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Nottingham Trent University School of Art and Design: BA Fashion Marke ting and Branding C laudia G olland: N0735243 FMBR 30001 module: Strategic and creative solutions Projec t: Stage 2 Realisation Word C ount: 8,882
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Ac k now l e dge me nt s Firstly I would like to thank everyone who has participated in my primary research within this projec t and my last three years, I quite literally couldn’t of done this without you. To tutor Kim, although we only me t for my final year, I am so grateful for the support and guidance you have given me , you have truly made my work fee l less of a struggle . To my FMB girls, C hloe and Em ily, who have made going to the library 100 times more enjoyable . I can’t wait to graduate with you both. To my housemates over the years, especially Em ily, K acey and K atie for making Nottingham fee l like a home away from home . You’ve all made these been the best years of my life (so far!). To Trent Dance for being my escape from work , I have loved being part of such an amazing team. To my Team back home , Nadia, K atie and Be th, You are the mo st supportive and wonderful friend s I could ask for. To James for be ing my rock since day one . I can’t imagine ever of com ple ting this experience without you. Thank you for your endless support (and phone confiscating ). And finally, to my amazing Parents and Fam ily, who without a doubt have always encouraged me to be the best I can be , and I love you for it
Thank you all x
Pr o j e c t de c l a r at i o n I confirm that this work has gained e thical approval and that I have faithfully ob served the terms of the approval in the conduc t of this projec t. Signed: Date: 10th May 2020 5
Co nt e nt s Pa ge 1. Int r o duc t i o n 1.1 Introduc tion pg . 10 1.2 Rationale pg . 10 1.3 Aims pg . 11 1.4 Objec tives pg . 11
2. Me t ho do l o gy 2 .1 Research design pg . 14 2 .2 Data analysis pg . 14 2 .3 Sam ple pg . 14 2 .4 Me thod s pg . 16
3. The Oppo r t uni t y 3.1 Stage one reflec tion pg . 21 3.2 The Problem pg . 21 3.3 C oncept testing pg . 22 3.4 Sum mary pg . 24
4 . Nt h De gr e e : The Bi g Ide a 4.1 Business Objec tives pg . 26 4.2 C oncept Sum mary pg . 27 4.3 Revenue streams and consumer incentives pg . 27 4.4 Business Mode l pg . 27 4.5 Brand DNA pg . 28 4.6 Brand G uidlines pg . 32
5 . The Ex t r e me Co ns ume r 5.1 Primary consumer pg . 36 5.1.1 C onsumer Profile pg . 36 5.1.2 C onsumer segmentation mode l pg . 37 5.2 Secondary consumer pg . 38 5.2 .1 C onsumer Profile pg . 38 5.2 .2 C onsumer segmentation mode l pg . 39 5.3 Future C onsumers pg . 39
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6 . Ma r k e t Ana l y s i s
6.1 Marke t size and forecast pg . 42 6.1.1 Online fashion rental marke t pg . 42 6.1.2 E x treme sportswear rental marke t pg . 42 6.2 PESTLE analysis pg . 43 6.3 Marke t Drivers pg . 45 6.4 Marke t challenges pg . 45 6.5 C om pe titor analysis pg . 46 6.5.1 Leve l 1 com parison pg . 47 6.5.2 Brand po sitioning map pg . 48 6.5.3 Brand Po sitioning statement pg . 49 6.5.4 Porter’s five forces pg . 50 6.5.5 SWOT analysis pg . 51
7. Ma r k e t i ng Pl a n 7.1 Marke ting objec tives pg . 54 7.2 Marke ting Mix pg . 55 7.3 Ansoff Matrix pg . 59 7.4 Year one pg . 60 7.5 Year two pg . 60 7.6 Year three pg . 60 7.7 Future expansion pg . 62
10. Bus i ne s s Lo gi s t i c s 10.1 Im plementation time line pg . 88 10.2 Marke ting Mix continued pg . 89 10.3 Risk assessment pg . 92 10.4 KPI’s pg . 93
11. Co nc l us i o n 11.1 C onclusion pg . 96
12. Jus t i f i c at i o ns 12 .1 Appendix pg . 100 12 .2 References pg . 151 12 .3 Bibliography pg . 156 12 .4 Image References pg . 162
8 . Co mmuni c at i o n Pl a n 8.1 Objec tives pg . 64 8.2 AIDA mode l pg . 65 8.3 DRIP mode l pg . 66 8.4 O ffline C hanne ls pg . 67 8.5 Online channe ls pg . 67 8.6 Brand Launch ac tivities pg . 68 8.7 Po st-Launch ac tivities pg . 71 8.8 C ritical Path pg . 72 8.9 Year two and three overview pg . 73
9 . Fi na nc i a l Out l o o k 9.1 Objec tives pg . 76 9.2 Initial Investment pg . 7 7 9.3 Sales forecast - Year one pg . 78 9.3.1 Year two pg . 79 9.3.2 Year three pg . 80 9.4 Profit and Lo ss - Year one pg . 81 9.4.1 Year two and three pg . 81 9.5 Sensitivity analysis pg . 82 9.6 C ashflow - Year one pg . 83 9.7 Marke ting bud ge t pg . 84 9.8 Sum mary pg . 85
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Cha pt e r 1: Int r o duc t i o n
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“ Cl ot hi ng r e nt a l has t he pot e nt i a l t o ma k e f as hi o n r e t a i l mo r e s us t a i na bl e a nd pr ov i de be ne f i t s t o bot h c o ns ume r s a nd br a nds ” - Pi nno c k , 2019
1.1 Int r o duc t i o n Within this report the aim is to provide a de tailed overview and evaluation of Nth Degree clothing , an ex treme sports clothing hire brand , created for the purpo se of reducing overconsum ption and une thical dispo sal of waste within fashion. This business propo sal sources from com pre hensive ‘Stage one’ research to gain an in-depth understanding of the demographic ’s be haviour and their purchasing need s, which was deve loped into major insights that have been reflec ted upon within this report. These insights alongside further research into com pe titors, including sportswear and e thical clothing hire marke ts, and consumer testing contributing to the brand opportunity deve lopment.
1. 2 Rat i o na l e In deve loping socie ties, sustainability and e thics have become major fac tors in changing how people be have toward s fashion. However, concluding from ‘Stage one ,’ there’s a lack of ac tion assem bling from these changing attitudes creating the attitude -be haviour gap . It was 10
found that although young consumers have the desire to consume e thically, there are lim ited brand s providing this alongside the ir alternative need s which results in little consum ption of e thical fashion wholly. This finding proves there is a marke t gap for brand innovation that would adhere to the consumers’ multiple desires. This is why Nth Degree clothing was created , to provide a service that solves the consumers’ issues and promotes a sustainable lifestyle . This bod y of work demonstrates how this business can be feasible and will stand out within the marke t due to the fully intricate brand management, marke ting and com munication plans.
Ai m To issue solutions to the issue of overconsum ption and wasted resources in the fashion industry by creating a com pany that provides consumers with affordability, convenience and style while also being e thical.
Obj e c t i v e s To conduc t in-depth analysis of the current clothing hire and ex treme sportswear marke ts to ensure room for success. To exam ine the targe t demographic and come up with solutions that best suits their need s while also incorporating e thical considerations. To create an in-depth marke ting and com munications plan that, ensuring success, will be derived from research to be we ll suited to the consumer in the current marke t To investigate the logistics of starting up this business idea, em bod ying financial projec tions estimating future successes
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Cha pt e r 2: Me t ho do l o gy
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2.1 Re s e a r c h de s i gn
2. 3 Sa mpl e
In order to ensure the success of this brand , a broad scope of primary and secondary research has been undertaken from consumers and marke t approach resulting in qualitative and quantitative data. This is ensuring that any findings are re liable and valid . By using secondary and primary sources, one can fill any ab sences the other leaves.
Voluntary sam pling was applied to this research, although one specific age group was cho sen, every participant was fully informed on the projec t information before consenting (See e thics forms, appendix 2). The initial ‘Stage one’ report sam ple consisted of 18-25-yearold females only. However, due to the direc tion this brand propo sal has taken, the decision to include both women and men is justified by the ex treme sports marke t being highly male saturated , proven by ‘Sport England ’ who states; “more men do sport and physical ac tivity than women at almo st every age group” (Sport England , date unknown). Additionally, the age group as a whole was cho sen due to the ir connec tion in becom ing more e thical. This is supported by the Ethical consumer Marke ts report stating that; “younger people are the mo st like ly age group to avoid buying or using a produc t or service that has a negative im pac t on the environment in the last year, with 34% of 18-24-yearold s, reporting it was a reason for them to withhold spending” (Ethical consumer research association, 2018)
2. 2 Dat a a na l y s i s By executing the primary and secondary research separate ly and then cro ssing over the results for validation, the C oncurrent Triangulation design me thod (see appendix 1, C ad we ll and C lark ), can be integrated into the analysis. This procedure is where different me thod s of research results are analysed singularly and then are further com pared for varied or supporting results.
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2. 4 Me t ho ds
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Research Me thod
Sam ple
Rationale
Ad vantages
Lim itations
Objec tive me t
Secondary research
Marke t research and fashion we b sites, marke ting and trend reports, e tc .
Secondary research was undertaken to ge t an initial scope of knowled ge surrounding com pe titors, the marke t and the general subjec t.
Useful because there is a huge scope of previous research recorded online and offline which can he lp to inspire the direc tion of the work . “Secondary data le ts you build on existing research, which lead s to be tter results and saves time and money � (Punie llo, 2018). This identified gap in research can provide direc t primary research data.
Unfortunate ly, for some secondary research it is difficult to know the source validity. This could mean the author has lim ited knowled ge or is biased . To ensure against be ing m isled by research, always cro ss-reference sources with other literature of the same topic .
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Online survey (see appendix 3)
O ver 70 se lfse lec ted 18-25-yearold men and women.
This research me thod was to test the initial business concept within the targe t demographic , so the idea could be deve loped into a brand that fills consumer need s.
Surveys can be shared to reach a wide audience and therefore provide a large diverse range of results, on a platform that automatically makes graphs from the qualitative data (Surveymonkey ) sim plifying the analysis.
Due to the survey be ing shared on social media, the responses are subjec tive to the friend s it is shared to . Therefore the data is like ly to have some leve l of sim ilarity. To im prove this it was shared to various Face book group s for diversity. In addition, it is argued that clo se -ended questions lack validity (De Franzo, 2012) because there is no room for explanation. Therefore within this survey, there is a m ix ture of clo se and open-ended questions.
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Focus group s (see appendix 4)
A voluntary group of 5 women and 4 men aged be tween 20-25.
The purpo se of a focus group was to ge t more de tailed qualitative data on topics that received quantitative data within the online survey.
Anonymous responses mean participants are more like ly to be truthful, increasing the validity of results. The participants can give richer qualitative responses to openended questions rather than clo sed questions within an online survey. Having multiple participants in conversation may also mean they bounce off each other and more de tail is given than it would be in an individual interview.
Some participants may fee l like an inferior mem ber and are uncomfortable voicing a different opinion if there is a com mon trend throughout the group . Alternative ly, if participants disagree a lot the conversation could stray off-topic (Evalued , 2006). In addition, this is a very small group and therefore cannot represent an entire generation. The data will be supported and cro ss-referenced with other me thod s of primary and secondary research. The current situation in the UK also means the focus group cannot be done in person but has to be done over a group chat meaning responses may not be as natural.
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Industry Interviews (see appendix 5)
A few different professionals found online working in re levant com panies within the marke t.
An industry perspec tive can be taken on the current marke t, the business opportunity, and how viable it is in the marke t.
An industry perspec tive is beneficial because you can find out how a business opportunity may work in the current marke t from a professional that understand s what it takes to make a business successful.
Questions asked about the professionals' business may be biased to make the ir successes look be tter than they really are . In addition, due to the C OVID-19 situation throughout the country many businesses have shut meaning emails are not responded to or are harder to obtain.
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Instagram poll (see appendix 6)
O ver 100 se lf-se lec ted 18-25-yearold men and women.
The Instagram questionnaire was carried out for consumer testing of the brand DNA . As we ll as this, it was used to source voluntary participants for the focus group .
Using this platform is quick and easy for consumers as they would alread y be on the app to see any questions, therefore there is an increased chance of responses due to the m inimal effort needed .
Only followers of the account would see any questions, therefore the participants may be of a sim ilar m ind se t to the account owner creating a m inor leve l of bias.
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Cha pt e r 3: The Oppo r t uni t y
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Ma j o r St a ge o ne Ins i ght s :
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2. 3. 4.
The attitude -be haviour gap is not the fault of the consumer. They want to be e thical but this would mean sacrifice for other desires.
Fast fashion is saturating the major social medias’ massive ly and therefore influencing consumers astray from their e thical concern. Many consumers sim ply do not know about brand s to purchase in a more e thical way.
Ethical concern is more apparent throughout the m ind s of younger people than older generations. (G olland , 2020)
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3.1 St a ge One Re f l e c t i o n From the ‘Stage one’ report, there were multiple insights found needing to be addressed for the demographic . The insights stem med the realisation that this concept would be vital for the clothing marke t and created inspiration for this brand opportunity. An insight that stage one identified was that the attitude -be haviour gap is highly present in young consumers but at no fault of their own. They po ssess e thical concern, however, to ac t upon this would require sacrificing their alternative purchase desires such as affordability and style . Therefore it is the responsibility of brand s to make e thical purchasing more attainable for the consumer. Alongside other insights from ‘Stage one ,’ we can see that there is a definite opportunity for a new brand to answer the consumer’s every need , which therefore , justifies the reasoning be hind the brand mode l of Nth Degree clothing .
3. 2 The Pr o bl e m Stage one highlighted that while younger consumers would like to be e thical in their purchasing , it is just not their priority if brand s do not provide sustainability alongside other necessities of theirs. Therefore , as shown in the previous reflec tion, the issue of the attitude -be haviour gap among consumers need s to be solved within the e thical fashion marke t, not by the consumer themse lves. This sole insight revealed that there’s a significant gap within the marke t for a brand solving the problem identified . C onsumers need services that supply affordability, convenience and new trend s alongside sustainability, that is highly present on social media to re late to the targe t consumer. With further research into what is currently provided in the marke t and into the targe t consumers, this problem can be solved with a new unique brand that can brid ge the attitude be haviour gap .
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3. 3 Co nc e pt t e s t i ng To validate the interest among consumers for a brand that solves the problem previously identified , the brand idea and different direc tions it could be taken was tested among consumers in the form of an online questionnaire and focus group, to provide both broad and specific responses.
“50% would be interested in using a rental brand , 34% maybe"
“43% can see themse lves using this service 2-6 times a year, with 37 % using it 7-11 times or more”
“48% would be mo st interested in ski wear”
These statistics show that there’s a com mon interest among the targe t demographic for an ex treme sportswear hire brand . To ge t further de tails surrounding the po ssible interest in rentals among the demographic , the focus group were asked for the ir opinion -
(Questionnaire , See appendix 3)
“Yes I can see myse lf using snowboarding hire gear as for me when I go on snowboarding trip s it just makes it a lot easier to hire rather than purchasing all your own gear” (C allum, focus group, see appendix 4) “I could for some things, often when people go snowboarding/skiing I lo se equipment, it doesn’t fit anymore e tc , to buy new things every year it’s expensive” (Em ily, focus group, see appendix 4 ) “I haven’t gone in so long I would need new clothes which I probably wouldn’t want to buy as it doesn’t ge t used often! I would definite ly look to hire them for that reason” (Poppy, focus group, see appendix 4) “I would ab solute ly love a service like this” (Mishka, focus group, see appendix 4)
This gives de tail as to why consumers would be interested in a brand like this. As we ll as giving de tails about the co st and ease that the brand will be sure to incorporate . From previous answers, it was clear the participants were all interested in an ex treme sport, therefore to ge t a perspec tive from consumers that may have never participated in sports, they were asked their opinion if it were for sports they had never tried .
