BUS116 John Tyler Community College Furwah Company Business Plan Paper The business plan is poorly written and needs editing. Please make sure the grammar

BUS116 John Tyler Community College Furwah Company Business Plan Paper The business plan is poorly written and needs editing. Please make sure the grammar and spelling is correct. (Formal Writing) Running Head: FURWAH COMPANY BUSINESS PLAN
Furwah
BUS 116
Saturday, November 22, 2019
1
FURWAH COMPANY BUSINESS PLAN
Contents
Executive summary……………………………………………………………………………………………………………………… 4
Furwah Company ………………………………………………………………………………………………………………………… 4
Mission and vision of the business ………………………………………………………………………………………………… 4
Company products ………………………………………………………………………………………………………………………. 5
Customer benefits ……………………………………………………………………………………………………………………….. 5
Unique selling proposition (USP) ………………………………………………………………………………………………….. 6
Patent or trademark protection …………………………………………………………………………………………………… 6
Description of the production process ………………………………………………………………………………………… 7
Future product or service offerings …………………………………………………………………………………………….. 7
Industry profile and competitor analysis ……………………………………………………………………………………… 7
Industry’s outlook for the future ………………………………………………………………………………………………… 9
Existing competitors ………………………………………………………………………………………………………………… 9
Potential competitors ……………………………………………………………………………………………………………….. 9
2. Company goals and objectives……………………………………………………………………………………………… 10
SWOT analysis …………………………………………………………………………………………………………………………. 10
Strengths ………………………………………………………………………………………………………………………………….. 10
Marketing ……………………………………………………………………………………………………………………………… 10
Paid advertising……………………………………………………………………………………………………………………… 11
Relationship marketing …………………………………………………………………………………………………………… 11
Internet marketing ………………………………………………………………………………………………………………….. 11
Transactional marketing………………………………………………………………………………………………………….. 12
Diversity marketing ……………………………………………………………………………………………………………….. 12
Manufacturing cost ……………………………………………………………………………………………………………………. 12
Design ………………………………………………………………………………………………………………………………….. 12
Weakness …………………………………………………………………………………………………………………………………. 13
Logistics ……………………………………………………………………………………………………………………………….. 13
Market penetration …………………………………………………………………………………………………………………. 13
Opportunities…………………………………………………………………………………………………………………………….. 13
Threats …………………………………………………………………………………………………………………………………….. 13
Competitive advantage……………………………………………………………………………………………………………….. 14
Differentiation ……………………………………………………………………………………………………………………….. 14
Focus ……………………………………………………………………………………………………………………………………. 14
FURWAH COMPANY BUSINESS PLAN
Target Market……………………………………………………………………………………………………………………………. 14
Problem to be solved or benefits to be offered …………………………………………………………………………… 14
Demographic profile ………………………………………………………………………………………………………………. 14
Customer’s motivation to buy ………………………………………………………………………………………………….. 15
Market size and trends ……………………………………………………………………………………………………………. 15
Advertising and promotion …………………………………………………………………………………………………………. 15
Pricing ……………………………………………………………………………………………………………………………………… 16
Distribution strategy…………………………………………………………………………………………………………………… 16
Management and operations outline …………………………………………………………………………………………….. 16
Description of management team ………………………………………………………………………………………………… 17
Plan of operation ……………………………………………………………………………………………………………………….. 17
The company structure ……………………………………………………………………………………………………………….. 17
Financial information outline ………………………………………………………………………………………………………. 18
FURWAH COMPANY BUSINESS PLAN
Executive summary
The business is all about modernized fashion apparel specifically jackets. The company is
all about the online retail apparel business. The products of the company will provide a range of
benefits to its customers for instance warmth from the inner fur, which will be also comfortable
for all the outings. There will be warranties guaranteed to the customers. Also, it will come up
with a trademark that will help the customers to identify the products. The company’s product
description and manufacturing options will be from Indi source, Apparel Empire, and Najd Est.
However, there are competitors in the industry but the company has different strategies
that will enable the company to survive in the industry. On the other hand, the company will
emphasize its strengths to overthrow their competitors. For instance the marketing strategies, the
production cost, and the design of their product. On the other hand, they have a competitive
advantage to their competitors, like cost leadership, differentiation of their product, and focus
which will be of importance in the industry competition. The company targets the young youths
who are conversant with the changes in design and fashion for it to win a big market share and
dominate the industry.
