Mission Statement: Making Cheryl Cole a global brand; by combining her image of a fashionista with business to create a powerful brand. Over the period of two years Cheryl Cole will be a trend amongst the mass audience.
SITUATION ANALYSIS:
SWOT ANALYSIS:
COMPETITOR ANALYSIS:
Analyses of Cheryl Cole competitors state that Nicole Scherzinger is her biggest competitor at present as she comes from same background as Cheryl Cole that is she started her career with girl band, she is also judge on X-factor where she had replaced Cheryl Cole. Nicole Scherzinger’s biggest USP is that she is in the eye of the masses unlike Cheryl Cole. Other strong potential Competitors of Cheryl Cole are Rihana,Kim Kardashian and Victoria Beckham when it comes to achieving global fan support through fashion retail industry and later in order to come up with an entertainment-show. Others like Taylor Swift and Katy Perry are a kind of competitors when it comes to endorsing and style statements which though Cheryl Cole is a fashionista she has not established her style statement (Based on findings stated in APPENDIX A).
GLOBAL RECOGNITION
PERCEPTUAL MAP: The map helps us to understand where Cheryl Cole ranks and which area she has to improve on in order to become a Global Brand. (See Appendix A)
VICTORIA BECKHAM
TAYLOR SWIFT
NICOLE SCHERZINGER
KIM KADARSHIAN
KATTY PERRY
RIHANA
FASHION
The Essay on Competitor analysis 2
Tata Nano’s competitors can be classified on three scales – Economy, Performance and Convenience. Based on Economy Though Tata Nano was launched as the 1 Lakh car, it’s exact price range varies between Rs.1.59 lakhs to Rs.2.23 lakhs in the market at present. With this price range, in the four wheelers category there is Maruti 800, Maruti Suzuki OMNI, Maruti Alto 800 and Hyundai ...
INDUSTRY
SINGING
MAKING CHERYL COLE GET GLOBAL RECOGNITION THROUG FASHION
CHERYL COLE
LOCAL
OBJECTIVES:
Based on situation analysis and competitor analysis below are three major objectives in order to achieve the mission to make Cheryl Cole a global brand. The objectives are as follow:
* MAKING HER A GLOBAL STYLE ICON THROUGH RETAIL CHANNEL.
* Becoming a powerful brand ambassador.
* Launching a fashion based INTERNET TV Show and Cheryl Cole BOUTIQUE.
TARGET MARKETS:
In order to achieve the objectives of the market plan and to gain the attention of the target audience there is a need of an “Integrated Marketing” approach. Integrated marketing is an effective combination of both business and marketing in order to achieve an efficient marketing campaign (Scultz, Macdonald and Baines, 2012).
These marketing campaigns build on the concept of integrated marketing, will not only make Cheryl Cole all famous again but will also make her a successful celebrity entrepreneur; thus leading to achieve the mission statement of making Cheryl Cole a Global style icon.
24 MONTH PLAN: Overview of the plan which will lead to the objectives, on the basis of situation and competitive analysis.
24 MONTH PLAN
To make Cheryl Cole famous globally
Objective 3: 12-24 months
1 NOV 14 to 1 NOV 15
To launch Cheryl Cole through retail channel of global brand ZARA.
Objective 2: 9-12 months
20 JULY 14 to 30 SEPT 14
Getting Cheryl Cole to do endorsement and making her Brand Ambassador.
Objective 1: 0-9 months
20 NOV 13 to 20 JULY 14
To launch Cheryl Cole through retail channel of global brand ZARA.
DIGITAL MEDIA
DIRECT MAILING
Following the marketing campaign created by the company brand for which Cheryl Cole will endorse.
WEBSITES & social media
ADVETISEMENTS
MAGAZINES
POSTERS/BILLBOARDS
The Essay on How Global brands compete
1. Introduction Over the years, global branding has turned out to be a key aspect for effecting management considerations globally. Indeed, it has turned out to the main defining objective of various companies around the globe. 2. Importance of the global branding Global branding is not important to the global consumers. Global branding of different products has assimilated a marketing notion and ...
