Entrepreneurship Planning for Boman's Attire: Market Analysis, Marketing Strategies, and Financial Projection

This report provides a business plan for Boman’s Attire, including market analysis, marketing strategies, and financial projection. The target market, competition, and critical risks are also discussed. The report is useful for entrepreneurship planning and business operations.

Running head: ENTREPRENEURSHIP PLANNING
ENTREPRENEURSHIP PLANNING
Name of the student
Name of the university
Author note

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Executive summary
The research enumerates a business plan for Boman’s Attire and identifies the target market for
marketing the products. The delineation of different marketing strategies and risks will be
helping the organization in maintaining the efficacy of the operations. The research also
enumerated a financial projection in order to identify the cists that might be incurred by the
organization while undertaking the proposed activities. The purpose of undertaking the
discussion is to provide a plan for the business while undertaking the operations.

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Table of Contents
1. Background..................................................................................................................................3
2. Mission........................................................................................................................................3
3. Product offering of the organization............................................................................................3
4. Market analysis............................................................................................................................4
a) Industry analysis......................................................................................................................4
b) Competition.............................................................................................................................7
4.1 Primary Target market...........................................................................................................7
5. Marketing.....................................................................................................................................8
Product.........................................................................................................................................8
Pricing..........................................................................................................................................9
Distribution..................................................................................................................................9
Promotion..................................................................................................................................10
6. Financial plan.............................................................................................................................11
Initial investment.......................................................................................................................11
Profit and Loss...........................................................................................................................12
Balance Sheet.............................................................................................................................12
Breakeven point.........................................................................................................................13
7. Critical risks...............................................................................................................................14
8. Conclusion.................................................................................................................................15
References......................................................................................................................................16

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1. Background
Marketing is an integrated function that is undertaken by the organizations in order to
enhance the sales volume of an organization. The smooth functioning of the promotional and
marketing departments assists an organization in making the customers aware of the
propositions. The discussion will aim at assessing the target markets and the marketing plans of
Boman’s Attire. On the other hand, the discussion will also focus on the financial plans and the
risks that might be encountered by the organization while marketing the products. The
assessment of the industry and competition that might be encountered by the organization will
assist the same in enhancing the operations while achieving a competitive edge.
2. Mission
The mission of the organization is to provide most compelling shopping experience to the
targeted customers.
The mission will be helping the organization in designing the processes for meeting the
expectations of the shopaholic customers. Enhancement in the shopping experience of the
customers will be helping the organization in increasing the sales volume of the same.
3. Product offering of the organization
The product that is being offered by the attire manufacturing organization, Boman’s
Attire, is denim jeans. The specialties of the jeans that are planned by the organization are
dependent on the fact that the product is fashionable and tenured at the same time. The
organization has selected a wide range of target audience in the local markets for marketing their
product offerings. The organization will specialize in manufacturing four types of runaway

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denim editions, which will help in attracting the attention of the customers more viably. The
organization will be manufacturing Straight Leg Jeans, Baggy Jeans, Cropped Jeans and High
Waist Jeans among the trousers. The organization will also provide the customers with cropped
jeans tops and jackets for ranking up to the trends that are introduced in the countries. The
organization aimed at providing the targeted customers with attires in a lower price for achieving
the competitive advantage. The organization undertook different innovative measures in order to
improve the fabric quality of the attire and thereby propose the same to the customers at an
affordable price. The organization is planning to undertake different activities in order to support
the innovativeness of the venture while operating in diverse international markets (Amini et al.,
2012). The Australian customers are more obsessed with the quality of the products. Therefore,
the organization aimed at bringing forth modifications in the processes in order to enhance the
quality of the propositions that are made by the same in the local markets of Australia.
4. Market analysis
a) Industry analysis
The apparel industry in Australia is growing with the enhanced employability of the
customers. The revenue of the Apparel market amounts to US$20,356 million in the year 2019.
The enhanced lifestyle of the Australian customers has helped the apparel manufacturing
organizations to expand in the different regions. As per a research, the Women's & Girls'
Apparel with a market volume of US$7,515 million is considered to be the largest segment in the
nation in the year 2019. The different changes that are undertaken by the organizations are
dependent on the assessment of the needs and preferences of the target audience. The chief
modifications that are undertaken by the organization has helped the same in maintaini8ng the

