1 NGUYEN TAT THANH UNIVERSITY NTT Institute of International Education FINAL PROJECT TOPIC: HIGH FASHION WOMEN CLOTHING’S STORE BUSINESS PLAN: QUEEN Supervisor: Nguyen Xuan Nhi, Ph.D
PROJECT OVERVIEW
DESCRIPTION OF THE SPACE, PRODUCTS, SERVICES
With an area of 60 m , QUEEN is decorated with the main color tone of pink - the 2 color representing women, at the same time combining interior decoration and items in the store entirely in elegant European style elegance and sophistication that embodies the feminine and seductive beauty of the woman In a luxurious and powerful style, QUEEN is designed with a European style space and all the services to welcome customers are also European style, giving the feeling that every woman coming here is a queen
The store meticulously zones its spaces for optimal functionality, featuring a dedicated cashier zone, a customer assistance and consultation zone, a spacious product selection area, and a designated zone for product testing and experiential engagement The product layout caters to various customer needs, with sections tailored to office wear, evening attire, and casual street style Prioritizing customer convenience, the layout ensures effortless navigation and accessibility to desired products The European-inspired interiors, adorned with shades of pink, lend an air of sophistication while maintaining a distinct character.
Through strategic partnerships with fashion designers and design students, we have acquired exclusive apparel design copyrights and a vast library of design resources Our team carefully selects unique patterns that align with specific themes and intended purposes By collaborating with skilled tailors, we are able to produce bespoke costumes that seamlessly blend creativity and functionality.
The products that QUEEN sell are focused on to female customers aged from 20 to
QUEEN features a diverse range of clothing options for various occasions, including dresses, pants, blouses, vests, evening gowns, and more, catering to various tastes and body types The brand prioritizes elegance and sophistication while allowing women to express their unique sense of style and beauty.
Consulting and customer care at QUEEN are always highly appreciated Staffs with experience in the fashion industry are ready to assist you in all difficulties With the slogan "ALL FOR YOU, BEST FOR YOU" the store always brings the best for women You will be presented with the latest products according to different fashion themes and trends If you have trouble shaping your fashion style, you are looking forward to not knowing how to choose the right outfit to suit the environment you go to Please rest assured! QUEEN we always put the customers themselves and listen to the things that customers want, so this obstacle we can completely help you to make every woman show up with sophistication , classy and has its own style
With the development of the Internet today, selling online has also become a service that attracts many customers because of its convenience, fast and easy QUEEN also opens sales and consulting services on the website www.queenstore.vn and QUEENSTORE fanpage so that customers who are far away from Ho Chi Minh area can still access our products At the same time, we are also flexible in the payment method for goods: cash receipt, transfer, e-wallet
In order to create comfort, QUEEN always believes that every woman who comes is a queen, so building the best service system is always highly appreciate d.
TOTAL MARKET ANALYSIS
1.3.1 The overall of the market
The fashion industry is undergoing a transformation and having new strides in integration and reaching out to the world According to a 2017 survey by market research company Asia Plus, Vietnamese young people are significantly increasing their spending on clothing 26% of people surveyed buy clothes 2-3 times a month, 52% said they usually buy clothes once a month It is estimated that the annual consumption value of textiles and garments in Vietnam is about 5-6 billion USD, equivalent to nearly 120,000-140,000 billion VND (xu hướng và tiềm năng của thị trường th i trang, 2018) Businesses believe that the reality may be much larger, ờ because on the current market, counterfeit products, portable goods are also consumed strongly, especially in rural areas According to Nielsen's second quarter
2018 report, the Vietnamese fashion market will have a growth rate of 15-20% per year These are also steps that have brought a positive direction for QUEEN in its development
Although there are many competitors with prices and quality belonging to many different customer segments Many famous shops in the fashion industry such as IVY moda, Canifa, are also big competitors causing many difficulties and obstacles However, QUEEN is still trying its best to become a big model in the Vietnamese fashion business
