Starting a Business and Fundamentals of Marketing

Starting a Business and Fundamentals of Marketing
Introduction
Business plan is one of the most important document which can help an organisation to
make a appropriate and effective strategy in order to accomplish the set goals and
objectives. In business plan all the functional activities which takes place within a
commercial enterprises. Marketing, financial and operations are some elements of the
business plan. In current scenario, a firm should develop business plan which can help
them to maintain their brand position in the specific market field (Lari, Foroudi and Imani,
2021).
An overview of business
Vision
The main vision of Nala clothing is to attain customer satisfaction by offering them the
superior and valuable products and services. They are using modern technologies and proper
resources in order to manufacture products and services.
Objectives
The main objective of the management of Nala fashion is to provide trendy cloths to their
target audience on a very low cost as compare to other competitors present in this field.
Goal
To attain the leading position in the market field. Nala clothing try to get the high profit by
satisfying the needs and wants of their customers.
Background and expertise
Nala clothing is a new start-up which has been made aft6er seeing the boom in clothing
industry. The company will offer a wide range of clothing products for both women and kids
of all age group. The owner of the company has done the 6 months of research before taking
the initiative of starting this business. The outlet of Nala fashion will be located in the local
street of London in order to capture or attract large number of customers. Due to the high
demand of fashionable cloths in teenagers that's why they have the expertise in the field of
making appropriate products for their target customers.
A SWOT analysis
It is a systematic framework which helps an organisation to identify
their external and internal factor in order to run their business
operation effectively and efficiently.
Strength
The company is able to provide best quality of cloths and offer them
at a reasonable price in the market field.
Customers of this company are able to buy the products from online
website in a very easy way.
Weaknesses
The company has less number of product range as compare to other
rivals.
They only sell their products in the local market (Evans, Jeffrey and
Craig, 2020).
Opportunities
The management of the company can take the help of effective
marketing tools and techniques they are able to enhance the demand
and needs of their products.
Nala clothing can deal in men's clothing in future which can help
them to expand their business operation on large scale.
Threats
Nala fashion can face huge competition as there are numerous
organisation present in this industry.
Companies who are dealing in fashion industry have high level of
experience. Due to this it is very difficult for Nala fashion to build
brand image in this industry.
Target Market
The term target market is defined as the
market in which those customers who
have similar needs and wants are put
together in different segments. Customers
of different segments have same kind of
behaviour.
Segmentation:- In case of Nala industry,
the management can divide the customers
according to their age in order to produce
the most appropriate clothing products.
Target- Age, income, lifestyle are some
elements on which the target market is
divided into various part. In relation to
Nala fashion, their target customers are
women and kids.
Positioning- In relation with Nala
clothing, the company is try to provide
affective packaging and promotion
activities in order to make different image
in the mind of their customers (Hvass and
Pedersen, 2019).
In today's world, the huge level of competition are present in each and
every industry. In fashion sector competitiveness is very high as
compare to other sector. The companies of this sector sell the similar
products on different rates or on the same price. Companies can
enhance the level of sales by doing the 4 ways marketing in a good
way. The porters five forces model is been mentioned in this report
which can help them to evaluate the competition present in their
industry.
Threat of new entrants- Nala fashion is also a new start-up because
of this their main focus should be on providing the high quality
products to their customers.
Bargaining power of buyers- In context to Nala clothing the business
will provide valuable and trendy products to their target market (Saha,
Dey. and Papagiannaki,2021).
Bargaining power of suppliers- In context to Nala fashion, the
company only uses raw material of high quality and always try to
maintain good relation with the current suppliers.
Competition rivalry in the industry- Nala Clothing has to face
competition not only from small business houses but from big clothing
brands such as Zara, H&M.
The threat of substitutes- The strategy of recycling will help to beat
the competitors in the market. Their is large amount of substitute
products are available for the same product. Nala Clothing Finer
threads will work on providing quality and trendy clothes to
customers.
Competition
Marketing plan
(4P’s)
Product: Nala clothing has a variety of female and kids products range that assist
them to build a strong market position in the fashion sector.
Price: This defines as the factor that puts value to the product or service of a
company. It is seen that Nala clothing highly focuses on their customers so they make
products that fits into very segment of their customers.
Promotion: Nala clothing make highly attractive advertisements and promote their
brand on every digital platforms as well as non-digital platforms. They use
newspapers, social media platforms, advertisements and much more.
Place: It is found that Nala clothing has spread their business on the street of London.
Also, it has make its presence effectively both on online and offline places.
Marketing plan (4P’s)
It is very important for an organisation to
get the funds in order to run their business
operations smoothly and fluently. The
management of the company will able to
purchase required resources if they have
adequate amount of funds. The financing
opportunities are as follow:-
Crowd-funding- It is a form of gets funds
through large numbers of individuals. IN
context to Nala Clothing, the management
can use various online platforms which
can help them to connect with the
customers in order to get the high amount
of monetary funds (Rathinamoorthy,
2019).
Conclusion
From the above report it has been analysed that, business plan is a very important
document which can help the company to maintain their brand position in the mind of
their customers. Furthermore, the chosen organisation in this report is Nala Clothing
which is headquartered in London. It is a fashion brand which deals in the clothing of
women's and kids. Later on, various factor related to Nala Clothing such as their
mission, vision and many other elements that can help them to attain high level of
success in their future career.
References
Evans, N., Jeffrey, M. and Craig, S.,
2020. Costing for the fashion industry.
Bloomsbury Publishing.
Hvass, K.K. and Pedersen, E.R.G., 2019.
Toward circular economy of fashion:
Experiences from a brand’s product take-
back initiative. Journal of Fashion Marketing
and Management: An International Journal.
Lari, H.A., Foroudi, P. and Imani, S., 2021.
12 Behavioural intentions in the UK fashion
industry The impact of perceived fashion
innovativeness on fashion brand image with
the moderating role of social media
marketing and lovemark. Building Corporate
Identity, Image and Reputation in the Digital
Era, p.123.
Rathinamoorthy, R., 2019. Circular fashion.
In Circular economy in textiles and
apparel (pp. 13-48). Woodhead Publishing.