RADIO
GLOBAL EVENTS
PR
INTEGRATED APPROACH
Fig1: 24 FLOW CHART: month market plan
24 MONTHS IMPLEMENTATION ROADMAP
Fig2: Implementation roadmap: month market plan
OBJECTIVE 1: 0- 9 MONTHS: Making her a GLOBAL STYLE ICON through retail channel
Position statement: For all the fans of Cheryl Cole and who aspire to look like her and also others who want to explore who is Cheryl Cole; Cheryl Collection is the new brand in the fashion Industry; A new trend setter for your wardrobe, a brand which will help you not just understands new trends in fashion but will make you look the best you can because Cheryl Cole believes that anyone can become fashionable if one adapts to the high fashion trends but one must adapt it for the real you.
WHY ZARA: ZARA is a global high street fashion brand whose target audience is young women who are ready to accept new fashion trend thus this is a perfect platform to reflect Cheryl Cole’s fashion essence. Also the most important thing behind choosing Zara is that it stock new designs twice a week thus leading to 12,000 styles every year unlike H&M and other high street fashion brands and also the most effective strategy of Zara is the cost cutting edge thus providing latest trends and fashions at affordable prices (Rohwedder and Johnson, 2011).
Brand value:
$10,821
1770 stores
90 countries
SALES
€8,621 millions
ZARA
This indicates Zara’s global reach which will be useful for Cheryl Cole to reach the masses at a global level.
Fig3: Zara’s Global Reach (Interbrand, 2013).
IMPLEMENTATION ROADMAP:
Promotion Strategy:
Main communication strategy:
-Making the new line to reach masses on a large scale.
-Through the new line creating a positive emotional connection with Cheryl Cole.
-Generating the audience interest in not just the clothing line but also following Cheryl Cole for new trends in Fashion.
This strategy will be through a Live Chat with CHERYL COLE two days before the launch of the clothing line with Zara.
The Business plan on Zara fashion swot
1. Barriers to entry: HIGH a. High fixed cost business requires economics of scale for sustained profitability b. High Selling & Administration Expenses which includes advertising, in-store promotions, etc.; up to 3.5% of its revenue, even though for Zara, the company is famous for spending minimum level of advertisements and commercials. However, recently the company announced that it ...
Above the line: Communication strategy through ADVERTISING
PRINT ADVERTISING: FASHION MAGAZINES
Fashion magazines have rich content and have the ability o reach high volume of target audience as the magazines are being bought for fashion tips and to now new trends in fashion. Thus, this would be the perfect way to reach our target audience (See APPENDIX B).
These magazines being global and as Zara advertises globally this will be a perfect option to make Cheryl Cole a global name.
BILLBOARDS and POSTERS
One of the best methods to target mass audience is by billboards. Billboards will show same positional statement all across planned event venue and other metropolitan cities to build awareness of Cheryl Cole brand and the promotional event of Zara. This will help to reach our target audience and influence them in all possible ways. (See APPENDIX B).
RADIO
Radio being a mass media reaches broad audience. The evening time slot between the times of 5-8pm will be the best time to advertise as it can reach listeners at key touch points. Another reason why we choose radio it has the ability to repeat the message; therefore a repetition of the same message will be embedded in the consumers mind having more chance for the consumer to remember the advert. (See APPENDIX B)
Below the line: Through this communication strategy we will be able to target niche audience
INTERNET: COMBINATION OF ZARA WEBSITE & CHERYL COLE WEBSITE
This will form the main communication channel (See APPENDIX B.a).
The reason for selecting both Zara website and Cheryl Cole website is to create exposure of Cheryl Collection not just to the target audience but also to the current type of audience who visit retailer website for online shopping.
EVENT:
Line launch event in 4 key stores in Europe: Madrid, Milan, London and her hometown Newcastle.
Theme: Zara celebrates diversity with new clothing line Cheryl Collection by Cheryl Cole.
Events goal will be to let the masses experience a new brand through Zara and make Cheryl Cole famous globally.
