Business Plan: Inoubliable

By Tiani Pannell, Joshua Carter, Dalonte Mason, Lindsey Chester, Scottie McTague, and Kim Stewart

Retail Format• Department store

• deep assortment• purses (primary product)• clothing• shoes• jewelry/accessories

• broad variety• various luxury brands

• Louis Vuitton, Gucci, Fendi, Levi’s, Jimmy Choo, etc. • Lifestyle focus

• each department categorized around a particular lifestyle• apparel and accessories of the more modern variety will be grouped

together• assists in making the shopping experience easier for customers

Retail Format• Employees

• staff will be knowledgeable on fashion

• up to date on trends, wear stylish clothing, etc.

• makes the customer more assured they can offer proper assistance in choosing products that fit their needs

Target Market • Mirror that of similar stores in the High End Department store category • Main Target

• Female• Ages 20-50• Upper Middle Class

• Secondary Target• Millennials• Both Male and Female • Younger age range

Market Analysis

• Highly Competitive Business Environment

• Keys to competing in our Market

• creating customer experiences

• have competing prices

• fashion newness

• high quality products

• Location

• Strategies• Execute customer strategy • Maintain customer relation• Maintain inventory• Responsiveness to business

environment• Marketing and Advertising• Google AdWorks• Use of Social Media

Market Analysis: SWOT

• Strengths

• Customer

• Care for Customers

• High Standards

• Excellent Distribution

• Weakness

• Competitors

• High Level of Standards

• Keeping up with fashion trends

• Opportunities• New products• New services• New technologies• New Relationships

• Threats• Change in trends• Substitute products

Competitive Analysis

• Competitors

• New York and Company, and Nordstrom, Saks Fifth Avenue

• Barriers to entry

• Trade barriers, and saturated market

Competitive Advantage

• Location

• Human resources

• Supply chain

• Brand Image/customer loyalty

Retail Strategy• Create Product awareness by:

• Web based marketing

• Outdoor advertising

• Offer lower prices than competitors

• Manufacture products Overseas

• Create in-house labeling

• Generate different focus groups

• Generate more product knowledge

• Improve products and services

• Maintain current customers while

bringing in new ones

• Create window displays• allows customers to envision

themselves in the products• Focus on those customers who are willing

to pay full price• Focus on those customers who are loyal• Create a lasting impression with your

customers

Merchandise Management

• Managing merchandise planning•forecast sales•assortment plans

• Buying merchandise•national brands

• Store management pricing•high/low pricing

• Communication Mix•television, social media, and Youtube

Store Management

• FreeForm Layout

• Space and Walkways

• Customer Service/Training

• Store Management

Financial Projection

• Because we are focusing on apparel and accessories, we aim to achieve gross profit ratio around 50%

• aim to achieve $30,000,000 in gross profit and approximately $60,000,000 in net sales

• Anticipate our operating expenses to be rather high• extensive training of our staff is a factor in this

• Inventory turnover • comfortable level; items will have little trouble being purchased

• ROA• will need to fall between 7% - 9%

Funding Request

• Our own funding • Debt Financing • Return on Investment

Work Cited

Gay, Stephen. (2014). “Distinguishing your Brnd in a Saturated Market.”Retrieved from: http://www.viasarfatti25.unibocconi.eu/notizia.php?idArt=14343

Gay, Stephen. (2014). “Distinguishing your Brnd in a Saturated Market.”Retrieved from: http://www.viasarfatti25.unibocconi.eu/notizia.php?idArt=14343Levy, Michael, and Barton Weitz, and Dhruv Grewal. (2014). Retail Management. Mcgraw - Hill.

Lynch, Jason. (2015).”Why TV Is Still the Most Effective Advertising Medium

Key findings from MarketShare study.” Retrieved from: http://www.adweek.com/news/advertising-branding/why-tv-still-most-effective-advertising-medium-165247

MarketingChartsStaff. (2013)”US TV Ad Spend and Influence” Retrieved from: http://www.marketingcharts.com/uncategorized/data-dive-us-tv-ad-spend-and-influence-22524/