Starting a Business and Fundamentals of Marketing for The Fashion Wardrobe

Starting a Business and
Fundamentals of
Marketing

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
An overview of your proposed business idea..............................................................................1
An evaluation of the external environment (PEST).....................................................................2
Discussion of competition along with the competitive advantage...............................................3
Suggestion for the target marketplace..........................................................................................5
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Starting a business is a long process and has various steps which includes market
research, construction of business plan, arranging for funds, selection of suitable location,
choosing right name, incorporation with the registrar and so on. Starting a business requires great
planning and time (Deepak and Jeyakumar, 2019). When an individual starts its own business it
follows some fundamentals of marketing in order to make the entity successful. This report is
based upon a marketing plan of a business which is going to be established soon by the name as,
“ The Fashion Wardrobe”. The business will deal with the fashion clothing of every section-
men, women and children. The report contains an analysis of the external environment of the
business along with the discussion of the overview of business idea. A discussion of competition
and suggestion for proposed target market are also being discussed.
MAIN BODY
An overview of your proposed business idea
Aims and Objectives
The aim of the business will be “To lead the fashion industry and supply its customers
with the latest trends of fashionable clothing.”
The business will aspire to achieve the following objectives:
 To build goodwill in the market in order to increase market share
 To know about the tastes' and preferences of the customers well.
 Satisfaction of customers for maximising the potential sales.
Overview of the Company along with its Vision and Mission
It has been observed that the fashion industry is growing rapidly all over the world and
people are engaging in it at a very high rate quite fast (Farooq and Raju, 2019). In UK, the
fashion industry contributes £28 billion approximately in GDP other than employing lakhs of
people for their creative excellence. The business is being incorporated in London, UK. As
mentioned above, the company will deal in the fashionable clothing of men, women and
children. They will try their best to serve them with the best and latest fashionable products at the
lowest possible cost. It is their strategy to build a positive image to attract customers and
establish its business well in the market. It will help the company fight with its competitors.
Vision: “The Fashion Wardrobe” will have the following vision –
1