Thus with the help of above line and below line communication marketing strategy we will be able to target audience at a large scale leading to accept the Cheryl Cole new brand Cheryl Collection for Zara and through this make Cheryl Cole to step into market successfully.
The Essay on Analysis of Transcript Between Piers Morgan and Cheryl Cole
The interview I have chosen to analyse is a television interview by Piers Morgan with Cheryl Cole. It took place in a studio in front of a live audience. The interview is to gain knowledge over Cheryl’s personal life, and Piers obviously has vivid background knowledge of her life along with some pre-prepared questions to ask. The main topic is a contestant who was in Cheryl’s group during the ...
Type of media | Date of implementation | Budget/media spend |
Events: MADRID | 10TH FEB 2014 | |
MILAN | 15TH FEB 2014 | |
LONDON | 22ND FEB 2014 | $50,000 |
NEWCATLE | 28TH FEB 2014 | |
NEWYORK | | |
BILLBOARDS/POSTERS | 10TH JAN 2014 | $15,000 |
SOCIAL MEDIA: VIRAL VIDEO, WEBSITES. | 5TH APRIL 2014 to 30th may 2014 | $10,000 |
RADIO | 1ST FEB 2014 | $6,000 |
MAGAZINES | March 2014 | $10,000 |
BUFFER**** BUFFER: IF ANY EXTRA EXPENCE COMES IN SAFETY AMOUNT KEPT ASIDE.
TOTAL | | $9,000$100,000 approx |
BUDGET PLAN:
Fig 5: Budget Plan (WAARC DATABASE, 2013).
Fig 6: Percentage Budget Plan (WAARC DATABASE, 2013).
Therefore, the OBJECTIVE 1 will be achieved with an integrated marketing approach, with above line and below line market communication strategy and a budget of about $100,000. This will help to create a global brand Cheryl Collection and thus make Cheryl Cole recognized globally.
OBJECTIVE 2: 9-12 MONTHS: Becoming a powerful brand ambassador by endorsing GLOBAL LUXURY BRANDS.
Cheryl Cole will represent a brand and will embody the company’s image in every way.
Cheryl Cole will stand by the position statement for the brand she endorses and incorporate the brand’s identity so that the people believe in her and thus believe in the brands she endorses.
Becoming a part of a well-crafted brand ambassador programme will lead to formation of symbiotic relationship which will not only benefit the brand endorsed by Cheryl Cole but will also make Cheryl Cole name global.
Benefits to Cheryl Cole on becoming brand ambassador:
* Help to increase Cheryl Cole’s exposure rate as a fashion style icon to media which will further attract the target market to follow Cheryl Cole and thus indirectly not just increase the product sale but also enhance the credibility of Cheryl Cole brand: Cheryl Collection.
* Becoming the face of a brand will help Cheryl Cole to build personal connection with the audiences, as consumer associates with a brand only when he can associate himself with the celebrity.
The Essay on How to the Methods of Calculating Banks Marketing Budget
How to Decide Banks Marketing Budget? Introduction Now a day under taking marketing activities is compulsory and a key to exist in the business environment especially in the financial sector where competition is strong. In Ethiopia there are 16 private commercial banks and three public owned banks. There is strong competition among these banks to take market share and earn profit especially for ...
BRAND ENDORSEMENT FOR CHERYL COLE keeping her image of “good girl next door” in mind:
Fig.7: Types of endorsements (Prasad and Girdhar, 2002).
