Shri Vile Parle Kelavani Mandal’s

Narsee Monjee College of Commerce & Economics

(Autonomous)
 
Bachelor of Management Studies (BMS) Programme
2020-21
 
SY BMS Semester I Division A
Course Name: Business Planning And Entrepreneurship
Project Title: Create our own business Idea
Submitted by:

Student’s SAP ID Roll No

Name

Palak Muchhal 45401200043 A037

Trisha Patel 45401210002 A059

Mani Murarka 45401200096 A038

 Declaration of Originality
We, hereby declare that this assignment titled ‘Fascino- your style pal ‘ is entirely
our own work and that any additional sources of information have been duly
cited.

We hereby declare that any offline/online sources, published or unpublished,

from which we have quoted or drawn references have been referenced fully in
the bibliography list. We understand that failure to do so will lead to plagiarism
and severe disciplinary action will be initiated against us.

We understand that we may be required to present the assignment and /or

appear for viva (Offline and/ or Online). We acknowledge it is our responsibility to
keep ourselves updated with the schedule of the presentation/ viva and we will
ensure we are available during the same.

Student Name: Trisha Patel                 Sign:

Student Name: Mani Murarka                       Sign:

Student Name: Palak Muchhal               Sign:

INDEX

S.NO. NAME ROLL NO. TOPICS

1. Palak Muchhal A037 Introduction and Branding
 About the brand
 Our story
 Vision and Mission
 Branding – Logo, Tagline

Services offered to our clients

2. Trisha Patel A059 Market Analysis

PR And Marketing Strategies
Challenges of being a personal shopper
3. Mani Murarka A 038 Finance
Swot Analysis
How did we select this service?
Fascino – your style pal...

ABOUT THE BRAND

If you have a closet full of clothes but you don’t know how to put them all together, you want
the latest fashion items but they are too expensive, you want clothes but you don’t have the time
to buy them and create outfits, or maybe you are just stuck in a style rut. Have an event coming
up and don't know what to wear? Just need a new wardrobe? Let us be your go to pal for
anything fashion! We will take our time to get to know your needs, wants, lifestyle and budget
to create looks that are just right for you. We will dress you the way you’d like to be addressed!

OUR STORY

I have been a huge fashion enthusiast since the beginning. People always ask about my outfits
and where do I get them from. I’ve been helping my friends and family with their shopping and
styling lately. Once, while curating an outfit for a friend, I had an epiphany! Why not make this
into a business model? As they say, if you are good at something, never do it for free.

VISION AND MISSION

Our vision is to make the world a more stylish, elegant and confident place to live in.

Our mission is:

 To be able to find a perfect outfit for everybody.

 To make one fall in love with themselves
 To find the dream outfit without it digging a hole in their pockets.
BRANDING

LOGO

We have named our brand “Fascino” because we believe in finding a fit that will not only
fascinate the person carrying it but also everyone who looks at them. We make heads
turn!

TAGLINE

Our tagline is “Your style pal...”

SERVICES OFFERED TO OUR CLIENTS

Our services come to you in various forms – individual or packages – but be it in any form , our ultimate
goal is to cater to your fashion queries and needs. Some of the services offered by us are as follows:

1. Study your style

We will try to understand your style and preferences by asking you some questions. We
have prepared a thorough but precise method to do the same. All you have to do is select
the styles that appeal to you and we’ll use that data to analyse your style.
2. Outfit from the scratch

Want new clothes but don’t even know where to start? Don’t worry, just put your outfit –
hunting on autopilot mode and let us do the work for you. We will hand pick clothes and
accessories from various online stores for you according to your preferences and your
budget making sure that you have your perfect outfit for that special occasion!

3. Shopping consultant

Maybe you have lots of clothes in your wish-list/ cart but you are not sure whether to buy
them or not? We have got it covered for you. Maybe you are not comfortable with letting
us choose an outfit for you from the scratch, in that case we will take the back seat and
just guide you if you’re going in the right direction or not. So ultimately you will be your
own stylist!

