Tahzeeb Business Plan

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AcknowledgementAcknowledgement

First word for my Almighty who toughens us to take the challenge to head forward…andFirst word for my Almighty who toughens us to take the challenge to head forward…and then the prayers of the loveliest thing created on the earth-Parents!!!then the prayers of the loveliest thing created on the earth-Parents!!!

And we are so obliged to our great teachers Mr. Afzal Tarrar, Dr. Nadeem Ahmed BashirAnd we are so obliged to our great teachers Mr. Afzal Tarrar, Dr. Nadeem Ahmed Bashir and Mr. Khurram Azizi, who held our fingers throughout the stab and took us on theand Mr. Khurram Azizi, who held our fingers throughout the stab and took us on the

stage we are right now…!!!stage we are right now…!!!

And undoubtedly a great effort of our whole team that was there to tie up the exertion…And undoubtedly a great effort of our whole team that was there to tie up the exertion…Thanks to Almighty once again who fortified us by providing such serving hands…!!!Thanks to Almighty once again who fortified us by providing such serving hands…!!!

Table of Contents:

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Executive Summary ……………………………………………………………. 05

Business Description …………………………………………………………… 06

General Business Description ……………………………………………............ 06

Industry Information …………………………………………………….. ………06

Name of Business ……………………………………………………….. 09

Vision Statement ………………………………………………………… 09

Mission Statement ……………………………………………………….. 09

Goals and Potential of the business ……………………………………… 10

Values of Business ………………………………………………………. 10

Uniqueness of Product or Service ………………………………………...10

SWOT Analysis of Tahzeeb .…………………………………………….. 13

Competitive strategy ……………………………………………………... 14

Positioning Statement ……………………………………………………. 14

Customers Benefits ……………………………………………………..... 14

Future Products ……………………………………………………………15

Market Strategy ………………………………………………………………….15

Target Market (Customers Identified) ...……………………………….… 15

Demographic Features ………………………………………………….... 15

Promotion Mix ……………………………………………………………………16

Advertisement ………………………………………………………………16

Sales Promotion …………………………………………………………….16

Direct Marketing ……………………………………………………………17

Pricing …………………………………………………………………………….. 17

Cost-Based Pricing …………………………………………………………17

Value Based Pricing ………………………………………………………. 18

Competition-Based Pricing ……………………………………………….. 18

Pricing Strategy of Tahzeeb ………………………………………………. 18

Sales and Distribution …………………………………………………………… 19

Place Decision ……………………………………………………………. 19

Design of our outlet ………………………………………………………. 20

Layout of Tahzeeb ……………………………………………………....... 20

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Competitors’ Analysis …………………………………………………………... 21

Porter’s Five Forces Model ……………………………………………………... 22

Management Plan ………………………………………………………………… 24

Operations Plan …………………………………………………………………… 26

Proximity to Suppliers ……………………………………………………… 26

Access to Transportation …………………………………………………… 26

Operations Breakdown ………………………………………………………27

Research Report …………………………………………………………………….28

Financial Plan …………………………………………………………………….... 47

Requirement Sheet ………………………………………………………… 47

Financial Statements of First Year ………………………………………….. 49

Financial Statements of Second Year ……………………………………….. 53

Financial Statements of Third Year ………………………………………… 56

Financial Ratios …………………………………………………………….. 59

Break Even Analysis ……………………………………………………….. 60

Sales Growth Rate ………………………………………………………….. 61

References …………………………………………………………………………..62

Executive Summary

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Feelings don’t need words, but expression is obligation!!! This plan was something

imperative for us. The factual reason for the development of this plan was to bring the

magnificence of our ancient civilization and culture, back, which not only had a rich

heritage but was even artistic. Our aim is is not only to provide quality accessories with

ceaseless style but to promote our own culture, our tradition our customs and to fill the

colors in the way of wearing. The range we aspire to offer encompass hand bags, mobile

pouches, khaddi wear and embroidery wear and also traditional jewelry. In shoes

collection, we are going to provide a variety of hand made shoes i.e. khussas, kola puri

and chapels. In clothes, we are dealing in two types Khaddi wear and embroidery wear.

Khaddi clothes will simply purchased from Lahore and Gujranwala wholesale market and

sell those directly to our customers. For second category i.e. embroidery, we will be

providing the service of customization to our customers, embroidery of different styles

from the culture of our four provinces. We will be designing those embroided clothes

according to their choice. Bags will be available in both forms i.e. hand made as well as

machine made. Bags will be of different sizes. Traditional and modern studded jewelry

will also be available in our outlet. We have planned some future products that include

cushions, scarfs and children outfits. We will have only one supplier for all our

purchasing which is known in marketing terminology as “System Selling”. Our

customers won’t have to explore the sphere out of city. We’ve preplanned the promotion

campaign and the budget we’ll follow. For promotion and advertising, we will use

brochures, radio and cable advertisements. Operations and management plan is also

defined. As tahzeeb is on outlet and small scale business, so its management and

operation plan are not much complicated. Research is very important before starting any

business, so we’ve also conducted a survey through which we came to know the demand

level, and some most important variables. The main idea behind our business plan was to

provide ease and convenience to female because it is observed that this is considered an

important factor and after results of survey it is also proven right that women give much

preference to the factor of convenience while shopping. Financial plan is also described

in detail. Projected financial statements of three years are given. We have taken very

watchful steps to finally ascertain this business plan.

