Campus Couture

Essentially, this go away work by Campus COUtUre bargain for pieces from occasions and new(prenominal) local and international sellers, and fling it as a get plunk for ofal do to our line of work. Campus Couture allows its members to calculate garnisheees by new arrivals, size, color, style, or price. We run into invest to bye lease work for women to att fetch up date nights, cocktail parties, and formal compositors cases idyllically for the western sandwich Community. Campus Couture, Inc. Was incorporated in 201 2 and is ground in capital of the United Kingdom, Ontario (Exhibit 1). 1. Goals and Objectives The initial destination of Campus Couture is to present our aggregate research and comp curiosity to generate confidence in our course model and its feasibility. Establish a front end Within the Campus Community Establish a consistent base of users that rely on Campus Coutures site for their semi-formal and formal relegate Establish ourselves be the fore runners in cause wear for the tar jack offed consumers Minimize Start-Up Costs From an trading operations standpoint, we strive to minimize start-up costs and addition our client-base in the first fiscal year, enchantment generating a constant stream of mesh in later periods.Promote Website Traffic By increasing aw beness about Campus Couture, we aim to capture 15% of western sandwichs pi steadyate domain of a function to become active members of Campus Couture, Inc. By the end of our first year of operations (Exhibit 2) pecuniary Usually negative cash from operations is risky, b bely sometimes is necessary to get the billet afloat. Breakable by the end of 2nd fiscal year. Personal Goals $1 5,000 in drawings by the Second monetary Year End (2013-2014) Drawings for Campus COUtUre Board of straightawayors at 70% Of net income by third fiscal year-end Work irregular between 5-8 hours per week 1. Key supremacy Factors Successful hybridizinget Penetration initial fo od grocery penetration is vital for our production line to prosper. As a consequence of our for the most part unfamiliar condescension judgment, our merchandising practices must(prenominal) be well-planned and innovative in nine to win oer our customer base. ascribable to the influence of word-of-mouth and well-disposed media action mechanism amongst our nates demographic, we be roostve that once this initial base is established, we puke deliver a steady increase in customer base moving forward.Trendiest and Afford ability Trendiest and affordability be diagnose determinants of Campus Coutures success, as todays youth wants to maintain a elanable im mount without the substantial expenditures associated with purchasing an outfit. Campus Couture aims to keep its product cracks veritable and updated adhering to the in vogue(p) stylus skips. Further more(prenominal), each(prenominal) rental go forth be a fraction of the sell cost of the fare, meaning that Ca mpus Couture ordain be a practical alternative. Affordability is the keystone to our assembly line model, and it is imperative that it is maintained.Our price model is based off of the morsel of times we expect each garb to be rented, thusly increasing the customer base and the number of rentals. We lot expect to increase fund, slice driving down rental point in the future. 1. 4 Corporate Capabilities Strengths Campus Couture adheres to a unique duty model and evoke take definitive strides to provide our members a vast selection of dresses that cater to our scholars and childly professionals. Campus Couture has skilled personnel that atomic number 18 un opinionated of handling the daily operations and logistics twisty with running a rental service.They squander unrivaled insight into our target coiffureet as we are Western school-age childs representing former(a) Western schoolchilds. The use of favorable media applied science has provided Campus Couture cons ider access to the target market, reservation us trendsetters for the rising slope trend in economical pending habits in this post-recession era. Weaknesses Campus Couture has bound funds, inventory and connections to the fashion industry. This makes our company more vulnerable to our competitors who possess extensive fashion expertise and coarse capital allowances for advertising.Our argument excessively has the unique task of having to control the negative stigma attached to letting ramble. As well, the businesss success is heavily dependent on keeping up with the a la mode(p) trends and appealing to the young young-bearing(prenominal)s fashion ask/style. A strong market case and commitment to Campus Coutures business objectives depart hopefully overcome these weaknesses, as well as increase traffic to our website. Seasonality bequeath to a fault impact our feasibility since a queen-sized portion of our target market attends Western University but leave for the s ummer months. . external Analysis 2. 1 political As of January 201 2, students crossways Ontario pick out begun receiving $1 ,600 per annum from the provincial government, as part of an curtain raising to demean to tuition grade. This helps alleviate the monetary stresses for students and also puts more disposable income O.K. into their pockets, thus proving that female students volition pass increase intend to rent dresses and get other novelties. Transmutes are generalizing among environmental groups. These are individuals who none value non-ownership for environmental and ethical reasons.The empty words behind this lies in the fact that the more people share, the fewer goods pack to be produced -? and fewer resources leave be apply up. Therefore, dress rentals definitely cater to those consumers who leave behind farther use something when they truly need it. 2. 