4. Find suitable accessories

You don’t have to come to us only when you need an entire outfit to be curated. You can
come to us for those little missing pieces that you know will add the cherry on the cake!
We will help you find the perfect shoes and accessories for your outfit.

5. Closet audit

Have a closet full of clothes but always find yourself saying that you have nothing to
wear? Well, we will make sure that you find some fascinating outfits from your own
closet that you otherwise feel is just filled with boring clothes. We will go through your
existing wardrobe and pair those pieces in a way you would have never imagined.

6. Make you stylish

We don’t want you to just look stylish. We don’t want you to just wear something
because we recommend it. We believe in educating you in style so that after sometime
you wouldn’t have to go anywhere for your fashion needs and become your own stylist.
And to do so we will keep you updated with all the latest trends and styles through our
social media. By subscribing to our social media accounts you will get fashion guides and
all the updates on the latest happening in the fashion industry.
We will deliver the above mentioned services through a PDF which will contain the links to the
items that we think would suit you. We do not buy clothes for you but we’ll recommend you only
the trusted sources.

PACKAGES

Basic package:
 Body and style analysis and tips about what to wear and what not to wear;
 Links for 2 personalized looks with matching shoes
 Closet audit available for an extra charge

Standard package:
 Body and style analysis and tips
 Links for 4 personalized looks with 1 matching accessory (belt / scarf / bag) and 1 shoes
from your selected online store

Premium package:
 Body and style analysis and tips
 Links for 6 personalized looks (7-12 pieces) + 1-2 shoes selections + your choice of 2
accessories (belt / scarf / bag) from your selected online store and provide you with links.

Apart from the packages, we also offer each service individually as per your choice.

TERMS AND CONDITIONS

 We are not affiliated to any third-party websites or apps.
 We will not purchase any item for you.
 We are not responsible for any kind of defects in the items delivered to you.

FINANCE
Since our business is based online and it’s a service we don’t need and land, labour or
raw material and all we need is a laptop and good internet connection which we already
have so our idea is zero investment.
In the future if our company grows and people demand our services more, then we will
hire people and get our own workspace and for that we will take bank loan and for its
mortgage we will keep our personal thing as security because we will have unlimited
liability partnership.

Market analysis-
1) Market Segmentation

The objective market is broken into three portions:

 Occupied leaders wanting to stay up with the patterns, yet not having the
opportunity to work with their necessities.
 More youthful business people who decide to have the extravagance and comfort
of a customized shopping administration.
 Those requiring conference in gifts or potentially not needing the pressing factors
that are related with discovering custom presents for extraordinary events.
2)Market Needs

the essential market is the leader or top of the line proficient individual, has certain
requirements that are laid out beneath

 They frequently find that their picture is vital, both expertly and actually. They
need guidance or data on what the most recent patterns and designs are.
 They keep occupied timetables that regularly include a ton of movement. This
allows for shopping that is tedious, for example, present purchasing.
 They want to be spoiled and eagerly go through cash as an image of status.

3)Target Market Segment Strategy

The most ideal approach to foster the organization is to make our administration
essential and available to general society. By working with their necessities effectively,
we offer an incredible assistance at little burden to them in a period where comfort
matters the most. In its broadest definition, the Indian shopping market comprises of
each Indian who needs to purchase labor and products for themselves and their
families.

4)Competition and Buying Patterns

This is an extravagance administration. A moderate expense will be expected to keep

up with customers and keep their requirements consistent. This requires monitoring
monetary changes, just as adjustments in patterns. Hence, there is an enormous
chance to assemble and hold huge portion of the overall industry. Clients pick and hold
administrations like this regularly through verbal, when the organization can accomplish
a significant degree of consumer loyalty. Albeit the point is to fundamentally bring down
expenses of this extravagance administration, as of now, cost doesn't play a critical
factor in how clients pick a shopping administration. The reality is building up a solid
close connection with clients to catch the drawn out benefits through recurrent business
and make the excitement among clients that will prod on verbal advertising.

