Exclusive Jamdani Boutique Store 2014

Exclusive Jamdani boutique store 2014

INDEPENDENT UNIVERSITY, BANGLADESH

Human Resource Information system

ASSIGNMENT : 1

Report on marketing plan of SUBMITTEDJamdani TO

SUBMITTED TO Engr. Md. Abdul Alim Mr. Abul Khair Jyote HRM-430 INB(303)

SUBMITTED BY SUBMITTED BY

Akhier Bashir Anzum Id-1120880 MOHAMMED ULLAH NISSAN Alif Md. Sayem Id- ID:0721072 Sayeda Rawfia Afroze Id-

INB (303) Report 1

Exclusive Jamdani boutique store

Executive Summary:

Exclusive Jamdani is a new boutique store in New York, USA which have got all gender clothing, accessories, show pieces, bags, sandals, etc. The focus of the business is to introduce the great Bangladeshi heritage of Jamdani to foreign people and also to make it available to the Bangladeshi’s living abroad. We are also determined to position ourselves as the top retail store servicing this particular market.

We are the first and only Jamdani products seller is the USA. Our intention is to be a famous brand store.

Exclusive Jamdani will be located in 228 Park Avenue South New York, NY 10003-1502. The location of the store is near the Bengali residential area and we believe that this is critical to our initial success and long-term growth.

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TABLE OF CONTENTS:

 Executive Summary

o Objectives

o Mission

o Keys to Success

 Start-up Summary

o Start-Up Costs

o Funding Investment

 Products

o Products

o Product List

o Future Products

 Market Analysis Summary

o Market Segmentation

o Main Competitors

 Sales and marketing plan

o Marketing Strategy

o Pricing Strategy

o Promotion Strategy

o Web Strategy

o Sales Strategy

 Management Summary

o Management Team

o Organizational Structure

o Personnel Plan

 Financial Plan

o Risk Management

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Exclusive Jamdani boutique store

o Loan proposal Plan

o Appendix

Objectives

1. To create a shopping environment for the buyers and to introduce Jamdani. 2. To become the top retail store providing unique Jamdani products. 3. To receive a 50% profit margin within the first year. 4. To have a customer base of 1,000 by the end of the first operating year. 5. To achieve a net profit of $75,000 by year two and $100,000 by year three. 6. To be active in various social and cultural works.

Mission

Our mission is to offer quality products which will glorify the name of Jamdani and Bangladesh in the mind of people.

Keys to Success

In order to succeed in the Jamdani product selling industry we must:

 Provide customers with best customer service in an atmosphere of Bengali hospitality.

 Advertise and promote in areas that our target customer base will learn about our store.

 Continuously review our inventory and sales and adjust our inventory levels accordingly.

 Introduce unique and quality products to interest customers.

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Exclusive Jamdani boutique store

Company Summary

The company is equal partnership between Rawfia, Sayam and Akhier.

The working hours will be 10am to 10pm every day.

All products will be well displayed with price tags for customer convenience. All of us would have an equal share of profit and loss and unlimited liability.

Start-up Summary: The company will start with six months stock on hand which would include Saris, Punjabis, accessories, bags, sandals and home decoration products. These products would be brought directly from Bangladesh. The business has applied for a loan of $5000000. All the partners have contributed $100000 each. This supplemental financing will be used to work on site preparation, inventory, and operational expenses.

Successful operations will allow the business to be self-sufficient and profitable in 2 years.

Location and facilities:

Exclusive Jamdani will be located in 228 Park Avenue South New York, NY 10003-1502. This shop has 1500 sq feet and has been leased for 3 years. The location is on the heart of a lovely residential area where most of the Bengalis live. We feel it is essential to our initial and ongoing success that we locate ourselves in the heartbeat of the community. All business deliveries and shipments will be handled through the store. The company office will also be housed at this location.