BRANDS ENDORSED AND Estimated pay package:
| | | |
ASPECT OF BRAND | IMAGE | PRODUCT | Pay Package |
| | | |
Cool GlamourModern Elegance | Global ImageFreshness classicBeauty | DIOR FRAGRANCESPRING-Summer Collection | $1millionSummer campaign |
Modern mix of LuxuryCreative sparkAdding sparkle to life | Luxurious Relic | SWAROVSKI JWELLERYA Diamond for everyone | $15 million For 3yr contract |
FREHNESS WITH LUXURYYOUNG | MODERN YOUTH | BOTTEGA VENETA BAGS(GUCCI) | $8 millionFor 2yr contract |
Fig.7: Brands endorsed and estimated pay package Objective 2 (SEE APPENDIX C)
IMPLEMENTATION ROADMAP:
Fig 9: Objective 2 profit margins (See APPENDIX C.a)
INVESTMENT
BEAUTY REGIME and Maintenance:
$150,000 for 12 months
$21 million
Profit through endorsing
DIOR: $1millions
Swarovski: $15million
GUCCI: $8million
OBJECTIVE 3: 12-24 MONTHS: Launching a Fashion based Internet TV Show and CHERYL COLE BOUTIQUE
* Internet TV show based on concept of Fashion Trends:
IMPLEMENTATION ROADMAP:
Brief description of the Roadmap:
In a period of 7 months the whole process of launching an internet TV show based on fashion by Cheryl Cole will be completed, major reason to produce this show is to get Cheryl Cole back into entertainment business. Internet is a global medium and to make Cheryl Cole a global icon this is the best path.
CONCEPT: “STYLE CHECK” by Cheryl Cole
CHANNEL: Internet television “ITV PLAYER”
Type: Talk Show on fashion trends- Unscripted
FORMAT: 30mins show
25mins- Cheryl Cole will be talking on new fashion trend, how to dress up for different occasional, her “style mantra”, Seasonal trends, Season & current trend of colours and patterns.
5mins- Cheryl Cole will be answering to her fans questions on “Style Check” website.
Thus in order to accelerate this popularity and keep her fresh in the audiences mind a Internet based television will be the best option for the target audience of 18-35yrs who is more glued on internet through various high-tech devices than a television show. Moreover they would be able to view the show anytime they like unlike a TV show and that too without adverts, Cheryl Cole will be on people mind like a sensation and trend. GLOBAL MARKET FOR INTERNET TV WILL BE REACHING $81.2 BILLION BY 2017 THUS INDICATING THAT CHOOSING THIS MEDIUM WILL BE A HUGE SUCCESS (Global Industry Analysts, Inc., 2013).
The Essay on Luxury Brand Marketing
It depends on dimension such as high price, high quality, uniqueness, exclusivity etc. What is a luxury product? In economic terms, luxury products are those who can consistently command and justify a higher price than products with comparable functions and similar quality. In marketing term, luxury products are those who can deliver emotional benefits which is hard to match by comparable ...
PROMOTIONAL STRATEGY: DIGITAL MEDIA; NEW AGE OF MARKETING
CUSTOMER TOUCH POINTS
SOCIAL COMMUNITY PROFILE COMMUNITY BLOG PODCAST WEBSITE WEB2.0 applications BANNER BRANDED- CONTENT MICROSITE DIRECT EMAIL
Fig 11: Customer touch points (Edelman, 2010).
Kl
NUMBER OF USERS ON SOCIAL MEDIA
MI
LL
IONS
Fig 12: Social media statistics http://www.statisticbrain.com/facebook-statistics/
Thus on the basis of the customer touch points and the graph stating the number of users on social media we have created a marketing tool kit for a period of 12 months which will make Cheryl Cole’s internet television show reach the target audience efficiently.
DESIGN OF SOCIAL WEB PLAN FOR MARKETING CHERYL COLE “STYLE CHECK”:
THE USAGE LIFE-CYLE
AWARENESS
SIGN UP
RETURN VISITS
EMOTIONAL
ATTACHMENT
MARKETING TOOLKIT for success of the objective:
| BUDGET/MEDIA SPEND YEARLY |
Search engine optimization SEO | $23,5600 |
Display ads (PPC) | $34,5600 |
Social Media | $34,5600 |
Email | $5,7600 |
Mobile | $1,1500 |
Content | $5,7600 |
Viral Video | $7,5000 |
Podcast | $7,5000 |
TOTAL | $8,57,900 approx |
BUDGET PLAN:
Fig 13: Budget Plan Objective 3 (SEE APPENDIX D)
Fig 14: percentage of overall – Objective 3 (SEE APPENDIX D)
5%
10%
5%
10%
25%
25%
20%
* CHERYL COLE BOUTIQUE:
POSITION STATEMENT: CHERYL COLE BOUTIQUE WILL STRIVE TO HELP WOMAEN TO DEVELOP THEIR OWN STYLE STATEMENTS BY PROVIDING A CLOTHING LINE WITH A VARIETY TO TARGET WOMEN FROM 18 TO 40YEARS.
