I will take the example of the Indian market to answer this question. I am plann
ID: 372808 • Letter: I
Question
I will take the example of the Indian market to answer this question.
I am planning to manufacture high-quality clothing/apparel and my target audience is college students and young working professionals.
Growth potential: The Indian college students spend a lot of money on clothes and they give importance to the quality and design. Most of the young work professionals work in the technology sector and they invest a lot of money to look professional. So the growth potential is high.
Industry Outlook: The middle class is growing and many international brands are entering the Indian market to leverage on that. So the time is good to enter the market and promote a quality product as the youth is ready to experiment with the brands. The industry outlook is good and is expected to remain good in the coming years as well.
Market: All the major metropolitan cities of India where there is a huge demand for fashion wear. The market can be studied using surveys and online data available.
Customers: College students and young working professionals
Competitive companies: Initial competition will be high as there are new brands in the market like H&M, Zara, and Mango. There are also existing brands like Flying Machine, UCB, Nike, Jack & Jones, and many more. So the competition is high but there is room for market penetration with good products.
Economic trends: Indian youth is giving too much importance to their outlook and they are willing to spend a huge chunk of money on it. So the company keep that in mind while deciding the pricing strategy.
Business Goal: Initially it would be to promote the brand by providing exciting offers and gain some market share. Once we have the market share create an excellent brand image in the minds of the people. Convert the existing customers into loyal customers.
Sales Forecast: Create a 30, 60, and 90 days sales strategy for the launch. After attaining the required results, I would create a sales forecast based on the number obtained. It will be wrong to forecast the sale without knowing the kind of reception the brand gets from the customers.
Explanation / Answer
BUSINESS CONCEPT: Pretend you want to open a clothing/apparel manufacturing business. In a short sentence explain the following:
Description of your industry (industry outlook and growth potential,markets and customers,competitive companies,national and economic trends)
Business Goals
Sales Forecast