2 Economic Due to rising university tuition rates, Western students on come discombobulate less disposable income and and so increased pressure level to spend their currency wisely. Statistics Canada reported in 2008 that Canadian females between 16 ND 1 9 had an average income of $7,100 whereas females between 20 and 24 earned $15,100.If a student in either age cohort had to obliterate living and post- secondary expenses, they would gravel microscopical or no money leftfield for other expenditures. According to Western Statistics, approximately 681 9 bursaries, accounting for roughly $1 5 cardinal were given to students requiring monetary assistance. These statistics imply that many Western students are looking to economize and curb their consumption habits in enunciate to offset their debt from student loans. The population of females at Western is before long 13,990 females that go for gig demand for swanky dresses overdue to the ongoing brotherly mise en scene in London.The price of habit has escalated in as many geezerhood due partially to increased co mmodity, labor, and transportation system costs, as well as markups associated with name rats. Consequently, consumers are finding it increasingly difficult to come out of the closet fashion forward at a reasonable price. On average, Western undergrad students attend 6 to 8 major even offts per semester. 1 Provided that we ignore offer our clientele high superior dresses at a reasonable price, we aspire to take favor of this opportunity and create successful business model that aligns with the needs of price subtle Western University female students. . 3 affable Online shopping has also revolutionized over the last(prenominal) decade. According to Statistics Canada, in 2007 about 8. 4 million Canadian individuals aged 16 years and older used the gain to make almost $12. 8 cardinal in purchases. By 2010, 113. 8 million browses were make by 1 1 2 million Canadians with a value of $15. 3 billion. From 2007 to 2010, the percentage of online shoppers that used the net to purchase clothing, jewelry, and accessories rose from 29% to 36%.This positive correlation demonstrates an increasing trend of online consumers and an opportunity for Campus Couture to capture this market because a large age of these shoppers were females under the age of 30. Currently, 60% of Western students are female this rising trend along with plans to for the University to undertake larger first-year classes secures Campus Couture?s developing target audience. Overall, these conditions are very fond for our company as there is carry evidence that our target market is steady expanding, implying that Campus Couture pull up stakes likely gain customers and increase profits over time. 2.Technological Modern scientific developments, like the Internet lay down increased the consumers access to data thus reduction time spent shopping and has made retail prices more emulous by shifting the power from suppliers to consumers. This transformation is forcing current business es to review their current operations and marketing strategies to better accommodate consumer demands. Campus Couture believes that implementing modern sayation technology to target the budget-conscientious young female consumer and to fulfill their need for fashionable apparel can offer a militant edge over our competitors. 3.Consumer Analysis 3. 1 Market Research In our go over (Exhibit 3, Exhibit), 63% of respondents were inclined to rent a dress while 32% indicated that the composition was not appealing to them. Many hesitated as they worried about cleanliness and unfamiliarity to the concept of dress rentals. Our results show that approximately 73% of respondents are either impartial, agree, or potently agree to this concept. This indicates that if Campus Couture can successfully get on dress rentals as fashionable, economical, and sanitary to the masses, we will unleash potential for large rank revenue volumes and high recalls from this untapped market.In terms of set, 76% of females surveyed indicated that they would spend less than $1 00 and 55% would spend less than $70 on a dress for a picky occasion, therefore implying that price is a ascertain factor for the typical consumer. Therefore, Campus Couture must rent out its dresses at competitive rates to appeal to a vast market In which some would prefer to purchase earlier than rent. 3. 2 Target Market Campus Couture targets young female students and professionals from the Western and London union, ages 1 8 to 25 years old, who are searching for fashionable higher-end formulae at affordable prices.Students are very social individuals, but they are also on a exceptional budget With pressure to dress well, they want to look with child(p) by tiring new dresses. buying new dresses is extremely costly, which is why this demographic would be more inclined to rent. 4. matched Analysis Although, there are no specific businesses that provide a sympathetic service to either community, there are many direct and indirect competitors impeding on Campus Coutures growth potential. 4. 1 Direct Forever 19 With 480 locations and revenue grossing over $2. Billion, Forever xix is extremely popular among teen and young adult females and caters to an array of different styles at great value. In terms of marketing and promotion, Forever XIX has truly capitalized with its e-commerce venture. With Forever XIX inauguration up at Nashville fall out in March 2012, Campus Couture could fore dupe wide disceptation from this clothing retailer. Forever XIX has far greater financial means to purchase inventory and to market their product. They have the potential to capture a larger audience due to their variety of inventory and reasonable pricing.These factors could pose as a real threat to the success of Campus Couture. A drawback to their business model is that with lower pricing comes poorer quality. This brings out the traditional quantity versus quality debate, and Campus Couture wo uld have to evaluate which is more pillow slipful to the desired target market. Forever Xis dresses lie in the same(p) price upchuck as renting from Campus COUtUres power ones, however online purchases incur corresponding shipping charges. rim SASS is a global fashion e-commerce website, located in the UK, which sells fashionable clothing and accessories internationally.With 7. 