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ENG202- term paper--S- Fashion magazine


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its my business plan/proposition for opening a fashion magazine in Bangladesh as a part of my course ENG202- Business communication term paper for Mr. Khurrum Mallik

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ENG202- term paper--S- Fashion magazine

  1. 1. 1 11304043 BRAC UNIVERSITY Fashion Magazine “S” ENG 202 Term Paper: Business Plan Samiya Yesmin 3/25/2012 Fashion Critic Magazine “S”, is a new venture whose endeavors will take Bangladesh’s Fashion Industry to a whole new level and bring it to international mainstream. This is the basic business plan to interest investors.
  2. 2. 2 11304043 SMagazine 41/1 Smriti Prangon Road 8, Dhanmondi 01822885382 March 25th , 2012 This business plan has been submitted on a confidentiality basis. By accepting delivery of this plan, the recipient agrees to return this copy to the address listed above without any sort of plagiarism or publication. ¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥ Table of Contents I. Executive Summary II. The Industry, The Company and The Service III. The Management Team IV. Market Research and Analysis V. Marketing Plan VI. Conclusion
  3. 3. 3 11304043 I. Executive Summary The first look... A person’s first look describes who s/he is. Your standard of living, your level of confidence, your take on life, and your zing gets expressed to others around you through that first look. And that is exactly what Sis here to do. Swill ensure to build one’s self-confidence by helping general people achieve that great look. Your classiness and the elegance will come from it. By dictating about all sorts of styling, Sintends to give all its readers the best clear picture of what, when and how to wear; Along with how to attain that self-confidence and that perfect seasonal wardrobe. “The look” is like the people it describes, ever changing with time, hence my job is to ensure readers of Sare always able to pull it off. After coming to Bangladesh and studying the condition of Bangladesh’s fashion industry, I came up with the idea to create S. I believe it will be an attractive and successful business opportunity, because: Bangladesh does not have any magazine, which provides for its garments industry sector. There are no Bangladeshi e-magazines available. No Bangladeshi magazine provides style guidelines to the regular people. There are no fashion critic magazines. To promote Bangladeshi designers to be more active and productive. We don’t have any Bangladeshi magazine in the international market. “It is the unseen, unforgettable, ultimate accessory of fashion that heralds your arrival and prolongs your departure.” ~ Coco Chanel~ With the above as our tagline and vision, Swill be the “vogue” on Asian clothing for Bangladesh and then for all Asian and beyond.
  4. 4. 4 11304043 II. The Industry, The Company and The Service The Industry: Bengali fashion industry is still an egg that has yet to hatch let alone grow. Being a young country of 40 years hasn’t allowed the time or the essence of such requirement to grow. Swill not only help individuals develop their fashion sense, bring about trends and make brands and designers. Swill also bring about an economical change in our country. Now when our garments industry is booming, we notice the lack of Bengali wear production instead we are busy producing others designs, for very cheap prices, leaving no identity for ourselves. Swill help economic growth and bring about social change; by bringing into notice, how our resources are being exploited by outsiders and all the different ways change this situation, and how to create and promote Bengali wear to international market. Days of copying the West and the Indians and Pakistanis are over. With the resources we have, we can make the world follow our lead. The company: Now, as an investor, you would definitely like to know exactly why would everyone come to us right? Well, that is because: a. We will be giving to the world fashion and economics together for the first time. b. Our whole view on fashion isn’t what is being produced and people should wear; rather what people need, want and like should be produced in the most economic and creative way. c. It will be an English magazine available both in hard copy and electronic formats. With 7 years of studying and analyzing this industry internationally and of which 3 years were of the Bangladeshi industry, I am convinced that there is a massive requirement for all the following, that S will provide. No Bangladeshi magazine provides exact guidelines and ideas regarding customers’ specialized styles. Garments industries are making western clothing only, when there is a huge untapped market demand for Asian clothes, which the Indians and partly Pakistanis are providing only; while they don’t even have as much as resources as we do for a 40 year old country.