IMPLEMENTATION ROADMAP:
MARKETING PLAN: DIRECT MAILING
Fig 16: Marketing Toolkit (SEE APPENDIX D.a)
BUDGET PLAN:
| BUDGET/MEDIA SPEND yearly |
Total Rent/Operating Expenses | $9,889 |
Total Location Improvement Costs | $11,650 |
MARKETING COST | $14,900 |
PR Costs | $3,670 |
IT Costs | $10,165 |
Operating Expenses | $3,560 |
| |
TOTAL | $53,834 approx |
Fig 16: Budget Plan Objective 3 (SEE APPENDIX D.b)
FINANCIAL ANALYSIS
PROFIT ANALYSIS
OBJECTIVES
ANALYSIS IN
DOLLAR $
Fig 17: Profit analysis from objective 1, 2 and 3. (See APPENDIX E)
CONTINGENCY FEATURE:
* An emergency response team will be recruited for the objective 1 because if the deal with Zara fails or if the Cheryl Collection brand is unable to make up sales this team will negotiate and help to keep this brand on floor.
* Cheryl Cole when endorsing the luxury brands have to compulsorily wear them in order to avoid the whole past scenario of facing criticism in 2009 while endorsing for L’Oreal.
* Most importantly as the market changes it will also affect the budget and market schemes thus a close eye has to be kept these two aspects and bring about necessary changes in response to market changes.
* During this 24 month plan Cheryl Cole has to keep watch on her competitors and take in every opportunity to promote her brands and shows through different events and contacts.
Thus, the 24 month marketing plan combined with the contingency features will be the focal points for Cheryl Cole’s business venture and making her a Global style icon.
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*
APPENDICES:
APPENDIX A:
Situation analysis:
Cheryl Cole with sheer hard work has gained huge amount of success, she has made her way straight up from becoming famous through auditions for ITV’s nationwide talent search Pop stars: The Rivals; working for 12 months for Girls Aloud band to becoming judge of the famous interactive talent show X-FACTOR; she is an inspiration for the young girls. Through x-factor Cheryl Cole has also launched her first single “Fight for this love” which became a number one and fastest selling record (McAlpine, 2009).
When her professional life was blooming her personal life had faced a sudden turmoil. Currently Cheryl Cole is in news due to her English rose’s tattooing which has gained negative comments from critics but her fans have taken on to twitter to support Cheryl Cole. Cheryl Cole also is the new face of luxury brand L’Oreal.
Keywords: Not global, A fashionista and A singer.
Competitor analysis
Competitor | Strength | USP |
VITCORIA BECKHAM | * VB Is a established global brand including clothing, perfumes * Five official documentaries: attracted 8.83M fans. * Book: Learning to fly, best selling non-fiction. * International style icon. * Entrepreneur of the year (fashion) – British glamour magazine award. * Ambassador for DOLCE & GABBANA. * Owns Mayfair Boutique. | Business womanFashion DesignerModel Singer |
NICOLE SCHERZINGER | * Voice behind the famous pussycat dolls band.Most successful as a solo artist: 16 million records so far. * “Rock n Roll” influenced fashion style and prefers a grown up style dressing sense. * Target audience “girls” * Ambassador of “Herbal Essences” and “ British Airways” * Face of Muller Corner- range of luxury yogurt brand. * Part of reality TV show- X factor is the biggest USP as she is in the eye of the masses. | Singing & Fashion“EYE OF THE MASSES” |
RIHANA | * Very famous solo artist * Has fashion brand in River Island * Is known for her extreme styles | Has the uniqueness in her pop videos as well as in fashion 13 Celebrity 100 on FORBES * #44 in Money * #10 in TV/Radio * #1 in Press * #2 in Social * #60 in Marketability * #4 in 2012 |