Furwah Company
Mission and vision of the business
The vision of the company will be to integrate Bedouin heritage into appealing and
modernized fashion wear. The business will be under the online retail apparel business (E-
FURWAH COMPANY BUSINESS PLAN
commerce). The business will stand on different values and principles to ensure the provision of
the best quality and best customer services. The things that will make the business unique are
through providing a new trend with the fur jackets that originates from Bedouin heritage. This
means the company will be sourcing its fur from the Middle East, which is one of its competitive
advantages.
Company products
Since the company will deal with modernized fashion wear, the business will offer
different modernized clothes, for instance, the synthetic fur jackets with artistic hoodies inspired
by furwah, a Bedouin apparel worn in winter.
Customer benefits
Customers will gain various benefits from using the company’s products, specifically, fur
jackets. There will be warmth from the inner fur, there will be different unique hoodies inspired
by Arabian art, and the jackets will be comfortable for all outgoings.
The company will have warranties and guarantees to its products, for instance, there will be an
express warranty: this is a guarantee that the product contains the required quality or the product
meet a certain level of quality from the manufacturer. On the other hand, there is an implied
warranty: this is the guarantee that the product will reach the customer in a perfect situation, in
which a 30 days return policy is imposed. The offer of warranties to customers will also fuel the
customer relationship and trust in the company since the company will offer it free.
FURWAH COMPANY BUSINESS PLAN
Unique selling proposition (USP)
This is a concept that the company will use in its marketing and successful advertising
campaigns, which will make unique propositions to customers that will convince them. For
example, high-quality jackets that last for a long time, and phrases like, the first product of its
kind. These statements will be made across in the campaigns to pursue customers to purchase the
company’s products. USP is also an important element when it comes to the definition of the
company’s position in the marketplace. For instance, it helps in creating the pricing power a
company that customers will always choose. Due to the strong unique selling proposition, it will
let the company stand apart from the entrants and vigorously focus on the energy on generating
things that cater to the ideal customers of the company.
Patent or trademark protection
This includes the safeguarding the intellectual property rights to protect a trademark from
counterfeiting and infringement. A trademark is an established or a legally registered mark of
quality that identifies the uniqueness of a product. This, on the other hand, will help in
preventing other companies from copying the uniqueness of the company’s products. This means
a form of legal protection will granted to the ornamental design of the company products, hence
no other product will be made of the same design.
On the other hand, the company will work on the trademarks. They are important since
they are troubled with the company’s need to classify its goods and services among its customers
and possible customers. Trademarks will guide their customers purchasing decisions. This will
reach the company’s trademarks a level at which there is notoriety, which will turn out to be a
valuable brand name and easy for recognition. Additionally, the trademark will also be part of
the company’s property, hence can be used to make money, because trademark registration
FURWAH COMPANY BUSINESS PLAN
provides exclusive rights to its owner no other party can use a similar trademark without the
knowledge of the trademark owner.
Description of the production process
The process will entail the transformation of a range of inputs into the outputs that are
required by the market. The process will involve two main sets of resources, which are
transforming resources and transformed resources. In this case, the production process will
involve a series of links in a production chain. The production process will have three options for
manufacturers, which includes, Indie source in the United States, specifically, (California and
Los Angeles), Apparel Empire (Washington D.C or Singapore), and Najd Est (Riyadh, Saudi
Arabia). Due to its nature of manufacturers, the company will opt to use mass customization of
products, since they will be produced using mass production techniques but up to a certain level.
At that point, the product will be tailored to the needs or desires of the customers.
Future product or service offerings
Since the company will be product-oriented, the product offering can be assembled from
a reusable product specification. Specifically, product offerings will represent the tangible and
intangible goods that will be made available for a certain price to the market. For instance, the
company will be providing Light jackets, Arabian sandals, T-shirts, caps to the market as
summer collection. On the other hand, the company will also produce winter collections, which
includes, fur sandals, fur caps, and scarfs.
Industry profile and competitor analysis
An industry profile includes the in-depth documents that give insight into an industry, for
instance, where it comes from, and where it appears to be going. In this case, since the company
FURWAH COMPANY BUSINESS PLAN
is new in the industry, it will only reflect on where it will be in the future, for example, Furwah
Company will be an E-commerce apparel industry.
