Fashion World Strategic Business Plan: BCG Matrix Evaluation

This report presents a strategic business plan for "Fashion World," a company focused on providing the latest fashion clothing for men and women aged 18-50. The plan outlines the company's product portfolio, industry, unique selling proposition (USP), pricing mechanism, and target consumer base. The long-term vision is to become the number one fashion industry globally, with a mission to provide the latest fashion clothes to customers. Key business goals include market share dominance, increased profitability and sales, high-quality clothing, and low costs. Critical success factors include a skilled workforce, quality products with unique designs, a loyal consumer base, a strong online network, integrated promotional campaigns, and the use of the latest manufacturing techniques. The strategic plan considers industry outlook, competition (Fashion Destination, Fashion Line Limited, Blue Line, Dents), and internal strengths and weaknesses, utilizing the BCG Matrix to evaluate strategic options. The report concludes with a discussion of the advantages and limitations of the BCG Matrix in the context of Fashion World's strategic planning.

BUSINESS STRATEGY
TASK 1

Business profile
Planned business is provided latest brands cloth to there
customers who are generally men and women of age
group 18 to 50. this provided the fashionable and latest
brand clothes as per the choice of there customers. They
use good quality fabrics and raw material for
manufacturing the clothes. They also keep check on the
cost of clothes. The main aim of our business is to
provide wide ranges of clothes to large number of
customers. The business runs with a main motive to
increase the number of customers by providing them
latest clothes at affordable prices. Their aimis to satisfy
customers with varieties of clothes.

1.1 Overview of “Fashion World”
Product portfolio: Fashionable clothes for men and women.
Industry: Apparel industry
USP (Unique Selling Preposition): Quality products and
unique designs in all budget ranges
Pricing mechanism: Affordable prices
Target consumer base: Male and Female of age group 18 to
50.

Long-term vision and mission
Vision: “ To be the number one fashion industry
globally”.
Mission: “ To provide the latest fashion clothes to their
customers ”.

Business goals
• To take over the market share.
• Increase the profitability.
• Increase the sales.
• Good quality clothes.
• Low cost.

Critical success factors/Core competencies
• Skilled workforce
• Quality products in unique designs
• Loyal consumers base
• Strong online network
• Integrated promotional campaign on social networking channels
and website
• Use of latest manufacturing techniques

1.2 Factors that are considered while formulating
strategic plan
The strategic plan can be formed efficiently by considering
three factors:
Industry outlook
Competition
Strengths and weaknesses

Industry outlook
• Growth of industry by 20% increase in
sales.
• Increase profitability by 25%.

Industry outlook
• Growth of industry by 20% increase in
sales.
• Increase profitability by 25%.

Compitetors
• Fashion destination.
• Fashion line limited.
• Blue line
• Dents.

1.3 Evaluation of ways which are used to develop
strategic business plan
BCG Matrix

CONTD….
Stars
Cash cow
Dog
Question mark