Neuro Fashion: Strategic Plan, Objectives, and Market Techniques

This report delves into the business strategy of Neuro Fashion, a foreign clothing retail brand aiming to provide customers with the latest fashion clothes for both men and women. It outlines the company's mission, vision, goals, and objectives, focusing on providing exclusive clothing products, faster t...Read More

Business Strategy
TASK-1

Neuro Fashion

1.1 Mission,Objective,goals and core
competencies of new business
Neuro Fashion World company
 This company is a foreign clothing retail brand that will provide
customer with the latest fashion clothes.
 The clothes for both men and women will be available in the store
of this company.
 The products of clothing such as shirts, jeans, accessories, party-
wear etc will be there in this store.

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Vision
 To provide its customer with exclusive clothing products
 The faster turnover of new stock will be provided to its customer
 To be a modern and innovative company
 To be valued by the customer, staff and shareholders.

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Goals
 To create a community around brand that allow individuals to feel
connected with company fashion and values.
 To be successful in the next 2 years in this fashion market
 To innovate their products to enhance the experience of customer.
 To grow the core business

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Objectives
 To start a successful operation in UK this year
 To develop a consumer focused product line and marketing
strategy

Competitors
 Bayerische Motoren Werke AG
 Chrysler Group LLC, Daimler AG
 Ford Motor Co.,
 General Motors Company
 Honda Motor Company,
 Nissan Motor,
 Tata Motors, Ltd.,
 Toyota Motor Corporation

1.2 Factors to be considered while formulating
strategic plan
 The organization can define its strategy by using strategic
planning and also with decisions can be made to allocate its
resources in order to achieve this strategy.
In formulating these strategies the factors that need to be considered are
as follows-:
 The industry – The overall industry is essential in case of strategic
planning.

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 Setting the objective – The objective of this fashion brand is to
capture the global markets and increase the sales of the company.
 Evaluating the environment of company- The company need to
examine both internal and external environment. With this
company will come to know about their strength and weakness
and also about the rivals.

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 The competition – In order to formulate strategic planning the
analysis of competitors position is an essential factor.
 Strength and weaknesses- In order to formulate strategic planning
SWOT analysis is crucial

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 Diversities – The new products should be brought in the market
with innovative ideas .

1.3 The key techniques available for the business
The two techniques can be used for this company and they are as
follows-:
BCG growth share matrix
 Four types of situation is presented in this matrix that may be
faced by this comp-any.
 The following four types of situations will be faced by this
clothing brand

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 Stars – This will present high growth and high market share. This
will be beneficial for the growth of company.
 Cash cows – In this there is low growth and market share is high

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 Dog- The low growth and low market share is indicated in this.
For business growth this will not be beneficial
 Question mark- In this there is high growth but market share is
low.

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 This matrix will help the company to understand
 At what time the money to be invested
 At what time the money need to be divested from market section
 When to focus on new business
 The company's current portfolio balance can be accessed from it.
 About future section also decision can be made .

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Profit impact of market strategy (PIMS)
 The sustainable competitive advantage can be there due to PIMS
These are the facts that are considered by PIMS strategy-:
 Allocation of budget
 Operational activities
 Nature of business environment
 Production process structure

REFERENCES
 Bansal, P. and DesJardine, M.R., 2014. Business sustainability: It
is about time. Strategic Organization. 12(1). pp.70-78.
 Bentley, K.A., Omer, T.C. and Sharp, N.Y., 2013. Business
strategy, financial reporting irregularities, and audit effort.
Contemporary Accounting Research. 30(2). pp.780-817.
 Bharadwaj, A. and Venkatraman, N.V., 2013. Digital business
strategy: toward a next generation of insights.
 Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small
business performance: business, strategy and owner-manager
characteristics. Journal of small business and enterprise
development. 20(1).pp.8-27.

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