0 million registered users and 35,000 new products each season, SASS attracts a wide reconcile of demographics, allowing the business to penetrate the global market. By offering free shipping worldwide, consumers are more likely to purchase, however there are a number of downfalls, Canadian customers are required to manufacture two HAST and duties, increasing the overall cost to the consumer. This also makes international returns more difficult, as the consumer will have to pay freight for the level(s) to be returned, which could be costly.In addition, this whitethorn even freeze the companys pote ntial for making sales, as freethinker consumers would be hesitant to order without antecedently seeing the quality of the clothing. The efficiency of the tar service is essential to see to it that customers incur their products on time in order to maintain customer satisfaction. Campus Couture differs as we offer rentals for similar items, but with a limited inventory. Our inventory will focus on the needs of the London community, instead of the world market.With that said, we provide our Members the opportunity to have a personal fitting. In addition, Campus Couture will not have to bother with online payment security and delivery timings, as both will be contendd in-store. And Ezra Our market research relayed that H and Ezra were highly popular within our target market. Whereas, H has a flagship in London, Ezra, is only coated in Toronto. Many Western students are from the Toronto area and travel family unit frequently, thereby making Ezra a direct competitor. Both retaile rs have strong brand recognition and customer loyalty across Canada.Hs business concept is to give the customer unbeatable value by offering style and quality at a reasonable price. Ezra in comparison, concentrates on quality, design, and fast turn nigh. H&Ms dresses retail between $20 and $60 whereas Ezra retails its dresses for $80 based on current website pricing. One weakness both of these companies share is their lack of an online store, while Campus Couture provides its consumers with the ability to reserve dresses online and on your phone. Oftentimes, customers find an item online and by the time they get to the store, the size or color of dress may be sold out.Overall, retailers who transition their marketing scheme to reflect technological trends will be better equipped to handle the the needs Of the modern consumer. Boutiques along capital of Virginia Row Richmond Row is foundation to various local apparel retailers in downtown London. Regardless of our partnership with Elliot, a local boutique (Exhibit 5), they would still outride indirect competitors as similar items would be arrested to the same audience. Price is a bulky factor as Elliot has sizeable profit margins for it sales, however with increased competition and lower prices for the similar goods may result in a price war. Ultimately, Campus Couture will be able to overcome this form of competition due to its offering of a basically different service. 4. 2 Indirect High-End subdivisional Stores High-end department stores including Holt Renew, Anemia Marcus, and Nordstrom provide designer apparel at high costs. These department stores target an older and wealthier demographic than students, who can afford to ay high premiums for higher quality. bandage many of these high-end stores ship to Canada, the costs associated with shipping makes these pieces virtually impossible for the average student to afford.Online char Sales Online Luxury Flash Sales websites such as beyond the Rack, Ne t-a-Porter, and The Peacock Parade are an enterprising trend in todays technology- dependent world. Here, designers and retailers have their merchandise discounted between 50-70% of the veritable retail value. Sales are typically perfectly (under 72 hours) and start at awkward times during the day. This sakes purchasing from these websites difficult and inconvenient for students with busy schedules. Flash sales have limited selection, so specific styles may not be available.Most of these websites have supply in the States, adding shipping costs to the pilot burner purchase price. 5. Four Ups 5. 1 reaping We offer a dress rental service in London Ontario, where consumers can browse our inventory online and reserve dresses, thusly allowing them to come in before their lawsuit to try on the dress and pay for the rental. 5. 2 Placement We chose to place our business in the North London borough because Of its rigidity to Western University and college population, who are lookin g for the in vogue(p) trends and outfits to present themselves in.The area is known for student ho utilise, and therefore is more convenient for them to locomote to in comparison to either centre or the downtown core. We believe that organism located in close propinquity to campus is advantageous as there are no other clothing retailers in the area, unlike the competition we would have face from retailers along Richmond Row or in Nashville. 5. 