Starting A Business And Fundamentals Of Marketing In Finance Assignment

Starting A Business And Fundamentals Of Marketing In Finance 

Introduction - Starting A Business And Fundamentals Of Marketing In Finance

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Overview of business idea

Awareness regarding fashion has increased the retail market of apparel in the UK market. Tracking this trend of apparel business where introducing new business ideas to provide customized dress to customers could be profitable business. Providing customized apparel with affordable pricing would attract the young generation easily. Apparel has become an important part of daily life for grooming and presentation. 

Brand name

Own vibe fashion

Tag line

“Be Unique, Be Happy, Be yourself”

Mission

“To making customized apparel for customers to make them feel good and free”

Vision

Providing customized dress to customers would create their own identity among others. Innovative presentation of apparel with a new look for customers would be popular among the younger generation.

Products and services

• Customized shirt, pants and hats for men’s
• Customized design dress for women’s
• After sale service to gain customers confidence about product quality

Importance of product

Dressing sense among the young generation has been growing nowadays where promoting new customized apparels would create innovative service regarding customized dress according to customer’s requirement. Using these innovative business customers would be able to show their creativity through appearance in front of everyone.

Present condition of apparel industry

Figure 1: Revenue of apparel market in UK

(Source: Statista.com, 2022)

The progress of the apparel industry of the UK has been growing with huge volume. According to business news, the UK has established a £26 billion market in recent years. Another fact of this industry has potential for future growth with additional support of revenue could deliver higher earnings. This industry has potential growth around £66 billion revenue will be gained by FY 2026 (Talay et al. 2018). Many business organizations are already running their business with acquiring a huge amount of market share. However, the growing apparel market of the UK is a chance for new market players to create their own identity. 

SWOT analysis

Basics	Strengths	Weakness
	? Growing apparel m,arket in UK is opportunity ? Unique service and products for customers ? Targeted customers would be young generation	? Lack of experience regarding apparel industry of UK ? Existing market players have major percentage of market share
Opportunities	S/O	W/O
? Growth of Apparel industry would be opportunity ? Customized apparels for customers would help to garb opportunity for business	? The business idea would be useful to target the young generation of the UK. Although using of growth opportunity of industry would be useful to gain market share	? Existing Market players are still have their major business from young generation ? Efficient workers and supportive employees are required for better customized dress making
Threats	S/T	W/T
One of the leading company of UK fashion industry is “ASOS” that would be threat for this business idea	Strategic partnership with different raw material delivery partner would assure about product quality	Cost of products should be at affordable price range for customers huge participation.

Table 1: SWOT analysis

(Source: Created by learner)

SWOT analysis of this business has presented strengths and weaknesses that would be helpful for future business activity. Another aspect of the business idea would be treated by highly performed compositions where comparative strategies would be reported for long term business operation (Jia et al. 2020). Partnership business with marketing companies would be helpful for advertising products to potential customers. Although using strategic planning for business expansion would be useful to derive higher customer service to increase retention rate of customers (Taifa et al. 2020). According to threat analysis most of the players are providing service to customers after sales of products. In this business idea, after sales service would be free for improvising customer’s numbers. .

External environment analysis (PEST)

Political Factors	? 19% corporate tax In the UK ? The wages rate of UK is £9.50 age of 23 or over staff and £9.18 for age of 21 to 22 ? The fair standard labour act ensure labour act of the UK
Economic factors	? According to statistical information of the UK, GDP of this country is 2.71 lakh crores USD in FY 2020 ? The growth of economy is 7.5%, which is considered strong economy ? UK has received 18900.00 GBP Million in the last financial quarter ? Growth of FDI is 1.8% than previous financial quarter ? Inflation rate of UK is 7% (Tradingeconomics.com, 2022)
Social factors	? The population of UK is 68,581,281, that shows opportunity for business growth (Ons.gov.uk, 2022) ? Growth rate of population is 0.6% (Ons.gov.uk, 2022)
Technological factors	? Average internet speed of UK is 42.1Mbps (Airband.co.uk, 2022) ? Innovation of technology has been increasing in recent years is 30 biggest technological innovation

Table 2: PEST analysis

(Source: Created by learner)

Political factor of the UK is to be defined for analysis opportunities of this business idea in future. According to political information, the UK is the establish country for business growth and expansion. Another factor regarding economy of the UK has been growing in last year, which is presenting about strong economical condition is present in UK. The economical factors of the UK have defined the potentiality of this business as favorable in future. Among the factors like the population of the UK is increasing with 0.6% that means the number of customers would be increased in future.

