Fashion Brand Marketing Business Plan Template

Fashion brand marketing business plan template

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Summary

BUSINESS PLAN FOR A FASHION BRAND
Case: MW Oy
LAHTI UNIVERSITY OF APPLIED
SCIENCES
Degree programme in
International Business
Thesis
Spring 2012
Mira Valkjärvi
Weimu You
Lahti University of Applied Sciences
Degree programme in International Business
VALKJÄRVI, MIRA & YOU, WEIMU:
Business Plan For A Fashion Brand
Case: MW Oy
Bachelor's Thesis in International Business, 85 pages, 3 pages of appendices
Spring 2012
ABSTRACT
This thesis copes with finding a niche market in Finnish fashion industry and
based on the findings, a business idea is generated as well as a business plan is
completed for the case company MW Oy, which is founded by the authors of the
thesis. This thesis concentrates on the process of formulating the business idea
rather than implementing the business plan, even though the business plan is an
essential part of the study

When dealing with theoretical framework, to better analyze the Finnish fashion
industry and Chinese fashion industry, theories such as PESTEL Analysis and
Porter’s Five Forces Analysis are applied. Some business models of existing
companies in Finnish fashion industry are examined and evaluated, and based on
the findings, the authors come to a conclusion that a niche market lies in the scarf
and similar accessories sector. SWOT analysis is used to present the strengths,
weaknesses, opportunities and threats of both MW Oy and its main competitors

Later on, a preliminary business plan is created accordingly using the Hoffren
Business Idea Model, with emphasis on the market need, image, product, target
group, mode of operations and resources

The research method used in this thesis is qualitative research method, thus
qualitative data is collected through unstructured interviews with entrepreneurs
and popular Finnish fashion bloggers in the Finnish fashion industry, on the other
hand, literature related to the field of study is acquired from publications such as
articles, journals, written books and online sources

Keywords: business idea, business start-up, business planning, fashion industry
Lahden ammattikorkeakoulu
Degree programme in International Business
VALKJÄRVI, MIRA & YOU, WEIMU:
Business Plan For A Fashion Brand
Case: MW Oy
Bachelor’s Thesis in International Business, 85 sivua, 3 liitesivua
Kevät 2012
TIIVISTELMÄ
Opinnäytetyö tutkii mahdollisen niche segmentin löytämistä Suomen muotialalta

Löydösten perusteella voidaan luoda liikeidea ja alustava
liiketoimintasuunnitelma yritykselle MW Oy, jonka opinnäytetyön kirjoittajat
perustavat. Opinnäytetyö keskittyy pikemminkin liikeidean suunnitteluun kuin
liiketoimintasuunnitelman toteutukseen, vaikka liiketoimintasuunnitelma on
oleellinen osa tutkimusta

Teoreettisesta viitekehyksestä puhuttaessa on parempi analysoida Suomen ja
Kiinan muotialat, jota varten käytetään analyysityökaluja kuten PESTEL ja
Porterin viiden vaikuttavan kilpailuvoiman malli. Olemassa olevien suomalaisten
muotialan yritysten toimintamallien tutkimisella ja arvioinnilla löydettyjen
tulosten perusteella niche segmentiksi todettiin huivit ja asusteet. SWOT
analyysityökalua käytetään esittämään vahvuudet, heikkoudet, mahdollisuudet ja
uhat MW Oy:stä ja myös sen kilpailijoista. Myöhemmin luodaan alustava
liiketoimintasuunnitelma Hoffrenin liikeideamallin mukaan, joka keskittyy
tarpeeseen, imagoon, tuotteeseen, asiakasryhmiin, toimintatapaan ja
voimavaroihin

Opinnäytetyössä käytetään laadullista tutkimusmenetelmää, joten tieto kerätään
epämuodollisten haastattelujen kautta kuten erilaisilta yrittäjiltä ja suosituilta
suomalaisilta muotibloggaajilta. Toisaalta tietoa kerätään kirjallisista lähteistä
kuten artikkeleista, kirjoista ja luotettavista internet lähteistä