PR and Marketing strategy-

By utilizing the present best marketing procedures, any close to personal shopping
administrations business can accomplish more prominent marketing strength through
essential marketing and hearty worth informing. The following will be used for the PR
and marketing strategy-

1)Marketing Consultants

As an entrepreneur, it's enticing to imagine that you have the stuff to advertise your
image viably. Perhaps you do. In any case, in our experience, there is not a viable
replacement for enrolling the administrations of a certified marketing expert. The best
experts have a scope of abilities, including the capacity to precisely impart your own
shopping administrations business' most significant brand attributes. Without the
presence of an accomplished proficient, it's not entirely obvious chances in the
commercial center and spotlight your endeavors on obsolete strategies. With innovation
assuming a larger part in the individual shopping administrations business world,
presenting your procedure to the impact of fit marketing proficient ought to be a main
concern.

2)Coupons

Despite the fact that they have customarily been related with a modest bunch of
ventures, coupons are suitable assets for individual shopping administrations business
advancements. Rate limits, volume limits, and packaging offers are standard coupon
admission. In a regular coupon situation, individual shopping administrations business
tasks consolidate coupons with designated informing and buy impetuses. Combined
with other marketing strategies, a constant flow of authentic coupon advancements can
boost occasional clients to build the recurrence of buys from your organization.

3)Media Monitoring

Some marketing drives loan themselves to basic estimation while others are seriously
difficult. Standard mail can be assessed by counting the expense of information sources
(for example a top notch mailing list, printing, postage, and so on) and estimating the
quantity of client reactions you get from the mission. The trouble comes when you are
entrusted with measuring market presence and brand impact. To measure brand
notoriety and presence, numerous individual shopping administrations organizations go
to media checking. Whenever executed appropriately, media observing can assist your
image with getting negative informing and apply more noteworthy impact over patterns
of media reporting.

Challenges of being a personal shopper-

The challenges faced by a personal shopper are as follows -

1)Contest-

In case you're attempting to go into business, you might think that it’s difficult in light of
the fact that many significant retail chains offer individual shopping and styling
administrations free of charge to their clients. You ought to have some involvement in
design, think about current styles, brands and fits and realize which design or gift things
are suitable for any event.

2)Requesting Clients-

Requesting customers exist, regardless of whether you have your own business or work
for an enormous retail chain. On the off chance that you have your own business, you
need customers to pay for your administrations and offer you rehash business and
references. In the event that you work for a store, you need customers to be satisfied
with your administration and talk well of you to your boss. In the two examples, you
need to meet, if not surpass, the customers' assumptions. A few customers will request
more than others, and some will demonstrate difficult to please. In the event that you
don't deal with requesting customers with affability and generosity, and show your ability
to do anything sensibly speaking to live up to their desires, it can bring about erosion
among you and your manager or cause you to lose expected customers.

3)Non-Traditional Schedule-

Being an individual customer might imply that you need to work in the nights and on
ends of the week to address your customer's issues. Regardless of whether you are
independently employed and can search for your customers during customary working
hours, your customers probably won't have the option to meet with you until after they
finish their work day. Also, you might need to invest additional energy looking for
uncommon things or returning things that customers reject.
4)You Must Handle Clients with TLC-

When looking for individuals' clothing, be straightforward, yet prudent. On the off chance
that a customer demands that she glances great in a specific tone, yet you realize that
the shading never really upgrades her appearance, you need to convey the news in a
manner that will not outrage her. Rather than saying, "Red doesn't look great on you,"
you can say, "I comprehend that you like red as a result of its dynamic quality.
Notwithstanding, red doesn't do equity for your hair and skin tone. Why not attempt a
lively purple?"

5)Flighty Income-

Independently employed individual customers might find that their pay is flighty until
they fabricate a strong customer base, with customers who require their administrations
consistently. Another low maintenance occupation might be expected to enhance an
individual customer's pay.

SWOT ANALYSIS
1) STRENGHTS
Global market: E-commerce biggest strength is the boundary less access in other
word no brick structure is mandatory to do business or no specific boundary is
required. In our case also anybody from any part of the country or abroad can render
our services.