  5. 5. 5 11304043 We see immature tailors calling themselves “Designers”, without their work being taken into account. Any and every expensive store starts calling themselves “Brands”, without any qualities of branding. They tend to rip off the general public, for which a fashion critic magazine has now become a necessity. Providing the public with genuine designers and brands is the media’s responsibility, which is yet to be fulfilled. Magazines have the huge responsibility to ensure the originality of style and design, by cataloguing products and censuring the faults while promoting the innovations. Without this being fulfilled we see the standstill and round about process designers in this country are going through, hence by minimizing such fashion errors Swill help the designers grow. There are no Bengali e-magazines available online to the international market, thus the Bangladeshis abroad and the foreign markets have no idea about the fashion state in Bangladesh. And by providing all these unavailable in the market, Swill very soon not only over take its competitors but also monopolize the market. The Service: I am planning to start Swith the following major sections, to which I’ll later add to according to market’s needs and demands. a. Customized personal client profile styling for creating “the look”. b. Covering major innovative events. c. Articles on etiquette and globalized manners and taboos to help build up social standards. d. Monthly Asian trends, with comparison to the Western wears. e. Takes on garments industry situation (resources, buyers, rates, reasons etc.). Everything related to the country’s garments’ industries. f. Critiquing stores and designers currently in production, to give them and the people ideas for improvement.
  6. 6. 6 11304043 III. The Management Team As the brain behind S, I, Samiya Yesmin, will be the CEO, Editor and Fashion director, with 55% of the company’s stake. As Senlargers, I will take on assistant editor and assistant fashion director. The rest of S team will be as follows: President: the main investor will be the president as well as the rest of the 45% stakeholder. IT head: as a major portion of our target market is through e- S, our IT head has to be very experiences, knowledgeable and versatile. Art director: s/he needs to be highly skilled at styling, knowledgeable about worldwide vogue and with a keen eye on fashion. Publishing Director Marketing Manager highly skilled and connected personnel required here, as they will be the Finance Director ones dealing with the finances. To ensure no start up pitfalls, Swill need a very expert group of directors for the various sectors listed above.
  7. 7. 7 11304043 IV. Market Research and Analysis Customers: Swill have a very large and diverse customer base, as it will be an appropriate read for everybody. And our initial target market will be: a.Young generation 13-40 year olds, as they are the most active people interested in fashion. b.Garments’ owners and managers. c.Buyer houses in Bangladesh. d.Foreign investors. e. The middle class and upper social class, working members. Market Size: The estimated and targeted market size of S, will start with the metropolitan areas of the country, Dhaka and Chittagong to everywhere in the world, over the internet, to anyone interested in Asian wear, and finally our foreign competitors, so they notice that Bangladesh also has the ideas of innovation along with its resources. An estimate of at least 5,000,000 people will be S readers. Competition: Presently there are 3 English fashion magazines in this country’s market. Their names and weaknesses are listed below, and by overcoming those Swill very easily take over the market. They are:  ICE today: it is a sell out magazine, whose every issues is nothing but advertisements of anyone and everyone who has ever made and sold a dress.  Mirror magazine: it publishes only from the cultural prospective of Bangladesh. Current trends and fashion/branding has very little to do with its work.  Purple: it is the most recent fashion magazine opened by Kanize Almas to promote her beauty parlour, Persona. Purple has very little to do with prominent designer works, and their photography, graphics and art works are appalling.  Vogue India: it is the only other Asian magazine, internationally available through its international brand Vogue. But it basically deals with Western wear not Asian. Thus wouldn’t be much of a competiton.
  8. 8. 8 11304043 V. Marketing Plan Overall Marketing Strategy: Most magazines earn revenue from subscriptions and newsstand sales, but the lion’s share of their income results from the sale of advertising space. However, you will find an exception to Smagazine’s business model. S declares in its mission that it accepts the least amount of advertising, only those worth of branding can advertise at S. To maintain its independence and impartiality, it supports itself entirely through the sale of information and products, contributions, and noncommercial grants. Pricing: Very flexible prices, until we have established a sturdy foothold into the industry. As the other magazines go on sale for 2ootk, thus Shard copies prices will start at 200tk too. This will make us market competitive and as months pass, using our sales survey volume we will increase Smagazine prices to 250tk. And we will charge only 170tk for electronic versions of S. All e-magazines will be sold in kindle, epub and adobe formats to ensure maximum acceptance.
  9. 9. 9 11304043 VI. Conclusion This is a simplified version business plan of Smagazine. Its potentials are very promising. The market is almost untapped and thus provides great chances of prosperity. If you are interested to join venture with me on the said share percentages then please do get it touch, so we can discuss about all the prospects of this business in more details. The sooner we set up S, higher will be the chances of success. And Sis my brain child, without me it will never work. Therefore if you are interested in investing in S, then please do contact me for further information.