Developing a Business Plan for Emerald Apparel

Business plan

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. Develop a feasibility study of your new venture concept. With the help of relevant
conceptual frameworks, critically examine the view which entrepreneurs are the engine of
creativity and innovation.............................................................................................................3
2. Conduct STP and Competitive Analysis to know the opportunity gap of the market.............4
3. Draw Business Model Canvas and porter’s value chain and explain the working of the
business........................................................................................................................................6
4. Discuss the Marketing and business strategies which entrepreneurs have to follow and also
discuss the strategies used in consolidation, underperformance and growth of the company.. . .9
5. What are the financial techniques, decision making and planning tools which can use to
mitigate the risk associated..........................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Business Plan is a piece of paper which defines the details of company’s goal and how
these goals will be achieved in the future. It is a written road map of the company which states
how the company will be working to achieve the goals set by the company (Hamilton, 2018). In
the following report it states about preparing a business report which includes developing and
preparing the business plan which takes into account functioning and working of clothing
company. It mainly focuses on the areas where the market of cloth and the customers are willing
to purchase. It helps in decreasing the price of the product by decreasing and making the product
cost efficient and effective manner. Business plan includes generating a budget how expenses
and income of the business will be managed during the operations of the business. Company not
only have to upon its goals but it also has to focus on the strategies laid down by the company.
MAIN BODY
1. Develop a feasibility study of your new venture concept. With the help of relevant conceptual
frameworks, critically examine the view which entrepreneurs are the engine of creativity
and innovation.
The report describes about the new company which named as Emerald Apparel. This
company is mainly grow and setup in UK nation and its provide the qualitative goods and
services to their customers with the main goal is to cover the whole market and provide their
good quality product to them and attract towards the company goods and create a supply chain.
They mainly deal in stitching the clothes for all age group peoples according to their sizes. The
colour combination of the firm would be light and dark. The main concentration of the
organization to provide a person a sense of belongingness by choosing of new and innovative
colours. The main objective of the company is to achieve more sales profit and create high
incomes by launching newly innovative and creative company tasks also. Invention and creation
are deliberated one of the better, and best source to attract the customer and create a form of
chain through various aspects of the environment. It is mainly useful in handling the competition
and have a rivalry benefits from surrounding also (Haryanto and Suhaimi, 2020). They have a
many ways due to which the clothing firm can attract more consumers and prosecute them for a
long time period which includes:

Analysing the market: This is one of the most important aspect of the firm is to know the
market first because it helps the organization to inform about the present condition of market. If
company is newly established in the market they examine the market properly and create product
according to the need and desire of the customer available in the market. They distribute the
sample of their product to few customers and take feedback to them. It will help the organization
to show improvement in the goods and services. Then, they can relaunch the product by doing
changes in the goods. It will attract more customers towards the product and provide a
competitive advantage to the company (Javed, 2018).
Knowing the taste and preference of the consumer: If company wants to earn more profit
then they need to focus on the taste and preference of the customer. Because the consumer taste
and preference is not similar all the time it will be change according to the changes in trends. If
any customer not satisfy with the product and service of the company, then it can shift be shift
from the another product and company can lose its customer if they are not providing good
quality of goods and services into the market. So, it’s very important for the firm to make good
quality and innovative product. This is the only way company can maximize their company
profits and meet more demand of the products.
Proper knowledge of trends existing in the environment: It is very important for the company
to know about the current updates of the market. Because it helps the firm to understand the
current trends which are to be going in the market and help to improvise the product according to
the recent trends.
2. Conduct STP and Competitive Analysis to know the opportunity gap of the market.
Segmentation, targeting and positioning analysis enables the company to better understand
market, helps in customer satisfaction and using the data available so that auxiliary income is
generated. For the new manufacturing unit, it is necessary to understand so that the business
flourishes in the dynamic environment. STP analysis basically identifies the niche market and
accordingly sets the strategy for targeted audience (Jones, 2018).
Segmentation is a strategy which targets the particular group of people basically the potential
customer of the products. People of all the age groups who are into fashion can be the targeted
audience. Fashion sites and fashion bloggers are the main target group. Attracting this group with
the bait of discount and free products can be a good technique. People of the age 17-40 years will