EXECUTIVE SUMMARY OF BUSINESS PLAN - Essay Example

Executive Summary My point of view is to continue the textile company of my father, and take it further. So far, my father’s company has been manufacturing for such brands as H&M, comme des garcons , dries van noten , and essential. While continuing to manufacture for these prestigious brands, I intend to establish a brand of my own that would be a basic-chic brand using monochrome colors. Although it is generally believed that the global textile industry has matured, yet the reality is that it is still growing.

Predictions are that the global textile and clothing industries will grow at the rate of three to four per cent annually (Seitz et al., n.d.). Past predictions held that the global textile and clothing industry would have become a $500 billion market by the year 2010 (Govett, 2006). While many products in the US are imported from China, the recent product needs are creating a lot of opportunities for Turkish companies. Therefore, my target clients will be the modern and elite consumers of Turkey, Europe, and the US.

In textile industry, the most beneficial business results from manufacturing the product for the modern elite because they are the people with the largest amount of disposable money and are willing to invest in clothes frequently for fashion and style. Having modern elite as the target audience also directs manufacturers’ attention more toward quality of work than quantity. Clothes thus produced are sophisticated and of a very high quality and can thus be presented on international fashion shows which in turn helps the business entrepreneur get global fame for the company.

International exposure is very necessary if a business entrepreneur has plans of expanding the company globally after its establishment. My designs would be inspired by nature in general. I shall take inspiration from the dramatic color combinations of beautiful birds and natural scenes. Some brands that I would consider for inspiration and direction include Gucci and Armani. My promotion strategy will be based on two things; first, using the existing channels of promotion that my father has been using for decades and second, using the Internet in general and social media in particular as the channel of promotion.

I shall start over by making the clothes accessible for purchasing to the people online. I shall also get my clothing line advertised in the magazines popular among the modern elite, and get my clothes modeled in famous fashion shows once I have sufficient collection. Therefore, the channels I shall be using will include online channel, print media, and digital media. I shall conduct a thorough study of the latest pricing strategies to establish my own pricing strategy. To start with, I shall follow the same salaries and product pricing strategy that my father has been using.

Gradually, as I establish my own clothing line, I shall modify the pricing to match the demand of the modern elite consumers. I shall start my company in Istanbul, Turkey and establish another branch in Paris, France. Potential partnerships include famous clothing brands including Gucci and Armani, though that will be considered at a much later stage. References:Gorvett, Jon (2006). Turkish Textiles Putting Quality First. International Herald Tribune. Retrieved from www.iht.com/articles/2006/12/05/reports/rtext.php. Seitz, V. et al. (n.d.).

Turkey: Gaining market share in the U.S. ready-to wear clothing market. Retrieved from http://www.rebs.ro/articles/pdfs/67.pdf.