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Social Performance As A Business Strategy

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Question:

Discuss about Social Performance as a Business Strategy.

 

 

Answer:

Background

This business plan is about fashion boutique named Xenia Boutique operating in Australia. Xenia Boutique is a small boutique which is operating at the local level in Australia. Xenia Boutique is the start-up retail which is selling out fashionable clothing products to women. The boutique is located in Australia which is also famous as the tourist destination. The key objective of this boutique is to establish strong brand name with the effective business. This report provides an effective business plan for Xenia Boutique in order to meet the needs and demands of the customers (Hoskisson, 2009).

Mission

The mission of Xenia Boutique is to provide new way of fashion to female customers based on the quality and styles (Xenia Boutique, 2017).    

Business goals

The business goals of Xenia Boutique are to differentiate itself from existing boutiques in the Australian market. This objective is achieved by providing stylish and quality clothing products to female customers. The basic objective of the boutique is to provide excellent shopping experience to the customers. So, Xenia Boutique is focused on providing the clothing products in all the size and shapes for women. Along with this, the aim is to make purchasing easy, efficient and affordable for the customers (Payne & Holt, 2008). 

 

Marketing

Market research

Xenia Boutique targets female customers for its clothing products. The current population of Australia is 24.13 million and there are 54% women of total population. So, it is easy for Xenia Boutique to target women by providing them various types of clothing products in order to meet their demands. Women always seek for the clothing products those are comfortable as well as fashionable. Xenia Boutique targets tourists also as Australia is famous among travelers in all over the world. People come in Australia to spend their vacations and they enjoy shopping also. So, Xenia Boutique takes advantage from tourists (Schnaars, 2010).

Market analysis

Fashion boutique is profitable business in the retail fashion industry including various changing styles and demands of the customers. The reason is that customers always seek for the excellent shopping experience of the shopping. In current time, women are doing jobs and they want various clothes for all purpose like casual wears and business wears. So, demand of the clothing products among female customers is very high in the retail market (Preble & Hoffman, 2009). In order to understand the requirements of the customers, Xenia Boutique has established in team so that feedback from the important customers can be gathered. Although, there are various established boutiques in the Australian market but Xenia Boutique is trying to establish strong brand image by its effective marketing strategies (Jones & Hayes, 2008).

Marketing plan

Products

Xenia Boutique has combination of various clothing products for women customers. The boutique provides wide range of clothes from selected fashion designers. Company is also using modern fashion trend by understanding the needs and requirements of the customers. Women are very conscious for their clothes so, for them boutique has business clothing, casual wear, formal wear and jeans. Along with this, boutique is also providing some accessories such as scarves, belts and hats. The boutique has set value based pricing structure which provides quality, customer services, style and easy access of products in order to attract the customers.

Placement

Currently, Xenia Boutique is marketing its products by the regional and local specialty shops in all over the country. Along with this, boutique is selling its clothing products by its website and the delivery charges are applied with the products. By selling the products through online stores, Xenia Boutique is able to reach more customers and market in an appropriate manner (Glowik & Smyczek, 2011).

Pricing policy

Xenia Boutique has set the prices of the products by keeping the competition in the mind. The price range of Xenia Boutique is affordable and female customers prefer the price ranges of low to middle. Along with this, the boutique is following demand based pricing as it makes sure that company is able to develop excellent brand awareness, market share improvements and customers preferences for the brand. Along with this, market penetration strategy is also used by Xenia Boutique to keep the lower price for the clothing products and to attract more customers (Gruca & Rego, 2009). 

 

ICT marketing and Promotions strategy

Xenia Boutique promotes itself in variety of ways. Information related to company and products can be achieved on direct mailing, internet and direct contact. The promotional efforts of the company have aim to differentiate itself from the competitors in the market. Xenia Boutique relies on the personal contacts with the retailers in order to promote the products. This relationship is helpful for the company to convey the message to the customers including unique qualities of products and build relationships. Along with this, Xenia Boutique is also focusing on some promotional activities i.e. print advertisements, TV campaigns, web-based E-flayer, and social media advertisements. In the promotional tactics, boutique is following ‘push strategy’ i.e. sales promotion to push the products towards media channels (Drummond, Ensor & Ashford, 2012).