In a highly competitive and crying market economy, providing the same clothes and consulting services to customers in a market will cause stores to lose great competitiveness Especially the capital consumption market is fragmented We have defined market segments based on the following criteria:
Geographical location: located in the heart of District 1 with many large and small companies, many representative offices, large media agencies This is also a place with a crowded population to live and work However, because it is the city center, the presence of many similar fashion stores with big and small names will be a challenge and also a motivation for QUEEN to continue to build and develop
9 Psychosocial characteristics: the development of social networks has had a great impact on the development of the fashion industry New fashion trends in the world are spreading quickly on social networks, so we must seize that opportunity to bring to market the products that are most suitable for reality, especially in the fashion business done more quickly The costumes of artists, people in the media have a great influence, so the follow-up to catch up the style is also a new one The fact that there are so many people pursuing a certain style urges you to want to learn and change to not be out of date That is the opportunity for QUEEN to approach customers
Factors that have a great influence and impact, QUEEN identifies the criteria in the market segment to help the store serve customers better, more effectively, and easily achieve customer satisfaction
QUEEN's main products are women's clothing, skirts, dresses, Because women often focus on beauty more and women have a wide range of products, we specialize in providing women's apparel Because there are many residents and companies working in the area, the demand to buy clothes for work, going out or buying gifts also tends to increase
QUEEN targets a customer segment aged 20 to 40, a demographic characterized by a youthful and modern lifestyle This age group actively seeks the latest trends and is highly receptive to fashion influences propagated through social media, making them an accessible and engaged target audience.
ANALYSIS OF COMPETITORS
The competition analysis is the process of identifying businesses in the market that feed the product or the same businesses you and evaluating those opponents based on a collection of businesses that were defined before (hongngoc, 2020) The competition analysis will help you see your business and the competition compete through the eye of the client That word determines what you can improve
Besides, competitor analysis will bring a lot of benefits for your business First, disclose pertinent information about market saturation, business opportunities and effective business strategies in the industry Second, know how your customers view you compared to your competitors Third, compare your business with your competitors, find out the strengths and weaknesses to see where it can improve and capitalize on the market
With the similarities and the development in the same market, TOTO shop and K&K fashion are the typical fashion stores that we choose for competitive analysis
Experiences 11 years ( founded in 2009) 10 years (founded in 2010)
Address 412 Le Van Sy street, War 14,
213 Le Quang Dinh street, War 7, Binh Thanh, HCM
Capital Own and borrow money Khang Khoi Company
Good knowledge of fashion and marketing
Update trends well, understand fashion, understand the flexibility of the product
11 Revenue 36 billion VND / 20 stores / year
Investment policy Turn the first round from the revenue branches
Investments from the parent company and store revenue
Characteristics Fashion Variety of styles for both men and accessories: backpacks, bags,
Fashion for office women, with flexibility for many activities
Quanlity Durable and has a variety of models to choose from, high quality materials
Flexible used for many activities
Selected goods designed, sewn according to modern technology Standard form, high quality fabric
Reliability 70%the young customer is back 65% of office customers choose
Sales through website systems, fanpages
Consultation and direct experience at the store Selling through online Website channel,social media
Look and feel Diverse designs and investment when catching up with trends
Create trends for young people and shape style
Chosen from designs, diverse in color Create a sense of comfort, exalt the beauty
Guarantee There is a return policy when the product is defective within
7 days and must have invoices and stamps
Receive products return when there is an error from the tailor within 3 days and must have invoices and stamps
Other factors Can track orders, receive promotional information
Get edits to the customer's costumes and the customer must pay the additional repair fee
Reputation Top 10 famous fashion shops in Ho Chi Minh city
Top 3 favorite stores of young people
Top 10 famous office fashion brands