KATY.PERRY | * unconventional style of dress * Pentecostal and an avid supporter of gay rights(Perry supported President Barack Obama in his run for re-election in 2012 due to his stance on same-sex marriage and believing in “equal rights for all” * Rolling Stone ranked Perry 7th in its global Queen of Pop poll in July 2011. * Men’s Health dubbed her the “sexiest woman of 2013” | American singerSongwriterBusinesswomanPhilanthropistActress8 Celebrity 100 ON FORBES * #51 in Money * #23 in TV/Radio * #16 in Press * #4 in Social * #32 in Marketability * #8 in 2012 |
TAYLOR.SWIFT | * Swift’s signature look consisted of sundresses and cowboy boots.At formal events, Swift became known for “sparkly, beaded dresses”. * Career in acting. * Promoting her albums through brands:Eg: fourth album Red, Swift offered exclusive album promotions through Target, Papa John’sand Walgreens. She became a spokesmodel for Diet Coke and Kedssneakers,released her third Elizabeth Arden fragrance titled Taylor by Taylor Swift, and continued her partnerships with Sony Electronics and American Greetings. She also maintains an unofficial brand tie-in with Ralph Lauren.***she continues marketing her albums by endorsing for brands. | MusicEndorsementsStyle statements6 Celebrity 100 on FORBES * #29 in Money * #9 in TV/Radio * #11 in Press * #7 in Social * #41 in Marketability * #11 in 2012 |
KIM KARDASHIAN | * Face of magazines like cosmopolitan, complex, playboy, Glamour * She has also appeared in music videos like “thanks for the memories” by fall out boy and “everything” by cursive memory. * The most successful venture of her has been her show “keeping up with the Kadarshians”. * She has also launched a DVD on fitness. * Currently she has opened her clothing line with next- lipsy : Kardashian Kollection. | American television personality, fashion designer model actress |
APPENDIX B
Above line communication strategy:
* Print advertising magazine.
Magazines | VogueHigh fashion monthly magazine | Reach:1,300,000 | Target:18-34yrs | Fashion, beauty, lifestyle | UK and international | (Kopina, 2007) |
| Glamour Fashion monthly magazines | Reach:1,235,000 | Target 18-40yrs | Fashion, beauty, lifestyle | UK wide and international | http://www.condenastinternational.com/country/united-kingdom/glamour/ |
* Billboards
Billboards | 88% of people see them every 30 minutes (Fuat, Shultz and Clifford ,1997) | Broad audience depending on where placed. | Builds broad awareness to the public. | METROPOLITAN CITIES. |
* Radio
Radio | Heart FM 96.107 | Reach7,4 millionlisteners | Target22-44yrsABC1 | MUSIC and showbiz gossip and fashion competitions | South UK region | www.heartfm.co.uk |
APPENDIX B.a:
Below line advertising: INTERNET
Website (Zara and Cheryl Cole) | REACH1-10 million unique users | TARGET 18–30primarily and 25–34 secondarily | Fashion, beauty, lifestyle | (Calif, 2013) |
APPENDIX C: ESTIMATES for endorsing luxury brands.
DIOR ENDORSEMENTS:
Dior pays Robert Pattinson for endorsing “DIOR HOMME-Man behind the scent” $12million for a three year contract. (The Daily mail Reporter, 2013)
Thus on the basis of this payment the estimated amount that Cheryl Cole should be paid is $1miilion for a summer campaign of Dior fragrances which is a three month contract.
SWAROVSKI ENDORSEMENTS: “A DIAMOND FOR EVERYONE”
The tagline just says it that Cheryl Cole can carry off endorsing this brand brilliantly. Also Swarovski advertisements are not high celebrity focus but look for models which depict inner beauty. (http://www.youtube.com/watch?v=D_4iUZPQS8g)
Also Cheryl Cole has an experience in endorsing for a jewellery brand- PANDORA. On the basis of her earlier earning and endorsements the estimated amount is $15 million for three year contract.
