Now that you have completed the detailed process of evaluating the proposed business opportunity (attached) and compiled all of the findings into a detailed project, you will need to create a one page, high-level abstract of the proposed business venture. This abstract should provide a short description of the business concept and highlight your breakthrough idea by describing the unique aspects of your product or service. This abstract should be the first section of your submission after the cover sheet.

Include a WOW statement, which could simply be a sentence indicating why the project is important to the business industry as a whole.

Use the following guidelines when writing the abstract:

• Begin with a wow statement illuminating the business problem under study. The WOW statement is a one-line attention-grabbing statement.
• Identify the population or organization.
• Identify three themes that morphed from the development of the plan to entice your readers.
• Ensure the first line(s) in the abstract are not indented.
• Ensure abstract does not exceed one page but should be about one page with the final submission.
• Use plural verbs with data (e.g., the data were).
• Write all numbers as digits (i.e., 1, 2, 10, 20) and not spelled out unless at the beginning of a sentence.
• Add an abbreviation in parentheses after spelling out a term in full only if the abbreviation is used again in the abstract.
• The abstract is written in past tense because the section is normally completed at the end of a project.

BUSINESS PLAN (i)

BUSINESS PLAN 1

Business Plan xxxxxxxxx MGT699 Capstone xxxxxxxxx 30 August 2020 KOUTURE TRAVEL & DESIGNS P.O BOX 0100-089000

Table of Contents

1.0 Abstract 2

2.0 Company Description/History/Background

3.0 Mission Statement

4.0 Goals and Objectives

5.0 Stakeholder Analysis

6.0 Industry Analysis

7.0 Competitor Analysis

8.0 Marketing Strategy

9.0 Organizational Success Strategies

10.0 Financials Plan

11.0 Final Remarks

12.0 Appendix

References

Abstract

Kouture Travels and Designs is an apparel manufacturing company that produces and retails the apparel through di8fferent outlets. The company is currently focusing on increasing operations of both production and marketing in the country. As such, the company needs financial support from potential funders who may be interested in the idea. This business plan will outline the company’s mission, the goals and objectives of the company, and an analysis of the stakeholders.

Company Description

Kouture Travels and Designs is a company which will be dealing with the latest fashion wears for male, female, adult, and children. It is located in middle Georgia, mostly selling t-shirts to our customers. Our goal is to provide quality services to our customers. This will be achieved by since our employees are fully committed to serving customers freely, by allowing free interaction with them. We will allow our customers to bargain for the prices will not be fixed. We believe our customers are our bosses, so we will do anything for their satisfaction.

We will try to be unique in such a way that we will offer recognizable discounts to every purchase made using a certain criterion, that is, if you buy five t-shirts, you win an extra t-shirt and a chance to appear in our magazine. We will still supply customers with cards, so whenever you buy in our company and present the card, you will get points which you can use later to purchase without cash. Our company hall will consist of the Manager, cashier, and customer attendants. Customers will be allowed to go in crosscheck all the products available, choose what fits him/her well according to customer’s choice, and later purchase after necessary bargaining. We will also launch an online app where customers can purchase items online, and they are delivered.

Mission Statement

Our mission as Kouture Travels and Designs is to transform and serve the society willingly by quality assurance to improve their social life and standard of living by offering quality products and services. To provide the best quality of locally produced apparel at customer-friendly prices.

Strategic goals and objectives

As initially stated, the company would love to expand its operations, including the production and marketing of the apparel produced. One of the ways this is going to happen is through the opening of more retail outlets in the country to penetrate the market. Our road to success is guided by several objectives that we aim to meet as we expand the business.

We aim to improve customer satisfaction levels from 75% to 80% before the end of this calendar year. Customer satisfaction is essential to the company because we would like to identify the number one quality apparel producer among the customers. Therefore, we will try to incorporate some of the ideas by our customers in the production, among other customer relationship management strategies, to improve on our customer satisfaction levels before the end of this calendar year.

We also aim to reduce operational costs by 15% by the next financial year. In our expansion, as a company, we ate targeting a 15% reduction in operational cost (Indeed.com, 2019). To achieve this, we have begun training our manufacturing teams on sigma six strategies. We project that we will be able to attain operational excellence with the successful implementation of the company’s strategy.

Kouture Travels & Designs aims to increase stakeholder value by 10% within the next quarter. Given the strategies in place for expansion and attainment of operational excellence, we aim to expand the company’s stakeholder value by 10% before the next quarter. From the increased sales and reduced operational costs, the company will increase value for its stakeholders.

