Assignment Sample on MG5590 Business Planning

Brief Introduction

The Made in Brunel Company holds a special place in the field of innovation and creation, based in the background of London. The organization established in 2006, promotes the inclusion of interested students who are talented in the sphere of design. The organization acts as a bridge to connect the gifted students to the creative community present in the outer world. Made in Brunel organization provides a wide platform for talent and creativity in design and is primarily a student-led program that is open to all (McKeever, 2018).

One of the top product designs has been the reinvented clothes which have caught the eyes of the population and especially the fashion world. Modern clothes with a mix of traditional and western fashion in clothing have been in fashion for years, making this styling a vital fashion statement. With time, women have been facing several adversities regarding the concept and output of fashionable clothes including styling with unisex fashion. Fashion accessories like hats and bows are exceptions in fashion retail. AI-based virtual shopping is the need of the hour. The retail business includes range of clothes accessories that came purchased through virtual shopping.  A mirror in the retail spaces will be AI-based and augmented reality can proceed. This will help customers in shopping and visualize themselves in the dress.

Key elements of business plan

Sawkat (2021) in his scholarly output has implied the importance of planning a successful business plan before the period of the venture. Efficient arrangement of the internal, as well as external structure, needs to be planned and laid ahead of the commencement to avoid adverse aftereffects. The main idea behind the product is to bring in a unique experience in the retail clothing industry. The product is a range of women’s clothes ranging from t-shirts, jeans, trousers and leisurewear. To successfully launch the business idea financing is the most vital part. The business would try to get financing sorted through different areas such as personal financing from the founders, Kickstarter financing and small loans from the bank.

Market survey and commercialization

Conducting a thorough analysis of the clothing and accessories retail industry and a competitive review of the same is essential for the business to flourish. The robust structure of the industry is supported by the increased spending of consumers, globally. The competition is equally high within the market, with more companies taking part each day. The USP of Virtual and AI-based shopping is that the new venture is influx with new and innovative designs along with strategies that are unique to the market. Providing ultimate satisfaction to the customers would be the main agenda.

The idea behind futuristic retail clothing and accessories has been implemented by keeping in mind the customers, mainly the female gender. The targeted audience will mainly comprise the fashion industry, the working women, socialites, college students who take the fashion statement seriously. Along with being professional and fashionable, the customers can receive comfort without being subjected to pricking clothes (Distanont, and Khongmalai, 2020). The product will be physically and virtually advertised based on ‘gender and emotional element’ which can help garner the attention of the customers. The launching price will be capped since the organization aims to reach customers from every social and economical background. To make the product available to the college girls, the starting price will be low and economical.

Evaluation of the plan and scope to improve

The organization is aware of the strengths as well as weaknesses regarding the new virtual based retail space product. The comforter will provide the customers with a creative and innovative sense of fashion entwined with comfort. The medical issues which have been faced by women for ages will be combated with this product (Ali, and Anwar, 2021). The company provided individualization as well as customization as per customer choice along with 3-D print availability. The price structure is also well maintained along with future opportunities to expand. The organization has no factories hence no extra expenses are required for manufacturing setup.

Despite the newness, there is no surety if the customers will be willing to make a drastic shift from traditional clothes and sportswear to comfort attire. Since the industry competition is extremely high, the business plan needs to be more specific and long-lasting to survive in the rivalry surrounding. Seasonal modification in the design, customization, and colour will be implemented for the betterment of the products. The customer feedback will help in collecting authentic reviews of the new launch, for better improvements in the future.

Personal Evaluation

During the whole process of business planning, I was tasked with arranging the finance and dealing with investments for the products. We have planned for a startup investment of £75,000. The sum was divided into various heads such as building the VR and AI system, developing the app and also arranging the initial inventory.

I have developed a financial plan which includes several aspects for startup planning and for bootstrapping investment. The initial investment for the company was divided by the founders and each contributed £10,000 in sum vehicle led to the initial sum invested at £30,000. The other major source of investment was a bank loan at 8% interest for £25,000. Apart from this, the remaining investment came from a private investor for £20,000 who had a 20% stake in the company. A detailed summary of the financing and projected profit loss statement is provided in the images below.

Summary

Being a part of the business planning group, the involved participants including myself have benefited from the outcome. Starting from the very initial design plan of the product of clothes wear which will act as a disruptor in the industry due to its innovative products, the implementation of the plan has uplifted the participation of each member. This business plan has acted as a stepping stone for future employability, giving a wide perspective about the market trends and strategies. A marketing roadmap has been created through this business plan, enabling the participants to get a fair amount of ideas about the industry and the world of business, both academically as well as professionally.

References

Ali, B.J. and Anwar, G., 2021. Business strategy: The influence of Strategic Competitiveness on competitive advantage. International Journal of Electrical, Electronics and Computers, 6(2).

Cheah, J., Amran, A. and Yahya, S., 2019. External oriented resources and social enterprises’ performance: The dominant mediating role of formal business planning. Journal of Cleaner Production, 236, p.117693.

Distanont, A. and Khongmalai, O., 2020. The role of innovation in creating a competitive advantage. Kasetsart Journal of Social Sciences, 41(1), pp.15-21.

Ferreras-Garcia, R., Hernández-Lara, A.B. and Serradell-López, E., 2019. Entrepreneurial competences in a higher education business plan course. Education+ Training.

Haseeb, M., Hussain, H.I., Kot, S., Androniceanu, A. and Jermsittiparsert, K., 2019. Role of social and technological challenges in achieving a sustainable competitive advantage and sustainable business performance. Sustainability, 11(14), p.3811.

Kwon, H., Choi, Y. and Lam, B., 2018. The design and social enterprise ecosystem: How can design be applied to a developing social enterprise ecosystem?.

McKeever, M.P., 2018. How to write a business plan. Nolo.

Pang, C., Wang, Q., Li, Y. and Duan, G., 2019. Integrative capability, business model innovation and performance: Contingent effect of business strategy. European Journal of Innovation Management.

Sawkat, H., 2021. AN OVERVIEW OF SUCCESSFUL BUSINESS PLANNING AND ITS IMPORTANCE. Journal of the International Academy for Case Studies, 27, pp.1-