BMM3003 Business Plan: Fashion Maybe - Operations and Management

This business plan for "Fashion Maybe" outlines the company's mission to satisfy customer fashion needs and its vision to gain customer loyalty through diversification and inclusivity. It presents opportunities such as offering high-quality, affordable fashion and gaining market leadership. The plan includes a SWOT analysis, identifying strengths like high-quality products and diverse product ranges, and weaknesses such as high investment needs and lack of established brand image. The target market is segmented based on income and demographics, with a focus on consumers aged 15-35. The marketing strategy includes competitive pricing, diverse product offerings, and both physical and online distribution channels. The plan also addresses competition from companies like H&M and Forever 21, and discusses funding options. The plan covers the 4Ps of marketing and details the promotional strategies, including traditional and social media marketing. Finally, it provides references from books and online sources.

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Business Plan Poster

Turnover: The annual revenue of the company for the financial year of 2020
amounts to $19.27 billion.
Strengths
 The primary strength of H&M is that it offers products at competitive
pricing which is able to attract consumers.
 Brand recognition of the company as high quality brand is another strength
of the firm.
Weaknesses
 The firm has been unable to produce unique and trendy fashion from young
age consumers of the present day.
 Dependence on outsourcing is one of the primary weaknesses of business
firms.
4P’s of marketing
Product
The product offered by the company includes wide range of fashion
products including clothing line, fashion accessories and footwear products. In
addition to this products which cater to every consumer base are provided by the
company. This includes kids wear, menswear, women’s clothing line and fashion
line for old age consumers.
Price
The pricing strategy adopted by Fashion Maybe is competitive pricing
strategy. This strategy helps the firm offer products at an affordable price. This
enables the firm to target middle income consumers which is the most suitable
consumer base of the firm.
Place
The products offered by the company will utilise two distribution
channels. The primary distributions channel will be the luxurious physical stores
of the company. The physical store of the company will provide a premium
image to the consumers. Another distribution channel of the company is through
the official company website which enables consumers to purchase products
digitally. The website is user-friendly and provides a satisfactory experience to
the consumers.
Promotion
The traditional promotional channels used by Fashion Maybe include the
usage of Billboards and creation of launch party to increase brand awareness. In
addition to this the Brand will also be promoted with the help of fashion
magazines in order to reach the target audience. These promotional methods are
effective as they will help the firm interact with the target audience while also
building a public brand through launch party and billboard advertisement. Social
media marketing is a crucial promotional element of the marketing strategy
adopted by Fashion Maybe This includes the usage of influencer marketing to
promote the brand among their followers. In addition to this online
advertisements are also used by the firm to attract followers.
Opportunities Threats
 The firm has the opportunity
to form loyal consumer base
producing high quality
products,
 The company has the
opportunity to increase profit
margins by using automation
technology.
 The intense competition of the
fashion industry is threat to the
progress of Fashion Maybe.
 The swiftly changing
preferences and trends in the
fashion industry are threat to
the company and changes in
fashion trend affect sale off
the product line of the firm.
Target Market
The STP analysis is an effective tool in determining the target market of
business firms. This analytical tool helps business firms identify the most
profitable audience for the products of the firm and understanding positioning of
the product range to grab the attention of the consumer segment.
Segmentation
The first consumer segment for the fashion company Fashion Maybe is
based on the income level of the consumers.
Mission: To satisfy all our customers fashion needs
Vision: to gain customer loyalty by diversifying and making the fashion
business more inclusive.
Business objectives:
 To offer high quality and affordable fashion products
 To gain market leadership in fashion industry
 To offer quality fashion products for every race, nationality and age group
SWOT analysis
Strengths Weaknesses
 The business firms can
attract consumers by
providing diverse product
range for different race,
nationality and age group.
 The firm can become
market leader by providing
high quality affordable
fashion products.
 The high investment required for
production high quality fashion
products requires high investment and
increases risk of the entrepreneurial
venture.
 The company does not have
established brand image which is
essential for gaining success in the
fashion industry.
The market segment for the firm consists of middle income consumers who seek
affordable and high quality fashion options. The second consumer segment for
Fashion Maybe is based on demographic consumer segmentation which includes
gender, age group, sexuality and race. Fashion Maybe focuses on developing
product portfolio for every age group, sexuality, race and gender.
Targeting
The target consumer base for the firm is identified on the basis of age group
and income level. The target consumer base of the Maybe Fashion includes
consumers within the age group of fifteen and thirty-five year including every
gender and fall under the income level of middle income base. This is because
consumers in this age group are more focused on fashion and prioritize fashion
trends in comparison to consumers from older or younger age group. This is the
most suitable consumer base for the firm as the target consumer base can be easily
persuaded into purchasing the fashion line of the company.
Competition of Maybe Fashion
Forever 21: One of the primary competitors of Maybe Fashion is Forever
21, the company is fast fashion retailor headquartered in America. The company
offers wide range of fashion products which include clothing, footwear and fashion
accessories.
Turnover: The firm gained a turnover of $2.7 billion of the financial year 2018
Strengths:
 The primary strength of the company is that it provides fashion products
which are in trend. This is able to young age consumers to the firm
instead of business firms.
 The consumer savvy nature of the firm is another strengths of the
company.
Weaknesses:
 The company only caters to young consumer demographic and does not
offer products to other consumer demographics which reduces the
overall consumer base of the firm.
 The centralised decision making process of the firm due to family
ownership is weakness of the company as it lowers the contribution of
stakeholders such as designers in decision making processes.
H&M: This is one of the largest global fast fashion retailor which is
headquartered in Sweden and has strong international presence in 74
international markets. As of 2020 there are 582 stores of H&M present in USA.

Investment and financing options
Loan from financial institutions: This is one of the most commonly accessed
funding source by small business organisations as it is provided by financial
institutions. This source of funding is given by the bank to an enterprise
which is repaid with interests typically in monthly instalments. This is an
effective financing source as governments provide various funding schemes
through loans to new enterprises.
Crowd funding: This process of funding is completed by gaining small
capital amounts from large number of people in order to reach a particular
target sum of money. This type of funding is usually completed with help
social media platforms as it enables business enterprises to communicate
their growth plan and funding requirements with large number of people
easily and cost-effectively. This type of funding source can be used to gain
large sum of investment.
REFRENCES
Books and Journals
Green and et. al., 2021. Sexual assault nurse examiner/forensic nurse
hospital-based staffing solution: a business plan development and
evaluation. Journal of emergency nursing.
Katz, J. A. and Green, R. P., 2018. Entrepreneurial small business.
McGraw-Hill Education,.
Kemptner, W., 2017. Business plan for a chocolate factory in Latvia.
GRIN Verlag.
Online
Forever, 2021. [Online] Available through <
https://www.forbes.com/companies/forever-21/?sh=225f496f365f>
Financial Statements, 2021. [Online] Available through
<https://www.dnb.com/business-directory/company-
profiles.h__m_hennes__mauritz_ab.e974ac7decdd3fc59b6a2d4407d83d
e1.html>