Fashion Splash: A New Bag Store in Hammersmith, London

BUSINESS ESSENTIALS
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Table of Contents
TASK 1............................................................................................................................................ 2
PART A....................................................................................................................................... 2
FASHION SPLASH....................................................................................................................... 2
PART B....................................................................................................................................... 4
MAIN OBJECTIVES OF THE NEW BUSINESS................................................................................4
OWNERSHIP OF FASHION SPLASH.............................................................................................5
TASK 2............................................................................................................................................ 6
PESTLE ANALYSIS....................................................................................................................... 6
TASK 3............................................................................................................................................ 8
PART A....................................................................................................................................... 8
LAUNCHING EVENT OF THE BAG STORE....................................................................................8
PART B....................................................................................................................................... 9
BUDGET PLAN............................................................................................................................ 9
Task 4........................................................................................................................................... 10
MARKETING OBJECTIVES......................................................................................................... 10
TARGET MARKETS....................................................................................................................10
MARKETING STRATEGY FOR THE TARGETED MARKET.............................................................11
MARKETING MIX......................................................................................................................11
REFERENCES.................................................................................................................................13
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TASK 1
PART A
The portfolio made below demonstrates the important factors of setting up and running a new
business on the market. This business idea chosen here is of the Fashion Splash Store with a
range of bags for the both men’s and women’s as in the current market the fashion for bags are
growing rapidly.
FASHION SPLASH
The area chosen for the new startup of the Fashion Splash Store is Sainsbury’s Supermarket
that is situated in 2-3 Kings Mall, King Street Hammersmith, London. The store will have only
physical outlet initially, there will be no online sales of the bags. The main bag style that will
attract the customer’s attention towards this new store is the Drawstring bags present in the
stores and a wide range in the similar category (Hall, et al. 2014).
The purpose of starting up business in the bag sector is that bags have been products of a need
to every people who want to carry themselves in style especially the teenage and working
people and it becomes a style necessity to carry cool bags. The idea of Drawstring Bag is a
reliable idea for starting up any business as there is a diverse collection of bags that has also
been increasing in popularity. Also, the idea of starting up the business in the bags sector is
that it has a wide scope of expansion as the business could be expanded into luggage section as
well that is also in much popularity. The use of new promotional methods and the wide
collection of Drawstring bags make the Fashion Splash business makes it unique than its
competitors.
Every customer who is interested in purchasing a bag has different needs but a majorly main
concern is that the bag must be spacious and must be feasible in carrying out to every place
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they go. The Drawstring bags are small in size it has huge space inside it as it shrinks when the
strings are pulled and ease to carry as it could be hanged on shoulders and the customers can
move freely. The main competitors of the Fashion Splash store are:
ORGANISATION COMPETITORS
FASHION SPLASH STORE
Aspinal of London
Cath Kidston
The Cambridge Satchel Company
Vera Bradley
These are few of the main competitors of the business of Fashion Splash Store operating in the
London market.
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