General Description of Business:

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The business we aimed to initiate in Gujranwala is to open a retail outlet. Outlet is going

to provide traditional ladies clothes, bags, traditional jewelry and shoes. In Gujranwala, it

will be the first retail store where customers will have a variety in traditional clothes,

shoes, jewelry and bags. In clothes, we will deal in two kinds i.e. embroidery wear and

Khuddi wear which will represent our all province traditional culture; Shoes specifically

will also be available in two types i.e. Kola puri chapel and Khusas. Bags will have a

large variety and will be hand made as well as machine made keeping current trends in

mind. Artificial studded and traditional Jewelry will also be accessible. We want to open

our outlet in Satellite Town main market Gujranwala. We will take a shop on rent in

Green Center. As this is a very big market and easily accessible for all citizens. This

market has also potential for this business, because in satellite town, specifically these

items are not available in a single shop. In the existing location, we will develop a themed

décor related to the purely Eastern and Pakistani culture. Females of all age groups will

definitely feel attraction because outlet will have variety of these three items according to

all age groups. All the females whether they are from any background will feel comfort

and ease to visit the store due to the presence of sales girls. We are going to give some

additional offer for our customers to have interchangeable bags and some specific

clothes.

Industry Information:

Fashion involves evaluation of an idea, practice or product or as a form of collective

behavior; hence affects many dimensions of human life (Schrank, 1973). In fact the

consumer behavior is the main element which leads to changes in fashion industry.

Consumer behavior can be defined as ‘the process and activities that people engage in

when searching for, selecting, purchasing, using, evaluating, and disposing of products

and services so as to satisfy their needs and desires” (Belch & Belch, 1993. p. 115).

Forecasting the fashion consciousness of the market is difficult as it is erratic and

unpredictable (Hayes and Jones, 2006). The study of fashion in dressing is broader than

any other field because clothing is highly noticeable. Dressing is a symbol of identity and

a basic means of communication among people of commonality (Malcom, 1996).

Fashion in general is defined as an expression of the times. This extensive construal fits

well with the current consumer society in which various facets of the people's lifestyles

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are ways for reflecting social status and success. Fashion trends provide an insight to the

style and color choices that the fashion product will take in their ultimate form.

Textiles and apparel were the most prominent symbols of early interaction between East

and West (Martin & Koda, 1994). Textile and firms tend to focus on market niches

(Parrish, Cassill and Oxenham, 2006). The global and competitive era compel apparel

manufacturers and vendors to be flexible, well-organized, better off in trend prediction,

invention and selling of apparel (Kinkade, Regan & Gibson, 2007) yet many companies

in apparel industry still follow primitive production and sale system (Pitimaneeyakul et

al., 2004). Anderson, Warfield and Barry (1987) suggested cooperation between textile

and fashion industry. Individuals and society both are equally responsible for the change

in fashion (Cholachatpinyo et al., 2002). Fashion is an industry covering all walks of life.

In the era of modern times, there has been rapid growth and change in the fashion

industry. Fashion includes the frequently changing habit not only in the clothes, shoes

and sunglasses but also in jewelry and gift items. The fashion industry has been taking

too many things into fashion now days apart from men and women cloth, sunglasses, gift

items and jewelry. Men and women, young and old are going crazy about their outfits

and they want to look smart and up-to-date. There are many factors that help to establish

the identity of a nation despite all these influences. Be it the language or the sense of

dressing, there are many more things, which speak volumes about the culture of a

particular nation. With the effects of globalization; currently, Pakistan also tends to be

heavily influenced with cultures from the west. One can even witness a mixture of

various cuisines out here. Even then, most families stick to their traditions and customs.

This is probably why you can find a blend of the modern cultures and traditions in

Pakistan. One feature still common in Pakistan is the traditional clothing seen out here.

There are many women and men who prefer to stick to traditional clothing of Pakistan

although a majority wears western attire. Youth specifically females have gone

passionate about their outfits and style at different occasions of life. They want to adopt

modern fashion with old and traditional touch. Embroidery clothes are preferred as they

can wear on both casual and formal events. So customers who don’t spend much money

on wearing can take advantage from these types of clothes. Shoes industry is also

showing a great change. Previously, limited and mediocre styles and designs were

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available because people were not interested in paying more money on a lot shoes. Means

clothing was considered important only and two or three pairs of shoes were bought with

a variety of dresses but now the trends have changed. With the entry of designers in shoe

industry, people have come to know the importance of designs, varieties and styles of

shoes according to their clothing. Shoes industry is also growing rapidly with emerging

trends. Besides, availability of shoes in variety of designs, importance of traditional shoes

has not become low. On certain events, females prefer khussas and kola puri chapels.