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“Yes definite ly! If I was to try some thing e lse I wouldn't even think of buying a new kit if there was a service like this available” (Poppy, focus group, see appendix 4) “Yeah as if I wanted to try some thing that isn’t really accessible for me , say some thing like surfing , it would be great to just be able to hire the equipment rather than purchasing” (C allum, focus group, see appendix 4) “Definite ly yes, when it comes to trying a new sport it’s im portant to try new gear before buying” (Paul, focus group, see appendix 4) “I would definite ly use it, saving money, time and effort searching for items from separate shop s” (Harrie t, focus group, see appendix 4)
The sustainability aspec t of the brand also seemed very popular among the questionnaire participants.
“37 % from the questionnaire said this would make them com ple te ly consume less from fast fashion, with 28% saying some of the time”
And , “39% think this would solve the problem, 50% think maybe”
(Questionnaire , See appendix 3)
“ Do y o u t hi nk c l ot he s hi r e i s s o me t hi ng t hat c o ul d be he l pf ul t o t he e nv i r o nme nt ?” “ Ye s , v e r y he l pf ul as “ i t wo ul d r e duc e t he a mo unt o f c l ot he s i n pr o duc t i o n ul t i mat e l y.” (Alice Taylor, 2020, Industry interview, See appendix 5)
However, within the focus group, the general opinion was that although sustainability and e thics are im portant to them, it would be more of a bonus than the initial influence for purchase . (Focus group, See appendix 4) O verall this feedback from consumers shows a very po sitive response to the idea, proving the ir interest and in order to sustain that interest, the re levant ideas and feedback given will be incorporated into the brand mode l.
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3. 4 Summa r y As it can be seen from the po sitive consumer feedback and the issues identified within this chapter, it is concluded that there will be success for a brand solving these issues, and that there will be a sufficient num ber of customers to ensure the brand performs we ll in the marke t.
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Cha pt e r 4: Nt h De gr e e : The Bi g i de a
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4 .1 Bus i ne s s o bj e c t i v e s To make clothes hire a popular choice and become the leading sports fashion hire brand in the UK within 3 years To brid ge the attitude -be haviour gap in fashion, by creating an innovative brand that fulfils the consumers e thical and alternative desires To provide education on how to be e thical and the negative effec ts of fast fashion
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“ Li f e i s e i t he r a da r i ng a dv e nt ur e o r not hi ng at a l l .” (He l e n Ke l l e r, 19 57 )
4 . 2 Co nc e pt Summa r y Nth Degree clothing is the UK ’s first ex treme sportswear fashion rental brand , offering a range of sportswear online from Ski to Surf with the opportunity to purchase after hire respec tive ly. Aimed at young men and women aged 18-25, this brand offers a new approach to e thical consum ption while also providing the affordability and on-trend styles consumers desire , and that other brand s are failing to offer. This brand also solves the consumers’ guilt of overconsum ption for lim ited wear, as we ll as discarding produc t dispo sal, making be ing e thical sim ple .
4 . 3 Rev e nue s t r e a ms a nd Co ns ume r Inc e nt i v e s Nth Degree clothing will provide one major stream of revenue upon launch and one m inor stream, this may be expanded in the future . E x treme sportswear hire available via an E-com merce site; A variation of clothing from different ex treme sports brand s for hire offering young m illennials an e thical alternative to purchasing ex treme sportswear in a convenient and affordable distribution channe l. This channe l was cho sen because within the ‘Stage one’ research it was found that it’s vital that fashion is accessible for this generation. Kirstie Brittain, Sustainability Projec t co -ordinator from Hubbub said; “A lot of work is needed to make sustainable fashion more accessible” (Brittain, 2019. See appendix 5). This shows industry professionals are aware of this consumer need and e thical brand s should com ply.
C onsumer incentives; As an incentive for use , this brand offers a loyalty scheme where for every item hired the consumer rece ives the re levant amount of credits to the ir account and can use the saved credits to order a free item. This will he lp the business strive according to Bond ’s Loyalty report; “79% of consumers are more like ly to continue doing business with brand s that have loyalty programs” (Bond , 2019). Also as an incentive and an additional revenue stream, if the consumers desire , they can choo se to buy the item after hire to keep it permanently. The option to keep the item would make it more appealing to consumers that are initially wary of only hiring items. When asked in the online survey “51% respondents said that they would prefer a one off payment when hiring , then pay ex tra to permanently keep the item”. As oppo sed to only “6% who would choo se to hire or buy to keep initially ” (Questionnaire , see appendix 3)
4 . 4 Bus i ne s s Mo de l Nth Degree C lothing will operate as a direc t business to consumer (B2C ), lim ited com pany, business mode l (see the Business mode l canvas, appendix 7 ). Although the brand will hire clothes from existing com panies, the business mode l itse lf is not B2B. This mode l is beneficial for the brand to build re lationship s with consumers and promote brand loyalty. As the brand aims to be fun and authentic , having a direc t to consumer mode l will really he lp reflec t that to the consumer and gain their trust (Wright, 2019). Especially regarding sustainability and e thics, as brand s with little customer interac tion can appear as uninterested in their wants and need s Having this mode l allows the brand transparenc y consumers desire .
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4 . 5 Br a nd DNA USP Nth Degree C lothing is an ex treme sports clothing rental brand providing the consumer with affordable , convenient and on-trend sports fashion. Also, this is a buy after hire service for consumers that become attached to an item, and an earned credit system to give loyal consumers a free item after a certain amount of rentals.
Sl o ga n Pushing lim its... To the Nth degree
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Mi s s i o n Nth Degree clothing aims to encourage young people to change their consum ption habits and create a more e thical fashion industry in a trend y and attainable way .
Vi s i o n Our vision is to become the first and biggest ex treme sportswear hire brand on the marke t with a focus on creating a new e thical awareness amongst young consumers
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Va l ue s Et hi c a l c o ns umpt i o n: We be lieve in promoting e thical consum ption within every industry, be lieving that by using our business or likewise over une thical alternatives we can reduce the negative im pac t the fashion industry has on our environment.
Tr a ns pa r e nc y a nd e duc at i o n: We be lieve it’s a brand ’s responsibility to allow consumers to know exac tly what’s going on be hind the scenes and keep them educated on exac tly what is good prac tice when consum ing . We wish that with our he lp consumers will im prove their habits and be reassured in knowing that as a brand we only want the best for this plane t.
St y l e : Some times where there the re is a func tion, there is a lack of fashion and vice versa. We however be lieve that there is no reason these can’t coincide within our brand , valuing style and what this means to the individual and the ir personality.
Ac c e s s i bi l i t y : We endeavour to provide consumers with convenience and affordability when it comes to be ing e thical. We understand that for many consumers they have the desire of living a sustainable life but struggle logistically to do so . Therefore , we prom ise to provide a service com bining style , e thics, convenience and affordability.
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Br a nd Py r a mi d Br a nd e s s e nc e Authentic , Ad venturous, Ed gy and Ethical
Br a nd pe r s o na l i t y Fun-loving , outgoing , unique , confident and environmentally friendly
Emot i o na l be ne f i t The fee ling of altruism by purchasing from an e thical brand while also having a sense of enjoyment and se lf-satisfac tion through the style and desirability of the brand .
Func t i o na l be ne f i t The func tional benefit is ge tting the opportunity of fashionable sportswear, while not having to com m it to an expensive purchase that will sit unused in a wardrobe mo st of the year.
Fe at ur e s a nd at t r i but e s A clothing hire brand offering unique styles of ex treme sportswear, such as skiing and surfing . Providing customers with an e thical alternative to the current brand s on the marke t, and educating them on good e thical prac tice . 31
4 .6 Br a nd Gui de l i ne s Na me The reason ‘Nth Degree clothing’ was cho sen was due to two hidden meanings. The first being the term ‘to the Nth degree’ which means doing some thing “to an ex treme degree or to the max ” (C ollins Dic tionary, 2020). The second reason this name was cho sen was because of the incorporation of the word degree , but with the alternative reflec tion of tem perature and weather due to the sportswear be ing for sports such as skiing and surfing that are usually done in contrasting cold and hot climates. This is why within the smaller logo the degree portion is shown as the weather degree sym bol.
Lo go Nth Degree clothing’s logo has been inspired by vintage/re tro styles to display the ed gy and cool personality of the brand . The illustration be hind the name sym bolises the sun and mountains to reflec t the different seasonal clothing on offer from the brand . This logo was tested amongst consumers on an Instagram poll to see what appealed mo st to the demographic . 53% of participants opted for the font cho sen out of 4 po ssible choices showing an overwhe lm ing success rate (Instagram questions, see appendix 6).
Co l o ur pa l l e t The colours shown individually all were cho sen to sym bolise the different environments of ex treme sports. The grey/blue and white in the sym bol reflec ts the cold while skiing , the dark grey to sym bolise rocks for clim bing , orange as shown both in the sun and
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name for hot climates, the red as a reflec tion of the danger in ex treme sports and the blue for the sea while surfing . These colours also com plement each other we ll to create a re tro fee l to the logo . When asking consumers “96% of people said they liked the cho sen colours” (Instagram questions, see appendix 6), proving the appeal of the pale tte for the demographic .
Fo nt The fonts cho sen to use throughout the branding of Nth Degree clothing originated from the consumer testing for the logo (Instagram questions, see appendix 6). Due to the overwhe lm ing popularity of the font, it has been cho sen in two different variations for use throughout the com pany branding . The two fonts show a contrast of an im pac tful font for headings and a finer, cleaner version for sim plicity throughout large blocks of tex t.
To ne o f v o i c e It’s im portant that the brand ’s tone of voice reflec ts its personality. It need s to be consistent throughout online and offline platforms to maintain a transparent and trusting consumer re lationship . Nth Degree clothing has very strong values and hopes to encourage their consumers to consume more e thically while creating a fun and engaging brand image . Therefore , com municating in a fun and bold way to reflec t the ad venturous side to the brand is im portant to creating a com munity of loyal and like -m inded consumers.
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Cha pt e r 5: The Ex t r e me Co ns ume r
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5 .1 Pr i ma r y Co ns ume r 5 .1.1 Co ns ume r Pr o f i l e
Jo s i e , 21 Full-time second-year University Student, stud ying Media and Journalism At the University of Manchester but is from Kent where she lives with her parents and younger brother. She is Fun-loving , C om passionate , bubbly, ad venturous and is an ex trovert. Abbie is everyone’s friend .
Et hi c a l Opi ni o ns She aims to live a fairly e thical lifestyle by being Vegan. She struggles otherwise with the alternative e thical options but still makes e thics her priority O ften buys items of clothing for a special occasion and se lls them afterward s on Depop She also tries to buy frequently on Depop and other second-hand stores because of her e thical concern but struggles to do this and fulfil her style need s.
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Enj oy s Enjoys going to festivals and on ad venturous holidays in the sum mer She used to go skiing every year as a child but only goes occasionally as an adult, so doesn’t want to com m it to buying the full gear to keep .
5 .1. 2 Co ns ume r Se gme nt at i o n mo de l
G eographic
Online shop therefore global, however being a UK based brand there will mainly be UK consumers due to the targe ted com munications.
Demographic
18-25-year-old male/female , Student with low income , LOHAS marke t segment - Lifestyle or health and sustainability (see appendix 8), Sporty/Ethically concerned .
Be havioural
Outgoing , Am bitious, Ad venturous and Environmentally friendly. G oes to the gym regularly and enjoys playing team sports. Enjoys a good book and going shopping , hunting for unique find s in independent stores or charity shop s. Tries to eat Vegan food mo st of the time , but always vege tarian. Planning to go skiing with friend s but has never been so isn’t willing to com m it to buying the full gear.
Psychographic
Looks into brand values before buying from them, transparenc y and e thical prac tices are key to their brand loyalty. They like to fee l like they ’re making a difference with the purchases they make and try to avoid fast fashion but struggle due to bud ge t.
Understanding consumers is vital for success. Targe ting the right demographic and com municating through the re levant channe ls will maxim ise consumer engagement and brand loyalty. The cho sen consumers for this brand sources from ‘Stage one’ research surrounding the e thical m ind se t of this demographic , com bined with further research into people who participate in ex treme sports.
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5 . 2 Se c o nda r y Co ns ume r 5 . 2.1 Co ns ume r Pr o f i l e
Da n, 24 Junior social media marke ting officer for ASO S He studied Fashion Marke ting at Bournemouth University and now lives and works in London.
Enj oy s He enjoys going to the beach on long walks with his dog whatever the weather. But when he’s in the city he loves going out for drinks for a break from work at the end of the wee k . Dan is looking forward to going surfing with his friend s in the sum mer after going a lot at uni, but struggles finding a stylish we tsuit for a reasonable price . His job and degree meant he is always around fashion. He always fee ls a pressure to be keeping up with new trend s, and buys from fast fashion because he can’t afford to purchase e lsewhere .
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Et hi c a l Co nc e r n Dan is aware of the negativity surrounding fast fashion and has concern but because of the lack of e thical alternatives mee ting his criteria of affordability, convenience and style , he doesn’t purchase this way. He need s some thing that provides both e thics and his criteria within one brand .
5 . 2. 2 Co ns ume r Se gme nt at i o n mo de l
G eographic
Online shop therefore global, however being a UK based brand there will mainly be UK consumers due to the targe ted com munications.
Demographic
18-25 male/female , young professional with a good income , living in a flat with a friend from university, HEIDIs - Highly educated independent individuals, Sporty/Fashion-forward .
Be havioural
C onfident, Friendly, Fun-loving and Enjoys trave lling . Very career-driven person but also has a love for fun and ad ventures. Loves fashion, buying new clothes and exploring new styles. G oes surfing regularly but would like more we tsuit styles.
Psychographic
Prefers fashion over func tion, will buy from expensive brand s to show off but also in a constant c ycle of clothes dispo sal because they want new styles. Does fee l guilty about this, but isn’t willing to sacrifice style to be e thical so would want to be able to do both.
5 . 3 Fut ur e Co ns ume r s In the future of this brand , consumer demographics could expand to younger and older age group s because by lim iting the consumer group with interest from ex ternal demographics the com pany would not be reaching its full potential. Ex treme sports are not subjec tive to just this group . People of any age can ski, surf, clim b e tc , depending on their physical and mental drive . Therefore there is no reason this brand cannot engage with anyone .
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Cha pt e r 6: Ma r k e t Ana l y s i s
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Ensuring the po ssible success of Nth Degree clothing in the UK marke t, it is im portant to analyse any contributing fac tors within the marke t that could contribute a risk or an opportunity for the brand . This sec tion defines the marke t and thoroughly analyses the size and forecast, ex ternal and internal trend s, drivers and challenges, and how the brand is po sitioned against com pe titors. The marke t Nth Degree clothing would enter is very specific , therefore it’s im portant that both the refined and wider marke ts are analysed to ensure every angle and com pe titor is covered .
6 .1 Ma r k e t s i ze a nd f o r e c as t 6 .1.1 Onl i ne Fas hi o n r e nt a l Ma r k e t According to Allied Marke t Research, “the online clothing rental marke t size is estimated to reach $1,856 m illion by 2023, growing at a C AG R (com pound annual grow th rate) of 10.6% from 2017 to 2023” (Allied Marke t Research, 2017 ). O verall there’s a po sitive forecast for the rental marke t especially with the growing education surrounding e thical consum ption. It’s been identified by WRAP, the UK ’s resource efficienc y agenc y that “renting is an innovative business mode l that gives clothes a longer service life while reducing material use and carbon dioxide em issions” (WRAP quoted by Braithwaite . 2018). This shows that the marke t does not direc tly exist to aid e thical consum ption, but an e thical alternative to regular consum ption, which as e thical concern increases the fashion rental marke t has a great opportunity for grow th. There’s certainly a demand among young consumers for rental fashion as; “Around half of 16-24 and 25-44-year-old fashion shoppers say that they have rented or would be interested in renting fashion items” (Minte l, 2019). Additionally, it was found that 64% of US consumers that rent instead of buy are aged 1838 and the clothing portion accounts for 35% of the renting marke t (Lab 42 referenced by Jones, 2019). This shows that as younger generations are mo st like ly to 42
use a rental brand the marke t will continue growing . In addition, it was found that the consumer predic tion for this marke t in 2020 is very even be tween men and women (G rand View Research, 2020, See appendix 9). This information justifies the cho sen demographic for Nth Degree C lothing .