BOTTEGA VENETA BAGS (GUCCI):
Rihana endorsed for Gucci for a year and she got $15million (Golding.B, 2011) thus on the basis of Cheryl Cole popularity and pay package of Rihana; she should be paid around $8 million for a two year contract.
APPENDIX C.a: Profit estimation from endorsement-
Sum of the payment from endorsements: $21million (for 4 months)
Expenses for four months: (estimation)
Beauty regime $150000 for 12 months
Fitness monthly $12,500
The estimation was created on the basis of Jenifer Aniston’s beauty regimen (Weisman, 2011)
APPENDIX D:
| BUDGET/MEDIA SPEND MONTHLY |
Search engine optimization SEO 3 to 6 months to give results | $19,633 |
Display ads (PPC) Within 15mins of setting up ads will be shown within the search engine to potential customers. | $28,800 |
Social Media | $28,800 |
Email Cost effective way to reach the target audience | $4,800 |
Mobile All online marketing technique like social media, PPC, email can be formatted into the mobile device. | $959 |
Content | $4,800 |
Viral Videos are like a sensation. (diagram 1) | $6,250 |
Podcast | $6,250 |
TOTAL | $100,292 approx |
The calculation is based on total annual revenue which is approximately $ 22 million approx by 2013 on basis of her earning from objective 1 , prior work in 2013 and 2012 net worth which is $18millions (Said, 2012).
Calculation was carried out with software for budgeting digital media marketing.
Diagram 1
APPENDIX D.a
MARKETING TOOLKIT
APPENDIX D.b
Budget plan based on business plan for starting a retail shop ( Dahl, 2011).
The estimated values are on basis of location, a designer boutique of luxury fashion brand Cheryl COLE.
* Rent/Operating Costs (approximate Values
Security deposit for the rental lease ($2,877 based on 1,609 square feet)
First month’s rent in advance, plus Triple Net ($5,177 + $1135 for her portion of the center’s operating expenses and property taxes)
Utilities security deposit ($700)
Total Rent/Operating Expenses: $9,889
* Location Improvement Costs
Construction costs to customize the space ($7,000)
Store fixtures, including poles, racks, shelves, gondolas, mannequins, a cash counter, sizes, and bookcases ($4,500)
Handyman and supplies ($150)
Total Location Improvement Costs: $11,650
* Miscellaneous Operating Expenses
Hangers for clothing ($100)
Liability insurance ($1,185 quarterly)
Accounting set-up ($25 per month for QuickBooks Online)
Association fees and directories ($2000)
Office and cleaning supplies ($250)
Total Misc. Operating Expenses: $3,560
* IT
Computer, laser printer, and cordless phones ($3000)
IT Consultant and tech support ($1000)
Telecom services: high-speed Internet via cable modem and digital phone ($500)
Domain registration ($30)
Google services, including the store’s e-mail ($100)
Website hosting, design, and development ($2,500)
Specialized POS software for the resale industry ($3,025)
Total IT Costs: $10,165 approx
* Marketing
An exterior sign and center pylon signs (2) ($6,500)
Interior signage and décor ($900)
Trademark registration and legal services ($1,600)
Logo design ($2,700)
Business card design and printing ($2,400)
Flyer design and printing ($550)
Coupon design, printing, and redemption costs ($250)
Total Marketing Costs: $14,900approx
* Public Relations
Grand opening event, including food and beverages, entertainment, and signage ($1,570)
Public relations/media relations around the grand opening ($1,100)
Advertising around the grand opening ($1000)
Total PR Costs: $3,670
Grand Total of Start-up Costs: $53,834
APPENDIX E
Analysis of profit from objective 1, 2 and 3.
| INVESTMENT | PROFIT EXPECTED |
OBJECTIVE 1 | $90000 | $180000 |
OBJECTIVE 2 | $150000 | $21000000 |
OBJECTIVE 3 | $911734 | $1800000 |
The values got for profit expected are double of investments besides objective 2.
Any business plan is made with intention of earning profit twice the investment.
For objective 2 the plan considers earning for period of four months; this would be like extra profit through which investments will be done for objective 3.