Products

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The Jamdani weaving tradition is of Bengali origin. It is one of the most time and labor intensive forms of weaving hand loom weaving. In the first half of the nineteenth century, James Taylor described the figured or flowered jamdani; in the late nineteenth century, T. N. Mukharji referred to this fabric as Jamdani muslin. There are many Jamdani products like jamdani scraf, hand bag, shoe, Salwar kameez, mobile cover, laptop cover, wall-mat, table-cloth, fatuya etc. Our main target is to familiar jamdani products to the American’s and also to make it available to the Bengali’s living in New York. We will be purchasing directly from Dhaka, Tangail, Shantipur and Dhaniakhali of Bangladesh. We are hoping our investment on this particular product will bring traditional flavor in New York.

Management will rely on customer feedback, suggestions, and sales reports to introduce or eliminate certain products.

PRODUCT LIST:

Below is the list of our products:

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ITEMS:

JAMDANI SAREE PANJABI ACCESSORIES SANDALS BAGS LAPTOP COVER MOBILE BAG TABLE CLOTH WALL MAT SHOW PIECES CUSHIONS SKIRTS LACE TOYS BED COVER

Competitive Comparison The advantages that will build our brand identity, build loyal customer base and stand us apart from our competitors are:

 We are the first Jamdani product seller in New York, USA.  We will entitle our valued customers a lifelong membership card offering 10% discount.  Our location is centered to attract our target customer.

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 We will maintain a detailed customer record for promotional purposes.

Future products:

After achieving our sales and profit goals we will expand our line of brands with those that have been repeatedly requested by our customers. An e-commerce website will also be created to increase our distribution channels and expand our customer base to a international level.

Market Analysis Summary:

The target market for Exclusive Jamdani are the citizens of New York who are interested in buying cultural goods of other countries. They keep them as souvenirs to decorate their houses. The secondary target market are the Bengali people living abroad. They love Jamdani without doubt, so making it available near them would definitely interest and attract them.

Market segmentation analysis:

customers interested in 20% other culture 45% bengali's living abroad

others 35%

Main competitors:

Initially we don’t have any physical competitors in New York City. But we expect to have new completions any time after we gain our success. People might get interested to enter this market.

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Right now our real competitors are the online sellers of Jamdani products. To beat that we have also opened an online web page showing all our products and cost. We will decide goods for our online customers anywhere for a small extra fee. Below are the links of some of our possible competitors: www.muktobazaar.com › Women › Sharee www.alibaba.com › Country Search› Bangladesh › online selling: www.snapdeal.com › All Products › Women's Apparel www.facebook.com/jamdanishop www.globalsaridelivery.com/

Sales and marketing plan

Marketing Strategy

Our marketing policy will be heavily focused on sales promotion and customer service. The marketing budget will be 10% of our annual sales.

Pricing Strategy

The prices of all the products will be reasonable to attract more customers. Prices of a few products might be increased or decreased during the year, according to the demand of that particular product.

Promotion Strategy

We plan to follow huge and creative promotional activities as our main target is to introduce people to the Bangladeshi heritage of Jamdani. We plan to:

 Print leaflets and distribute them near markets or busy places.  Hold a fashion show in a well-known restaurant.

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Exclusive Jamdani boutique store

 Make a radio advertisement.  Make a magazine advertisement.  Organize a Bengali fair with Bengali foods and games in the local park and then to advertise about our store.  Open an online web page which would include pictures of all our products with prices.

Web Strategy

We will make our own webpage with all our products picture and prices. We would deliver the items ordered for a very little extra fee. We would open a Facebook and twitter page to make our web page more popular.

Sales Strategy

 We would use retail software to record all sales, purchases, returns and inventory position of our business. It would also record all our customer information which we can use for future promotional activities.  We would offer a 3 day return policy to build trust of our customer.

Management Summary

Management Team

All the business partners of Exclusive Jamdani would be active for managerial decision making purposes. Akhier bashir Anzum will act as the General Manager and would oversee the work of everyone. Alif Md. Sayem will be the Marketing Manager. Sayeda Rawfia Afroze will be responsible for all purchasing and stock control. Tushar would oversee the accounting books of

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the business. Tonni would act as the Financial Advisor. All the members of the management team are new in this business but they have extensive knowledge about businesses as all of them are graduated business students. They are creative, anxious and ready for all types of challenges ahead of them.