6 .1. 2 Ex t r e me s po r t swe a r r e nt a l Ma r k e t Ex treme sportswear is a refined marke t with a very particular demographic , therefore , adding rental to this marke t creates a specific marke t sec tor and sub sequently difficult to find information on. However, it was found that from clothing , consumers have rented; “29% of the time it is for seasonal items, 27 % for vacation and 15% of the time for sports events” (Lab 42 referenced by Jones, 2019). Although this doesn’t say direc tly consumers hire for ex treme sports, each of these sec tors could include hiring for ex treme sportswear. This marke t is also highly saturated by young people . It was found that; “Younger consumers are the mo st like ly group to have bought sports produc ts over the past year, with three in four (75%) Brits aged 16-24 purchasing new items” (Minte l, 2016).
6 . 2 PESTLE Ana l y s i s A PESTLE has been used so that the brand identifies any macro trend s that may im pac t the marke t it will be working in and ac t accordingly.
Po l i t i c a l
United Nations Sustainable Deve lopment goals (C oncordia, 2015) - The 12th Sustainable deve lopment goal is ‘Responsible consum ption and produc tion’, this, therefore , is re levant to e thical clothing rental as one of the brand values is e thical consum ption and promoting this prac tice throughout the fashion industry. G lobal business trading uncertainty due to Brexit (K ane , 2020) - According to K ane trade deals be tween both the EU and US with the UK is still uncertain. This could make sourcing clothes from foreign countries more difficult and po ssibly indefinite for the future . Young Political ac tivist G re ta Thunberg spoke at UN C limate ac tion sum m it 2019 (UN news, 2019) - The rise and acceptance of young people cam paigning for climate ac tion, especially at a political event influences young people to change their habits and therefore purchase more e thically. Her influence is proven by the wee kly “Fridays for future” school strikes, that have more participants wee kly (Hook e t al, Financial Times, 2019).
Ec o no mi c a l
Ethical produc ts typically co st more to source or produce - This is because fair labour means higher wages for workers and fair trade materials aren’t cheap (K athy. 2019). This means it is harder for e thical brand s to survive or create profit due to higher outgoing co sts.
So c i a l
Increase in e thical concern - As a socie ty, people are generally more educated in sustainability and e thical issues. This increase in e thical concern means consumers are attem pting to change their habits and buy more e thically in every marke t especially tho se in the 18-25 age group . This is proven by the Ethical consumer marke ts report which found that; “49% of tho se under 24 have avoided a produc t or service due to its negative environmental im pac t” (Ethical C onsumer Research Association, 2018). This shows how younger people are pushing for more e thical consum ption and are the mo st like ly to buy into this marke t. Rana Plaza collap se in 2013 - Since the disaster of the Rana Plaza garment fac tory collap se in 2013, there has been a want from consumers for more e thical labour conditions for workers and transparenc y from brand s. Social media - Social media has been the key to spreading knowled ge of po sitive change and the negative aspec ts of sustainability and e thics. This is useful for Ethical businesses to spread awareness of their brand and attrac t e thically m inded consumers.
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Te c hno l o gi c a l
Online vs O ffline - More people are buying from online than ever before especially the younger generations. It was found by E-com merce news that; “51% UK consumers prefer to shop online rather than in-store” (E-com merce news, 2018). This is beneficial for a pure ly online brand as there is continuously more brand expo sure to consumers new to shopping online . Brand transparenc y - New technologies are allowing e thically m inded com panies to be more transparent with their e thical prac tices. Brand s that are em bracing digital technologies can inform their consumers on their procedures and therefore increase brand loyalty (Dunne , 2011).
Le ga l Env i r o nme nt a l
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The Environmental Audit C om m ittee calls for the government to make fashion brand s take responsibility for the waste they produce (parliament.uk , 2019) - The media expo sure of this may make consumers conscious and think about who they ’re buying from. Fashion industry ’s negative effec t on the environment (Environmental Audit C om m ittee , 2019) - In recent years the significant negative im pac t the fashion industry, particularly fast fashion, has had on the environment has been expo sed to consumers and this has led to an increase in e thical alternatives such as clothing rental, rec ycled materials in clothing and second hand online stores.
6 . 3 Ma r k e t Dr i v e r s
6 . 4 Ma r k e t c ha l l e nge s
Et hi c a l c o nc e r n
While the clothes rental marke t has po sitive im pac ts on the consumer and the environment, there are challenges that the marke ts may face . Such as, the traditional m ind se t of purchasing items to keep will be hard for many to change . C onsumers may be wary of the hygiene prac tices and some may not value an item as much if not owned (Rabkin, 2019).
Since e thical concern is so apparent in socie ty, the e thical clothing demand has increased rapidly and massive ly, with “66% more searches for ‘sustainable fashion’ occurring since 2018” (Lyst quoted by C am pbe ll, 2019) and rentals being an answer to this search. “Rental fashion means that we don’t have to sacrifice great style in order to be more sustainable” (Davis, Harper’s Bazaar, 2019). Davis identifies that for people that want to be sustainable and stylish rentals are perfec t, which is why e thical concern is a driver in this marke t.
Aff o r da bi l i t y
However, within the refined marke t of ex treme sportswear hire , one major challenge may be that ex treme sports are usually seasonal such as skiing and surfing . This, therefore , means that the marke t will peak at different times throughout the year and may struggle at off-peak times (C am paign monitor, 2019). Nth Degree C lothing should not massive ly have this problem as they have multiple sports seasonally.
For consumers, renting is a way of being able to have a sense of achievement by being able to wear clothes that would typically be unattainable to the average consumer. Bergkam p supports this by saying; “this shift away from traditional ownership will be driven by the desire of consumers for newness, varie ty, sustainability and affordability ” (Bergkam p, 2019). Additionally, it was found that 43% of consumers rent because it is less expensive (Lab 42 referenced by Jones, 2019).
Co nv e ni e nc e Another significant reason people are choo sing rentals over purchase is the increasing convenience of online shopping . Allied Marke t Research identifies that; “The primary driver of the global online clothing rental marke t is the increase in ease of use of online re tail” (Sharma, 2020). This is because the accessibility of this marke t is be ing more expo sed to consumers online than it would be in physical stores.
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6 . 5 Co mpe t i t o r Ana l y s i s Due to the nature of the business mode l, Nth Degree clothing is in a very refined marke t and therefore has very lim ited com pe titors. This means that there are leve ls to the different com pe titors first being the mo st direc t, and second , be ing com pe titors in the broader ex treme sportswear marke t. The ‘C om pe titive universe analysis mode l’ (PaySim ple , 2020) is an exce llent way of clearly showing the different com pe titors and how they com pare to the brand on two leve ls.
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Lev e l 1
Lev e l 2
The leve l one segment of the mode l shows brand s who have a lot of sim ilarities within their business mode l to Nth Degree clothing . These com pe titors provide a sim ilar produc t and service to Nth Degree clothing in the sense that they all provide one or multiple types of ex treme sportswear for hire online .
The leve l two com pe titors are within the same marke t as Nth Degree clothing in the sense of the produc ts they se ll. However, these brand s do not provide the rental service that makes Nth Degree clothing part of such a refined marke t. Although they aren’t a direc t com pe titor of Nth Degree clothing they are still a threat because they cover different need s of the consumer and some are much more established brand s in the marke t with an additional offline presence .
6 . 5 .1 Lev e l 1 Co mpa r i s o n Houdini
Showing the com pe titor analysis in the table shows the de tails of each brand against each other. This means that Nth Degree clothing can appropriate ly choo se a produc t price point and ensure to incorporate and avoid the streng ths and weaknesses of their com pe titors to endeavour to succeed as we ll as they can within the marke t. Ski C hic
Alder sportswear
Sub 32
Produc t range
Ethical and Sustainable Skiing , Ski clothing for Men, Women running , clim bing and nordic and C hildren. ice skating wear for Men, Women and C hildren.
We tsuits and other surf clothing for men, women and children, also surf and water sports equipment.
Ski clothing for men, women and children, also luggage and accessories.
Price point analysis
£30-£60 rental one piece 1-8 days.
£10-£25 rental entire outfit per day.
£10-£300 to buy, rent unknown.
£10 - £20 to hire .
Platform and Service
Headquarters in Sweden, Distributed items for rental and buy world wide online and offline . Rentals can be one -off or via a sub scription. Also, offer a reuse marke tplace and repair service .
Rental items distributed to French ski resorts but can be ordered online globally for one -off trip s.
Items sold through multiple dealers throughout Europe but based in Devon, UK .
Skiwear sold to buy and rentals for school and group trip s. Based in the South West of England .
- Create their own e thically made and sustainable clothing . - C reated a com munity amongst their customers by holding events and sending newsle tters. - Present on all the major social media. - Have a blog on their we b site surrounding their po sitive sustainability prac tices.
- Dry cleaning included in service . - Very reasonable in co st. - Very convenient for consumers by sending items straight to their ski resort. - Been featured by Social media influencers.
- Very broad func tional ranges of produc ts. - Nice brand heritage , gives consumers a sense of com munity by buying into the brand . - Brand puts effort into keeping the produc ts and process as sustainable as po ssible .
- Packs of items toge ther to create a deal for consumers. wanting a full outfit for hire - Very reasonable price for hire .
- C lothing is very basic in style , it doesn’t provide stylish consumers with different fashions. - Swedish brand so lim ited awareness in the UK .
- Only hires to French Ski resorts. - Hires out items as outfits, no option to hire an item individually. - Very lim ited range of styles.
- Lack of information on the we b site and no produc t prices (prices were found from alternative sources). - Lim ited items for rent. - Lack of social media presence - not engaging for consumers.
- Not a lot of information regarding how rentals work and how long you can have the item. - Lack of social media presence , very small engagement from consumers. - Lack of aesthe tic in branding , not very appealing to the consumer.
Streng ths
Weaknesses
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6 . 5 . 2 Br a nd Po s i t i o ni ng Ma p
Within the brand po sitioning map, the ‘leve l one’ com pe titors are analysed against Nth Degree C lothing on two criteria. This he lped to identify that there’s a gap in the marke t for Nth degree clothing as no other direc t com pe titor falls clo se to the brand on the perceptual map . The criteria for com parison were , the leve l of affordability and how fashionable or basic the produc ts are . As it can be identified on the map, no brand is both com ple te ly affordable and fashionable . There is a general trend that shows the more fashionable the brand the more expensive , and vice versa. Nth degree clothing is affordable and fashionable , unlike any other brand , which proves it is unique .
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6 . 5 . 3 Br a nd Po s i t i o ni ng s t at e me nt “For people who love to take risks! Nth Degree clothing provides young men and women with the chance to take risks while still looking great and be ing sustainable with an ex treme sportswear rental service . This means people can enjoy the sport they love , while wearing the clothes they love , and mo st im portantly giving the plane t some love�.
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6 . 5 . 4 Po r t e r ’ s f i v e f o r c e s Using ‘Porter's five forces mode l’ means the brand can identify exac tly what may be a threat to the business and what to expec t from new or existing com pe titors in the future . This means the brand can de term ine how they can address any issues within the marke t.
C om pe titive rivalry - Low
C ustomer power - High
Supplier power Moderate -High
Threat of New entrants Moderate
Threat of sub stitutes High
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Due to the refined marke t and the distinc tive USP of Nth Degree clothing , there is little com pe titive rivalry in the marke t. The leve l one com pe titors although offering a sim ilar service do not offer quite as much for the consumer as Nth Degree clothing . The leve l 2 com pe titors are a slight threat as they are much more established as brand s, however, Nth degree clothing offers a different service and therefore targe ts slightly different consumers. This brand answers the need s of the consumer in the sense it is providing an affordable , no com m itment, stylish produc t. However, the brand will need to push brand awareness and to send an educational message in order to gain a consumer following and raise brand loyalty. Due to the nature of the business, Nth Degree clothing will be buying clothing from multiple ex ternal brand s at wholesale price to rent out online . These brand s will be sourced due to their values and produc ts in order to resonate with Nth degree clothing . However, there may be difficulty if a brand wants to withdraw and consumers value their produc t more than renting meaning revenue is reduced . As there is an increasing demand for sustainable clothing at a reasonable expense , there is a high chance that there will be more start-up businesses doing the same as Nth Degree clothing with rentals for ex treme sportswear. However, as there are no brand s doing exac tly the same in the marke t alread y, Nth Degree will have the ad vantage of being established first in the marke t. Although there are no other brand s doing direc tly what Nth Degree clothing is, there is no reason why the established leve l 2 com pe titors would not consider starting rentals in the future . As brand s that are alread y established as clothing brand s, they wouldn’t find starting in this marke t very difficult as they alread y have loyal consumers.
6 . 5 . 5 SWOT Ana l y s i s A SWOT analysis has been undertaken to ge t a thorough understanding of how Nth Degree clothing would fall within the marke t amongst com pe titors by knowing com pe titive ad vantage or weaknesses they have and how there may be opportunities or threats that stem from this.
St r e ngt hs
We a k ne s s e s
Unique Nth degree clothing is the only brand on the marke t offering the exac t service they do . O ther sportswear rentals do not offer the same consumer incentives, clothing from multiple sports, or have the same cool and re tro essence .
Hiring out existing brand s Although as found within the questionnaire a service that hires out clothes from existing brand s is what the consumer demographic would want (Questionnaire , see appendix 3), doing this is a risk as the brand s hired out alread y have loyal consumers. Therefore Nth degree would be lim ited to consumers that have the desire for rentals and e thical consum ption and consumers that desire the particular produc t to keep are more like ly to buy direc tly from the brand .
Values Nth degree clothing has very strong values, especially regarding sustainability and e thics. Being a core focus for the brand is a streng th because there are many concerned consumers that struggle to ac t on their be liefs in the current marke t. Nth degree clothing provides them with this alongside affordability and style
Oppo r t uni t i e s
Thr e at s
E xpansion Due to the lack of com pe titors in the sportswear rental marke t, there is an opportunity for the brand to expand into more types of sportswear and equipment without the worry of failure due to the com pe titive threat.
Brand awareness Due to being a start-up brand , brand awareness will initially be low. Therefore consumers that do not ye t know about Nth degree clothing will mo st like ly purchase une thically from alternative brand s. It is therefore im portant that the com munication plan for this brand is strong .
Athle tes There is an opportunity to work alongside ex treme sports athle tes that care for sustainability, as this brand is very rare , they would not have been approached by a brand like this before and therefore be more willing to collaborate .
Existing brand s starting hire As the popularity of clothes hire increases, existing leve l 2 com pe titors may create a brand ex tension of a rental service . Therefore it is im portant that Nth Degree keep true to the ir values and USP as we ll as po sitive ly expanding the brand to make sure they still differentiate from com pe titors. 51
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Cha pt e r 7: Ma r k e t i ng Pl a n
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This chapter will outline ways in which Nth Degree clothing will operate and se ll successfully to the consumer. To achieve this, a three -year marke ting plan has been derived including the brand launch build-up, po st-launch and future . This plan has been deve loped following two major objec tives and year-on-year goals. Additionally, a marke ting m ix and Ansoff matrix mode l have been carried out to ensure all aspec ts have been evaluated before the plan is executed .
7.1 Ma r k e t i ng o bj e c t i v e s C reate strong brand awareness that will translate to a com munity of loyal consumers that will expand over three years and beyond as the business diversifies into more ex treme sports. Deve lop a strong presence within the Ex treme sportswear marke t in year one , and further make rentals popular among sports participants for the future of the refined marke t.
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7. 2 Ma r k e t i ng Mi x mo de l Pr o duc t Nth degree clothing will se ll all types of clothing and accessories re levant to the sports it associates with. At the launch of the business, these sports will be Skiing and Snowboarding , Surfing and Rock clim bing . As the business becomes more established in the marke t and build s up a consumer base , the types of sports will expand and eventually cover a large num ber of ex treme sports that you would need specific clothing for. Nth Degree also hopes to cover a wide range of styles to suit everyone , therefore the brand s used will cover vintage and modern styles, from small and high-end brand s. An exam ple of the brand s used are; Rox y/ Quiksilver and The North Face for the more we llknown sec tor of brand s and Shinesty and OO SC who have more unique and re tro styles within their clothing ranges.
