D.O.P.E Chic Apparel Business Plan (Essay Sample)

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D.O.P.E Chic Apparel Business Plan
Introduction
Background
D.O.P.E Chic is in essence an exciting unisex apparel as well as accessory line operated by Brittany Nicholson-Pickens.
Vision/Mission
The company is committed towards ensuring that individuals are able to stand up for their own and showcase their lucrative abilities to others through adoption of unique product line. Most interestingly, D.O.P.E Chic Apparel Business aims at enriching the surrounding community, through mentoring young girls, feeding the homeless, and ensures that people come together in a more positive way.
Objectives
The business objective is to develop the company that is an expert in the apparel marketplace. The new product line is still at its infancy stage in the company, and therefore D.O.P.E. Chic Apparel has to adequately establish itself as a thriving leader in the new market niche. Through the following:
Introduce latest products and services at more affordable prices
Implement new strategies while keeping in mind the fluctuating consumer demands of the cultural beauty industry
Diversify services to cater for women and men also
Product Description
Chic Apparel is a unique product line involving a wide range of unisex attire and accessories with demarcations written D.O.P.E. This includes clothes wear and other eye catching spotlight items such as; Goddess Ring, Comic Earrings, and “Dope Crewneck from Candy Collection”. All the aforementioned items grant one the rare opportunity to be different from the rest through fashion.
Analysis of the Potential
The analysis of its potential market trends can be given through a critical SWOT analysis as discussed below.
Strengths
An effective relationship between the company and its customers is a critical pillar in the development of the business. Besides, new and flexible services at affordable prices provide the company with an exceptional strength.
Weaknesses
Due to increased number of customers streaming into the company, customer service center is overloaded and for that reason, one customer is served over s long period of time.
Opportunities
Increased TV coverage for its products and services offers the company a thriving opportunity to showcase its apparel and accessories. Most importantly, the company has partnerships with other companies.
Threats
Competitors lowering prices, increased income tax by the government and the technical movement of textile industry poses a significant threat in terms of cost.
Competition analysis
The American Apparel business has been overcrowded to an extent that companies have been forced to reduce the cost of products and services greatly (Kurtz, David , & Louis 285). This has been fostered by new entrants in the unisex textile industry thus increasing competition for customers. Strangely enough, some sportswear companies such as NIKE have entered into the unisex apparel market thus piling more pressure in upcoming apparels in terms of completion. Moreover, there is internal competition between D.O.P.E apparels and accessories.
Marketing Strategy
Segmentation
The company has several strategies that ensures that it divides its market demographically, geographically, psycho graphically, and behaviorally. However, its main market segment is based upon gender and age. It is crucial to note that, D.O.P.E Chic Apparel targets members of the public both nationally and internationally by virtue of its good image globally.
Market mix
For the company to experience high returns from its products and services, the following strategies will be adopted:
Product strategy: Products need to meet the diverse consumer demands for them to be economically viable. For this reason, the company anticipates to increase the quality and flexibility of products sold.
Pricing strategy: Prices influence the marketability of products sold (Berends, William 43). In this regard, the company will utilize objective pricing models that are affordable while delivering a reasonable amount of profit. Entirely, prices will be attractive as stipulated in its product menu. In order to appreciate customers, a discount of between 3% - 5% shall be given on some special commodities.
Place strategy: The Company is located on a strategic place. However, to increase the marketability of products outlet shops will be opened in strategic places within other urban centers.
Promotion strategy: the Human Resource manager of the Company will work in partnership with other agencies such as the ICT sector in order to enhance public relations.
Management Team
The management team will involve high profile individu...