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. INB (303) Report 2 Exclusive Jamdani boutique store 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 INB (303) Report 3 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. INB (303) Report 4 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 INB (303) Report 5 Exclusive Jamdani boutique store 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: INB (303) Report 6 Exclusive Jamdani boutique store 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. INB (303) Report 7 Exclusive Jamdani boutique store 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. INB (303) Report 8 Exclusive Jamdani boutique store 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. INB (303) Report 9 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 INB (303) Report 10 Exclusive Jamdani boutique store 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.