Personnel Plan

There will be one full time and one part-time worker in the store. The full-time employee will be paid $20 per hour and the part-time $10 per hour. There will be no medical benefits but 3 days of paid holidays will be allowed per year. The full-time must have good sales quality and good customer behavior. The part-time worker must have a good sense of decorating the store and keeping everything neat and clean. He must also be well-behaved with customers.

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Organizational Structure

Akhier Bashir Anzum- GM

Alif Md. Sayem- Sayeda Rawfia Afroze - TONNI-FINANCIAL TUSHAR-ACCOUNTING MARKETING OPERATIONAL ADVISOR MANAGER MANAGER MANAGER

STORE EMPLOYEES

Financial Plan

We need a total of $50,000 to start the business. Each partner would provide $5,000 and a loan of $25000 will be taken. The loan will be repaid within the first 2 years of the business. The major amount of the capital will be used to pay for the lease of the store in NY. The store will be decorated and furnished. Another major amount will be used to bring the goods from Bangladesh to NY. Other expenses would include employee wages, management wages of $500 per week/each, bills, transportation costs, etc. Marketing expenses is another important factor as we have planned for vast promotional activities.

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marketing expenses Operational costs Lease of store other expenses

Risk Management

Risk management is an organized strategy for protecting and conserving assets and people. It helps reduce financial losses caused destructive or damaging events.

We will pay $300 every month for insurance of our goods. This will give us the peace of mind and property safety. This is very important for our business as our goods are brought from Bangladesh to NY. The huge distance makes it very easy for our goods to get damaged while on the journey. And if this keeps happening we would face unwanted loss. Our store needs to be insured too as our lease agreement states that we need to fix any damage incurred.

Loan proposal plan

We have asked for a loan of $25000 from Dhaka Bank for an annual interest of 7%. We will repay the loan after 2 yrs. We have shown the bank managers our business plan and they have happily granted the loan. Our business is very safe and secure.

Export Procedures and Required Documentations:

You should have the following Legal Documents to do export from Bangladesh:  Trade License (Authority: City Corporation)

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 TIN (Tax Identification Certificate) Certificate (Authority: National Board of  Revenue)  VAT (Value Added Tax) Certificate (National Board of Revenue  ERC(Export registration certificate)  Bank Account (Local Scheduled Bank) (Any Schedule under central Bank)  Specific License (i.e. Govt. export, you should have Enlistment, Bond Certificate for  specialized Zone)  bank solvency certificate  .

Sequence of the export Processing:  >> Business Negotiation in between Seller and Buyer  >> Received Pro-forma Invoice from Seller  >> Open LC through negotiated schedule bank  >> Execution the shipments  >> Received documents through beneficiary bank to LC opening bank  >> Submission the documents to Customs through C & F agent  >> Clear the goods / products to warehouse  Pro forma invoice  Commercial invoice

The following documents are to be submitting to Customs Authority (Sea, Air, and Inland) To clearance the goods / products:

 Copy of Trade License

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Exclusive Jamdani boutique store

 Copy of VAT (Value Added Tax Certificate)  Copy of TIN (Tax Identification Certificate)  Copy of IRC (Import Registration Certificate)  Original Pro-forma Invoice (Attested by concern bank)  Original Commercial Invoice (Attested by concern bank)  Original Packing List(Attested by concern bank)  Original Bill of lading / Airway Bill of Lading (Attested by concern bank)  Original Certificate of Country of Origin (Attested by concern bank)  Original CRF Copy (Clean Report of findings)  Original copy of LC / LCA (Local LC issuing concern bank) (Attested by concern bank)  Original Insurance Cover Note with Original Money Receipt  Authorization Letter to C & F (Clearing and Forwarding Agent)

Regulation of Export – Export of goods shall be regulated as follows:

Bill of Lading: There are no special requirements affecting the preparation of the bills of lading, but they should show gross weight and dimensions of outer containers. Number of copies issued is based on requirements of all parties concerned (e.g., importer; Bank, steamship line etc). Usually, three copies are required.