No time constraints: The concept of 24X7 shows that online trans can be used
anywhere any time as there is no time constraints. Like if someone wants our
service at 8 in the evening they can approach us because we don’t follow the
working pattern of 10am-7 pm.

Cost effective: Decreasing need of having brick infrastructure. And since our whole
business is going to be online so we will not be needing any kind of land or
machinery or raw material and so it will be very much feasible for us.

Fast Exchange of information: “e” will always guarantee fast and accurate sharing of
information among merchants and customers and enables prompt quick just in time
reply.

2) WEAKNESS
Time Taking: Since we have to work on personal choices of customer so it will be
quite time consuming for us.

Staff Requirement: In the future, with increasing no. of orders we will have to
increase the no. of staffs which will indeed increase the cost of the company.

Security: Security is a biggest challenge in to progress of e commerce. Customer

always found themselves insecure especially about the integrity of the payment
process.

Fake websites: Many fake websites are available on net which promises better
service and secure dealing. These web sites can not only disgrace ecommerce but
also bring bad name to ecommerce.

Fraud: Personal and financial details provided for trading purpose are misused by
hackers their personal undue interest.

3) OPPORTUNITIES
 Increasing number of user: Daily number of internet users is increasing. People feel
more comfortable to shop online. And since our service is totally dependent on
online shopping this is an advantage for us.

Regular Global expansion: E commerce can be operated any where any time
without any interruption. It always has a scope of expansion. All new population and
existing population who are not the user of e commerce are the target expansion.

High availability (24 hour and seven days a week): Along with each and every click
of the mouse business is in operation. Those who are busy in day time and cannot
spare time for them self, have all the opportunity to shop as per their convenient time
even during late night hours.

Wide business growth: E business has wide scope and broader vision to grow.
Business always took place in gap. Gap filling is a never ending process hence the
growth of business is also never ending process.

4) THREATS
Target Market: The people who do not have good income will not be willing to pay
for this service because they themselves can also do it.

Slower Buying Procedure: In our process of buying the customer first has to answer
us their choices and budget and some other details and then our company will work
on it and then the needs of the customer will be then satisfied so it can be quite time
taking sometimes.

Privacy concerns: Fears that information can be misused lead to spam e mail or
identity fraud.

No direct interaction: In e commerce there is no direct interaction between customer

and the seller. There is no scope of bargaining. People prefer to buy physically as
compare to online to experience personal feel.

How did we Select this Business Idea?

We did an online survey where in we circulated a google form with some questions
related to our business model. We circulated this form to our friends and family. After
our survey was completed we looked at the responses and the responses were very
much in our favour and so we selected this idea to be our business model.

Analysis of our Surve

In total we received 36 responses.

The maximum no. of respondents which is 88.6% belonged to the age group of 18-21
years, which means that it’s majorly the youth who is interested in this idea.

The maximum no. of respondents is Female (65.7%) and male is 34.3%. And since we
know that women do have more interest in shopping as compared to men so it’s good
for us if they like our idea.
According to the survey 88.9% of the respondents have interest in shopping so this
means that we have a chance that they might like our idea.

According to the responses, 63.9% responses prefer online shopping more than offline
shopping while only 36.1% respondents prefer offline shopping , so its was a positive
responses for us because our business model is all about online shopping.
Out of the total respondents maximum no. of respondents voted that the do find
difficulty in finding clothes online so since our business model is all about choosing
clothes of their likings the respondents will like our business idea.

Since the maximum no. of respondents don’t like to shop for long hours and what we as
a business is trying to do is reduce the time of our customers on shopping so it’s a plus
point for if they don’t like to spend long hours on shopping.
Maximum no. of the respondents which 69.4% says that they would like to take help
from someone to do their shopping, so yes people want our service.

Since maximum no. of our respondents are from the age group of 18-21 and this is age
who doesn’t earn much because of the people are pursuing their graduation and money
offered in internship is also less, so the maximum no. of the respondents is ready to pay
500-1000 Rs for the service.

In the end we analysed that the customer in the market wants this service to be there
and they are willing to pay and render the service of our business.