Business Development Proposal (Part 2): Reflection Report

This report is a reflection on a business development project focused on establishing a customized fashion store, "Fashion Revolver," in Malaysia. The report details the research methods employed, primarily utilizing secondary sources and an inductive approach, and explains the rationale behind these choices. It highlights the importance of various theories and models, including Porter's Five Forces, Porter's Generic Model, and the STP Model, in justifying the research and project's development. The report outlines the key areas of knowledge gained, such as developing a marketable strategy and understanding market dynamics, alongside the learning experiences from the MBA program, emphasizing the development of skills like time management, research, and critical thinking. The project's most important discovery is the idea of a customized fashion store and its potential within the Malaysian market. The report also discusses the barriers encountered, including time constraints and limited access to primary research, and concludes with the valuable business and management skills acquired, particularly in business planning and issue management, and academic research. The project aimed to understand the fashion industry and develop a business plan for a customized fashion store.

BUSINESS DEVELOPMENT
PROPOSAL
(Part-2 Reflection)

Contents
PART 2: REFLECTION....................................................................................................................................3

PART 2: REFLECTION
RESEARCH
REFLECTION
REPORT
(should contain the
details given below) Please type your responses in the spaces below:
Marks
availab
le
Research Methods
&Processes
How and why have you
chosen/decided on the
research
methods and processes
which you
are using/have used for
the
development of your
Major
Project?
How would you
describe these to:
1) a reader of your
Major Project
and/or
2) a future employer
(max. 275 words)
The plan into consideration is based on developing a
customized dresses fashion shop in Malaysia,
therefore, it is an effective plan which is executed for
a fashion business and the customized shop is known
as Fashion Revolver. Furthermore, the potential
purpose of executing this plan is enhancing the
knowledge regarding developing a business plan or to
develop opportunities for the fashion business. Thus
Malaysia is the developed country, where technology
has taken a huge impact over developing the fashion.
However, people in Malaysia's are very much concern
over fashion and making their self stand out, so I am
glad to get a chance to conduct an analysis over a
business development plan, which will be supportive
for me in developing my knowledge and skills in
regards to the area of developing a customized fashion
store, which is effective in fulfilling the desires of
customers at market place. This study is effective for
me in developing my knowledge regarding the
Malaysian market as I am having suitable knowledge
regarding the sustainability of Malaysian market and
the progression of fashion business in Malaysia. For
the study, I have been recognizing that, in this overall
investigation is based on secondary sources, therefore,
information is mainly gathered through secondary
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sources as the implementation of idea has been gather
through past business plans. In addition to this,
inductive approach is effectively executed by me as it
is effective in providing detailed analysis over the
theories and hypothesis of the investigation.
In the context of this present investigation, as per my
observation, I have been recognizing that, the reader of
this analysis are the individual who are having their
significant interest in the similar area of study or the
people who are seeking for their professional
development in the area of fashion industry. In this
similar area of study, the future employer are the
individual who are concerning in regards to the
business development plan.
Literature &sources
1) What are the most
important
theories/I literature
sources
/evidence sources which
you are
using to justify your
research and
You’re Major Project?
2) Why are these
sources important and
fundamental to your
work?
(max. 275 words)
In this existing investigation work, I have been
considering that, in this overall execution of the project
is based on secondary sources, therefore, in this books,
journals, published and non publishes articles, past
business development plans are implemented to
develop an effective plan for gaining growth and
success. As the present investigation is based on
developing a customized fashion store, which is
effective in fulfilling the desires of customers at
market place. In this exploration, I have been using
secondary sources for gathering suitable information in
regards to the Malaysian market, In addition to this, I
have been applying various models and theories that
are effective in exploring my knowledge regarding to
the area of fashion industry.
Porters Five force Model: Porter's Five Forces model
is refers as a tool for determining competition of a
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business within market, thus this model is relay upon
five aspects that are affecting the market position of
Fashion Revolver, the customized fashion store. This
model basically emphasizes on performing an
industrial evaluation to analyses the actual state of a
specific sector along with the the available threats or
opportunities within market place.
Porters Generic Model: This model is supportive for
me in analyzing the strategies implemented by
Fashion Revolver for the purpose of dealing with the
conflicts that are presented in the market, Thus this
model is effective in also determining the most
suitable strategy for the growth and success of
business.