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efficacy of the operations as per the efficacy of the operations. On the other hand, Huang and
Sarigöllü (2014) forecasted the growth of the apparel industry in Australia by 3% annually which
has attracted the attention of different firms. However, Leonidou, Katsikeas and Morgan
(2013) stated that the duopolistic structure in the economy has restricted the growth of different
apparel firms in te nation. It has also being reported that the apparel industry has faced a
continuous growth in the Australian markets due to the increased affordability of the target
audience. Mintz and Currim (2013) stated that US$812.78 revenues are generated per person
through the activities that are undertaken by the overall industry in the Australian markets.
However, Hanssens et al. (2014) stated that the Australian apparel industry has faced
different challenges while making their growth relating to the intensified competition in the
markets, Moreover, apart from the competition the rising cost of rents and the rising operating
costs has affected the growth of the apparel manufacturing firms in the market. Chikweche and
Fletcher (2012) stated that the low switching costs of the customers has also affected the growth
of the organizations due to lack of their capability of retaining potential customers. The different
changes that are undertaken by the organizations are dependent on the assessment of the needs
and preferences of the customers. However, the lack of suitable knowledge of the consumer
preferences has restricted the operations of the business while proposing the most expected
products or services. The Australian customers are concerned with the quality of the products
apart from the price that the product holds. It has also affected the capability of the companies in
anticipating the quality concerns that might be undertaken by the same (Tian and Borges,
2012). On the other hand, the diverse cultures of the Australian customers affect the
organizational capabilities of screening the needs of the same. It also affects the capabilities of

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organizations in profiling or positioning the product offerings as per the demand faced by the
same in the Australian markets.
Figure 1: Revenue in Australian apparel industry
(Source: Sheau-Ting, Mohammed and Weng-Wai, 2013)

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Figure 2: Revenue growth
(Source: Same and Larimo, 2012)
b) Competition
The Australian apparel industry faces an intense competition due to the involvement of
different players. The involvement of companies like Visionise and Caryn Luxton Design has
helped in improving the standards of the industry and thereby enhanced the competition in the
Australian markets. The enhanced competition in the markets has affected the sustainability
option of the different SMEs in the nation. The different modifications that are undertaken by the
organization in an highly competitive market structure is dependent on the objective of the same
to maintain the competitive advantage while operating in diverse international markets. On the
other hand, the organizational knowledge of the different technological innovations that are
undertaken by the different players in the market will be helping the same in adhering to the
competition that is being encountered by the same. Alex (2012) stated that the higher
competition in the market helps in enhancing the quality of the products and the pricing

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strategies that are undertaken by most of the companies. On the other hand, the development of
the organizations in the competitive markets ensures the smooth functioning of the systems as
per the objectives of the same while operating in diverse international markets.
4.1 Primary Target market
The primary target audience of the concerned organization, Boman’s Attire, is the
women who are shopaholic by nature. This section of the report enumerates the different buying
behavior of the Australian women which will be helping the organization in maintaining the
efficacy of the operations and inducing modifications in the same.
Demographics
 Shopaholic women (age ranging from 18 to 42)
 Household income of over $2000
 College-educated
Psychographics
 Women who are concerned with the fashion wear and thereby upgrades their preferences
as per the trends
 The target market of the organization assesses the quality of the products that are offered
by the organization
 The common psychology among the targeted women is to feel good about herself
through the attire that is manufactured by the organization

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5. Marketing
Product
The product offerings of the organization are trousers, jackets, t- shirt and clothing
accessories. The organization specializes in manufacturing attires made of the jeans fabric. The
different designs in the clothing outfits and the adherence to the trends have helped the
organization in maintaining the efficacy of the propositions as per the expectations of the
targeted customers. The organization aimed at fusing different designs in order to make the
appropriate apparel design for the targeted customers. On the other hand, the organization also
provides customized offers in order to maintain the efficacy of the operations as per the
expectation of the customers. The diversity of the product offerings will be helping the
organization in adhering to the interest of wide range of targeted customers. On the other hand,
the enhanced quality of the products will be helping the organization in retaining the customer
base while sustaining in the highly competitive Australian markets. Lee et al. (2014) stated that
the diversity in the propositions of the business will be helping the same in retaining the
customer base of the business. The delineation of the target market of the organization has
helped the same in designing the products as per the interests of the customers.
Pricing
The organization will be utilizing the penetration pricing strategy in order to attract the
attention of wide variety of customers (Jackson and Ahuja, 2016). The penetration pricing
strategy will be assisting the organization in setting lower price for the commodities. Lower price
of the high quality commodities will be helping the organization in retaining a larger customer
base. Azzadina, Huda and Sianipar (2012) stated that the enumeration of the pricing strategy
in an organization helps the same in enhancing the price standardization methods for enhancing

