The Business and its Management Essay
JFL mission is to be a leading provider of clothes which are exclusively designed to offer unique style, quality and value for money with a contemporary fashion edge, to teenage boys from the age of 11 up until the age of 17. Just for Lads will, offer a wide range of fashion using many different concepts – from updated classics and basics to clothes that reflect the very latest international trends. There will also be a trendier concept for teenagers with a greater interest in fashion who update their individual style regularly to keep up with the latest trends. The collection is coordinated with a wide range of accessories of all types that supplement each concept. It also includes underwear, as well as socks and belts.
The emphasis will be on providing a complete specialist brand based on a unique and stylish ‘look’ for teenage boys, yet will be both of a high quality and value for money. The collection will be trendy and fashionable enough to rival big competing stores. Just for Lads will initially operate within a 45 – mile catchment area, but will also start to sell its services world wide, through the use of the internet. It has
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This is as a result of a growing popularity of boys style magazines which publicises boys clothing and helped to ‘import’ a greater interest in ‘grooming’ from the Continent.
The business will be set up as a limited company, this structure will clearly separate the retail business form the shop and make it will be possible to attract the risk capital that will be required when the business starts to grow, for example when JFL decides to branch out, the business will be required to have a minimum paid up share capital.
However in the period covered by this business plan I intend to operate the original JFL store. JFL Professional Advisers. The business will take legal advice on the formation of the company from Golden Solicitors, a local firm of business solicitors. Products and Services JFL Products JFL products will be aimed at teenage boys from the ages of 11 up till 17, and will offer a wide range of fashion ,consisting of unique smart casual yet branded leisure wear. ( Please see appendix for JFL collection.) JFL uniqueness in comparison to its competitors is its low prices for a high quality trendy yet fashionable clothes line.
JFL products will be manufactured by Horizon Fashion Ltd, a manufacturing company based in Mirpur Azad Khasimr, the company specialises in the production of garments including both formal and informal. The company is relatively new to this industry, opened up in 2000, but have built up a creditable reputation with in the space of four years, and are now one of the most highly sorts after manufacturing company within azad Kashmir. The company’s details are listed below.
JFL market research confirms that the male teenage market is likely to be the largest growing clothing market, and has the potential to develop and become as large as the female market. To a great extent, this has been facilitated by the broad range of boys ‘style’ or ‘lifestyle’ magazines that reached the newsagents in the 1990s. Interest in designer brands and couture has grown, fuelled by advertising in these magazines. JFL has segmented its market into providing for teenage boy from 11 years to around 17 years of age. A further emerging market – segment for JFL is to cater for men from the age of 17 years upwards.
Competition and Competitive Advantage. Just for Lads major competitors are Burtons, Boys Base, Top Man and River Island, each of these competitors are based in the Blue Water Centre. According to JFL personal market research about 40 per cent of teenage boys shop at either one of these clothing stores, however only 33 per cent of customers stated that they would use them again.(please see appendix) Teenagers from around the ages of 14 till the age of 17 stated that they had to shop around several other branches of our competitors in order to find what they wanted, as they could not find what they wanted or much help with staff members. Only 45 per cent would go back to shop at either of our competitor’s stores. (Please refer to appendix)
Boys from the ages of 11 till around 13 years, who shop with there parents/guardians make up 15 per cent of customers, 65 per cent these customer said they would shop again at these stores, however they also stated that if a store was to exclusively for the age of 11 to 17 years then they would shop there, as they felt that there was little to offer, in terms of design and style for this age range. I feel that by concentrating more on the style and design of the clothing , as this seems to be a very common problem for many teenagers, I will be able to have superior knowledge over my competitors, thus ensuring that my customer needs are satisfied and ensuring that a high level of repeat business is produced.