STP Model: This model is mainly encompasses over
three aspects i.e. segmentation, targeting and
positioning, therefore this is effective for me in
developing my knowledge regarding the situation of
market also supportive for me in analyzing the
customers to whom services needs to be served for
gaining higher competitive edge. However, this is
effective for me in analyzing the segmented market,
where the number of customers are high and the
growth of Fashion Revolver is high.
Your Knowledge
What key areas of
knowledge have
you gained from
undertaking your
Research and the Major
Project?
The present business project helps me majorly in
exploring my knowledge regarding developing a
business plan to attain growth within market. As I also
came up to realize how a marketable strategy must be
readied and things to be consider while figuring plan. I
likewise came to realize that an individual is required
to perform profound investigation over market for
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Indicate why these are
so important to you?
(max. 200
words)
recognizing the issues and opportunity present in
outside condition along with this, feasibility study is
executed via the support of market, marketing,
operational and strategic aspects. These all help me in
confirming that whether my plan for implementing a
Customized Fashion Shop in Malaysia which is named
as "Fashion Revolver" is good or not for the purpose
of achieving growth and success. Moreover I
additionally came to realize that there are number of
conflicts present in market which may influence the
activities just as working of business that must be
recognized by the business at beginning phase of
foundation of business. Moreover, I gain information
with respect to my MBA course which support in
working up solid information in regards to things to be
include in a business development plan for getting
approval to build up it and sort of investigation to be
performed for accumulation of data which is critical to
reveal before begun working once again setting up the
business.
Your Learning
What are the most important
aspects/examples of learning
and/or skills which you have
gained from:
(1) undertaking the MBA
programme,
(2) following through your
MBA is a general improvement program for an
individual and to perform well in the similar field
or get an effective opportunity therefore, the main
learning is gained through the MBA program as it
is effectual in providing theoretical knowledge
which will be supportive for me in implementing
those knowledge into practical action for gaining
professional growth. Thus, through this program I
become ready to build up my presentation, Time
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research, and
(3) applying your knowledge
and
what you have learn in your
Major
Project
(max. 200 words)
management ability and strategic skills that would
be effectual in attempting my exams in future jobs
in more viable manner.
Furthermore through this exploration I become
ready to build up my comprehension with respect
to a few unique models that an individual requires
to apply for performing investigations that are
based on market research and way in which it
must be utilized to detail systems for additional
presentation of business activities.
This task comprise of various kind of exchange,
instructional exercises and associations with a few
people that help me in building up my relational
abilities which is one of the most critical aptitude
for an individual, group building and the board
aptitudes just as initiative aptitudes which bolster
me in future practices.
Critical Thinking and your
ideas
In carrying out your
research, your
analysis, your evaluation of
evidence, and in identifying
or
proposing conclusions, what
has
been the most important
discovery,
or piece of evidence, or
theory, or
viewpoint, or critical idea, or
critical addition to your
The project into actual action is basically helpful
for me in developing my knowledge and skills in
regards to the area of implementing an effective
business development plan for Fashion Industry,
therefore, I have been realizing that, fashion is the
most developing industry as growth in this
segment is high. However, As per my own
perception, I have been realizing that the idea of
developing a Customized Fashion shop is
effectual for me in my personal and professional
level. The idea of developing a Customized
Fashions store in Malaysia is an effective plan,
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knowledge,
or other item of importance
and why?
(max. 200 words)
therefore, Malaysia is recognized as the area
where fashion is priority of people and the growth
of this industry is high. As I came up to know
that, Customized fashion shop is an unique and
effective idea which enlarge its scope in fashion
industry. This project supports me in providing a
chance to conduct detailed literature over
different aspects of market and concepts, that are
effectual for me in developing my knowledge.
The key objective of this study is to determine
various benefits and drawbacks of every factors
that are present within the fashion industry of the
Malaysia and manner in which it is helpful.
Therefore, the unique concept of my customized
fashion store proves to be very much effective for
me in respect to getting the Fashion Revolver
constituted within the competitive market of
Malaysia.