Evaluation of marketing

For Xenia Boutique, there is the need to draw unique marketing strategy in order to deal with competition in the retail industry. The boutique is not only manufacturing unique clothes but also promoting the products with unique strategy of marketing. For this manner, company should plan to establish strong partnership with other retailers in the Australian market. By the marketing message, logo and slogan, company is able to generate awareness about the clothing products among the customers (Dentchev, 2009). Along with this, Xenia Boutique is developing its strong connection in all the important places in the country. The partnership done by the company is beneficial in order conduct various events and target the consumers. Xenia Boutique is trying to expand its business in local community of Australia. The interactive advertisements in the local community include media coverage, direct mail marketing, print advertisement, and various campaigns. So, large amount of budget is allocated for the print and broadcast media (Joshi, 2009).

Operations

Legal and licensing requirements

In order to operate the business in Australian market, there is the need to fulfill some legal and licensing process. First of all, Xenia Boutique has business registration including Australian Business number (ABN), the Goods and Service Tax (GST), and Tax file number (TFN). In Licenses, Xenia Boutique has government licenses, permits, approvals, codes if practices, standards and guidelines in order to keep compliance responsibilities (Lymbersky, 2009). 

 

Organizational structure and staffing

Xenia Boutique is the small business so; staff in the boutique is also small. Owners of the company has leadership role and they are also accountable for daily operations in the business i.e. buying raw material, inventory management, administrative duties and making efforts. Management philosophy is used by the company in order to develop responsibility and mutual respect. The environment and structure of the boutique increase the productivity of the business. Staff member of boutique are helpful in order to secure the sales, general maintenance of the raw material and customers services effectively (Farahmand, 2011). Xenia Boutique hires the employees and sales staff as the part time employees. The sales associates of the boutique are paid on hourly basis along with commission also. Along with this, bonuses and offers are also given to the staff members each year based their performance review annually. Staff members of boutique are focused on maintaining public relations in the retail fashion industry (Cool & Schendel, 2010).

Insurance and security issues

There can be various issues in the boutique business related to insurance and security. In the business, there can be issues related to information security, personal security, physical security, and health hazards. Further, there can be risks of fire hazards, visual inspection of premises, natural disasters, crime and employee training (Lee, 2009).

Business premises

In case of Xenia Boutique, the company is operating through online tools and website. Along with this, company has its stores also where customers can go and purchase their desired products. Location is critical to many businesses and in the fashion industry, location can wither make or break a business. Xenia Boutique has its location in Queensland which is the famous part of Australia for tourists. People come there to spend their vacations. So, it is clear that the business premises of Xenia Boutique are appropriate for the company to gain profit.

Equipment required

For the business of boutique, some equipment is required by the company. In order to run the business effectively and minimize the impact of risk, it is important to have proper equipments and supplies. On the basic level, there are some important equipments are stocks i.e. filing cabinet, a safe, printer, computer, scanner and shredder. In terms of equipments of sales, there is the need of cash register, shopping bags of different sizes, shopping baskets and carts, security mirrors and security systems. Along with this, there is the need of shelves, racks, POP displays, hangers and stereo system (Dant, 2009).

Production processes

The process of converting fabric into designer garments is described below:

Design- This is the initial process from the designing phase. There are different and various patterns of clothing which are also related to the taste and preferences of the customers. This is done by contracted designers as they provide basic designs of the clothing products. On average, a designer provides 40 designs per month.

Pattern making- Based on the selected design, pattern making are developed. Based on these patterns, fabrics are cut block printed, and processed accordingly (Seshadri, 2009).

 Stitching and finishing- The pattern making is further followed by stitching which can be done by outsourcing or house stitching. Labels are also attached with the clothing products in this process. Final phase is finishing in which products are checked in terms of quality control for the final presentation at the outlet. The garments are also tagged for the identification of prices, sizes, handling instructions and addresses etc (Mouncey & Baker, 2009).