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As much as Nth Degree are se lling produc ts, the business mode l displays the brand is a service with a unique customer experience .
How it works:
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1. Search
2 . G e t Educated
3. It’s C onvenient
Sim ply search and follow the sim ple step s to find the right sportswear for you.
Be sure to read our page on how we try to do our best for the environment and reduce the negative im pac t the fashion industry has on the Plane t.
Order to your home to make sure every thing is fitting perfec tly before your amazing experiences.
4. Fee l the joy!
5. Decision time
Enjoy your clothes! Ride the wave , Ski the slope and wear your clothes to the Nth degree .
You can now either send back your clothes and be proud of how you he lped the plane t or keep them because you’ve loved the experience so much you don’t want it to end!
Pr i c e Nth Degree aims to be as affordable as po ssible for the consumer. Price being a reason not to consume e thically was a major insight from the ‘Stage one’ report and the m isconception that to be e thical is expensive is a m ind se t Nth Degree aims to solve . Therefore Nth Degree aims to operate within a price point cho sen by the consumer. This was £15 a day for a full outfit (Instagram questions, see appendix 6) which works out to be £105-£150 for the mo st popular period of time of 7-10 days (Instagram questions, see appendix 6). The price , however, is subjec t to change if the consumer further choo ses a more high-end brand to hire , or, if the consumer choo ses to buy the item to keep after hire . If the consumer choo ses to keep, the price to pay will be averaged at £100 as this will still remain cheaper than the original item (finance justifications, see appendix 10). This is so that Nth Degree still remains a more affordable option for the consumer.
Rental: Average £105 per wee k
Buy to keep: Average £100 ex tra to pay
These options do mean a price increase , however, to have the more expensive option is the prerogative of the consumer.
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Pl a c e Nth degree clothing will operate pure ly online as for the convenience of the consumer and due to the fac t online is a very popular me thod of shopping with “57 % of consumers preferring to shop online� (Bed good , 2019). Nth Degree would not provide the same availability to everyone if it was pure ly a physical store , therefore online was the obvious, more realistic and affordable choice . However, after years of be ing established as a brand online and after building up a loyal consumer base , a physical presence is some thing Nth Degree could definite ly consider.
Pr o mot i o n It is im portant that the forms of promotion used coincide nice ly with the marke ting plan so that the brand receives the maximum awareness and sales po ssible . As we ll as this it is im portant that the me thod s of promotion are direc ted to the correc t consumer demographic to ensure the highest engagement feasible . Me thod s of com munication and de tails of Nth degree’s promotional ac tivity will be discussed within the C om munication strategy. In addition, the remaining ‘3 P ’s ’ within the marke ting m ix will be discussed in the Business Logistics sec tion within the report.
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C lothing
C om ing soon....
7. 3 Ans o ff Mat r i x An Ansoff Matrix has been carried out to de term ine exac tly how much risk is being taken by Nth Degree clothing upon launching the brand in a new marke t and when it continues to grow.
Existing Produc ts
New Produc ts
E xisting Marke ts
Marke t Pene tration: Se lling existing produc ts in existing marke ts - low risk
Produc t deve lopment: se lling new produc ts in existing marke ts medium risk
New Marke ts
Marke t deve lopment: se lling existing produc ts in new marke ts - medium risk
Diversification: se lling new produc ts in new marke ts - high risk
As Nth Degree is renting out produc ts from existing brand s it counts as marke t deve lopment due to the fac t that the marke t for ex treme sportswear hire is very m inimal and virtually non-existent. This will still be the re levant sec tor as the brand continues to grow because it will remain within the same marke t.
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7. 4 Ye a r o ne
Br a nd l a unc h a nd r a i s i ng awa r e ne s s G oals -
1. Launch the brand after the first 1/3 of year one to ensure the business is read y to successfully operate in the marke t. 2 . Successfully source desirable brand s to create popularity and sales among consumers. 3. Raise enough awareness so that there are enough sales to breakeven within the first year. During the first year, the main focus for Nth Degree clothing will be brand awareness before and after the com pany launch. It cannot be expec ted to have a large consumer base initially, therefore during the first year there will be ex tensive online com munications to create a leve l of engagement among consumers. In addition, prior to launch Nth Degree will focus on logistics such as sourcing the desired produc ts. After the brand launches the online rental service , the focus will be building up and maintaining sales. It’s therefore im portant to ensure the initial customers are im pressed for reviews and future purchases, and the brand continues to focus on engaging new consumers for a larger consumer base . The consumer incentives (loyalty and buy to keep schemes) put in place will enforce this by making the brand appealing , especially to consumers new to renting .
7. 5 Ye a r t wo
Cr e at i ng a c o mmuni t y a nd Pr o duc t e x pa ns i o n G oals -
1. To create a fun and engaging online presence to continuously gain consumers and form a loyal com munity. 2 . To expand the produc t range to both obtain more sales from existing and new customers. 60
Due to the nature of the business, it’s im portant for Nth Degree clothing that a com munity build s among its consumers. This will create more brand loyalty and due to word-of-mouth among sports participants, more consumers will engage with the brand . To deve lop from the increase in consumers, the brand will expand its brand source and produc t range to clothing from a bigger varie ty of sports. This will intrigue loyal consumers into maybe trying a new sport and engage new consumers that alread y partake in tho se sports.
7.6 Ye a r t hr e e
Me r c ha ndi s e a nd c r o s s i ng bo r de r s G oals -
1. Successfully create a consumer base in Europe through an online presence and start shipping overseas. 2 . C reate enough hype surrounding the brand so that creating the brand s own merchandise will be desired by customers and be a successful business venture . By year three Nth Degree aims to be a very desired brand . Therefore within the third year, Nth degree will re lease a merchandise range of T-shirts, hoodies, base ball cap s and beanies. These will be on sale , but also as a com munication strategy will be used as com pe tition prizes or gifts to loyal consumers to make consumers fee l they have a re lationship with the brand . Additionally, as brand popularity grows, the business will broaden the logistical side and start to se ll acro ss Europe .
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7. 7 Fut ur e Gr ow t h G oals 1. To have created a business so successful that further global expansion is not a risk but desired by consumers abroad . 2 . To have enough profits to be able to venture into equipment rentals alongside the current clothing ranges. At this point, Nth Degree C lothing aims to be very established within the refined and broader marke ts and have a strong online presence with im pressive consumer engagement. It’s hoped that there will be a strong financial situation so there’s a lack of risk for new business ventures. Presum ing this is truthful, the brand will need to invest in much bigger prem ises and more staff so the business can logistically handle the expansion. In the im mediate future , Nth Degree clothing will not make any major changes on the expansions alread y made in year two and three . It will, however, deve lop them further. The produc t range will expand further by introducing re levant sports equipment. This will create ease for loyal consumers that can now rent every thing they need from the brand . Also, the brand will continue to ship and work in more countries including expanding in Europe and shipping to North America.
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Cha pt e r 8: Co mmuni c at i o n Pl a n
63
Following the marke ting plan, it’s im portant to create a strong com munication strategy to work alongside Nth Degree to maxim ise expo sure and secure engagement with the targe t demographic . Targe ting the right consumer, ex tensive research has gone into the correc t me thod s and the feasibility to execute these me thod s with the funding of a new brand . The three -year plan has been created to ensure support for the brand prior and following the launch.
8 .1 Co mmuni c at i o n o bj e c t i v e s To create a brand that’s highly attrac tive on social media, creating popularity among young people with the concept of fashion hire and therefore have 20,000 Instagram followers by the end of Year one . To build strong brand awareness among the targe t audience through the use of famous athle tes and a promotional video . To create an engaging com munity of followers on social media that stay loyal by consistently increasing the engagement rate by 3%+ monthly.
64
8 . 2 AI DA Mo de l The AIDA mode l has been used as it “identifies cognitive stages an individual goes through during the buying process for a produc t or service� (Hanlon, 2019). This is a he lpful tool for analysis, as it means the com munication plan can be tailored exac tly around the consumer’s path to purchase and maxim ise consumer engagement with the brand .
Awa r e ne s s
Prior to launch, a promotional video and ad cam paign will be put out on the major social media platforms to push brand awareness and create engagement before and after the brand launches. The cam paign will be sponsored so to appear on consumers feed s that do not ye t follow Nth Degree .
Int e r e s t
To create interest among consumers Nth Degree will be smart about what information they share on social media. Nth Degree will attem pt to be educational, fun and re latable to targe t the right demographic . In addition, to ensure maximum engagement alongside the launch will have an online com pe tition for a free order.
De s i r e
Using ex treme sports athle tes that consumers aspire to be like for collaboration, makes Nth Degree more desirable to the re levant consumers. By using these athle tes and engaging consumers through fun and ad venturous ad vertising , alongside a po sitive brand experience , Nth Degree is making itse lf a notable and attrac tive brand .
Ac t i o n
These fac tors within the brand com munications will be ex tensive ly reviewed and com ple ted , in order to maximum ly persuade consumers to follow through to the we b site and order items from Nth Degree clothing . They will do this to fulfil their desires created by the interest the brand deve loped within their ad vertising cam paigns.
65
8 . 3 DRI P Mo de l The DRIP mode l like AIDA is a useful way to shape your ad vertising me thod s to targe t the consumer. However, unlike AIDA that looks at the cognitive purchasing process of the consumer, DRIP shows how the brand can shape itse lf to gain consumer interest.
Nth degree will differentiate their produc ts to appeal to the consumer by offering a USP of an affordable , convenient and on-trend sports fashion.
Differentiate
Re inforce
Inform
Persuade
Nth Degree will inform 18-25-year-old m illennials on their unique service offering , alongside the educational aspec t of how rentals are po sitive ly im proving the fashion industry ’s negative im pac t on the environment, through a highly engaging online presence .
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In order to deve lop the trust of consumers, Nth Degree will ensure to reinforce their values and essence within their brand prac tices and consumer experience .
Through the informative and engaging online presence , Nth Degree will encourage consumers to try renting from the brand and re tain tho se consumers by providing a po sitive brand experience .
8 . 4 Off l i ne c ha nne l s Wo r d o f mo ut h “92% of consumers be lieve recom mendations from friend s and fam ily over all forms of ad vertising” (Nie lsen quoted by Whitler, 2014). Although not some thing Nth Degree can control, through creating an engaging social media presence , Nth Degree will make a po sitive im pression on the consumers and therefore create buzz , spread via word-of-mouth.
8 . 5 Onl i ne c ha nne l s Ins t a gr a m
Instagram will be the main platform used by Nth degree . Because from secondary research it was found that; “78% say that they see brand s on Instagram as popular,” and “83% say Instagram he lp s them discover new produc ts or services” (C hen, 2020). This shows the significance of Instagram for business to consumer com munications and can, therefore , drive traffic to the we b site . Also, Instagram has many features that would appear useful to the type of presence Nth degree aims to have online . ‘Stories’ and ‘IGT V ’ mean that Nth degree can create an interac tive consumer experience . Also from a marke ting perspec tive , the ‘Insights’ sec tion allows Nth Degree to analyse the audience and engagement of each po st so they can progressive ly im prove their com munications, catering to the correc t demographic .
Ot he r s o c i a l me di a In addition to Instagram, Face book , Twitter and Youtube will be used to create vast brand awareness as “90.4% of m illennials are ac tive social media users” (Mohsin, 2020), proving that being the brand ’s targe t demographic this me thod will be successful. Sponsored po sts will be used acro ss the platforms with the best click-through rates to spread brand awareness pre and po st-launch that may not have been expo sed to the brand .
67
8 .6 Br a nd La unc h Ac t i v i t i e s Pr o mot i o na l v i de o “Viewers re tain 95% of messages they watch. They only re tain 10% of messages they read ” (Watts, 2019). To create buzz surrounding the brand launch an exciting and informative promotional video will be shared acro ss Nth degree’s we b site and social media. The video will spark interest among consumers to try new sports, while also displaying the e thical benefits for sports partakers looking to try consum ption alternatives. Although digital, this will also promote word-of-mouth marke ting because “92% of mobile video consumers share video s with others” (Dickey, 2017 ) meaning a video would be beneficial to spread awareness.
At hl e t e c o l l a bo r at i o n During the launch cam paign process, athle tic influencers will be recruited for endorsement by Nth Degree . They will be asked to po st talking about the brand ’s purchase process, and a video of them wearing the clothing while doing their sport. This is because “consumers are more like ly to trust the opinion of their peers than the brand itse lf” (West, 2020), meaning messages from influencers may be more respec ted and translate into be tter sales.
“What do you think are the benefits of using influencers or athle tes to promote a brand?” “Firstly you are able to reach a larger audience , and one that’s targe ted/re levant to your brand , rather than just po sting to your own channe ls. Secondly, it’s an endorsement from an individual who may be perce ived as respec ted/trusted in their fie ld , and therefore add s trust/kudo s to your brand .” - (Interview with Paul O ’Brien, 2020. See appendix )
68
At hl e t e s The following ex treme sports athle tes have been cho sen to be part of the brand launch cam paign, due to their sim ilar targe t audience and engaging content that re lates to the values and essence of Nth Degree clothing , also meaning that the athle te will portray the brand in a po sitive light.
69
70
8 . 7 Po s t -La unc h Ac t i v i t i e s Co ns ume r Inc e nt i v e s As described within ‘The Big Idea’ earlier in the report, part of the brand ’s USP are the two consumer incentives that also identify as part of the com munication strategy. This is because the loyalty scheme , and the option to buy after hire , are reasons consumers may choo se to purchase from Nth Degree over a com pe titor.
“I think that would give me more incentive to be a repeat customer, love a loyalty scheme” (Mishka, Focus group, appendix 4)
Co mpe t i t i o n The final me thod for the first year of the com munication plan is an online com pe tition to engage all of Nth Degree clothing’s social media following , and further, expo se more people to the brand leading up to the 2021 Sum mer Olym pics. Using a com pe tition is an effec tive way of attrac ting memorable and po sitive attention, while at little co st to the brand (Kokemuller, 2020). C om pe tition Name Pushing lim its Hashtag
#beLim itless
Platforms
Instagram, Twitter, Face book (announced by brand and athle tes).
KPIs
Num ber of times #beLim itless is used , Num ber of likes on po sts, Followers gained , num ber of brand mentions, orders and sales.
Ac tivity
The com pe tition involves the consumer following the brand , liking the com pe tition po st and po sting a pic ture of themse lves doing some thing ex treme or their sport with #beLim itless. As this is the first year C lim bing , Skate boarding and Surfing will be in the Olym pics Nth Degree will use the buzz to encourage people to rent when trying new sports.
Prize
Random ly cho sen winner, free rental prize .
71
8 . 8 Cr i t i c a l Pat h Promotional video in operation Secure athle te collaborations
All Athle tes po st to social media Promotional video re leased to social media Brand launch C onsumer incentives Athle tes po st Sponsored social media po sts doubled 2 athle tes po sting per month begins
Online com pe tition announced by brand and athle tes Online com pe tition
72
Sum mer Olym pics, C om pe tition end s
August Septem ber Oc tober Novem ber Decem ber January Fe bruary March April May June July
C reate social media accounts and re lease sponsored po sts, announce the brand launch in Novem ber
8 . 9 Ye a r 2 a nd 3 Ov e r v i ew C om munication strategies from year two onward s will be subjec tive to the success of the first-year ac tivities in fulfilling the objec tives. Sim ilar me thod s are used throughout coinciding with any business ventures Nth Degree executes. It is hoped from the favourable outcome of the first-year plan, word-of-mouth marke ting will grow and Nth degree will gain earned ad vertising through influencers reviewing the brand without endorsement. In addition, following the launch of Nth degree merchandise , items are gifted and used as com pe tition prizes as an added consumer incentive .
73
74
Cha pt e r 9 : Fi na nc i a l Out l o o k
75
For Nth degree to func tion as a successful business it is im portant that business logistics and finances are thoroughly assessed . The following chapter will identify ways in which Nth Degree will gain funding , the ir sales forecasts, and profit and lo ss accounts alongside a sensitivity analysis to ensure the businesses feasibility.