Barriers met
What were the main
difficulties
and barriers which you were
faced with in:
(l) undertaking your
research, and
(2) completing your Major
project
(max. 200 words)
I am glad to get a chance to conduct a study over
the area of developing a business plan for the
purpose of enhancing opportunities for a business
within a new market. My whole experience for
conducting the investigation is good, as I have
enhanced my ability to conduct research. In
undertaking the project, time is the major issue
which is faced by me, as the given time for this
project is not enough, as I was not able to address
all the factors that are requires to be address for
effectively completion of the work. The another
issue is that the project restricted to execute
primary research as it is very much tough for me
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to gather all the information from secondary
sources.
In completion of the major project, the another
issue is related with the access to local market, as
I am not able to get access in the local market as it
is important for me in developing my business
plan. The suitable response from the readers and
learners is the major challenge as the investigation
requires to gain more response from the others as
to analyzing the validity and reliability of the
research.
Your Professional
Development
What are the most important
business and/or management
skill(s) or academic idea(s)
or
lesson(s) which you have
learnt
from undertaking your
research and
Your Major Project - and
why?
(200 words)
The investigation into consideration is based on
academic research which has its wider scope in
developing the business, management and
academic skills. Therefore, I have gained proper
management, business and academic knowledge
with the execution of this present instigation.
There are many things which helped me but some
of the central areas that I was able to explore and
learn more about are associated as under:
Business plan: This is the key aspect in this
exploration that was to implement a successful
business development plan. The gained idea from
this project is effective for me in developing my
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future projects in more effective manner.
Managing Issues: It is very essential for the
business to identify the issues that are arises at
regular basis and has a direct influence over the
whole project activities. thus there would be a
new problem arises at daily basis and requires
immediate supervision for resolving that in proper
manner. However, at the time of conflict what a
business can do is to remain calm and not to loose
their calm and think for some creative solutions to
deal with it rather than just giving up.
Objectives
Based on your research and
the
work which you have done
in the
MBA Program and its use in
your Major Project, what
were and how far have the
objectives of your major
project been achieved?
(max. 250 words)
The key objectives of this present exploration is
to develop an innovative and unique plan for the
purpose of gaining growth in the Malaysian
Fashion market, therefore, Malaysia is the most
appropriate place for planing business in the
segment of fashion. The present idea is in consist
over a Customized Fashions Store in the city area
of Malaysia, as the people in the developed area
are more conscious about their dressing, so the
growth of the idea is high in the Malaysian
market. For effectively build up the project an
appropriate structure is formed that represents the
concept of business, feasibility of research,
business plan or suitable business model which
are suitable in assisting the whole activities in
right direction. In the context of business market
and industry feasibility research has taken
essential part, so that the outcome can be drawn
in effective manner. After completion of the
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project I am feeling much confident about my self
as my ability get enhanced by my MBA Program
thus this mainly helps me in enhancing my
capability and knowledge based of gathering
information from the most suitable sources and
this would be effectual for me in attempting my
future objectives in more viable manner. In this
present work I have also attempted assorted
activities like feasibility analyses, Market
research, business plan development etc. This
represent my skills of critically analyzing or
research evaluation which I have gained while
artifact the MBA course that helped me broaden
my strengthen or enhancing ability of conducting
projects in reliable manner.
Findings & outcomes
How useful and/or feasible
are the
findings, recommendations,
conclusions, or outcomes of
your
Major Project to you and/or
to a future employer?
You must justify your
answer with
Specific examples.
(max. 200 words)
The considered evaluation gives a brief idea and
knowledge in regards to a business development
plan that helps me in enhancing my own
knowledge ans skills base in personal as well as
professional level. The proper knowledge of
business development plan helps me in increasing
my management skills that guide me in executing
my professional activities in more easy or
appropriate way. Along with this, business
development plan shows the idea that there is not
any kind of strategy available within market that
can be implemented by business as to increase its
operation, thus a business needs to develop its
own strategy in respect to achieving higher
competitive advantage.
The setting up of this existing project is
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supportive for me in developing my knowledge in
regards to the aspects of market, For Instance:
the idea of expansing business in Malaysia, needs
proper market understanding, Thus the
appropriate knowledge regarding market helps me
in executing the proper business plan for
establishing a customized fashion Store, which
named as Fashion Revolver in Malaysia.
TOTAL
100