Certificate of Origin: In all cases of export, "country of Origin" shall be mentioned clearly on goods, package/container. A certificate regarding "country of origin" issued by the concerned Government agency/approved authority/organization of the exported country must be submitted, along with Export documents to the Customs Authority at the time of receiving of goods.

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Commercial Invoice: No prescribed form of invoice is required. Invoices (in three to six copies; actual number is to be based on exporter's instructions) should contain (at a minimum) the following data and must be signed by manufacturer of shipper:

 Name and address of both the shipper and the consignee; date and port of shipment, port of destination; name of vessel; bill of lading/airway bill/railway receipt number plus date thereof; marks, numbers, weights and measurements of packages, as well as type of packages.

Export License: An export license is not required for items not on the restricted list; however, an importer requires an export registration certificate and a letter of credit authorization form. Generally, export registration certificates are valid for one year from date of issue.

Insurance Certificate: The Sadaran Bima Corporation or any Bangladeshi insurance company must underwrite Insurance. Prior approval of the Ministry of Commerce is required for making an exception.

Packing List: This is not a mandatory document; however, its use will facilitate clearance.

Pre-shipment Inspection: As of January 2000, the Government of Bangladesh requires pre-shipment inspection of most exports. A full list of designated items is available from the National Board of Revenue (www.nbr-bd.org) and the Custom Houses of Dhaka and Chittagong.

Pro-Forma Invoice: Pro-Forma invoices (approximately five copies, actual number

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will be specified by the exporter) are generally required by the exporter to open a letter of credit to cover payment of the exporter. The invoice must contain full and precise description of the goods, country of origin, gross and net weights, full c&f value or fob plus freight charges, and any other information specified by exporter.

Market Positioning:

“Exclusive jamdani” will position itself as a brand which gives consumers value for their money. We prefer to keep our price low because research shows that more than 40 percent choose Bangladeshi product over foreign products when the price and quality is almost same. Another big reason for keeping the price as low as possible is the fact that more than 70 percent western people consider whether the price is worth before buying their product.

Complexity

Understanding the use and benefits of our product is more complex. Some consumers may think we will only give them by changing the name. Giving them clear idea about our products is our main challenge.

Trial ability

There is an economic risk associated with the use of our test and have some social and religious risk. Our consumers can have a clear idea on our web site about the chosen product before they buy our product to remove their doubt about our product.

Market Access We will make agreement with some leading distributors of cities like:. Our agreement will be on the basis of sales with our distributors. Under our agreement distributors will get 10 percent of profit we make from per pair of shoes. We will also offer them bonus of 200 us dollars if the sell 50 piece jamdani.

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Packaging We will packet our product in a completely secret manner to ensure the privacy of our consumers. Our main focus is on color when it comes to packaging our product. We should have to packet our product on the depend of the buyers

Customer Identification:

The people who love Art they are very interested about to collect of various types of jamdani.

On the other hand there are so many Bangladeshi and Indian subcontinent people live in USA. They are wanted to buy this type of jamdani.

Overall, people in developed countries have seen a rise in their disposable incomes. Of course, this then leads to a greater ability to buy original art. There is less attraction in spending money to collect unique collection.. The reality is that the pieces may not have cost as much as they appear to have done.

.Competitors:

There is the only competitor is India who have to ensure that Bangladeshi jamdani is the best.

conclusion

Jamdani sarees exported from Bangladesh are widely popular in India. Now we want to make this product popular to USA. Export of the sarees involves testing and certification procedure by the Textile Committee of Ministry of Textiles, Government of India for quality and other parameters concerning chemicals and dyes in laboratories accredited with the Textile Committee.

Government of USA have now clarified that testing of textile and textile articles, including Jamdani sarees, may henceforth be completed at any of the seventeen textile testing laboratories in USA. A Jamdani fashion show already took place in USA. It is expected that the relevant amendments in the context of request by Bangladesh will significantly assist in the export of Jamdani sarees to USA.