9 .1 Fi na nc i a l o bj e c t i v e s To breakeven by the end of year one . To have year-on-year sales grow th increasing the ne t profit by 20% each year.
76
9 . 2 Ini t i a l i nv e s t me nt G e tting significant funding is vital for the launch of Nth degree clothing . This is because there are three months of operations prior to the launch that the business will have outgoing co sts but no income from sales. Initial funding of £120,000 will be needed to cover the necessary co sts (see appendix 10 for price explanations).
Pr e -l a unc h s t a r t up c o s t s Produc t co st (for predic ted sales upon launch) Marke ting co sts We b site Utilities Rent Wages Accounting Insurance Misce llaneous
£38,482 .5 £68,879 £849 £7 74 £450 £3,360 £120 £66 £6,253
Total Investment needed
£119,233.50 £120,000
Personal investment £15,000
This is for month one of business operations so that investors can see the business is alread y in operation when they invest and initial ac tivities can start while funding is waiting to come through.
It’s essential the major co sts (produc t and marke ting ) are covered because lowering the funding means the business does not operate to the standard that is hoped . The business will im plement com bined funding me thod s so that the investments are more achievable as they are being split be tween the three sources.
Start-up loan £25,000
C rowd funding £80,000
The loan offers be tween £500£25,000 and 12 months of free mentoring support for new businesses. This loan has been cho sen because it is repayable over 5 years with no application or se t-up fees (Start-up loans, 2020).
IFundWomen is a crowd funding site that has been cho sen because it offers free crowd funding coaching and unlike some rewardbased crowd funding sites, IFundWomen would le t Nth Degree keep all the fund s raised and be able to access the fund s continuously, not waiting until the funding has clo sed (IFundWomen. 2020).
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9 . 3 Sa l e s f o r e c as t - Ye a r 1 A three -year sales forecast has been calculated for the purpo se of estimating the brand ’s profitability and potential grow th within the earlier years after launch. These estimations will be useful for gaining investors for future expansions and business ventures. The sales have been forecasted based on the conversion rates from the C TR (click-through rates) from sponsored Instagram, Face book and athle te endorsed po sts*. The sales have further been increased by an estimated month-on-month percentage from we b site traffic rates** and seasonal/global trend s.*** The sales of consumers who buy to keep after hiring the item has been estimated from primary research (finance justifications, See appendix 10).
*Instagram post average click-through cost = $5 (£4) per 1000 visitors = £0.5 per click (Influencer Marketing Hub , 2019). Average C onversion rate after CTR = 3% (Dunlop , 2019). Facebook post average CTR cost = $0.27 £0.20 per click (Blue C orona,2017). Average C onversion rate of apparel ads = 4.11% (Web FX , 2020) Influencer CTR = 2.34%, C onversion rate after CTR = 1.73% (Grapevine , 2016). **Average traffic growth rate per month = 10-20% (Geckoboard,2019). *** Estimated increased sales at peak ski season/sum mer for holiday surfing . Also estimated increased sales in olym pic months.
Ski Season starts
Estimated Units Hired
Ski season end s
Online com p starts
Sum mer Olym pics
Aug
Sep
Oc t
Nov
Dec
Jan
Fe b
Mar
Apr
May
Jun
Jul
TOTAL
0
0
0
733
1,088
837
921
1012
1113
1247
1396
1606
9,953
£0.00
£0.00
£76,965
£114,240
£116,886
£130,914
£146,580
x RRP average £15 £0.00 per day 7 days hired out = £105
£87,885.00 £96,673.60 £106,260
£168,630 £1,045,033.60
Estimated units bought to keep - 20%
0
0
0
147
218
167
184
202
223
249
279
321
1,990
Estimated £100 average to purchase
£0
£0
£0
£14,700
£21,800
£16,700
£18,400
£20,200
£22 ,300
£24,900
£27,900
£32 ,100
£199,000
£0.00
£0.00
£91,665
£136,040
£104,585
£115,073.60 £126,460
£139,186
£155,814
£174,480
£0
£0
Total revenue £0.00 C o st of good s x £
£0
£40,196.70 £28,900.10 £13,402 .90
Novem ber - January: Initial sales are based on the conversion rates of sponsored and athle te endorsed social media po sts and subjec t to change with investment into these ac tivities. Fe bruary - April: 10% month-on-month increase in orders due to brand awareness increase and sum mer holiday planning .
78
£200,730 £1,244,033.60
£10,921.90 £12 ,027.80 £14,519.76 £21,659.50 £24,160.50 £29,429.50 £195,218.66
May - June: 12% increase in both months due to increased awareness from Online C om pe tition and Sum mer surfing and rock clim bing . July: 15% increase due to the 2021 Sum mer Olym pic G ames creating more buzz surrounding sports.
9 . 3.1 Ye a r 2 Sum mer Olym pics
Estimated Units Hired x RRP average £15 per day 7 days hired out = £105 Estimated units bought to keep - 20% Estimated £100 average to purchase Total revenue C o st of good s x£
Ski Season starts
Winter Olym pics
Ski season end s
Aug
Sep
Oc t
Nov
Dec
Jan
Fe b
Mar
Apr
May
Jun
Jul
TOTAL
2 ,008
1,807
1,897
1,992
2 ,191
2 ,410
2 ,7 72
2 ,495
2 ,370
2 ,489
2 ,738
3,012
28,181
£253,050
£291,060
£261,975
£248,850
£261,345
£287,490
£210,787.50 £189,735 £199,221.75 £209,144.25 £230,055
£316,260 £2 ,958,973.50
402
361
379
398
438
482
554
499
474
498
548
602
5,635
£40,200
£36,100
£37,900
£39,800
£43,800
£48,200
£55,400
£49,900
£47,400
£49,800
£54,800
£60,200
£563,500
£250,987.50 £225,735 £237,121.75 £248,944.25 £273,855
£301,250
£346,460
£311,875
£296,250
£311,145
£342 ,290 £376,460 £3,522 ,473.50
£145,055.44 £24,302 .18 £29,461.48 £23,582 .40 £34,602 .78 £39,001.96 £48,584.55 £33,502 .12 £30,461.44 £29,488.17 £31,267.22 £47,004.41
Start of year 2 - August: 25% increase in sales due to expansion into more sportswear and se lling more brand s. This will engage a lot of new and existing customers. Septem ber:-10% decrease due to none of the sports peaking in this time . Oc tober - Novem ber: 5% increase both months for the lead up to Ski/Snowboarding season. Decem ber - January: 10% increase due to peak winter sport holiday months.
£516,314.13
Fe bruary: 15% increase due to the 2022 Winter Olym pic games sparking more interest surrounding winter sports. March-April:-5% decrease due to the end of Ski Season. May: 5% increase as warmer weather starts. June -July: 10% increases due to sum mer holidays for we tsuits and other sum mer sportswear.
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9 . 3. 2 Ye a r 3 Ski Season starts
Estimated Units Hired x RRP average £15 per day 7 days hired out = £105
Ski season end s
Aug
Sep
Oc t
Nov
Dec
Jan
Fe b
Mar
Apr
May
Jun
Jul
TOTAL
3,313
3,412
3,514
3,690
4,059
4,465
4,242
4,030
4,030
4,151
4,359
4,794
48,059
£347,865
£358,260 £368,970
£387,450
£426,195 £468,814.50 £445,373.78 £423,150
£423,150 £435,844.50 £457,636.73 £503,400.40 £5,046,109.90
Estimated units bought to keep - 20%
663
682
703
738
812
893
848
806
806
830
872
959
9,612
x Estimated £100 average to purchase
£66,300
£68,200
£70,300
£73,800
£81,200
£89,300
£84,800
£80,600
£80,600
£83,000
£87,200
£95,900
£961,200
663
682
703
738
812
893
848
806
806
830
872
959
9,612
x Estimated £15 average to purchase
£9,945
£10,230.
£10,545.
£11,070
£12 ,17 7
£13,395
£12 ,725
£12 ,090
£12 ,090
£12 ,450
£13,080
£14,385
£144,182
Total revenue
£424,110
£436,690
£449,815
£472 ,320.
Merch estimated units bought - 20%
C o st of good s
£216,709.38 £51,397.43 £52 ,900.51 £58,506.80 £71,800.97 £78,996.46
£60,87 7.31 £57,816.58 £55,716.58 £55,997.64
£58,175.37
£79,213.80
Start of year 3 - August: 10% increase as it’s still sum mer and there will be new stock for the new year.
Decem ber - January: 10% increase due to peak winter sport holiday months.
Septem ber - Oc tober: 3% increase each month due to merchandise re lease but small increase as no sports peaking at this time .
Fe bruary - March:-5% decrease due Ski season ending . April remains the same .
Novem ber: 5% increase Snowboarding season.
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£519,572 £571,509.50 £542 ,898.78 £515,840 £515,840 £531,294.50 £557,916.73 £613,685.40 £6,151,491.90
for
beginning
of
Ski/
May-July : 3%, 5% then 10% increases monthly for the build-up to Sum mer.
£898,108.83
9 . 4 Pr o f i t a nd l o s s The profit and lo ss for all three years have been aligned with the sales forecasts by working out the gro ss profit and outgoing co sts alongside to predic t whe ther Nth Degree can work profitably as a business. Nth Degree doesn’t break even until Decem ber in the first year because although there are expenses from August, the business is not launched until Novem ber (see finance tables, appendix 11). Despite this, there’s im pressive ne t profit by the end of year one , due to the service be ing primarily rentals the business does not have to restock every month*, as long as the clothes are cared for and washed accordingly they can continuously be re hired by customers. *the business stocks new clothing at the beginning of each year. Each month that sees an increase in sales so more stock is needed , and the amount of clothes that are bought to keep from the previous month is the co st of clothing for that month, (as seen in the profit and lo ss accounts).
9 . 4 .1 Ye a r 2 a nd 3 The brand doesn’t see any major changes in co sts for years two and three as the marke ting will be kept consistent. The first month of each year sees a large increase in the co st of good s as the brand will com ple te ly restock and expand the clothing range each year to ensure the quality of the garments remain high. In the third year, there is the added revenue stream of the brand merchandise . From the estimated sales (see finance justifications, appendix 10) this add s to the business profits meaning that the brand can afford to take risks in the future without making a lo ss if it is unsuccessful.
Year 1-3 O verview Total revenue C lothing Po stage Packaging Home C leaning Total C o st of good s £ G ro ss Profit
Year one
Year two
Year three
£1,244,033.60
£3,522 ,373.50
£6,151,491.90
£171,937.50 £14,641.20 £4,658.30 £3,981.36 £195,218.36
£418,180.00 £67,991.91 £13,188.70 £16,953.52 £516,314.13
£786,346.00 £70,644.7 7 £22 ,493.64 £18,624.42 £898,108.83
£1,048,815.24
£3,006,059.37
£5,253,383.07
£500.00 £400.00 £60,000.00 £24,000.00
£500.00 £400.00 £60,000.00 £24,000.00
£30,000.00 £105.00
£30,000.00 £142 .50
£3,096.00
£3,096.00
£1,800.00 £40,320.00
£1,800.00 £53,760.00
£264.00
£264.00
£474.00 £120.00
£474.00 £120.00
Marke ting co sts: We b site deve lopment Photography Mode ls Sponsored Instagram po sts Sponsored Face book po sts Promo video Influencer endorsed po sts C om pe tition prizes
£849.00 £500.00 £400.00 £50,000.00 £20,000.00 £50,000.00 £32 ,458.00 £105.00
O verhead s: Solar pane ls Total e lec tricity bill C opyright O ffice and storage rent Wages Technology Insurance O ffice supplies Accountant Work phone
£5,600.00 £3,096.00 £33.00 £1,800.00 £23,520.00 £907.00 £264.00 £29.00 £474.00 £120.00
Total outgoing co sts
£190,155.00
£161,079.00
£174,556.50
£858,659.74
£2 ,844,980.37
£5,078,826.57
(For full year-on-year breakdown, See finance tables , appendix 11)
All three years show a po sitive and growing total ne t profit with the third year displaying £5,078,969 in total. This shows any future investors the brand is in a po sitive po sition for deve lopment. 81
9 . 5 Se ns i t i v i t y Ana l y s i s To test the business stability, a sensitivity analysis has been executed to test what would happen if the business saw a 20% calculated increase or decrease in yearly sales. It’s useful for the business to understand its sensitivity when exploring new ventures. Nth degree does not see a lo ss in any year from the calculated decrease so the brand can be prepared for expansion with less risk .
Revenue Units Rented Units Purchased
Year 1
Year 1 + 20%
Year 1 - 20%
Year 2
Year 2 + 20%
Year 2 - 20%
Year 3
Year 3 + 20%
Year 3 - 20%
£1,244,033.60
£1,492 ,840.32
£995,226.88
£3,522 ,473.50 £4,226,968.20
£2 ,817,978.80
£6,151,491.90
£7,381,790.38
£4,921,193.52
9,953
11,944
7,962
28,181
33,817
22 ,545
48,059
57,671
38,447
1,190
1,428
952
5,635
6,762
4,508
9,612
11,534
7,690
9,612
11,534
7,690
Merchandise bought - Year 3 only C o st of good s £x
£195,218.36
£234,262 .03
£156,174.69
£516,314.13
£619,576.96
£413,051.30
£898,103.83
£1,07 7,724.60
£718,483.14
£1,048,815.24
£1,258,578.29
£839,052 .19
£3,006,059.37
£3,607,391.24
£2 ,404,927.50
£5,253,388.07
£6,304,065.78
£4,202 ,710.38
Marke ting co sts
£154,312 .00
£154,312 .00
£154,312 .00
£115,005.00
£115,005.00
£115,005.00
£115,042 .50
£115,042 .50
£115,042 .50
O verhead s
£35,843.00
£35,843.00
£35,843.00
£46,074.00
£46,074.00
£46,074.00
£59,514.00
£59,514.00
£59,514.00
Total outgoing co sts
£190,155.00
£190,155.00
£190,155.00
£161,079.00
£161,079.00
£161,079.00
£174,556.50
£174,556.50
£174,556.50
£858,660.24
£1,068,423.29
£648,897.19
£2 ,844,980.37
£3,446,312 .24 £2 ,243,848.50
£5,078,831.57
£6,129,509.28
£4,028,153.88
G ro ss profit
Ne t Profit
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9 .6 Cas hf l ow Ye a r 1 This cashflow table has been created for the purpo se of displaying the businesses cash inflow and outflow in a sim ple way as an overview to future investors. As mentioned in the Initial investment sec tions, because the business is in operation three months before launch, an investment of £120,000 is needed to keep Nth degree running before they begin making revenue .
Incom ing revenue - G ro ss profit Investment Total Revenue Total expenses Opening C ash balance Plus incom ing cash +
August
Septem ber
£0.00
£0.00
Oc tober Novem ber Decem ber
January
Fe bruary
March
April
May
June
July
£0.00
£51,468.30 £107,139.90
£91,182 .10
£104,151.00
£114,432 .20 £124,666.24 £134,154.50 £150,319.50 £171,300.00
£0.00
£51,468.30 £107,139.90
£91,182 .10
£104,151.00
£114,432 .20 £124,666.24 £134,154.50 £150,319.50 £171,300.00
£12 ,219.50
£12 ,219.50
£12 ,219.50
£15,000.00 £105,000.00 £15,000.00 £105,000.00
£5,099.50 £14,047.50
£15,000.00 £2 ,832 .00
£51,832 .50 £46,733.00 £84,153.80 £174,095.20 £253,057.80 £344,989.30 £447,202 .00 £559,648.75 £681,583.75 £819,683.75
£0.00
£105,000.00
£0.00
£17,198.50
£51,468.30 £107,139.90
£12 ,219.50
£12 ,219.50
£12 ,219.50
£12 ,324.50
£12 ,168.50 £55,999.50
£91,182 .10
£104,151.00
£114,432 .20 £124,666.24 £134,154.50 £150,319.50 £171,300.00
£12 ,219.50
£12 ,219.50
£12 ,219.50
Deduc t outgoing cash -
£12 ,168.50 £55,999.50
C lo sing C ash balance
£2 ,832 .00 £51,832 .50 £46,733.00 £84,153.80 £174,095.20 £253,057.80 £344,989.30 £447,202 .00 £559,648.75 £681,583.75 £819,683.75 £978,659.25
£5,099.50 £14,047.50
£17,198.50
£12 ,219.50
£12 ,219.50
£12 ,219.50
£12 ,324.50
83
9 . 7 Ma r k e t i ng budge t Although the marke ting co sts are over bud ge t in the first year, it is im portant to focus on marke ting during the brand launch, to raise brand awareness and obtain sales. G oing over bud ge t is justified because the brand is significantly under bud ge t in the second and third years, showing Nth degree can afford to up their marke ting every year. As stated in the com munication plan Nth degree will adapt their marke ting yearly depending on the successes/failures of the previous year. The third-year Merchandise re lease will he lp with marke ting , but the co sts count as a co st of good s as it is a revenue stream so is not included in the marke ting bud ge t.
