proposal: To offer was the referral discounts. In this if any person refers her known one to the shop and that known person makes a purchase than the customer will get a discount on this referral. This will have two benefits. First benefit is that the sales will increase twice and second benefit is that it will also create the positive word of mouth; which is the most important and effective advertising and promotion for any business.
The meeting of XYZ Company was duly called and held on 15/Nov/2015 at Common Meeting Office. The meeting was commenced at 12: 15 pm.
People Present were:
Minutes Submitted by: Mr. David
Approved by: Mr. Robin (Biztree, 2015.)
The meeting was successfully adjourned as the purpose of the meeting was fulfilled. The ideas were discussed and the related pros and cons with those ideas were also discussed. The benefits of the meeting were:
Overall the purpose of the meeting was fulfilled as well as the meeting gave a range of diversified ideas which if are not being implemented now can be implemented later. The fruitful discussion also helped to overcome other general problems of the business. The meeting was successful in the following aspects also:
Time: 12:15 pm
Duration: 1 hour 45 minutes
Venue: The Common Meeting Office
As a team the performance of every team member was equally good. And all the members participated and presented good ideas. Few ideas were kept on reserve to discuss them further. Not only that the ideas were also been voted and the best among them were chosen. These recommendations can be made to make the performance even better.
After completing this task I have learnt:
This assignment gave me the insights about the research of the market before opening any new business. The aim of the assignment was to give the knowledge and information about the market and trends of the market. After completing the assignment I came to know about the business and how the risks are assessed and opportunities are analysed.
http://www.biztree.com/doc/minutes-for-a-formal-meeting-D13 [Accessed 04 November 2015]
http://www.informit.com/articles/article.aspx?p=1755015 [Accessed 08 November 2015]
Business Plans, (2014), Market Segmentation, [Online], Available: http://www.businessplans.org/segment.html [Accessed 16 November 2015]
Department for Business Innovation and Skills, (2013), Statistical Release, [Journal], Available: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/254552/13-92-business-population-estimates-2013-stats-release-4.pdf [Accessed 14 November 2015]
Doughty, S., (2013), News, [Archive], Available: http://www.dailymail.co.uk/news/article-2303333/Great-British-Class-Survey-reveals-UK-7-social-classes-Are-precariat-new-affluent-worker-elite.html [Accessed 14 November 2015]
Jenny, Q., T., (2014), What Impact has Social Media Truly Had on Society, [Article], Available: http://www.business2community.com/social-media/impact-social-media-truly-society-0974685#5jq4O5KW8rBioEZy.97 [Accessed 07 November 2015]
Manktelow, J., (2015), Porter’s Five Forces, [Article], Available: http://www.mindtools.com/pages/article/newTMC_08.htm [Accessed 12 November 2015]
Master Adviser http://masteradviser.blogspot.in/2014/02/sample-letter-for-seeking-appointment.html [Accessed 01 November 2015]
Mind Tools, (2015), SWOT Analysis, [Article], Available: https://www.mindtools.com/pages/article/newTMC_05.htm [Accessed 09 November 2015]
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