New Fashion Venture Concept Plan

Topics: Marketing, Clothing, Strategic management Pages: 12 (2848 words) Published: July 23, 2013
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| 5th Dimension Clothing | |New Venture Concept plan | | | | | | | | |

Executive Summary

5th Dimension is a new venture situated in Melbourne China town. This had a business two years ago, but it had been closed because if low of sale. This is a plan for 5th Dimension relauch. Its founders and entrepreneurs Samuel Yeung and Kelvin Chia are undergraduates who have worked in the clothing industry for few years and are determined to satisfy the demands of their identified customers with the new trend of cloths cutting across both official and casual. 5th Dimension is a fashionable retail store providing high quality, trendy products at discount prices. The study has shown that the target market of sports retailers and office-minded customers would prefer buying more casual clothing as opposed to what 5th Dimension presently offers. The clothing company is also interested in expanding their product line including adding up new product lines in the future. In addition, 5th Dimension plans to try opportunities in online sales. The marketing atmosphere has been viewed as receptive to the company’s high-quality products— both official and casual clothing in trendy with colors that depict the attentions of outdoor customers across Melbourne. In the next one year, 5th Dimension looks to increase its distribution, present new cloths, and acquire new and more clientele.

Contents
Executive Summary1

1.0 Introduction and Rationale4

2.0 The problem4

2.1 Solution4

3.0 SWOT Analysis5

3.1 Strengths5

3.2 Weaknesses6

3.3 Opportunities6

3.4 Threats6

4.0 Competitive analysis6

4.1 Perceptual map7

4.2 Primary competitor7

4.3 Secondly competitor8

4.4 5th Dimension’s competitive advantages8

5.0 Objectives SMART8

6.0 Target Market9

7.0 Organizational structure/size9

7.1 Management9

7.2 Board/Advisors9

8.0 Current Status10

9.0 Funding Requirements10

10.0 Conclusion10

11. References16

1.0 Introduction and Rationale

5th Dimension’s was set up to be a leading maker and dealer of official, casual clothing for customers who are keen on the fashions. The company wants to encourage people to often go shopping for cloths with family and friends since it offers both official and casual from the age of 15 to 50 years. In addition, the firm is planning with programs for corporate social responsibility in the future which is mainly to conserve environment. This is a way of giving back to the community in which their customers comes from. Ultimately, the firm would want to create and finance its environmental plans. This program will spell out how 5th Dimension aims to initiate new products, increase its distribution, go into new markets, and carry out its CSR. It seeks to employ its key competencies to accomplish a sustainable competitive edge, in which rivals cannot offer the same value to customers that 5th Dimension does. Already, the firm has created key competencies by “providing a high-quality, branded wear whose image is familiar amongst consumers, building a united community amongst customers who buy the products, creating a reputation...

References: Gogoi, P. Men Dress for [Retail] Success, Business Week Online, Retrieved September 8, 2009, from Business Source Premier database Internet statistics, 2009.
Hanson, D., Hitt, M., Ireland, R. & Hoskisson, R. Strategic Management: Competiveness and Globalisation (4th ed.). South Melbourne: Cengage Learning, 2011. Print.
Johnson, G., Scholes, K., & Whittington, R. Exploring Corporate Strategy: Text and Cases (8th ed.), Prentice Hall: Pearson Education, 2008. Print.
Munro, P. Men 's fashion: big business. Brisbane Times, 2009. (Accessed online on 19th June 2013), http://www.brisbanetimes.com.au/executive-style/style/mens-fashion-big-business-20090622-ct2j.html
Brenton, P. & Hoppe, M. Clothing and Export Diversification: still a route to growth for low income countries? World Bank Policy Research Working Paper, 4343, 2007.
Centre for Research and Policy Making (CRPM). World Trends in Clothing Manufacturing, Occasional paper No.9, 2005. (Accessed online on 19th June 2013),
http://www.crpm.org.mk/Papers/WORLD%20TRENDS%20IN%20CLOTHING%20MANUFACTURING.pdf
Sharp, Byron. & Dawes, John. "Is Differentiation Optional? A Critique of Porter 's Generic Strategy Typology," in Management, Marketing and the Competitive Process, Peter Earl, Ed. London: Edward Elgar, 1996. Print.[pic]
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