Ac tivity
Year 1
Year 2
Year 3
We b site creation
£849.00
£0.00
£0.00
Photography - £100 per hour for 5 hours
£500.00
£500.00
£500.00
Mode ls £40 per hour for 5 hours
£400.00
£400.00
£400.00
Sponsored Instagram po sts
£50,000.00
£60,000.00
£60,000.00
Sponsored Face book po sts
£20,000.00
£24,000.00
£24,000.00
Promo video
£50,000.00
£0.00
£0.00
Influencer endorsed po sts
£32458.00
£30,000.00
£30,000.00
£105.00
£105.00
£142 .50
Total marke ting co sts
£154,312 .00
£115,005.00
£115,042 .50
Bud ge t (10% of G ro ss profit)
£104,881.52
£300,605.90
£525,338.31
C om pe tition prize - 1 free rental prize co st = £105, merchandise prizes co st = £7.50 average
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9 . 8 Summa r y To sum marise Nth Degree has proven its financial stability to remain a com pe titive contender within their marke t. This financial stability allows the brand to be comfortable in expanding the business and taking risks in the future .
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Cha pt e r 10: Bus i ne s s Lo gi s t i c s
87
July
This critical path shows the ac tivities needed to be accom plished leading up to the launch of Nth Degree clothing with an estimated , 2 months of planning , and 4 months of co stly im plementation deve loping the business for launch.
June
10.1 Bus i ne s s i mpl e me nt at i o n t i me l i ne
August Septem ber Oc tober Novem ber
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Research into the marke t Research financial feasibility Research consumer and effec tive ways of targe ting them Personally design branding and logo s Source we b site creator and se t brief Source brand funding Plan social media content Organise phone contrac t for following month Make the personal investment Move into office and storage space Solar pane ls on office aim ing to be e thical Buy Desktop for business interac tions C reate social media accounts and re lease sponsored po sts Announce the brand launch in Novem ber Pay we b site creator C opyright the brand Rece ive ex ternal investments Photo shoot Promotional video in operation Secure athle te collaborations Research and source brand to make deals Promotional video re leased to social media Athle tes po st to social media Put out an ad vertisement for an additional em ployee Finalise brand deals Source eco po stage packaging Hire additional em ployee Brief em ployee Buy iPad for em ployees work Source clothing Brand Launches on We b site
10. 2 Ma r k e t i ng Mi x mo de l - c o nt i nue d This second part of the Marke ting Mix has been separated from the mode l within the Marke ting plan, as the remaining P ’s reflec t the operational part of the business rather than the first 4p’s that are re levant to targe ting the consumer.
Pe o pl e Before the business is launched all business ac tivities Internal roles
will be undertaken by the business owner/founder. Due to the nature of the business, there is no need for internal staff at this stage . Within the first year, there will only be two em ployees, however more people will be hired as the years’ progress and the brand grows as multiple roles will be too much for just two people to handle and will be divided be tween more staff.
Responsibilities
Em ployee 1 C om pany direc tor
Management, O versee the business operations and em ployees, make final decisions.
C lothes sourcing
Making re lationship s with ex ternal brand s and organising buying stock .
C leaning clothes
C leaning the clothes be tween hires, this can be done personally with a home dry cleaning kit (see finance justifications, appendix 10).
Packaging clothes
Packaging the clothes neatly, labe lling them read y for de livery and po sting them to customers.
Em ployee 2 Social media and marke ting
C reating social media po sts, responding to consumers questions online , contac ting endorsed athle tes.
Online sales assistant
Organising the orders, overseeing the we b site making sure the inventory matches the information online so nothing is ordered that is alread y out for hire .
E x ternal roles
Responsibilities
De livery to Customers
TNT de livery com pany will be used to send the clothes to the customers as they provide a reasonable nex t day de livery price (see finance justifications, appendix 10).
We b site deve loper
The we b site will be created by an ex ternal professional alongside the design and briefing of the com pany direc tor.
Accounting
The accountant will oversee the brand s finances and pay em ployees wages. 89
Pr o c e s s e s The process portion of the marke ting m ix for this business involves the process at which it takes from the clothes sourcing to the consumer experience .
Marke ting and social media content engages the consumer G arments re turned and sent for cleaning
C ustomer decides to keep and pays ex tra
C onsumer is driven to the we b site
Customer re turns after rental period
Order comes in
C lothes are sourced / alread y in stock as re turned from previous orders
C ustomer happy with purchase
Ex ternal de livery service de livers clothes to customer
Parce ls de livered to de livery pick-up point
90
Dry C leaned if necessary
Packaged in eco friendly po stage packaging
Phy s i c a l ev i de nc e Due to the e thical nature of the business, it is im portant to show consumers how the business aims to reflec t their values into the business prac tices, to gain trust and respec t from them. This will be done by providing information on each stage of the business process to be com ple te ly honest and transparent throughout the we b site . The Higg index (see appendix 12) will then be im plemented which is used to “accurate ly measure and score a com pany or produc t’s sustainability performance” (Sustainable Appare l coalition, 2020). As we ll as this, Nth Degree’s values and goals regarding sustainability will be shown so the consumer can truly ge t a sense of the brand ’s vision.
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10. 3 Ri s k As s e s s me nt A risk assessment has been carried out in order to ensure the brand is prepared for any fac tors that may negative ly affec t the business and further provide a plan if prevention is necessary.
92
Risk Fac tor
Leve l of Risk
Prevention
Threat of new com pe titors
High
By continuously promoting the ir niche USP and aligning the ir ac tivities with consumer need s, Nth Degree will remain a leader in their refined marke t by showing originality com pared to copying com pe titors.
Brand s withdraw from deals
High
Lo sing the brand s will mean a lo ss in revenue for Nth Degree but this can be e lim inated by creating a yearly contrac t so the brand s cannot withdraw before the year end s when Nth Degree can ge t stock from alternative brand s.
Initial investment not secured
Medium
By using three separate funding me thod s Nth degree is not re lying pure ly on one source . In addition, ex tensive research into the sources means the brand has ensured the ir funding me thod s will work .
Sales projec tion not reached
Low
The sensitivity analysis shows that even with a 20% lo ss in sales the brand will still make a good profit. In addition by following the com munication plan correc tly, Nth Degree should be able to gain enough customers for success.
Items may become damaged quicker than expec ted
Low
Research shows the quality of the clothing out for hire should last for years of wear without showing signs of it (Hard y, 2020). To be sure Nth Degree will replace all stock yearly and clean and inspec t each item for po ssible repairs be tween hires.
10. 4 KPI ’ s Key performance indicators (KPI’s ) will be used to measure the overall outcomes of the objec tives and therefore he lp the business in their strategic direc tion. The mo st vital objec tive from each sec tion has been given a KPI to measure the overall business performance .
Objec tives
KPI’s
Business - To make clothes hire a popular choice and become the leading sports fashion hire brand in the UK within 3 years.
This will be measured by analysing current and future com pe titors and com paring them to Nth Degree . Their sales would not be some thing that could be obtained , but engagement online such as likes and follows will be com pared , as we ll as research into marke t contenders.
Marke ting - Deve lop a strong presence within the Ex treme sportswear marke t in year one and further make rentals popular among sports participants for the future of the refined marke t.
By analysing the broad and refined marke ts each year Nth Degree can de term ine their increasing presence and rental popularity by com paring the sales generated each year to measure an increase/decrease in marke t share .
C om munication - To create an engaging com munity of followers on social media that stay loyal by consistently increasing the engagement rate by 3%+ monthly.
By measuring the C TR, likes, com ments and shares and using the ‘Insights’ tool on Instagram will allow the brand to measure how the engagement changes monthly and adapt their com munication plan accordingly if necessary.
Financial - To have year-on-year sales grow th increasing the ne t profit by 20% each year.
By calculating at the end of the year how much the predic ted ne t profit should be for the following year (total ne t profit +20%) Nth Degree can watch the ir cash flow and estimate whe ther they will reach this targe t or not
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Cha pt e r 11: Co nc l us i o n
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11.1 Co nc l us i o n The report has shown that through in-depth marke t and consumer research, if Nth Degree fully im plements the plans made , it has the potential to be a successful and strategic business opportunity that would work we ll within the propo sed marke ts. There is a slight risk of be ing the first brand with this business mode l, however, through im plementing the consumer insights Nth Degree has proven throughout the report its profitability as a fully func tioning innovative business, if it follows the marke ting and com munication plans correc tly. The strategic marke ting plan has been justified by the three year financial plan to ensure it is feasible , and will be supported by the com munication strategy that will targe t the audience appropriate ly. Altoge ther, they will maxim ise brand awareness, e thically educate the consumer and produce a successful financial turnover. O verall, Nth Degree clothing is an exciting concept that innovative ly brid ges the attitude -be haviour gap amongst consumers, and if successful, will reduce the amount of overproduc tion and consum ption within the fashion industry while at the affordable and convenient price consumers desire . Being the only business with this USP truly means the brand is “Pushing lim its - to the Nth Degree�.
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Cha pt e r 12: Jus t i f i c at i o ns Appendix pg . 100 1. C oncurrent Triangulation design me thod pg . 100 2 . Ethics forms pg . 100 3. Questionnaires pg . 105 4. Focus group pg . 117 5. Industry interviews pg . 124 6. Instagram questions pg . 135 7. Business mode l canvas pg . 137 8. LOHAS marke ting mode l pg . 139 9. G lobal online clothing rental marke t pg . 139 10. Finance justifications pg . 140 11. Finance tables pg . 144 12 . The Higg Index pg . 149 13. C ritical path pg . 150
References pg . 151 Bibliography pg . 156 Image references pg . 162
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12.1 Appe ndi x Appe ndi x 1 - Co nc ur r e nt Tr i a ngul at i o n de s i gn Me t ho d CRESWELL, J. W., & CLARK, PLANO, V., 2011. Concurrent Triangulation Design Method. Designing and conducting mixed methods research., [Online]. .https://www.researchgate.net/ publication/259109828_A_New_Long-Term_Care_Facilities_ Model_in_Nova_Scotia_Canada_Protocol_for_a_Mixed_ Methods_Study_of_Care_by_Design/figures?lo=1 [Accessed 1 January 2020].
Appe ndi x 2 - Et hi c s Fo r ms
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Appe ndi x 3 - Que s t i o nna i r e s
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Appe ndi x 4 - Fo c us Gr o up Focus G roup - 5th April 2020 C laudia: The first question is, can you see yourse lf using a sportswear hire brand for sports such as skiing , snowboarding , surfing , clim bing or any other ex treme or outdoor sports? And why? C allum: Personally yes i can see myse lf using snowboarding hire gear as for me when i go on snowboarding trip s it just makes it a lot easier to hire rather than purchasing all your own gear and taking it with you. Em ily: I could for some things, often when people go snowboarding/skiing I lo se equipment, it doesn’t fit anymore e tc , to buy new things every year it’s expensive , if you go quite a lot however, it m ight be be tter to invest in bigger pieces of equipment yourse lf. Poppy: I haven’t been skiing in years because of other com m itments but my parents go every year and i was planning to go with them. Because i haven’t gone in so long i would need new clothes which probably wouldn’t want to buy as it doesn’t ge t used often! I would definite ly look to hire them for that reason. James: I surf a lot, and as i do it regularly I wouldn’t really need it as it would be easier to buy my own equipment but as i’ve never been skiing , so I would use it for that as I have none of the stuff needed . Louis: For me , I like to have my own stuff, because i find it saves time , and it’s often tailored to how I want it as you ge t a choice of what to buy. Mishka: I would ab solute ly use a service like this, especially now when i dont go snowboarding as much as I used to . I started snowboarding when i lived in G ermany and we’d go every other wee kend (There was a really good in door slope) and then every season to Austria, so investing in kit made sense , but now having not gone in years if I were to go on a snowboarding holiday i would much prefer to rent, as i couldn’t justify buying equipment outright as i don’t snowboard as regularly. Paul: As I live in Switzerland during holidays I have my own gear for snowboarding and skiing . It’s a lot easier to own our own stuff and usually the price to rent for an ex tended period of time is higher than buying the stuff. Harrie t: yes, some times it’s so expensive to buy a new outfit every season, things go out of style , new colours, some times you need warmer pieces depending on what time of year you go skiing e tc x C laudia: Thanks alot guys, so it’s clear you all have a ex treme sport your into, Would you say that if you were interested in trying a NEW sport, but we’re put off by having to buy all the gear this would be a good option for you? Poppy: Yes definite ly! If i was to try some thing e lse I wouldn’t even think of buying a new kit if there was a service like this available . Em ily: If i was a new sport that I hadn’t done before and po ssibly wasn’t going to continue (like a one off ) or some thing then yes definite ly. C allum: yeah as if i wanted to try some thing that isn’t really accessible for me , say some thing like surfing , it would be great to just be able to hire the equipment rather than purchasing . James: Yes, as the people running the shop would hopefully know what equipment would be best for me . Mishka: Yes i would say so, and ac tually i remem ber renting my gear from the indoor slope place before I decided to com m it, so yeah I think that would be a great idea before trying a new sport. 117
Paul: Definite ly yes. When it comes to trying a new sport it’s im portant to try new gear before buying so it’s easier to have an idea of what fits be tter when it comes to buying the gear. Harrie t: I don’t really have any thing I particularly want to do as of now, but if it was some thing my friend were going to do and I didn’t have any equipment or outfits I would definite ly use it, saving money, time and effort searching for items from separate shop s. C laudia: O ver consum ption of clothes and the fashion industry in general has a very bad im pac t on the environment, C lothes hire is a new way of reducing overproduc tion of clothes How much would you say the e thical and sustainability aspec t would influence you to use this service over buying? Mishka: To be honest, I think my main influence would be my first answer, I think I would first and foremo st think about how much I’m spending on equipment, the e thical and sustainable aspec t would be a bonus but probably not my main influence . Poppy: It’s less of a fac tor when looking at ex treme sport gear because I would rent out of affordability and not waste money buying new kit. But it’s still nice to know I would be he lping in a small way. Em ily: To a certain ex tent it would be because of guilt e tc but i’ve always passed my old skiing/snowboarding things to other people in the past rather than just ge tting rid of it so i fee l as though I am alread y fairly sustainable . James: If i’ve never done the sport before I would buy for my need s rather than thinking about sustainability. Paul: It is difficult to answer, there are few issues re lated to renting gear. First the hygienic aspec t, it is difficult to guarantee the gear is 100% safe and clean after someone e lse (he lme t, shows, e tc…) Second , the quality of gear in rental has to stay high so usually the gear is replaced very often in rentals and people don;t take much care of rental gear when they have it so it’s more difficult for shop s to se ll the gear I guess. This aspec t is more im portant to me when it comes to the ac tual equipment like surf, snowboard , or bike for exam ple less for protec tion equipment. C allum: I think the e thics and sustainability aspec t would influence me more to use the service rather than purchasing to reduce consum ption. Harrie t: I don’t think this would be my initial influence , it definite ly plays a part but i think price would be my initial motivation to use this service . C laudia: How much would you be willing to pay for this service per day? E .g . if it was £10 a day for a ski outfit that would be £70 for a wee k . . Mishka: I’d probably spend say around £100 a wee k for an outfit (Jacke t, trousers, goggles) mayber £100 for board and boots. I don’t know if i’m be ing really stingy. James: No idea…. I would probably end up spending more if it’s included with the hote l in a package e tc . Poppy: £70 a wee k seems good for an outfit but as i would go for the service out of affordability I wouldn’t want to go much above that. Em ily: Paying £70 a wee k isn’t too expensive in com parison to buying every thing yourse lf, I would probably be more inclined to use it if it was more affordable . Paul: Around 150 for all the gear a wee k depending on the quality of the gear and the place I’m renting from. C allum: I would say around 100 a wee k would be for outfit hire and stuff and I would consider paying a bit ex tra for the board e tc . Harrie t: I think probably I would be happy to pay around 150 for a wee k for every thing fully in. 118 C laudia: If high-end or trend y brand s were on offer would you be willing to pay more for the service?