The company also aims to maintain current profit margins over the next three months. Besides, we aim to balance the budget of the company before January the following year. Finally, the company aims to secure ten new clients before the end of this calendar year.

Stakeholder analysis

The business’s most critical stakeholders will include the executive, the marketing and sales department, finance, product development, manufacturing, distribution, and procurement departments. The executive will be the stakeholders in the company and the management staff. These are high power high-interest parties in the company and will have to be kept satisfied (Product Plan, 2020). They have more than five years’ experience in the business. The marketing and sales department will be classified under the high-power low-interest group. The product developers and manufacturing team will fall under low power, a high-interest group in the company. Finally, the distributions team will fall under the low power, low-interest group.

Industry Analysis

Kouture Travels and Designs as an apparel manufacturing company with different outlets focuses on production and distribution of its products (BusinessPlan, n.d). The Kouture Travels and Designs Company have enjoyed considerable market share because of its ability to satisfy customers through different offerings products (BusinessPlan, n.d). As the company seeks to expand its services in Georgia, it must be keen to identify strategies that work best in gaining market share and competing well with exiting competitors in the same industry. The apparel industry is a highly competitive one; therefore, for the company to command the market, it must understand the industry. The industry in question is one that is committed to customer satisfaction. For this reason, the company in question must focus on strategies that attract customers. For example, giving customers a chance to bargain on the process of goods provides the company with an opportunity to attract more customers due to high customer satisfaction. Through this, the industry receives more customers which in turn provides enough finances that aid the company when expanding.

Competitor Analysis

Competitor analysis focuses on understanding the strengths and weaknesses of potential competitors (Guo et al., 2017). This gives Kouture Travels and Designs Company a better chance to command the market. The company seeks to improve customer satisfaction concerning its competitors. The company, therefore, focuses on identifying instances where its competitors have been instrumental in meeting customer needs. Also, it focuses on the identification of cases where the competitors have failed to satisfy its customers. Where competitors have not involved the customers in their productions, Kouture Travels and Designs Company can involve its customers in its production. One way to do this is through the creation of an open channel of communication where customers are asked to provide their comments concerning improvements to be made on the company’s products.

Also, the company seeks to reduce its operational costs by 15% by the end of the financial year (BusinessPlan, n.d). This, in turn, provides funds that will be used in expanding its operations. Besides, to remain competitive, the company must consider looking at its competitors’ social media engagement. Today, many organizations reach to their customers through social media platforms (Alalwan et al., 2017). Therefore, through analysis of the competitors’ social media engagement, the company designs strategies for marketing its products.

Marketing Plan

Kouture Travels and Designs Company intends to serve all its customers, both large and small scale, around the Macon City and other customers within Georgia State. The potential target customers by the premise include:

· Youths- The population of the youth and other young people in middle Georgia is vast, and they may contribute up to seventy percent (70%) of the total population of the target customers. This is due to the specific location of the premise, Macon City, where many people spend their time do some shopping. Also, there are neighboring higher institutions where many university and college students can purchase the products freely.

· Football fans- The premise is located near a stadium where many football fans can freely purchase their desired t-shirts for the different teams that they support.

· Older adults- Georgia has a favorable climate that allows older adults to walk and bask in the sun freely. Since they do not have to wear heavily, the Company targets them by designing excellent fittings for the adults wear. Also, most people in middle Georgia are economically stable.

8.2 Market shape/size

The market share for Kouture Travels and Designs Company is represented by the column chart below. The total number of customers is around three thousand (3000). Also, the premise anticipates an increase at the end of the year. Also, the Company expects half the market shares in four years.

Figure 8.0 Kouture Travels market share

8.3 Competition

Kouture Travel’s premise is faced with stiff competition from other premises dealing with clothing such as Westindies fashion and design and Joe’s collections enterprise. As a result, the management has taken some measures to overcome the stiff competition:

· The prices charged are fair to increase and attract more customers.

· The employees are well equipped with skills such as sales and marketing. This ensures that customers will be convinced enough to buy the clothing.

· Providing customers with services such as after-sales services. Mostly, some customers purchase goods on a large scale to sell to other parts. Kouture Travels company looks forward to selling its goods to all sorts of customers.

8.4 Promotion and advertisement methods

The Company intends to offer various sales promotional methods to all customers (Chernev, 2020). These includes:

· Advertising and selling goods online.