Picture Built in a dynamic, youthful but friendly style
Towards the beauty of women and their success Always listen and always share with customer’s difficulties
Website Totoshop.vn,fanpageTotoshop Kkfashion.vn,fanpage kkfashion.vn
Media strategy Selling online on facebook and social networks Having TOTO fanzone is a place for customers to give feedback
Prioritize selling at the showroom to calculate the experience for customers Developing online arrays through social networks
13 Advertisemment Articles, reviews on social networks: facebook, instagram Directly introduce new products and prices right on the website
Blog articles, experience evaluation, live evaluation on social networks New trend reviews article incorporated in product introduction
Speciality At the store, using smell effect to create a sense of comfort when shopping for goods
Receive sewing according to design requirements, editing according to requirements
Brand value In existence for more than 10 years, the brand is valued at over 1 billion
Price strategy Applying promotions on many occasions, VIP customers, bills over 1 million are VIP, freeship
Often there are deep price cuts to stimulate demand
Broad coverage among young people through social network
Mainly word of mouth, Blog posts on social networks
Spreading speed Fast and widespread through social networks, feedback, review channels
Moderate, mainly in office areas
Customer service Granting codes for customers to receive promotions, consulting and shaping style, fixing errors about goods and returning for free, VIP customers receive deep deals
Return policy when there is an error, try and advise on the costume Get your office uniform
Agile, good-looking appearance Using social networks, quickly updating trends, able to observe and solve situations well
Knowledge of fashion Able to observe, to be subtle Look good Listen to customers
Sales Channel Directly at the store, selling online on the website and on social networks
Sell directly in showrooms, online on Website, Facebook
Payments Payment by cash, wire transfer, electronic wallet
Focus on developing, reaching customers through Facebook, instagram, tiktok,
Develop and approach customers through Blog, facebook, review,
Instagram:totoshopvn(57,4k follow ) Youtube: totoshop (5110 sub)
Update social Priority for Facebook 6 posts / Do not focus much, mainly
15 media day Many video review experiences on youtube to receive feedback from customers
Business blog Not yet developed, mainly writing articles to assert position and achievements
Strongly develop, update trends, tips for choosing costumes, and integrate products to introduce
Customer services Consulting and receiving online orders on social networking channels
Receive customer feedback, receive orders on the Website.
SWOT ANALYSIS
The analysis under the SWOT model will be the pre-edo for QUEEN to determine long-term development goals and strategies Identify what difficulties the store is experiencing so that there are more options to adjust
• Economy has a strong recovery and development
• The fashion market in Asia has a strong development and has great potential in the future
• Strong demand for high- end fashion items at reasonable prices
• Online shopping is a prevailing and growing trend
• Fierce competition from big fashion brands
• Economic impact on the solvency of customers
• Products are designed and priced at reasonable prices (< 1 milion)
• Associate with garment manufacturing in
• Fashion models from designers and design students
• Experience in fashion and international business brand rapidly in the fashion market
• Promoting marketing strategy in reaching customers
• Willingness to meet the needs of customers
• There is not much experience in Vietnamese market
• Entering, researching and analyzing the luxury fashion market
• Continued development of store maintenance
• Find new markets for the product
• Develop a pricing strategy for the right product for each location
ACTION PLANS
MARKETING PLAN
The goal that QUEEN set when promoting the image of its fashion and services to potential consumers should be achieved within a certain time frame In other words, the marketing goal is the marketing strategy laid out to achieve the overall goal of the organization QUEEN's marketing goals make outfits and clothing accessible to customers, providing information about product features, thereby increasing sales of products sold Furthermore, defining marketing goals also helps establish brand positions in the business market
QUEEN applies promotions suitable for each special occasion: give attached gifts for the Christmas season, 50% off for Black Friday, offer discount vouchers for over 1 million bill, freeship for customers to buy 2 products upward,… This is to stimulate demand, create an impression on customers, and at the same time promote more products to customers The store will have a donation program with accessories related to the items it sells Instead of customers having to choose accessories to suit the outfit they buy, the store will offer a gifting program with each product, or when the customer has a certain quantity