Poppy: Yeah i would pay up to £100 for high end brand s. Louis: Yes, would be more like ly to pay for more high end brand s. Em ily: Personally I probably wouldn’t want to hire high end brand s just because I’d rather invest in tho se myse lf to keep . James: If i’ve never done the sport before I wouldn’t know what the high end brand s would be… However from a surfing POV I would . Paul: Definite ly yes. If the price difference is not too high, I would go for be tter quality gear especially for protec tion equipment. Harrie t: I would pay more for a luxury or trend piece , but it depend s what sort of item it was like a jacke t I would be happy to pay more for. C laudia: Thanks guys, would you be more inclined to hire again from the same brand if there was a loyalty scheme where after a certain amount of hires you could hire items for free? Mishka: Yes definite ly, i think that would give me more incentive to be a repeat customer, love a loyalty scheme . James: Yeah defo, especially if the gear was at a good standard . Harrie t: Yes, great incentive to go back and maybe for recom mending fam ily and friend s to use potentially. (In response) Mishka: Oh yeah good idea, like a % off your hire if you recom mend people or even like a group discount, if you’re hiring for fam ily/ friend s as we ll if you’re going on a group holiday or some thing . Paul: Yes, but it seems difficult in prac tice as irent gear because i don’t use it regularly so the offer would have to be over an ex tended period of time to work . (In response) Harrie t: Yeah, i think it has to be an ongoing loyalty scheme , not like lim ited to a time period . Em ily: Depend s on the quality and service of the brand e tc , if it’s low quality and poor service i probably wouldn’t want to hire again regardless of a scheme . (In response) Mishka: Agreed , the service and brand has got to be good in the first place , but i think a loyalty scheme would be good as we ll. C allum: 100% as it would give me more of an incentive to keep going back to the same com pany to hire all my gear and equipment. C laudia: Okay, so say instead of a free item after a certain amount of orders, you got a certain amount of credits on your accounts depending on how much the items you bought were , e .g . you would ge t a lot more credits for hiring a we tsuit that a pair of ski goggles, then you can save your credits to spend them on what you like . Would this interest you? Mishka: Do you mean spend the credits at your brand and/or affiliated brand s as we ll? (in response) C laudia: on my brand (In response) Mishka: Yes i think a credit scheme would work quite we ll Harrie t: Yeah that makes more sense , as certain pieces would co st more to rent, and then would it just take away from the overall price of the hire depending on how much credit you have? Em ily: Yeah I think that works be tter. James: Yeah i think this would work because different items would be worth different amounts.
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Paul: Yes this is more interesting and makes more sense . C allum: This would interest me to a certain point but considering I don’t really ge t out as much as i can to be able to go snowboarding I would end up lo sing interest and forge tting about the credits on my account. But also a lot of loyalty schemes have a date you have to use them by. Say you have to use the credits within six months it would be of any use to me and I probably would manage to ge t to go many once a year if that. C laudia: Would you think you would like it if someone could buy you credits for your account as a gift voucher? Harrie t: um m m m… not really, i wouldn’t view this service as a gifting service if that makes sense?? If i were to rece ive a gift voucher I would want to purchase some thing not rent it. (In response) Poppy: I agree with Harrie t, it doesn’t seem like a gifting thing . But the credit thing is a good idea. Em ily: I think it could be a good idea, especially for ‘surprise’ holiday, it would mean easily being able to sort things for people without them knowing . Paul: Doesn’t make too much sense why not having a gift card instead? Would be more interesting to be able to transfer the points to someone . C laudia: Okay, moving on from credits, would you be more inclined to buy from this brand if there was an option to buy the item to keep after you had hired it? Miska: Yeah i think that would be a good option to have if people want to keep their gear. I think it m ight be a bit tricky to se t up a pricing strategy that fairly reflec ted it though, as in the more wear/ rentals some things had , would it be cheaper to keep? (In response) C laudia: yes it would be cheaper than the item would have been originally, this brand aims to be as affordable as po ssible . C allum: Yes i think this would be hand y for some stuff such as trousers and jacke ts e tc . but not so much for the board e tc as if I were to ever end up buying my own board I wouldn’t want a brand new one that hadn't been used by others. Poppy: yeah definite ly if i decided I wanted to continue with skiing then i would want to keep the item. Harrie t: Not too sure , I think the whole point renting stuff is because you don't want to purchase it? I guess if it was at a discounted rate it could be a po ssibility, but i know if I wanted to keep some thing I would want it brand new. Em ily: Yes if it was cheaper than buying it brand new and wasn’t damaged e tc Mishka: I think having the option to purchase after renting would be good for tho se people who are trying a sport for the first time . Then if they like it and want to pursue it having the option to buy could be really good . Especially as they are still learning the sport, they still may not want to spend the money on full price new items. C laudia: Moving onto the promotional side of the brand , what form of ad vertising do you fee l you engage with mo st? Mishka: Probable digital, I mo stly find out about new brand s on instagram. But i do love print ad vertising as we ll, I think brand s can be really creative and interesting with print. C allum: I think with a com pany that is within the ex treme sport marke t I think and sort visual marke ting would be the one I would mo st engage with. Harrie t: Digital, especially for skiing things, Face book i alwaaays see like cool new goggle brand s ad vertising there and i always click them. But also, maybe in magazines or holiday brochures. 120
Poppy: Yes i agree with the others that more digital is be tter and it need s to be fairly graphic! You could work with chale ts in ski resorts to promote with codes for customers or some thing like that. Paul: Probably digital promotion. Engaging content like video s and pic tures C laudia: So would you say online ad vertising would be more beneficial for a brand aim ing m illennials than outdoor ad vertising? Harrie t: Yes definite ly C allum: Yes Mishka: Yes i would say so, but i think stuff like guerilla marke ting that can then be promoted virally would also be good . James: Yes C laudia: If you saw famous athle tes promoting the brand in promo video or vlog would you become more engaged with the brand and see it as more desirable? Harrie t: I fee l that if they were re levant to the sport I would be more engaged with the brand as i would fee l it is a high quality brand (In response) C laudia: Yeah the athle tes would be professionals in the re levant sports x Mishka: Personally no, it wouldn’t put me off the brand though, but I think particularly with sportswear I want to fee l like i can re late to it, and I can’t re late to athle tes because i’m so far from one . :D I don’t know, I suppo se it depend s on the story te lling and how they use athle tes in the ir ad vertising . (In response) Em ily: I agree with this, I think you’d need not only athle tes but also normal people who anyone can re late to C allum: I agree with every thing Mishka said in re lation to these questions James: Not really, as mo st of the sports you’re focusing on I haven’t tried . Poppy: Maybe . But I don’t really know famous athle tes so probably wouldn’t mean much to me . Might be a good to targe t more avid sport consumers. Paul: Not necessarily it depend s on the athle te and mo st im portantly the produc t itse lf. C laudia: This brand is primarily focused on clothing but if as the brand expanded it started offering equipment and accessories would this make you more interested? James: Yes Em ily: I think it depend s on the type of accessories as this is quite a broad term but yes to an ex tent. Mishka: Yes I think it would for me . Poppy: Maybe but if i was to go skiing I wouldn’t want to transport my equipment when i can hire it out there at the resort. (In response) C laudia: Would a hire brand that could de liver to your resort interest you? In response Poppy: Yes potentially, it would be good to have the option. Harrie t: I think there are so many rental ski places out there at these resorts it would be hard to stand out?
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Poppy: Yes i agree with the others that more digital is be tter and it need s to be fairly graphic! You could work with chale ts in ski resorts to promote with codes for customers or some thing like that. Paul: Probably digital promotion. Engaging content like video s and pic tures C laudia: So would you say online ad vertising would be more beneficial for a brand aim ing m illennials than outdoor ad vertising? Harrie t: Yes definite ly C allum: Yes Mishka: Yes i would say so, but i think stuff like guerilla marke ting that can then be promoted virally would also be good . James: Yes C laudia: If you saw famous athle tes promoting the brand in promo video or vlog would you become more engaged with the brand and see it as more desirable? Harrie t: I fee l that if they were re levant to the sport I would be more engaged with the brand as i would fee l it is a high quality brand (In response) C laudia: Yeah the athle tes would be professionals in the re levant sports x Mishka: Personally no, it wouldn’t put me off the brand though, but I think particularly with sportswear I want to fee l like i can re late to it, and I can’t re late to athle tes because i’m so far from one . :D I don’t know, I suppo se it depend s on the story te lling and how they use athle tes in the ir ad vertising . (In response) Em ily: I agree with this, I think you’d need not only athle tes but also normal people who anyone can re late to C allum: I agree with every thing Mishka said in re lation to these questions James: Not really, as mo st of the sports you’re focusing on I haven’t tried . Poppy: Maybe . But I don’t really know famous athle tes so probably wouldn’t mean much to me . Might be a good to targe t more avid sport consumers. Paul: Not necessarily it depend s on the athle te and mo st im portantly the produc t itse lf. C laudia: This brand is primarily focused on clothing but if as the brand expanded it started offering equipment and accessories would this make you more interested? James: Yes Em ily: I think it depend s on the type of accessories as this is quite a broad term but yes to an ex tent. Mishka: Yes I think it would for me . Poppy: Maybe but if i was to go skiing I wouldn’t want to transport my equipment when i can hire it out there at the resort. (In response) C laudia: Would a hire brand that could de liver to your resort interest you? In response Poppy: Yes potentially, it would be good to have the option. Harrie t: I think there are so many rental ski places out there at these resorts it would be hard to stand out? 122
Paul: Once again depend s on the produc t and if i gain utility from it. C laudia: Do you find this logo and visuals appealing? Poppy: Yes i love the colour scheme it’s really appealing C allum: Yes i think the colour scheme is really nice I don’t know why but i just really like it and think it goes we ll toge ther. Mishka: I really like it, it kind of has a re tro 70’s fee l for me . The only thing i would maybe say is do you need clothing in the end? It makes the main logo look really long , and also could lim it your produc t offering in the future . Em ily: Yes i think the contrast of colours and the bold writing makes it stand out, it has a cool vintage vibe . Harrie t: yes, i love the colours and the name Paul: yeah i like the re tro style C laudia: The visuals of this brand are very re tro and have a vintage fee l, some thing I think is really re levant to the demographic and brand essence . Do you find vintage styles appealing? If so, do you think a vintage style range of clothing would be popular for the brand? C allum: I think vintage style can be very appealing as long as they are done correc tly I think with vintage some times it can e ither look really nice and some times it’s just not the best in my opinion. Mishka: Yeah it could be quite interesting , but maybe as a cap sule collec tion rather than the core lines, as otherwise there’s a danger of it becom ing a bit kitch and dated . But i agree i think having a re tro fee l to the logo suits what the brand is se lling , and is ac tually a nice to see in a sea of m inimalism. C allum: I agree I think having a cap sule collec tion or a specific line tailored to the re tro style look would be more beneficial as it could become very outdated in the future . Em ily: I think a lot of people like the vintage vibe and clothing when doing ex treme sport, it’s often seen as ‘c ool’ especially when branded eg . vintage adidas, Nike e tc . I also think it would le t you move with the times and allow change so that your clothes were always vintage (for exam ple updating it to what’s vintage at the time rather than keeping what m ight be classed as vintage now ). I almo st think it would be weird to have a brand that came acro ss in a vintage r re tro way then not represent that through the clothing . Poppy: I like the vintage vibe and i'm not sure why but ex treme sports always give me a vintage fee ling with the boiler suits and bright colours. Harrie t: Yes, I enjoy a vintage aesthe tic , especially for these sports that have a very hip re tro fee l. Paul: Yeah i think the re tro style is com ing back It could be but only if vintage is sold it m ight reduce the amount of customers as not everyone wants vintage stuff also what happens once the trend passes? C laudia: Final question - If the brand became popular and desired do you think would be interested in buying merch e .g . t-shirts and hats with the brand logo on? Or even until it’s built-up giving a t-shirt as a gift with a big order? Mishka: Potentially, especially for your targe t marke t and their lifestyle , I think branded merch could be popular, and another good revenue stream for the brand . 123
Em ily: Yes, a lot of outdoor or ex treme sports brand s become popular and are seen as cool to wear because of the labe l of the brand , for exam ple , Patagonia. The logo seems very appealing to me and almo st rem ind s me of this. I also think that giving a free T-shirt with a big order would be useful in the fac t it could be used as almo st a marke ting strategy. (In response) C laudia: This was the kind of idea brand s like north face and Patagonia, people love having the name on a t-shirt, this is the same idea I was going for. Poppy: Maybe yeah, it depend s on the type of produc t though! Harrie t: Probably, I usually wear baggy branded top s under my ski war, like chill wear e tc . C allum: Yes i think it could potentially be a good opportunity as many brand now do sim ilar things in regard s to merchandise Paul: Definite ly yes! I think it looks really cool That's a good idea as we ll
Appe ndi x 5 - Indus t r y Int e r v i ew s 16/04/2020 Eve Davies, Industry Professional and University Lec turer After explaining Projec t infromation Eve - From the sound s of the business you’re trying to make I imagine the margin would be 50% of the brand ’s RRP for wholesale , how much are you thinking of se lling for? C laudia - From my consumer research people would want to pay around £105 per wee k on average Eve - What brand s are you using? C laudia - Rox y/Quiksilver, North Face and I don’t know if you know Shinesty and OO SC Eve - Okay so to equate to their whole sale price around 50% of 4 wee ks of your RRP should be what you give to the brand s C laudia - Thank you, I found a sim ilar margin from my own research as we ll, but I wasn’t to sure before talking to you so you’vesolidified it for me now, thank you C laudia - Thank you, I found a sim ilar margin from my own research as we ll, but I wasn’t to sure before talking to you so you’vesolidified it for me now, thank you Eve - No Problem, especially from the brand s you mentioned that’s what I imagine it to be C laudia - Do you m ind if I use this conversation and quote it in my work Eve - No, not at all C laudia - G reat, thank you for you he lp, I really appreciate it
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Appe ndi x 6 - Ins t a gr a m Que s t i o ns
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Appe ndi x 7 - Bus i ne s s Mo de l Ca nvas
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Appe ndi x 8 - LOHAS Ma r k e t i ng Mo de l NMI LOHAS Segments Referenced by Mooth, R. 2009. LOHAS Marke ting Mode l. [ONLINE ] Available at: http s:// www.nie lsen.com/us/en/insights/ article/2009/winning-at-greeninnovation-room-for-grow th-inuntapped-marke ts/. [Accessed 10 May 2020].
Appe ndi x 9 - Gl o ba l Onl i ne Re nt a l Ma r k e t G rand View Research. 2019. Online C lothing Rental Marke t Size , Share & Trend s Analysis Report, By End Use (Men, Women), By Dress C ode (Formal, C asual, Traditional), By Region, And Segment Forecasts, 2019 - 2025. [ONLINE ] Available at:Â http s:// www.grand viewresearch. com/industry-analysis/ online -clothing-rental-marke t. [Accessed 29 March 2020].