Critical risks

There can be various risks in the business of Xenia Boutique while operating the business in the retail industry. The risks are related fashion trends, inventory management, and business. Without proper raw material, boutique cannot be able to good quality clothing products. Further, there is another risk related to trend in the fashion market as they are continuously changing. One inappropriate strategy can damage the brand image of the company. Along with this, there can be risk related to marketing strategies. Clothing business must have effective and clear marketing strategies in order to target potential customers (Marcer, 2012).

Financial projection 

Basic assumption and information

Xenia Boutique has established its business as the fashion retailer in the clothing market. The company is providing quality fabric products to the female customers.

General assumptions

 

FY 2017

FY 2018

Short term interest rate

10.00%

10.00%

Long term interest rate

10.00%

10.00%

Payment days estimator

30

30

Collection days estimator

0

0

Inventory turnover estimator

8.00

8.00

Tax rate

25.00%

25.00%

Expenses in cash

10.00%

10.00%

Sales on credit

0.00%

0.00%

Personnel Burden

15.00%

15.00%

Analysis of financial forecasts

Sales mix forecast

Sales

FY 2017

FY 2018

Sales

$187,500

$286,118

Other

$0

$0

Total Sales

$187,500

$286,118

Direct cost of sales

 

 

Sales

$28,500

$28,500

Other

$0

$0

Subtotal costs of sales

$28,500

$28,500

Cash flow forecast

Net Profit

FY 2017

FY 2018

Plus:

 

 

Depreciation

$0

$0

Change in accounts payable

$14,777

($4,126)

Current borrowings

$0

$0

Increase or decrease other liabilities

$0

$0

Long-term borrowings

$0

$0

Capital input

$0

$0

Subtotal

$65,466

$128,193

Less:

 

 

Change in accounts receivable

$0

$0

Change in inventory

($11,875)

$0

Change in other short term assets

$0

$0

Capital expenditure

$0

$0

Dividends

$0

$0

Sub Total

($11,875)

$0

Net Cash flow

$77,341

$128,193

Cash Balance

$77,341

$205,635

 

 

 Projected profit and loss statement

Profit and Loss Statement

FY 2017

FY 2018

Sales

$187,500

$288,118

Direct cost of sales

$28,500

$28,500

Production Payroll

0

0

Other

0

0

Total cost of sales

$28,500

$28,500

Gross Margin

$159,000

$257,181

Gross Margin %

84.80%

90.04%

Operating Expenses:

 

 

Sales and marketing expenses

 

 

Sales and marketing Payroll

0

0

Rent

$12,100

$13,200

Travel

$2,000

$2,000

Burglar Alarm

$1,188

$1,188

Total sales and marketing expenses

0

0

Sales and marketing %

0.00%

0.00%

General and administrative Expenses

 

 

General and administrative payroll

0

0

Payroll Expense

$13,200

$13,200

Payroll Burden

$1,980

$1,980

Depreciation

0

0

Office supplies

$220

$220

Utilities

$10,080

$10,080

Insurances

$876

$876

Telephone

$1,080

$1,080

Total General and administrative expenses

0

0

General and administrative %

0%

0%

Other expenses

 

 

Other payroll

0

0

Advertising

$5,027

$5,484

Loan repayment

$6,820

$7,440

Inventory

$28,500

$28,500

Accounting/Legal

$4,800

$4,800

Total operating expenses

$87,871

$90,048

Profit before interest and taxes

$71,129

$167,570

Interest expense short term

$3,544

$3,544

Interest expense long term

0

0

Tax Incurred

$16,896

$41,006

Extraordinary items

0

0

Net profit

$50,688

$123,019

Net profit/sales

27.03%

43.00%

Owner’s personal assets and liabilities

 

                     Assets

 

Short-term Assets

FY 2017

FY 2018

Cash

$77,341

$205,635

Accounts Receivable

$0

$0

Inventory

$7,125

$7,125

Other short-term assets

$0

$0

Total short-term assets

$84,466

$212,760

Long term assets

 

 

Capital Assets

$0

$0

Accumulated Depreciation

$0

$0

Total Long term assets

$0

$0

Total Assets

$84,466

$212,760

Liabilities and capital

 