Marketing planning has an important meaning in bringing products to consumers, earning profits and positioning the brand in the big market Firstly, when there is a marketing plan, it will be the orientation for the employee's activities in the working system Everyone will have the most general view of their goals Second, research deeply and know the customer segment, thereby having an impact on the customer psychology Thirdly, to control the store's development progress, make adjustments in the right direction if there is any deviation The marketing plan includes 4 essential and basic activities (4Ps)
This is an activity to promote the store process to bring products to customers through many different forms It is also a powerful support tool for businesses Realize that most branded fashion stores always focus on the popularity of their customers with their products Therefore, the advertising, introduction and sales promotion are necessary orders
Before going into operation, QUEEN will be widely advertised on social networks, classifieds websites, flyers, and verbal announcements through relationships of friends, relatives, and people around to attract Attention to the store on the day the store officially operates
Maintain store ads across all sales channels QUEEN's promotion is a 10% discount on all items on opening day, big holidays, 20% off and 50% off for end- of-season liquidations Discount 10% for large order QUEEN offers VIP membership cards (10% discount) to customers who buy 20 products / month
Reasonable pricing will help the store have a good impression on the customer when the store just entered the business Therefore, the price will not be too high as it will reduce the store's competitiveness Because the store is new to the market, the price strategy has a big impact on sales On the other hand, the price will not be too low because it will affect the store's profit and the future of the store If left too low in the future, the store wants to increase prices will be affected by customers
So it can be said that price is a very sensitive factor for the store's sales as well as the long-term survival Therefore, an appropriate price will give the store a very solid position for the store Products are selected with beautiful designs and are manufactured on a modern sewing line according to ISO standards QUEEN focuses on quality, so the prices ranging from 500,000 to 2,000,000 at this level are suitable for the customer segments that QUEEN targets
19 The selected QUEEN store is located on Le Van Sy Street, a street with many famous clothing stores Convenient location, crowded, spacious parking area and high security Currently, the store only focuses on selling in stores and on online sales channels But in the future, QUEEN hopes to have more stores overseas and have more members in QUEEN's network
Based on the analysis of products sold in the region, QUEEN's products not only aim at customer satisfaction but also focus on product quality The goods are diversified in designs, styles and colors, making customers more choices Moreover, the flexible outfits are very suitable for office women All pay attention to the luxury and seduction but still have the characteristics of Vietnamese women
Advertising on social networks 36,000,000/year
Advertising on social networks 3,000,000/month x 12 6,000,000 Blog, review 1,000,000/month x 12 = 12,000,000
PERSONNEL PLAN
HR (human resource) is Managing the recruitment and training of employees of the company Managing staff records, evaluating staff Managing stationery and equipment of the company Proposed subsidy plans, rewards, gifts for the holidays Type, copy, preserve documents, documents, and papers under the assigned work Scheduling weekly customer reception, monitoring, and organizing guest reception
Accoutant is Calculating company expenses and reporting Debt tracking Prepare a financial statement each month Implementing loan activities Solving tax problems Categorize transactions and economic events into groups and different
21 types, record in the accounting books to track systematically the fluctuations of business assets and capital in the business
Marketing involves forecasting market trends and conducting research to identify opportunities It entails the development of organizational programs to introduce and launch new products Market segmentation, targeting, and brand positioning are key strategies employed to define the target audience and create a distinct brand identity Additionally, effective marketing involves the development and execution of a comprehensive strategy plan Establishing strong relationships with media outlets is crucial for disseminating information and building brand awareness.