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the sales volume. The enumeration of the pricing strategies will be helping the organization in
maintaining the efficacy of the operations while offering and positioning their products to the
targeted customers. The penetration pricing strategy of the organization will be helping the same
in maximizing the sales volume in the diverse regions of the Australian markets.
Distribution
The distribution of the commodities will be facilitated through collaboration with
different retail outlets and supermarkets in the different regions. The wider distribution of the
products in the relevant locations will be helping the organization in maximizing the positioning
and availability of the commodities for reaching out to the end level consumers. The
development of the organization is dependent on the efficacy of the same in distributing the
commodities widely as per the preferences and demands of the customers. The distribution of the
commodities through different regional retail outlets and supermarkets will be helping the
organization in maximizing the availability of the products as per the needs of the customers.
Promotion
The organization will be utilizing different social media platforms and digital promotions
in order to make the customer aware of the different products that are proposed by the venture
(Bernhardt, Mays and Hall, 2012). Social and digital media promotions will be helping the
organization in making mass of the target customers aware of the propositions. Magnusson et al.
(2013) stated that the social media platforms helps an organization in making most of target
customer aware of the product offerings in the digital era. Most of the target customers of the
organization utilize the social media platforms for surfing. Therefore, the exposition of products
and quality details in the social media platforms will be helping the organization in enhancing
the customer base in Australia.

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6. Financial plan
Initial investment

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Profit and Loss
Balance Sheet

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Breakeven point

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7. Critical risks
Risks form an important part of assessment that might be undertaken by a venture before
designing the processes. Identification of the risks helps an organization in enhancing the
operations through modifications for avoiding the different uncertainties that might be faced by
the business. The key changes that are undertaken by organizations are dependent on the
identification of the risk content. Risk identification and mitigation helps an organization in
facilitating the smooth functioning of the same as per the primary objectives of sustainability.
The risks that might be encountered by the venture is being enumerated in this section of the
report. It will help in identifying the diverse uncertainties that might be encountered by the
venture while undertaking business in the Australian markets.
Intense competition in the markets
The intense competition in the markets might affect the sustenance of the concerned
organization while operating in diverse regions of the Australian markets. The technological
innovations that are made by the existing players have added to their respective competitive
advantage. On the other hand, the brand name of the existing organizations might affect the
buying behavior of the targeted customers. Loyalty of the customers to the existing brands might
also impact on the performance of the concerned business.
Lack of proper understanding of preferences of the customers
The lack of understanding of the preferences of the customers in the initial level might
affect the organizational design and planning process. On the other hand, the alack of proper
market research might affect the organizational understanding of the capabilities of the same
while expanding in the different regions of the Australian markets. Wongleedee (2015) stated

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that the modifications in the strategies and the processes are facilitated by organization through
suitable market research. However, lack of proper understanding of the preferences of the
customers might affect the R&D departments in the concerned organization in the initial phase of
expansion.
Rising operating expenses, cost of labor and rent costs
The rising operating expenses of an organization are subjected to the cost incurred by the
business relating to cost of labor supplies and the cost of raw materials. The maximization of the
costs might affect the organizational offerings. The organization aimed at providing higher
quality apparels in a lower cost for attracting the attention f the customers. However, the higher
costs of operations might affect the organizational capabilities of delivering the propositions as
per the assurance of the business.
8. Conclusion
Therefore, from the above discussion it might be stated that the assessment of the
customer preferences and buying behaviors will be helping the organization in maintaining the
efficacy of the product design. On the other hand, the marketing proponents that are being
discussed as a part of the report help the organization in maintaining the efficacy of the
operations as per the objectives of the same. The report enumerated the financial projections and
risks that might be encountered by the organization while designing the activities.

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References
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equity. IUP Journal of Brand Management, 9(2), p.29.
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Azzadina, I., Huda, A.N. and Sianipar, C.P.M., 2012. Understanding relationship between
personality types, Marketing-mix factors, and purchasing decisions. Procedia-Social and
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