Sales and Marketing at Definitely Different - Case Study Example

Business Plan Contents Sub Page Number Executive Summary……………………………………………………………………3 Vision ………………………………………………………………………………….5 Sales and Marketing…………………………………………………………………...6 i. Marketing Plan……………………………………..………………….6 a. Benefits to Customers………………………………………….6 b. Positioning……………………………………………………...7 c. Sales Methods………………………………………………….7 d. Promotion………………………………………………………7 Systems……………………………………………………………………….……….8 Operations ……………………………………………………………..………………8 Financial Requirements………………………………………………………………..8 Executive Summary Definitely different is a clothing boutique that deals with its own designs and located at the city centre shopping centre downtown Bahrain. This boutique is one of the leading boutiques in the area. The owner has travelled across nations at major fashion shows and as a guest exhibitor. For this reason, he saw that there was a need to embrace work ethics in Bahrain and tap the wealth of creativeness and craftsmanship in the area. Definitely different settled on the name “Definitely Different” after a news paper report that discussed on the numerous outfits that had been worn at the opening of Brassiere night club and hotel. Definitely different boutique had clients who had attended the ceremony and whose designs were outstanding. The journalist who reported this on the news paper termed the designs as definitely different. Initially, the owner carried out designing at his home. He could take customer requests and design their outfits. This lasted for seven years till when loyal and impressed customers urged him to direct his talent toward a retail operation with the promise that they will continue to support the boutique. The customers helped in the establishment of the boutique by providing up to 30 percent of the startup costs. Definitely different boutique has been in this business for a while now and people’s responses have been similar. Definitely different boutique’s designs have impressed many people and been receiving positive responses from our clients and prospective clients. Consideration of a client’s request and demands come first in execution of the boutique’s operations. Most of the fashion trends always focus on the youth. Our target market will be the youth mid twenties professional men and women, and mature women with more disposable income who are looking for definitely different outfits for special occasions and home or business wear. Definitely different company has six competent employees, 3 sells assistants and 3 seamstresses. The seamstresses are graduates from the London School of Fashion. In addition, they also have attained needlework degrees from the London School of Needlework. They are highly trained and competent and experienced. They trained for three years and gained experience in dress making and broidery at the Paris Fashion House. Moreover, they also gained experience while training in Italy. The three sales assistants are highly competent and experienced. They previously had been employed on a part time basis as in-house models for a TV show on air fashion sales program. I believe their experience will assist in targeting the mid twenties market group. The third assistant is a ‘stylist concierge’ one who majors in accessorizing outfits giving style assessments in helping customers develop their own personal styles. This person will be responsible for all window displays; fashion shows, stem ads etc, as well as selling and helping more mature customers put together each outfit to suit their purpose. A family member currently working for an International media company will be definitely different’s freelance Public relations and marketing consultant. In addition, we will outsource a freelance content writer and webmaster to create and co-ordinate the on line promotion of our designs via our Definitely Different web site and social media sites. Definitely different prospects to employ an Accountant, financial controller and a consultant stock controller who will be responsible for monitoring and delivering a monthly basis data on stock levels and analysis of particular product movement throughout the month. The owner and sole proprietor of definitely different, as the chief designer, will be responsible for the sourcing and purchasing of all materials, accessories and the day to day planning, staffing, and running of the business. Vision Markets and Competitors Most of the fashion trends always focus on the youth. For this reason, definitely different’s primary target market groups are the youths. The youths are always attached to fashion trends. Bahrain has a high number of youths in the educational institutions in the area. The high number of youths in the area with a high demand for trendy and unique fashion is a factor that will contribute to the business’s success. In addition, Bahrain’s population is typified by a large number of working young people. These young people will provide market to our items and products. The fashion industry is flooded and filled with different fashion houses and companies. Definitely different will be competing against world renowned fashion houses such as Louis Vuitton, Marc Jacobs, Prada and Armani. Even though we anticipate great competition, the high quality, unique and affordable designs are an added competitive advantage to the business. Sales and Marketing Definitely different recognizes the importance of marketing. It plans to promote its retail business with a targeted marketing campaign over an initial six month period. Marketing Plan Definitely different will carry out the following activities and events in strengthening its customer relations: Hold two large sales a year winter and summer. Promote key merchandise and events on the website Send out monthly e mail and a bi monthly four page glossy magazine style newsletter to customers. Provide personal appointments. Hold unique after hours shopping events i.e. mother and daughter evenings, travel planning, girl’s night out, a ‘bring your man or son’ evenings. Feature articles in key lifestyle magazines. Write a free column in weekly newspaper on the art of Styling. Send regular press kits to top publications. Offer styling advice and services to Television companies/presenters. Hold monthly Style workshops. In addition, definitely different will regularly have ‘walk through’ modeling session within the shopping centre with a member of staff and friends being asked to walk through the cafes and walkways wearing specific creations. i. Benefits to Customers Focusing on unique, affordable and high quality designs will help meet the needs of the boutique’s customers and clients. These are essential attributes that will help our products and boutique position itself well among the customers. In addition, we are a middle class company that is capable of offering outstanding day and night wear for both young men and women. Our products are aimed at young men and women who have a strong sense of personality and quality but cannot afford to buy the high level brand designer outfits. ii. Positioning Product and brand positioning is a critical aspect in an organization. Definitely different will use the brand attributes in positioning itself in the market. In positioning its products in the market, definitely different will have to carry out a SWOT analysis. Definitely different’s strengths include favourable prices, high quality and product uniqueness. Its weaknesses include limited capital and staff. There is a great opportunity provided by the high population of young people in Bahrain. iii. Sales Methods Definitely different employees are our prime asset next to our products. They will have been trained to the highest degree in both the subtle art of selling, plus they will have embraced all important personal skills required when involved in the intimacy of selling fashion to customers. iv. Promotion Definitely different will promote its products through different marketing communication tools. The most effective will be advertising through the different media houses and channels. Definitely different will run commercials in different TV stations and radio stations to create awareness of its products. In addition, Definitely different will be involved in a number of run way shows in the town to show case its products to its target market. In addition, our staff will showcase designs on a social basis at clubs and high end events. Systems The management style will be based on mutual respect and solid teamwork with all working towards the same aims and objectives yet with each member of staff being recognized and acknowledged as having a critical and creative role in making the business successful. After six months, the employees will be offered a percentage share in the company and all will be dressed for work in outfits taken from our collection. Staff will also be able to select one basic outfit per month free of charge. Operations Definitely different is located at the city centre shopping centre downtown Bahrain. It is one of the leading fashion boutiques in the region. It has six competent employees in total; 3 seamstresses and 3 sales assistants. Definitely different has numerous sewing machines and iron boxes. In addition, definitely different has employed the use of technology through a newly purchased electrical sewing machine. Financial Requirements Definitely different is funded by personal savings and incomes. Start up costs include inventory for the first month and are estimated at $134.700 of which there has been an injection of 30%. Current owner investments are documented at approximately $41.700 of which $12.700 is in savings and checking. An additional injection of $8.700 will occur in July 12 2017. Annual gross sales are projected to grow from $513.000 in year one to over $700.000 by year three, with approximately 18% from special orders. These sales forecasts are approximately three quarters the average benchmark of Bahrain boutiques. Net profits are expected at approximately 7% through 2012 with reinvestment of 6% for growth initiatives. The owner will hold Cost of Goods Sold at roughly 39% of sales revenue: the intention is to maintain this approximately 62% mark-up throughout the next five years. Due to the demand for our products, inventory turns are projected at 5 which are higher than the industry average of 4. Read More