Sale is Understand the information about the products and services that the company provides Guiding customers to advise on products and services, helpi ng customers to choose suitable products Find potential customers Submit business reports to superiors
Web management is Find and reach potential customers on social networks including Facebook, Zalo, Instagram and e-commerce channels such as Shopee, Lazada, Sendo, Consult, answer questions of potential customers Close your order online Prepare orders, coordinate with freight services to send goods to customers, manage the website Contact, cooperate with other departments, maintain customer data records Expand your list of potential customers by phone, email marketing, and send automated messages Caring for and maintaining relationships with former customers Take responsibility for the set sales targets Provide a great buying experience for online customers Report your online business results to your head of department
Inventory management is Directly arrange goods in stock Arrange goods to avoid getting wet, broken Make a map of the warehouse and update the warehouse map when goods arise Absolutely ensure the rules of fire prevention and fighting in the warehouse Periodically check the shelves every month to avoid being broken Periodically according to plan, make the purchase order form or import order Track the import process, expedite the purchase, directly make the purchase order and follow the import order
This is the policy that maintains the ability to work as well as the employee's efficiency, beyond the basis of the highest pay grade of the high-end shop, Additional employees are awarded the 10%payroll depend on their jobs, to be part of a store operation like travel, annual parties, 8230; besides, the employees at the restaurant are purchased insurance, insurance insurance insurance insurance insurance insurance
Manager and parking staff work all day
The clerk, the online clerk and the cashier will be divided into two shifts Shift 1 from 6am to 15pm (24,000 / hour for service staff, online and cashier)
The time-based method is the calculation of the salary of the employee by working time, which can be daily, hourly, or monthly This calculation of the monthly salary is usually a fixed number Wages only drop when the employee takes unpaid leave With this form of payment, employees do not have to worry about their income in each month because the amount deducted for each unpaid working day is fixed, the more days off they take, how much money will they be deducted from the school There was no change in wages Calculation formula: Monthly salary (Salary + Allowance) / standard working day of the month * actual working days
Employees are trained for the first 5 days to get used to the job they are then checked before they are officially employed
Manager salary: 25,000,000 / month and annually increased by 1.08% compared to the original salary
Accountant has a salary of 8,000,000 / month and is considered for an annual increase of 1.1% in salary
HR and Marketing have the same salary of 8,000,000 / month and are considered for salary increase and bonuses
Sale with a salary of 7,000,000 / month will receive an additional bonus if the store's revenue increases
23 Below is the payroll aggregated annually and expressed in VND
HR need female from 24 to 32 years old, Bachelor of or higher degree majoring in Human Resource Management, Law, Bachelor Staff with 3-4 years experience, have a good understanding of quality management standards in corporate governance, have knowledge of information technology, how to apply technology in corporate governance corporate culture
Marketing need male or female between the ages of 23 and 31 years Someone with knowledge of print technical standards and web design, fluent in Vietnamese and English, and editing and editing skills In addition, project organization and management skills are required employees need 2-3 years of experience College graduate, majoring in marketing
Accountant need female having from 25 to 35 years old.Proficient in office informatics, Misa software Graduated from University / College majoring in Finance, Accounting, Auditing Experience: 3 years or more Careful, honest, able to withstand work pressure, have a sense of responsibility, have a mind of organization, cooperate well with colleagues
Sale need female from 22 to 35 years old.Proficient in office.Good appearance, good communication.Understanding of the products of the store.Enthusiastic, patient, flexible in handling situations, able to with stand working pressure, cooperate well with colleagues
Manager need Manage and take responsibility for all goods, employees, customers and all matters related to the store Check, assign, and urge employees; pay attention to suggestions and motivate employees Train and track new employees in sales and customer care, ensure quantity and quality of goods to meet customer needs.Write store business reports by week / by Support in building business development strategy at the store together with the store owner.
