Developing a fashion business plan from concept to store opening including: target market, location, merchandising classification, human resources, cash flow sheets, profit and loss, store design, assortment planning, marketing strategies and funding. Completed business plan is critiqued by a financial industry professional.
Course Objectives
To analyze the potential for small business success through a market analysis study.
To analyze one’s personal characteristics, skills and experience as a prospective entrepreneur.
To make suggestions concerning promotion, buying and merchandising, and future forecasting for the retail business.
To understand the functional and psychological attributes that affects a retail image
To develop a merchandising plan of new goods and 2 year projections for overall sales
To discover market signals that indicates trends and opportunities
To use research to evaluate competitors
To analyze the costs of business ownership to develop growth strategies for the business
To work effectively as a team
Business Assessment
Throughout the semester, Megan Marie and her team of five classmates developed an extensive business analysis of a small boutique in Springfield, Missouri. The boutique owner who they worked with was interested in catering to a brand new target market separate from the current established target market. What originally began as an inquiry into the profitability of tapping into this new group of consumers turned into a full blown analysis of all aspects of the business. In an effort to play on the boutique's strengths and develop its areas of weakness, Megan Marie and her teammates prepared a mission statement, remodel, visual merchandising calendar, marketing plan, SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, target market profiles, competitor profiles, personnel and management manual, and gross margin plan. The purpose of this assessment was to offer suggestions to build up the boutique's brand and best prepare it for launching the new department that the owner had originally sought out. Megan Marie's primary role was to develop the marketing plan, specifically the target market profiles and competitor profiles. Other sections of the analysis that were a collective effort, such as developing the SWOT analysis, are featured below as well.
Description of the Business and SWOT Analysis
Developing a SWOT analysis of the business allowed Megan Marie and her teammates to identify areas of improvement and development for the boutique. Due to a confidentiality agreement, the name and location of the boutique as well as the name of the owner have been redacted.
Marketing Plan
Outcomes
These suggestions for the local boutique were presented to critics at the efactory, a Missouri State University program dedicated to helping entrepreneurs and businesses in Southwest Missouri start, grow, and accelerate their companies, as well as the boutique owner and their accountant. Copies of the team's full analysis were printed, bound, and given to the boutique owner for consideration. In dealing with confidential information such as finances and vendor relations of their client, Megan Marie was able to gain valuable insight into owning and operating a small business.