Avainsanat: liikeidea, yrityksen perustaminen, liiketoimintasuunnittelu, muotiala
CONTENTS
1
  INTRODUCTION 1
 
1.1
 
  Background 1
 
1.2
 
  Objectives 2
 
1.3
 
  Research Questions 2
 
1.4
 
  Limitations 3
 
1.5
 
  Theoretical Framework 4
 
1.6
 
  Research Method & Data Collection 6
 
1.7
 
  Structure of the Thesis 8
 
2
  BUSINESS IDEA & BUSINESS PLANNING 10
 
2.1
 
  Business Idea 10
 
2.2
 
  Business Planning 12
 
2.2.1
 
  Different Business Models 13
 
2.2.1.1
 
  Hoffren’s Business Model 14
 
2.2.1.2
 
  The Business Model Canvas 15
 
2.2.1.3
 
  Atomic Business Models 16
 
2.2.2
 
  Business Model Conclusion 18
 
3
  FINLAND & CHINA AS BUSINESS PARTNERS 20
 
3.1
 
  China 20
 
3.1.1
 
  PESTEL Analysis of China 23
 
3.1.2
 
  Chinese Fashion Industry Preview 24
 
3.2
 
  Finland 25
 
3.2.1
 
  PESTEL Analysis of Finland 28
 
3.2.2
 
  Finnish Fashion Industry Preview 29
 
3.2.3
 
  Finnish Fashion Industry Porter’s Five Forces Analysis 31
 
3.2.4
 
  Business Models of Existing Companies 33
 
3.2.4.1
 
  X Group Model 34
 
3.2.4.2
 
  Chao & Eero Jewel 35
 
4
  FINLAND AND ENTREPRENEURSHIP 37
 
4.1
 
  Business Environment 37
 
4.2
 
  Entrepreneurial Environment 39
 
4.2.1
 
  Steps to Start up a Company 41
 
4.2.2
 
  Supporting Organizations for Entrepreneurs 43
 
4.2.2.1
 
  Finnvera 43
 
4.2.2.2
 
  Finnpartnership 45
 
4.2.2.3
 
  Uusyrityskeskus 46
 
4.2.2.4
 
  Business Angels 46
 
4.2.2.5
 
  Conclusion of Supporting Organizations for Entrepreneurs 48
 
4.2.3
 
  Supporting Organization For Design and Fashion Industry 48
 
5
  CASE: MW OY BUSINESS PLAN 49
 
5.1
 
  Market Situation and Development 49
 
5.1.1
 
  History and Future Development 52
 
5.1.1.1
 
  Requirements of Technology 53
 
5.1.1.2
 
  Internationalization 54
 
5.1.1.3
 
  Legislation 54
 
5.1.1.4
 
  Target Customers 54
 
5.1.1.5
 
  Consumption 56
 
5.1.2
 
  Competition and development 57
 
5.1.2.1
 
  Direct competition 57
 
5.1.2.2
 
  Indirect competition 57
 
5.1.2.3
 
  SWOT Analysis 58
 
5.2
 
  Business Idea 62
 
5.3
 
  Example Collections of MW Oy 63
 
5.4
 
  Company Objectives 65
 
5.5
 
  Financial Plan 66
 
5.6
 
  Risks 70
 
5.6.1
 
  Economic risks 70
 
5.6.2
 
  Accident related risks 71
 
6
  FINDINGS AND CONCLUSION 72
 
6.1
 
  Findings 72
 
6.2
 
  Go or No Go Decision 74
 
6.3
 
  Suggestions for Future Research 76
 
7
  SUMMARY 78
 
REFERENCES 79
 
APPENDICES 86
 
LIST OF FIGURES
FIGURE 1. Porter’s Five Forces Analysis (modified from Porter 2008). ............... 5
 