 

Accounts Payable

$14,777

$10,652

Short term notes

$35,444

$35,444

Other short term liabilities

$0

$0

Subtotal short term liabilities

$50,221

$46,096

Long term liabilities

$0

$0

Total liabilities

$50,221

$46,096

Paid in capital

$18,299

$18,299


Retained earnings

($34,743)

$15,945

Earnings

$50,688

$123,019

Total Capital

$34,244

$157,246

Total Liabilities and Capital

$84,466

$212,760

Net worth

$34,244

$157,264

Implementation timetable

For implementing all the business operations and tactics, Xenia Boutique has made implementation time table. Time tale includes all the business activities i.e. setting up office, business plan completion, developing website and appointing of personnel. Implementation time table for Xenia Boutique is given below:

Activity

Starting date

End Date

Manager

Concerned Department

Business plan formation

1/7/2017

1/11/2017

Marketing Manager

Marketing Department

Office set up

1/11/2018

1/2/2018

-

Owners

Website development

1/2/2018

1/5/2018

Managers

Information Technology department

Hiring of the people

1/5/2018

1/7/2018

HR manager

Human resource department

 

 

References

Cool, K.,  & Schendel, D.,  (2010),  'Performance  differences  among  strategic  group  members',  Strategic Management  Journal,  9(3) ,  pp. 207-223

Dant, S. P., (2009), ‘Ownership Structure in Franchising: The Effect of Transaction Cost, Production Costs and Strategic Considerations’, the International Review of Retail, Distribution and Consumer Research, 6(1), 53–75

Dentchev, N., (2009), Corporate Social Performance as a Business Strategy, Journal of Business Ethics, 55(4), pg. 397 – 412

Drummond, G., Ensor, J. & Ashford, R., (2012), Strategic Marketing: Planning and Control, (4th) London: Palgrave Macmillan

Farahmand, N. F., (2011), Organizational marketing planning by management educated managers, African Journal of Marketing Management,  3(8), pp. 178-187

Glowik, M. & Smyczek, S., (2011), International Marketing Management: Strategies, Concepts and Cases in Europe, Page 301, (4th), New York: Physica-Verlag

Gruca, T. S. & Rego, L. L., (2009), “Customer Satisfaction, Cash Flow and Shareholder Value,” Journal of Marketing, 69, 115–30

Hoskisson, R., (2009), Business strategy: theory and cases. (6th), UK: John Murray

Jones, R. M. & Hayes, S. G., (2008), The UK clothing industry: Extinction or evolution? Journal of Fashion Marketing and Management, 8 (3), 262-278

Joshi, A. W., (2009), Continuous supplier performance improvement: Effects of collaborative communication and control: Journal of Marketing, 73(1), 133–150

Lee, G. K., (2009), Relevance of organizational capabilities and its dynamics: What to learn from entrants’ product portfolios about the determinants of entry timing? Strategic Management Journal, 29, 1257–1280

Lymbersky, C. (2009), Market Entry Strategies: Text, Cases and Readings in Market Entry Management, (5th) Australia: Christoph Lymbersky

Marcer, D., (2012), Marketing strategy: the challenge of the external environment. (5th) London, Washington: Sage Publications

Mouncey, P. & Baker, S., (2009), The market researcher's manifesto. International Journal of Market Research, 45 (4), 415–433

Payne, A., & Holt, S., (2008), Diagnosing Customer Value: Integrating the Value Process and Relationship Marketing. British Journal of Management, 12 (2), pp 159 – 182

Preble, J. F. & Hoffman, R. C., (2009), ‘Competitive Advantage through Specialty Franchising’, Journal of Consumer Marketing, 15(1), 64–77

Schnaars, S., (2010), Marketing strategy: a customer-driven approach, (5th) Huntington, New York: Free Press

Seshadri, S., (2009), Sourcing strategy: principles, policy, and designs, India: PHI Learning Pvt. Ltd

Xenia Boutique, (2017), Xenia Boutique Blog – News, accessed on 19th December 2017 from https://www.xeniaboutique.com.au/blogs/news

OR

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