FINANCIAL PLANS
2.3.1 Expenses for purchasing machinery and equipment
Table of purchase of equipment including both office and in-store
Equipment Price Quantity Total (unit VND)
Rent for shops in District 3: 25,000,000 / month
Total salary: 1,188,000,000 / year (increase 1, 2% / year)
Electricity + water + internet 3,000,000 / month (increase 5% / year)
Revenue is calculated by the formula: number of guests x average unit price Expected revenue will increase from 15% to 18% per year
The average number of customers / year 70,000 105,300 160,704
CAPITAL INVESTMENT AND OWNERSHIP STATEMENT Capital money (unit VND)
Using capital money (unit VND)
Decorating and investing in store equipment 208,900,000
PRODUCT PLAN
QUEEN's products are mainly garments, so the choice of designs depends on the choice of designs from designers and fashion design students Outfits that demand
29 creativity and flexibility and are suitable for an office environment In addition to exclusively designed for offices, leather or streetwear costumes are also carefully selected to bring the best products to market In addition, the logo, code and size are clearly printed on the back of the neck stamp The criteria set out for the designs are elegance and sophistication that showcases a woman's seductive beauty
The designs are carefully selected and sewn in accordance with ISO international standards At the same time, fabrics and only selected by QUEEN are high-end products with high absorbency and elasticity, therefore, the price of the product will go hand in hand with the quality
Product ID product Price (VND)
Croptop ruffled 16B8119 790.000 shirt Silk-necked 2 lapel 17C5636 890.000
Off-the-shoulder silk shirt 17C5867 850.000
Puffy-sleeved T-shirt 57B7839 750.000 vest Floating floral 67B8457 1.900.000
Jeans legging 25P0170 950.000 jeans senior baggy 25B7964 950.000 jeans flared tube 25B7953 950.000 shorts skinny 23B7267 820.000 shorts black bear 23B7656 790.000 coveralls denim 18B7237 1.190.000 coveralls 40B7163 1.050.000
Above are some typical product categories with the price of each product Each outfit is sewn in the palette, many decorative patterns are selected uniquely
DISTRIBUTION CHANNEL CONSTRUCTION PLAN
As human needs evolve, the fashion industry has experienced a surge in demand, particularly among women The industry's growth necessitates a multi-step production process, from design to manufacturing Each stage involves specialized roles, including product design, raw material selection, garment worker employment, and sales, creating countless job opportunities globally.
According to the most recent survey of the magnitude of the fashion market including clothing and footwear in Vietnam in 2018 was 3.8 billion USD(lê, 2019), accounting for a significant proportion in the real market consumer products In
2017, only a series of famous fashion brands in the world such as Uniqlo, Masimo, Stradivarius launched and landed in Vietnam in a short time The Vietnamese fashion industry is under great pressure and competes with foreign brands
To start selling products, we need to push up our marketing strategy to make our products more popular At the same time, QUEEN is also remembered more through the impressive PR marketing strategy
Selling directly at the store: This is the main way to bring products to consumers It is necessary to apply many policies to attract customers to QUEEN to receive membership cards and get free accessories and accessories when buying directly at the store
Selling via online website and fanpage: This is a new method of selling but very popular in the current situation Because of the fast - convenient - quick nature, customers only need to choose at home, the products will be delivered to their home
Employees should have a good preparation of product information, fashion knowledge, which is very beneficial for the long-term development and maintenance of the store.
RISK MANAGEMENT
There is no absolutely safe business operation, they always have risks, arising should not be Therefore, we always have calculations, arising risks that we must accept, types to avoid, overcome,
Expensive cost risks: costs are incurring, difficult to control in the process of preparing for the store as well as after the store goes into operation Personal expenses, travel expenses, electricity costs, are easy costs to arise in the course of operation
Marketing risks such as not attracting the necessary number of customers, the employee's spirit and skills in customer care are not good, customers do not know about product information
Poor warehouse management leads to a backlog in the warehouse, because it is the costume, the trend delay is easy to happen
Theft, fraud when the store is crowded, the staff can not cover the entire display area or change
Objective causes: storms, floods, fires,
Assessment and prediction of risks arising in the future QUEEN has a plan to minimize risks in order to avoid loss and risk of business failure
33 Master essential business skills such as sales skills, cost calculation, purchasing considerations, and warehouse management
Train sales skills for sales staff on service attitude, product understanding At the same time, it is necessary to have specific regulations for employees about the responsibilities for the store and customers
Control and minimize costs incurred
CONCLUSION
Fashion, an integral part of modern society, inspired the inception of our store Our mission is twofold: to provide exceptional fashion choices and foster a shared love for style within couples Additionally, we aim to enrich the cultural landscape, particularly in the realm of dress By embracing diverse fashion trends, we strive to empower individuals to express themselves uniquely while preserving the essence of Vietnamese identity Despite competition in the fashion industry, we believe in the distinctiveness of our approach and the unwavering support of our valued customers Together, we navigate the challenges and envision the store's success, guided by the unwavering belief that we will "Return the results as a paragraph in English, no further explanation".
"ALL FOR YOU, BEST FOR YOU" we hope that in the near future more people will come to our store Thank you all.