FIGURE 2. SWOT Analysis (modified from Dun & Bradstreet 2007) .................. 6
 
FIGURE 3. Research Methodology......................................................................... 6
 
FIGURE 4. Deductive & Inductive approach (modified from Burney 2008). ........ 7
 
FIGURE 5. Structure of the Thesis. ........................................................................ 8
 
FIGURE 6. Business Idea to an Established Business (modified from Kurb et al
1998 and Uusyrityskeskus 2012). .................................................................. 10
 
FIGURE 7. Building a Business Idea (modified from Kurb et al 1998). .............. 11
 
FIGURE 8. The Dynamic Business Idea Model (modified from Hoffren 2002). . 14
 
FIGURE 9. The Theory of Business Model Canvas (modified from Osterwalder
2010). ............................................................................................................. 15
 
FIGURE 10. The Business Model Canvas (modified from Osterwalder 2010). ... 16
 
FIGURE 11. The Business Model Schematics (modified from Weill & Vitale
2001). ............................................................................................................. 17
 
FIGURE 12. Map of China (CIA World Factbook 2012). .................................... 20
 
FIGURE 13. EU’s Major Imports From China (modified from the European
Commission 2011). ........................................................................................ 22
 
FIGURE 14. PESTEL Analysis of China. ............................................................. 23
 
FIGURE 15. Map of Finland (CIA World Factbook 2012). ................................. 25
 
FIGURE 16. Industry production in Finland 2010 (105 mill. €) (modified from
Finatex 2011). ................................................................................................ 27
 
FIGURE 17. PESTEL Analysis of Finland. .......................................................... 28
 
FIGURE 18. Import of Textiles and Clothing from Finland (modified from
Finatex 2012). ................................................................................................ 30
 
FIGURE 19. Porter’s Five Forces Analysis for Finnish Fashion Industry. ........... 32
 
FIGURE 20. New Companies Registeration (modified from Ministry of
Employment and Economy 2010). ................................................................ 39
 
FIGURE 21. Starting up a company (modified from Uusyrityskeskus 2012). ..... 41
 
FIGURE 22. Key Activities of FiBAN (modified from FiBAN 2010). ................ 47
 
FIGURE 23. Top Fashion Related Imports to Finland (Tulli 2011). .................... 49
 
FIGURE 24. Bottom Fashion Related Imports to Finland (Tulli 2011). ............... 50
 
FIGURE 25. Imports to Finland from China by Product Group (Tulli 2011)....... 50
 
FIGURE 26. Imports to Finland from China by Product Group (Tulli 2011)....... 51
 
FIGURE 27. SWOT Analysis of MW Oy. ............................................................ 58
 
FIGURE 28. A General SWOT Analysis of Competitors. .................................... 60
 
FIGURE 29. Business Idea Model of MW Oy. ..................................................... 62
 
FIGURE 30. Simply Stars Product Line Example. ............................................... 63
 
FIGURE 31. Funky Animals Product Line Example. ........................................... 63
 
FIGURE 32. The Classic Product Line Example. ................................................. 64
 
FIGURE 33. Inspiration Product Line Example. .................................................. 64
 
FIGURE 34. Five-year Development of MW Oy. ................................................ 65
 
FIGURE 35. Competitive Advantages of MW Oy................................................ 75
 
FIGURE 36. Further Studies Topics. .................................................................... 76
 
LIST OF TABLES
TABLE 1. Business Model Decision. ................................................................... 18
 
TABLE 2. Important Facts of China (modified from CIA 2012). ........................ 21
 
TABLE 3. China’s ranking in EU imports by product group (modified from the
European Commission 2011). ....................................................................... 22
 
TABLE 4. Important Facts of Finland (modified from CIA 2012). ...................... 26
 
TABLE 6. Innovation Economy Ratios (modified from Global Entrepreneurship
Monitor 2010). ............................................................................................... 40
 