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Appe ndi x 10 - Fi na nc e Jus t i f i c at i o ns C o st of sourcing clothes (wholesale price) Justified by an industry interview with Davies, 2020 (see industry interviews, appendix 5) and my own secondary research Buying in Wholesale from a brand averages at around 50% of the RRP because it is rented For this brand roughly 50% of 4 wee ks of rentals works out to be the wholesale price NORTH FAC E margin - Howland , Daphne . 2019. VF has ‘powerful’ Q3 on streng th of Vans, The North Face . [ONLINE ] Available at: http s://www.re taildive .com/ news/v f-has-powerful-q3-on-streng th-of-vans-the -north-face/546408/. [Accessed 20 April 2020]. QUIKSILVER/ROX Y margin - Lunan, C harlie . 2013. Quiksilver Reports Pro -Forma Profit G ains in Fiscal Third Quarter on Back of Deep C o st Cutting . [ONLINE ] Available at: http s://sgbonline .com/quiksilver-reports-pro -forma-profit-gains-in-fiscal-third-quarter-on-back-of-deep -co st-cutting/. [Accessed 20 April 2020]. SHINEST Y margin - White , C hris. 2015. Shinesty: Irreverent fashions for any event year round .. [ONLINE ] Available at: http s://wefunder.com/shinesty. [Accessed 20 April 2020].
Buy to Keep price and units justification From primary research (see instagram questions, appendix 6) it can be estimated that 20% of people would buy to keep 7.5% would definite ly buy 65% m ight buy but unlike ly - estimated ¼ of this would ) = estimated 20% C o st of buy to keep is an ex tra £100 after the original rental price This is an average from analysing the brand s used , and how much more it would be from the rental price to buy, while still having a discount
C o st of good s explanation Exam ple -
Decem ber year one will have 1,088 units sold , therefore because the brand only restocks yearly, the clothes will be used from the previous month The unit increase from 733 to 1088 means 355 new units will need to be bought at wholesale 355 x RRP £105 = £37,275 / 2 = £18,637.50 THEN add the 20% of units that were brought to keep from the PRE VIO US MONTH that has been replaced 147 is 20% of Novem bers units x £105 RRP = £15,435 / 2 = £7,717.50 wholesale £18,637.50 + £7,717.50 = £26,355 co st of good s for Decem ber Sales increase by we b site traffic G eckoboard . 2020. We b site Traffic G row th. [ONLINE ] Available at: http s://www.geckoboard .com/best-prac tice/kpi-exam ples/ we b site -traffic -grow th/. [Accessed 16 April 2020]. Year 2 sales justification £16,852 .50 added onto August (first month of year 2) from the bought to keep in July Each year all stock is replaced so 50% of Augusts revenue every year will go to co st of good s
C o st of Merchandise - Year three This will be an added revenue stream in year three and therefore added to the co st of good s To make 140
Hoodies - £9 (Team shirt. 2020. Mens Hoodie . [ONLINE ] Available at: http s://www.teamshirts.co .uk/produc t/men-s-hoodie/316. [Accessed 20 April 2020].)
T Shirts - £4.99 Vistaprint. 2020. Personalised T-Shirt Printing . [ONLINE ] Available at: http s://www.v istaprint.co .uk/clothing-bags/mens-t-shirts-1?xnid=TopNav_Mens+T-Shirts_Tshirts_C lothing+%26+Bags&xnav=TopNav. [Accessed 20 April 2020]. Base ball cap s - £6.24 Vistaprint. 2020. C ap s. [ONLINE ] Available at: http s://www.v istaprint.co .uk/clothing-bags/hats?xnid=TopNav_Hats_Hats_C lothing+%26+Bags&xnav=TopNav. [Accessed 20 April 2020]. Beanies - £9.99 (Spread shirt. 2020. C ap s & Hats. [ONLINE ] Available at: http s://www.spread shirt.co .uk/personalised/produc ts/cap s+hats-C G 11. [Accessed 20 April 2020].) Average - £7.50 X 2 = £15 average RRP
Home dry-cleaning price £9.30 for 24 washes = £0.3875 per wash Quailitas-lim ited . E bay. 2020. Dry C leaner’s Secre t Dryer C loths C leans & Deodorises Fine Fabrics. [ONLINE ] Available at: http s://www.e bay.co .uk/itm/DryC leaner-s-Secre t-Dryer-C loths-C leans-Deodorises-Fine -Fabrics-/132410571813. [Accessed 20 April 2020]. Eco -packaging price Medium boxes 25 pack - £11.70 = £0.468 per parce l Parce l C om pare . 2020. 8 services found , from £73.56. [ONLINE ] Available at: http s://parce lcom pare .com/shipment/quote?q=18dba20c -f34f-4cd7-9423e2348847ba24 [Accessed 8 April 2020].
Po stage co st Average ski jacke t = 1.5Kg , Average we tsuit = 3.5Kg Average at 2 .5Kg parce ls 50 2 .5kg parce ls = £73.56 with TNT de livery = £1.4712 per parce l Packaging2buy.co .uk . 2020. Eco Friendly Packaging . [ONLINE ] Available at: http s://www.packaging2buy.co .uk/eco -friendly-packaging . [Accessed 8 April 2020]
Social media po sts to sales justification Sponsored Instagram po sts = £0.50 per click through Instagram click through to purchase conversion rate = 3% £50 = 100 visits = 3 purchases £2500 = 5000 visits = 150 purchases £5000 = 10,000 visits = 300 purchases Dunlop S . 2019. Vital Instagram Me trics Every Business Should Be Measuring . [ONLINE ] Available at: http s://curatti.com/vital-instagram-me trics-measure/. [Accessed 9 April 2020]. Influencer Marke ting Hub . 2019. How Much Does it C o st to Ad vertise on Instagram?. [ONLINE ] Available at: http s://influencermarke tinghub .com/how-much-doesit-co st-to -ad vertise -on-instagram/. [Accessed 8 April 2020]. KARLSON, K . 2019. INSTAG RAM ADS C O ST IN 2020 – C OMPLETE UP-TO-DATE G UIDE . [ONLINE ] Available at: http s://karolakarlson.com/instagram-ad s-co stand-bidding/. [Accessed 8 April 2020]. Face book sponsored po sts = £0.20p per click through Face book click through to purchase conversion rate = 4.11%
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£20 = 100 visits = 4 purchases £2000 = 10,000 visits = 411 purchases Blue C orona. 2017. HOW MUC H DOES IT C O ST TO ADVERTISE ON FAC EBOOK?. [ONLINE ] Available at: http s://www.bluecorona.com/blog/how-muchface book-ad vertising-co sts/. [Accessed 8 April 2020]. McHale , B. Word stream. 2019. How Much Does Face book Ad vertising C o st? A Definitive G uide . [ONLINE ] Available at: http s://www.w ord stream.com/blog/ ws/2015/09/14/face book-ad vertising-co st. [Accessed 8 April 2020]. Face book conversion rates - We b F X . 2020. Average Face book Ad C onversion Rates for You and Your Industry. [ONLINE ] Available at: http s://www.w e bfx .com/ blog/social-media/average -face book-ad-conversion-rates/. [Accessed 9 April 2020].
Athle te/Influencer endorsed po sts Mason Ho - 263k followers - £2112 co st for po st G abrie lle James - 12 .5k - £100 Marie Franceroy - 28.1k - £225 Marshal Miller - 81.4k - £654 JT Holmes - 37.4k - £300 Jam ie Anderson - 509k - £4088 Total followers - 931,400 Total co st of a po st per athle te - £7,479 C lick through rate = 2 .34% 2 .34% of 931,400 followers = 21,794.76 followers clicking through C onversion rate of this into purchasing = 1.73% = 37 7 purchases In months where only two athle tes po st = 126 purchases Influencer conversion and click through rates - G rapevine . 2016. 2016 Influencer Marke ting Benchmarks. [ONLINE ] Available at: http s://cdn2 .hub spot.ne t/ hubfs/418657/Brand-C ollateral/Reports/Influencer_Marke ting_2016_Benchmarks.pd f. [Accessed 16 April 2020]. We bF X . 2020. Influencer Marke ting Pricing: How Much Does It C o st in 2020?. [ONLINE ] Available at: http s://www.w e bfx .com/influencer-marke ting-pricing .htm l. [Accessed 16 April 2020].
Insurance - £22 per month Bodenham, Digby. 2020. How much does public liability insurance co st?. [ONLINE ] Available at: http s://boughtbymany.com/news/article/how-much-doespublic -liability-insurance -co st/. [Accessed 10 March 2020]. C om pare the marke t. 2020. C ontents insurance . [ONLINE ] Available at: http s://www.com pare themarke t.com/home -insurance/ contents/?SRC =DE94&TrackerID=43700044254495796&opti_ca=1938406021&opti_ag=71092420019&opti_ad=350617658541&opti_key=aud-382706137635:kwd18302071937&gclid=C jwKC Ajw4KD0BRBUEiwA7MFNTR-bZBuFUKvX YIQ_0jHm5xVNLM0e2pcLu46rTzl3y-7QnYC J_7_SyBoC G zQQAvD_BwE&gclsrc=aw.d s. [Accessed 4 April 2020] Sim ply business. 2020. Em ployers’ liability insurance . [ONLINE ] Available at: http s://www.sim plybusiness.co .uk/we lcome/em ployers-liability-insurance/?&m kt_ medium=ppc&m kt_source=ad word s&gclid=C jwKC Ajw4KD0BRBUEiwA7MFNTS1Mix x jA Zwh8YE YimfSQOc y2ZjmsAgguJd xnSI0kYk7SBbwFg_r8BoC 7VIQAvD_ BwE&gclsrc=aw.d s. [Accessed 4 April 2020
Staff - wages monthly - m inimum wage age 21-24 - £7.70, 25 and over £8.21 £1,232 - £1,313 per month AC AS . 2020. National m inimum wage [ONLINE ] Available at http s://www.acas.org .uk/national-m inimum-wage -entitlement [Accessed 7 April 2020].
Work phone - £10 per month C arphone Ware house . 2019. Huawei P20 Lite . [ONLINE ] Available at: http s://www.carphoneware house .com/huawei/p20-lite . htm l#!colour=black&capacity=64G B&dealType=pm. [Accessed 7 April 2020].
Technology Desktop - £558 De ll. 2020. New Inspiron Small Desktop . [ONLINE ] Available at: http s://deals.de ll.com/en-uk/produc tde tail/3pwc . [Accessed 10 March 2020].
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IPad - £349 Money Saving Expert. 2020. C heap iPad s. [ONLINE ] Available at: http s://www.moneysavingexpert.com/deals/cheap -ipad/. [Accessed 10 March 2020].
O ffice and storage rent - £150 per month G um tree . 2020. * (NOT TING HAM - NG 1) * Flexible - Modern - Private OFFIC E SPAC E to Rent. [ONLINE ] Available at: http s://www.gum tree .com/p/com mercialproperty-to -rent/-nottingham-ng1-flexible -modern-private -office -space -to -rent/1331530216. [Accessed 9 March 2020].
Bills - £258 per month after £47 is removed from solar pane l savings Money Super Marke t. 2020. Business Energy Bills Average business gas and e lec tricity bill explained . [ONLINE ] Available at: http s://www.moneysupermarke t.com/ gas-and-e lec tricity/business-energy/a/business-gas-e lec tricity-average -bills/. [Accessed 9 March 2020].
Solar pane l co st with installation - £5,600 The eco experts. 2020. Solar Pane l C o sts 2020. [ONLINE ] Available at: http s://www.theecoexperts.co .uk/solar-pane ls/co st. [Accessed 9 March 2020]. Photography - £100 per hour for 5 hours = £500 Singh, G urpree t. Pixpa. 2020. Photography Pricing G uide - How much do Photographers make in 2020. [ONLINE ] Available at: http s://www.carphoneware house . com/huawei/p20-lite .htm l#!colour=black&capacity=64G B&dealType=pm. [Accessed 7 April 2020].
Mode ls - £40 per hour for 5 hours = £400 O ’leary, E . UK mode ls. 2017. How Much Do Mode ls G e t Paid Per Shoot: The Truth. [ONLINE ] Available at: http s://www.ukmode ls.co .uk/library/much-mode ls-ge t-paidper-shoot/. [Accessed 7 April 2020].
C opyright - £33 Protec t my work . 2020. HOW TO C OP YRIG HT YO UR WORK . [ONLINE ] Available at: http s://www.protec tmywork .com/?gclid=C j0KC Qjw0pfzBRC OARIsANi0g0si7Slid 9g9I8q Zc90VXG EK8XS30ujc QSc6drX Xh4vze G NY8ALq-Q8aAk7JEALw_wcB. [Accessed 9 March 2020].
Promotional video - £50,000 Ro sen, M. Indigo Produc tions. 2018. How Much Does it C o st to Make a Promo Video?. [ONLINE ] Available at: http s://www.indigoprod .com/nyc -video -produc tionblog/2018/08/how-much-does-it-co st-to -make -a-promo -video/. [Accessed 10 April 2020].
Accountant - £474 per year The accountanc y partnership . 2020. We provide online accountanc y services nationwide for a low, fixed monthly fee . [ONLINE ] Available at: http s://www. theaccountanc y.co .uk/landing/fixed-fee -accountants?gclid=C jwKC Ajw4KD0BRBUEiwA7MFNTQ-xQ yIC kz0LI9VEDcF8-q yaOZez6YyPF Y9G G PnMc tT-eo_ c twyrTBoC YmUQAvD_BwE . [Accessed 7 April 2020].
O ffice supplies
pens - £10.19 50 pens Viking . 2020. BIC C ristal Original Ballpoint Pen Medium 0.4 m m Black Pack of 50. [ONLINE ] Available at: http s://www.v iking-direc t.co .uk/en/bic -cristal-originalballpoint-pen-medium-0.4-m m-black-pack-of-50-p -nd538216?cm_m mc=G oogle -_-pla_gen_writing-instruments_go sc -_-writing-instruments-_-ND538216&gclid=C jw KC Ajw4KD0BRBUEiwA7MFNTSkbbm9wAVObeL7WanWUDNrKo44TEiG VSopBaMD68uNODqoPtfN-FhoC B3EQAvD_BwE&gclsrc=aw.d s. [Accessed 7 April 2020]. Printer paper - £3.18 500 shee ts Viking . 2020. Niceday C opy Paper A4 80gsm White 500 Shee ts. [ONLINE ] Available at: http s://www.v iking-direc t.co .uk/en/niceday-copy-paper-a4-80gsm-white 500-shee ts-p -5311602?cm_m mc=G oogle -_-pla_gen_google -shopping_packing-and-mailing_go sc -_-packing-and-mailing-go sc -_-5311602&gclid=C jwKC Ajw4KD0B RBUEiwA7MFNTZI8NX3j1C C zifcz vHy4I8SSqHyNZ3XUme hb3mo0cDRcAKv-fd7cNBoC Np0QAvD_BwE&gclsrc=aw.d s. [Accessed 7 April 2020]. Printer - £15 second hand Ebay. 2020. Samsung Lazer Printer And Scanner - C LP-315. [ONLINE ] Available at: http s://www.e bay.co .uk/itm/Samsung-Lazer-Printer-And-Scanner-C LP315/124139725718?hash=item1ce74de396:g:~usAAO Sw6rFeYSpf. [Accessed 7 April 2020].
We b site Deve loper - £849
We b Motix . 2020. Perfec ting the art of we b design.. [ONLINE ] Available at: http s://www.w e b sitemotix .co .uk/we b -design/?src=google -ppc -ussearch&ne twork=g&place=&adid=351958553976&kw=%2Bwe b%20%2Bdeve lopment&matchtype=b&adpo s=&device=c&device=c&matchtype =b&keyword=%2Bwe b%20%2Bdeve lopment&gclid=C j0KC Qjw9ZzzBRC KARIsANwXaeLmC kp8MUYC UJrwy4zWLbMZzEhNDwTq1WUYA80hr0zRoRnON8Q6JYaAvAjEALw_wcB. [Accessed 10 March 2020].
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Appe ndi x 11 - Fi na nc e t a bl e s
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Profit and lo ss year one
Profit and lo ss year two
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Profit and lo ss year three
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Sensitivity analysis and Year one C ashflow
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Marke ting Bud ge t
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Appe ndi x 12 - The Hi gg I Nde x Sustainable Appare l C oalition. 2020. The Higg Index . [ONLINE ] Available at: http s:// appare lcoalition.org/the -higgindex/. [Accessed 10 May 2020].
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12. 4 Ima ge r e f e r e nc e s G olland , C laudia, (2020), Nth Degree clothing large logo
G olland , C laudia, (2020), Nth Degree clothing bad ge logo
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