· Use of displays.

· Door to door services.

· Shows and exhibitions.

8.5 Pricing strategy

The prices of the products are based on reasonable profit margins, which is slightly above four to six dollars from the actual buying price. The Company intends to sell the products at fair prices, without setting too high selling prices. This will also be a strategy for maintaining more customers.

8.6 Sales tactics

For an efficient selling manner, the premise targets to offer a thirty-five percent (35%) discount on all products bought on large quantities by the customers. Also, the customers will be provided with credit facilities, which will be scheduled to be paid monthly or weekly (McKeever, 2016). Moreover, customers buying at large quantities will be offered with free transportation and delivery.

8.7 Distribution strategy

The purchased products will be distributed through:

· Motorbike- The products bought at small quantities will be delivered by use of this means.

· Company’s van- All products bought at large quantities can be bulky enough, and therefore the van can be used by the employees.

Organizational Success Strategies

The company aims at serving the community through quality services in its production and sale of fashion wear along with value creation and profit generation to the investors and other stakeholders. This will be achieved through filling the market gap existing in relation to customers’ satisfaction. In the customer’s satisfaction process, the company has identified loops in the lack of customers’ involvement by other competitors dealing with similar products in the market and who are serving the same niche. In achieving more returns, the company aims at increasing its productivity and serving a larger market with products that are well-tailored according to the needs of the customers. In this respect, there is the need for more capital investments to meet the budgets appropriated for the expansion.

Strategies to ensure overall success

The company has focused its success on quality development in terms of offering high quality products and value addition in terms of increasing the returns and the value of the company through earnings. This has been achieved through a deep analysis of the three strategy levels: corporate level strategy, business strategy level and functional strategy level. In achieving quality standards, the company will engage customers through social media and use of data collected from the market study carried out by the research and development department in the existing and target markets. Establishment of a feedback system in the company’s website will assist in getting responses from customers on the quality of the products after purchase and also to contribute to customers’ retention through after-sale satisfaction (Ahmadian, 2019).

In value addition context, the company aims at increasing the margin between turnovers and expenditure incurred to produce and make sales of the products. In relation to increasing the revenue, the company aims at implementing strategies such as aligning sales and markets through tailoring fashion products according to the needs of the niche. Next is establishing a formal referral system where customers can refer others and get rewards such as discounts when they are making future purchases to increase sales hence more revenue (Rockas, 2019). Also, the company will use a segmented price strategy based on groups of products and the niche basing their standard on affordability with quality prioritized. In addition, the company aims at increasing their online presence where an open platform for making orders can be made and products are delivered to the customer so as to serve customers who are not able to access the main store or the outlets.

On strategies of reducing cost of production, the company aims at using strategies such embracing virtual technology, modernizing marketing efforts such as networking instead of paid advertisements and cutting unnecessary production cost. By implementation of these strategies, the company’s financial growth will be as illustrated and therefore generate income to all stakeholders such as investors, lenders, owners and the society.

Projected revenue growth graph

Y1 Y2 Y3 Y4

Time (Years)

References

Alalwan, A. A., Rana, N. P., Dwivedi, Y. K., & Algharabat, R. (2017). Social media in marketing: A review and analysis of the existing literature. Telematics and Informatics, 34(7), 1177-1190.

BusinessPlan_Week3WorkingDoc.docx

Guo, L., Sharma, R., Yin, L., Lu, R., & Rong, K. (2017). Automated competitor analysis using big data analytics. Business Process Management Journal.

References

Sahlman, W. A. (1997). How to write a great business plan. Harvard business review, 75(4), 98-109.

Indeed.com (2019) Complete Guide to Setting Strategic Goals (With Examples). Retrieved from

https://www.indeed.com/career-advice/career-development/setting-strategic-goals

Product Plan (2020) Stakeholder Analysis. Retrieved from

https://www.productplan.com/glossary/stakeholder-analysis/

Chernev, A. (2020). The marketing plan handbook. Cerebellum Press.

McKeever, M. (2016). How to write a business plan. Nolo.

Top of Form

Bottom of Form

the market share in four consecutive years

Westindies fashions & design year 1 year 2 year 3 year 4 4.3 3.8 3.5 2.8 Joe’s collections year 1 year 2 year 3 year 4 2.4 2.1 1.8 2.2999999999999998 Kouture Travels year 1 year 2 year 3 year 4 2 3 3.5 5