BUSINESS PLAN

Critical Evaluation of the Business Plan

Critical Evaluation of the Business Plan

Introduction

The members have planned a garment business named “Create & Wear” performing services of jeans customization. The members have decided to take the jeans segment of the garment market where customer will have an opportunity to create jeans according to their own desire, fitting and unique look. Therefore, clients can create their product and order it. “Create & wear” will deliver them their customized product, and provide them with a pleasant blissful and joyous feeling of “my creation...!”

Create & Wear comes up with a marking statement:

“ALL YOU WEAR IS ALL ABOUT YOU.”

At present Create and Wear will be providing customization specifically for jeans and other certain accessories which include hand bags and related in future.Marketing PlanIdentifying Marketing Needs

Create and Wear is focusing on physiological as well as needs for self expression, attention, recognition. Individuals including men and women do opt for dressing as a mode of self expression. Create and Wear provides expression of feelings like victory, rage, revenge, love, happiness etc. and thus self portraying, self expression and belongingness can be achieved.

Market Segmentation:

Create and Wear has a product that is open to all. The needs it caters to constitute a basic need in the need hierarchy, however, keeping buying behaviour and buying preferences as the basis of viewing our market Create and Wear sees its market divided into two significant segments:

Brand Conscious Customers

This segment of the market is highly conscious about wearing designer brands and feels privileged wearing them. These consumers typically admire what a designer makes for them regardless of their likeness in most cases. These consumers predominantly found going to outlets of their favourite brands every time they have to buy a product and choose among the slot available and make the purchase.

Non-brand Conscious Customers

This segment not obsessed to a certain brand due to reasons such as product design and affordability. This segment further observed having sub-segments as follows:

Consumers buying anything they like from anywhere.

Consumers who search exclusively for products they want and match the available products to the desired or idealised ones. This involves rigorous search activities

Target Market:

Create and Wear decided to focus on the following target markets in view of the done segmentation. 

Primary target market: non- brand conscious customers

secondary target market: brand conscious customers (See TABLE 1; Appendix A)

Create and Wear will primarily try to attract customers from our initial segment as they possess a high level of chances to adopt online method to finally get what they want. The secondary segment will also be worked upon because they constitute an equally important part of this market (Samiee, Katsikeas& Theodosiou, 2009, pp. 310-312).

Positioning:

Create and Wear will position itself in the customer's mind as “A place to design my idea and get it at my doorstep without getting into the hassle of hunt and find.”

Pricing Strategy:

C&W will focus on three key issues while deciding the price of the product.

Costs

Competitor's offered price

Value perceived by the customer

Market penetrating strategy adopted to provide the customer a customized, self desired product at the same price to that ...