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Introduction
To launch a new business in a sector where a company can reach its targeted customers easily, an entrepreneur needs to generate some innovative ideas. For generation of creative ideas, business persons are needed to identify key competitors, way to anticipate needs of customers which is not meet by existing enterprises and more. This would give support to create specific business plan for launching a new venture successfully.
The present report is going to discuss about essential factors which are needed to consider while launching a business. It is based on establishing business nearby a university campus in apparel sector, named by D&D Tees. It mainly targets college students and offer variety of trendy and quality clothes as per demand of them, on reasonable rates. This report covers some main objectives to establish this business, PESTLE analysis to evaluate potential influence, define launching event and a proper budget for same. Furthermore, marketing plans and techniques to anticipate demand of targeted audience.
TASK 1
Part A
Overview of business
ABC Company deals in apparel market in UK marketplace and targeted both youngsters (21 to 35 age) and teenagers for enhancing sales performance. For expanding business market, its managers has carried out an in-depth analysis. Through this process, they have analysed that students of different countries in universities, face various problems to get desire apparels on reasonable rates. Therefore, targeting them and anticipate their needs, owners of ABC company seek to establish one of stores named by D&D Tees, nearby one of the university campus in East London. It will offer the variety of trendy and quality apparels to college students as per demographic division. This company will also provide customised product i.e. clothing on the basis of demand and selected design of customers.
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Through marketing research, managers of ABC Company has evaluated that many stores are also run near by East London University. It includes Levi's Exclusive Store, Allen Solly Store, Puma and more. Therefore, to take over own business from existing stores in apparel market, D&D Tees offers some iconic features as:
- Iconic jeans and casual wear
- AI and machine learning are installed in this store, which is used to match targeted customers' demand based on fit as well as style. Through renting out garments they can extend the life cycle of clothing, which delay it from going into landfills.
- Some luxury accessories are also available which are dyed naturally and tanned without using chemical intensive techniques.Â
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PART B
Objectives of new business
In order to open business or branch successfully in new marketplace, it is essential for entrepreneurs to frame proper objectives as well. In context with ABC Company who wants to open new store as D&D Tees in nearby East London University, the main objectives are:
- To become an easy choice for customers by offering high quality clothes and incredible everyday prices
- To anticipate needs of college students through walk-able access
- To create a software that enables to design circular garments as per demand of customers
- To analyse target market in order to attain higher competitive advantage.
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