TABLE 7. Starting a Company (modified from The World Bank 2012).............. 41
 
TABLE 8. Key Figures of Finnvera (2012). ......................................................... 44
 
TABLE 9. Consumer segments . ........................................................................... 55
 
TABLE 10. Estimate of Possible Customers (Tilastokeskus 2011). ..................... 56
 
TABLE 11. Product pricing................................................................................... 65
 
TABLE 12. Need for Capital and Financing Calculations. ................................... 67
 
TABLE 13. Profit and Loss Account, Profit Margin Calculations. ...................... 69
 
TABLE 14. Findings of the Thesis. ....................................................................... 72
 
1 INTRODUCTION
1.1 Background
When the decision of writing the thesis brought the authors together, the common
point was a love and passion for the fashion industry. Taking a closer look at the
list of the world’s richest people, it can be seen that within the top 10, three of
them are billionaires in the field of fashion industry (Forbes 2011). On the other
hand, both authors have a strong belief in Finnish design, but dislike the high
prices of products made in Finland

The International Council of Societies of Industrial Design, also known as ICSID,
nominates a design capital of the world every other year. Their reasoning for this
comes from the fact that more than half of the world’s population now lives in
urban areas and because of that design has become a fundamental tool to make
cities more attractive and liveable. The World Design Capital designation is
essentially a promotion project to celebrate the accomplishments of cities that use
design as a tool to improve social, cultural and economic life. The World Design
Capital in 2012 is Helsinki, partnered with Espoo, Kauniainen, Vantaa and Lahti

This promotion gives the authors strong belief that now is the time to utilize the
current day atmosphere. (WDC Helsinki 2012.)
One of the authors comes from a family of entrepreneurs and her mindframe has
always suggested that she would not suit following others. Having a creative
personality and desire to be in charge lead the author to want to create something
new and unique that would fit the Finnish market. Yet she was well aware of the
fact that competition is fierce in Finnish fashion industry and having a relatively
low price would give a company a competitive advantage

The other author has always seen the potential of his home country, China, which
has the reputation of being the world’s top manufacturing country (Marsh 2011)

Yet for Chinese brands, China does not have something equally well known to
offer the world. There are variable reasons for this, and one of the main reasons
2
speculated by the author is the lack of good design and innovation of Chinese
domestic brands. Thus when the opportunity of combining Finnish design with
Chinese manufacturing knocks, the author is strongly confident in the
cooperation

While in the process of deciding the thesis topic, the authors found that in the
current day modern people are more and more willing to shop online (Skarda
2010). This opens the doors for the authors to target more than just the Finnish
market in the future. The combination of the two authors brings together
knowledge of the Finnish market and innovative design with knowledge of
Chinese potential and entrepreneurial mindset

1.2 Objectives
The main objective of the thesis is to research the Finnish fashion market and to
find an appropriate niche to satisfy an unfulfilled need of the Finnish consumer

With the research data that the authors will collect, they will then proceed to
perfect their business idea. The secondary objective is to complete a viable
business plan based on the business idea. As the business plan is a secondary
goal, the authors will rather concentrate on the part of the business idea and some
financial information

1.3 Research Questions
The research questions are found in the list below. The first three questions focus
on the niche market and the last three focus on business planning

1. What is the niche market for the fashion brand?
2. What is the target group the authors plan to focus on with the niche
market?
3. What kind of products will the fashion brand have?
4. How much financing is required to start up the business?

Business Idea Model, with emphasis on the market need, image, product, target group, mode of operations and resources. 4.2.3!!Supporting Organization For Design and Fashion Industry 48! 5!CASE: MW OY BUSINESS PLAN 49! 5.1!! Market Situation and Development 49!

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Business Plan For A Fashion Brand Case: MW Oy Bachelor's Thesis in International Business, 85 pages, 3 pages of appendices Spring 2012 ABSTRACT This thesis copes with finding a niche market in Finnish fashion industry and based on the findings, a business idea is generated as well as a business plan is

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