A business trend mostly depends on the volumes of data that a business deals with. For
instance, a trend may statically significant even if data is scattered far from the trend line. In the
case of Furwah Company, personalization is a key factor in E-commerce sales, as 43% of
purchases will be influenced by personalized promotions. Hence, the growth rate of the company
is approximated to reach 7.8% and there are very low barriers to entry and exit.
To ensure the success of the business there are various key success factors that the
company will consider, for instance, client service, which is an act of taking care of the
customer’s needs through providing and conveying helpful, professional, high excellence service,
and help before and after the purchase of products. Another key factor to be considered is fast
and efficient shipping. This is a strategy that the company will come up with to manage their
shipments, for instance, to arrive on time or delivered on time, to avoid unnecessary delays. The
third key factor is multi-channel advertising, which refers to the repetition by which the
companies interrelate with customers through numerous channels both direct and unintended, for
them to sell them their products. Finally, is the growing population of millennials with
smartphones, which will help in the general success of the business?
FURWAH COMPANY BUSINESS PLAN
Industry’s outlook for the future
The industry would boom as in-store purchases would decrease over the years. This
means the industry will boom in all aspects of the business, for instance technologically,
financially and all the economic backgrounds since the industry are growing.
Existing competitors
The existing competitors of the business are the Arabian culture Brand, which is also well
known for its modernized fashion design.
Existing competitors
Arabian Culture Brand
Strengths
➢ Already in the market
➢ It has a good database
for customers.
Weaknesses
➢ Only selling
domestically in Saudi
Arabia
➢ The company
involves one owner,
which makes the
company have limited
resources.
Potential competitors
The potential competitors of the company would be the customers that like the jacket and
decide to copy the design, and also the manufacturers of the original Furwah. If these potential
competitors successfully enter the market, they will have various impacts on the business, for
instance, less market share the business and this means that the business must adapt quickly to
new trends for it to continue surviving in the industry.
FURWAH COMPANY BUSINESS PLAN
Business and Marketing Strategy
1. Desired image and position in the market
The vision of the company will be integrating Bedouin heritage into appealing
modernized fashion wear. Hence, the company desires to create a brand that can be found in bigname retail stores. Additionally, the company will like to gain as much of the market share as
possible.
2. Company goals and objectives
Company goals and objectives are the basic requirements that any successful business
entails since the success is based on the goals and the objectives. They help in clarifying the
purpose of the business and help in identifying the necessary action goals are the general
statements of the desired achievement, while the objectives are the steps or actions that the
company will take to reach the goal. In the case of Furwah Company, there are operational goals
and objectives; to operate on the East coast, the UK and the Middle East, and operational
objectives will be to start as E-commerce than try online retail. Secondly, there are financial
goals and objectives, the goal is to break-even after the first season, and the objective is to be
profitable within the second season.
SWOT analysis
This is a technique used to measure the strengths, weaknesses, opportunities, and threats
of the business.
Strengths
Marketing
This is a long-term strategy, a forward-looking approach to planning with the
fundamental goal of achieving sustainable competitive advantage. In this case, the SWOT
FURWAH COMPANY BUSINESS PLAN
analysis will help in the understanding of the internal and external factors that can make or break
the success of the company towards the marketing goal. Before the company choosing its
marketing strategy, they will consider the following points; the definition of the target
population, testing the audience, considering the marketing strategies, and evaluating the
strategies.
The company’s marketing plan is to win a bigger crowd, hence it will use different
marketing strategies to win their competitors in the industry, the marketing strategies will
include,
Paid advertising
This includes several methods for marketing, for example, traditional methods like TVCs
and print media marketing, and one of the well-known marketing method, which is internet
marketing.
Relationship marketing
This will focus on customer building, through enhancing the existing relationship which
customers leading to the improvement of the customer loyalty
Internet marketing
This is also known as cloud advertising, this frequently happens over the internet. All the
marketing items are shared on the internet and indorsed on numerous platforms via multiple
tactics.
FURWAH COMPANY BUSINESS PLAN
Transactional marketing
The company will also use this strategy since sales are predominantly the most
stimulating work. Even the major retailers, selling is always tough particularly when there are
high volume targets. However, with this strategy, selling will not be difficult.
Diversity marketing
This caters to diverse spectators by customizing and assimilating different marketing
strategies. The strategy also covers different features like cultural, beliefs, attitudes, views, and
other exact needs, which will also increase the competitive advantage.
Manufacturing cost
This includes the total costs of all the resources that will be consumed i…
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