3 price slice finalizing our inventory, the costs associated were taken into account in order to set the rental fees.The rental price represents 30 to 35% of the original retail price, therefore we will be able to generate a return on our investment after collar rentals. This value is reasonable enough that consumers would still be inclined to rent rather than purchase a dress from elsewhere. As a start-up, we did not want to take too big of a risk. Since the business concept is unfamiliar to a large portion of our demographic, high init ial promotional costs are necessary to testify and penetrate the market. Afterwards, Campus Couture can rely on the social behavior of the demographic to steady build our customer base in years to mom. . 4 Promotion In order to reach out to our clientele, we aim to incorporate a pull strategy, using a variety of social media outlets, promotional events and incentives, and personal selling strategies in an flak to build up consumer demand for high-end designer dress rentals. Promotional Campaign affable Media (Exhibit 6) The 18 to 25 cohort represents the highest consumers of social networking and the Internet. Social media outlets including, Faceable has made girls more open-eyed to keep up with fashion trends and to have an extensive wardrobe for every occasion.Nowadays, girls are self-conscious about rearing the same outfit repeatedly, fearful that someone force remember. Due to these societal pressures, females have resorted to online retail browsing and shopping for clothin g and accessories. With Campus Couture on all major networking sites Faceable, Twitter, and Pinsetters, we can inform our customers about the latest trends and what is new at Campus Couture, enabling our clientele to interact with us, and even see how other clients are wearing Campus Couture. This will positively influence our companys image, as one that cares about its clientles needs before their special event.Mobile Application (Exhibit 7) calculate Campus Couture, at your fingertips. Our mobile cover can be downloaded onto your Blackberry, phone, or Android to see the latest in trends and new in-stock items, and rule obtain fittings. This will allow girls who wait until the 11th hour to reserve a dress at any time. With that said, the mobile application is expected to be of sterling(prenominal) improvement to customers for those always on-the-go. It will also evoke accessibility to our catalogue and overall business, further inclining potential customers to use our servi ce.Undoubtedly, the greatest asset we can gain by using the mobile application s ensuring Campus Coutures constant presence in customers lives. viral Youth Campaign With todays youth eer viewing, posting, and sharing Youth videos all over the social media circuit, Campus Couture has the opportunity to be recognize quickly, without incurring the cost of airing pricy television commercials. By filming a video that highlights Campus Coutures brand power and competitive advantage, we can influence students to share the video.In turn, they will be personally selling Campus Couture to their social circles without even realizing that they are doing it. This will boost inquiries, ND with proper sales provision within the Campus Couture team, this will result in increased volumes of rentals, equating to higher gross revenue as well as a higher return on our initial investment. Print Advertising and excogitate of Mouth (Exhibit 8) Print advertising is a promising technique as it catche s the tutelage of many students while walking around campus.With posters up in areas of high traffic, students will be able to familiarize themselves with Campus Couture. These advertisements will be concentrated in locations with the highest preponderance Of our target market in order to garner their attention. Launch Party The administrator of Campus Couture, Inc. Will be working about with the George Boatswains, Resident DC of Cobra London to target a launch caller and hammer Show on Friday family 14th, 2012. With upwardly of 500 attendees, we hope to make our mark on the Western and London community by selling advance tickets to the event for $10.Advance ticket sales will be a key marketing strategy to spread word out about Campus Couture to all social circles across the campus community. every revenues generated would be paid to Cobra London. The launch ships company will promote our business, while the look Show will best peril Campus Coutures collection to the fema le demographic. This will be coordinated in part with Blackbirds beauty shop and Spas, who have donated their time and expertise into making this event a great success. Our team will be able to personally sell Campus Couture to our target market, while promoting to the masses. . natural Analysis 6. 1 operations Operations will commence on September 1st, 2012 with promotions, leading up to our launch party on September 14th, inaugurating the business. In order to use the site, a customer must make an account (Exhibit 9). Members can search with different dresses by style, color, size, or price. In addition, the calendar widget displays the handiness of each dress. This calendar will mark off the dates that the dress has been booked for, the size, and the event she will be wearing it to, allowing other customers to skim through dresses efficiently.This also ensures that no two people will be renting out the same dress for the same event. Once the customer has decided on a dress, t hey will book a fitting appointment, where Campus Couture will hold onto two sizes of any one dress for the customer, ensuring a proper fit. Once they have been fitted, the client will choose whether to conk out with the rental. Our storefront provides them access to browse through other dresses. If they choose another dress, we would ensure that it was not previously on hold for another customer and that it was clean and undamaged.