Technical factors of the country are important to adopting new facilities in production activity. According to that, the UK is innovating around 30 technical products for better service. All over analysis regarding different factors of the UK has defined the most favorable option to establish new business (Stolowy and Paugam, 2018). The UK government has different subsidies policies for new entrepreneurs that could be useful for this business plan.

summary of market research

The market research regarding the appraisal business in the UK has defined us\through challenges with business potentiality. According to exacting numbers, off market players already established their own business with a large customer base. Using unique ideas would be useful to establish new business among competitors (Gao et al. 2019). Apparel business in the UK has strong economic growth in the last five years where penetrating the market with customized apparel would be a useful trick to create presence in the market.

According to economic factors customers are important to set pricing of products. Although using products by customers would be another marketing strategy for acquiring g new customers. Customized product service would be useful to an established customer base, however only retail shops would be barriers for business expansion. In recent years online marketing has performed higher than offline market (Gopura et al. 2019). Considering this condition, online marketing of products would be important to business growth. Most organizations’ operate business through selling of their products to customers.

Using of online platforms for marketing help to gain market share easily through contacting potential customers. Furthermore, movement of online marketing of apparel s has been started due to Covid-19 impact. Review regarding such news and facts regarding online business in the UK has increased by 69% in the last few years, which means growth of business would be possible by online marketing. Another prospect of the apparel industry of the UK has a growth rate around 29% year on year basis (Luo et al. 2021). This growth rate of the UK market is exploring how huge demand for apparel is present in the UK market. Increasing demand of UK market has been fulfilled by exiting market players where penetrating in this industry through an unique idea would be favorable to earn profit., another prospect of this industry has consisted of 80000 employees (Ahmad et al. 2020). This information also highlight about potentiality of industry in future years. Along with that this bu8nies idea has presented such potentiality in future to established higher revenue generation organisation. 

Exposure about market competition

Market compilation of the UK has been oriented toward multiple market players. Using information regarding competitors would be helpful for business continuation. According to the apparel market the UK had more than 34,045 businesses in the last financial year (Uday and Högler, 2018). This information is useful to establish a business plan for future possibilities. Additionally, most computers are not involved with the custom police apparel business. The “ASOS '' is the prime competitor of this bunnies idea, this organisation is operating business with a larger number of clients and supportive staff (Embryo Digital.co.uk, 2022). Another competitor is “Boohoo”, which is an operating business with unique quality of clothes for customers (Embryo Digital.co.uk, 2022). In initial operation this business idea would face challenges to capture market share, whereas presenting a unique idea to deliver a unique customized designing dress to customers would create a unique identity among competitors.

Important suggestion for proposed target market

The Target market of this business idea should be the young generation of the UK, which would be a chance to establish a customer base. Additional suggestions regarding marketing strategy, this business idea should follow online platforms for advertising products because most of the young generation of the UK operates the internet through their phones. However, this business idea would deliver customized products to customers according to customer requirements, a unique idea in the apparel industry. Another fact about this business idea needs to hire efficient employees for designing and customization according customer demand.

Reference list

Journals

Ahmad, S., Miskon, S., Alabdan, R. and Tlili, I., 2020. Towards sustainable textile and apparel industry: Exploring the role of business intelligence systems in the era of industry 4.0. Sustainability, 12(7), p.2632.

Gao, J., Zhu, S., O’Sullivan, N. and Sherman, M., 2019. The role of economic uncertainty in UK stock returns. Journal of Risk and Financial Management, 12(1), p.5.

Gopura, S., Payne, A.R., Buys, L. and Bandara, D.C., 2019. Fashion exposure: Sri Lankan apparel industry designer interactions with the world of fashion. Journal of Fashion Marketing and Management: An International Journal.

Jia, F., Yin, S., Chen, L. and Chen, X., 2020. The circular economy in the textile and apparel industry: A systematic literature review. Journal of Cleaner Production, 259, p.120728.

Luo, Y., Song, K., Ding, X. and Wu, X., 2021. Environmental sustainability of textiles and apparel: A review of evaluation methods. Environmental Impact Assessment Review, 86, p.106497.

Stolowy, H. and Paugam, L., 2018. The expansion of non-financial reporting: an exploratory study. Accounting and Business Research, 4

Taifa, I.W.R., Hayes, S.G. and Stalker, I.D., 2020. Towards a digital revolution in the UK apparel manufacturing: an Industry 4.0 perspective. In Industry 4.0–Shaping The Future of The Digital World (pp. 3-8). CRC Press.

Talay, C., Oxborrow, L. and Brindley, C., 2018. An exploration of power asymmetry in the apparel industry in the UK and Turkey.

Uday, S. and Högler, W., 2018. Prevention of rickets and osteomalacia in the UK: political action overdue. Archives of disease in childhood, 103(9), pp.901-906.