Khussa is the choice of aged females also because they feel comfort with it. A large

number of females who use these slippers and Khusas with casual dresses also. Basically

fashion industry includes all these three items extensively important. Overall growth of

fashion industry means growth of clothing industry, shoe industry and bags industry also.

Bags are now considered an important part of dressing. This industry in Gujranwala has a

great potential as well. Because the people of Gujranwala are becoming aware the new

and changing trends in fashion. They have also known the importance of modern dressing

in one’s life. With modern dressing, they can never forget the beauty of traditional

dressing. They want variety in traditional shoes, clothes, jewelry and bags according to

current fashion. Besides all these things, purchasing power of customers has also

improved and they are now willing to spend more money for good dressing and styles.

Name of Business:

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The name of our business is “Tahzeeb” which will represent that we are going to provide

our customers with such products which will be according to our traditional culture.

Logo:

Slogan:

“Revival of Heritage”

Vision Statement:

“To give the variety of traditional wearing for the women of modern era, that is

affordable, accessible and reliable”.

Mission Statement:

“To access, advocate and act for the improvement in handicrafts that promote a strong

cultural system and work for the preservation of culture heritage and provide the

convenient and delightful experience for women”.

Goals and Potentials of the business:

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Like every business, we have definitely certain goals which we want to achieve to make

our business successful.

To earn maximum profit.

To provide the customers comfort while shopping like no one will face

inconvenience regarding sales persons as sales girls will be there to deal with the

customers.

To provide ease and variety to the customers so that they can buy according to

their choice.

To achieve maximum market share.

To provide handicrafts with a mixture of traditional and modern styles.

Values of the Business:

Our business is going to be stand on some particular values that include:

We will consider our customer to be always right and our customers are

respectable for us.

Employees will be paid in time and no discrimination will be made.

We will try to provide friendly environment to our customers and also employees.

Fair price will be charge.

Uniqueness of Product or Service:

We are mainly dealing in four main products:

Ladies Clothes

Ladies Bags

Ladies Shoes

Jewelry

Ladies Clothes:

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In ladies clothes, we will specifically deal in hand made clothes. Embroidery wear and

Khuddi wear are our main focus which will also be customized according to the demand

of customers. We are offering various types of embroided kurtas which will be

representing culture of our four provinces. Customers’ preference will be considered

more.

Ladies Bags:

Bags will be available in both forms i.e. hand made as well as machine made. Bags will

be of different sizes. Hand made mobile pouches and wallets will also be there.

Ladies Shoes:

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Shoes will be available in three varieties:

Kola puri

Chapel

Khussas

In Satellite town market, this will be the first outlet which will involve in selling these

three items under one roof. Also the sales persons dealing there will be sales girls, which

will be for the first time in Gujranwala, involvement of sales girls in this type of business.

Jewelry:

Jewelry will be available in traditional style which we will purchase from different

wholesale markets.

Artificial Studded jewelry will also be offered, which we will be providing only on the

demand of customers.

SWOT Analysis of Tahzeeb:

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In a SWOT analysis you identify strengths, weaknesses, market opportunities for your

company, and threats to your business. One way to use the analysis it to then develop

marketing strategies that will minimize the affect of weaknesses on your business while

maximizing your strengths. Ideally, you will match your strengths against market

opportunities that result from your competitors’ weaknesses or voids.

Strengths:

Our quality and differentiation is our main vigor!!! Our architecture will be

another depicter of our essence to create an antique stroke… we’ll not only

provide our customers their quality demanded and designing but the

atmosphere…we’d be the pacesetters in the city to endorse our culture and art at

this extent.

Convenient shopping facilities for women, as dealers are only females.

Availability of clothes, shoes, bags and jewelry with the blend of traditional

culture and current fashion.

Weaknesses:

No brand name in the beginning.

Tahzeeb is not providing the facility of warranties.

General perception about handicrafts is that these are not very much durable.

Opportunities:

We’ll have certain opportunities in the region we’re focusing. We may increase our

products to a long extent. There might be a long range of cushions, patch-worked scarfs,

children outfits, and many more things which can be made by the spare material.

Hence the demand of handicrafts is so sky-scraping and many striking decorative items

might be made with the traditional tinge there is further range of home accessories that

might be grappled…!!!

Threat:

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There is a great threat of designs, which are our main dynamism, to be copied with a

cheap material and stumpy finishing and resulting in a low price. But imaginative

intelligence doesn’t fuss…!!! We’re creating something spanking new each moment and

our moments might not be worn-out.

Competitive Strategy:

Companies can compete generally on three bases which can be there competitive edge

also. Some companies compete on cost bases and become the cost leader in the market.

Differentiation is another strategy for competition. Differentiation can be made on the

bases of products’ features, or value to the customers. Focus strategy is the third way

through which businesses can compete in which firm focus on a selected group or a

number of groups having common characteristics.

We are going to use differentiation strategy. The image of Tahzeeb will be our main

differentiation.

Positioning Statement:

“To females, who want novelty in traditional wearing accessories. Tahzeeb is going to

provide an expedient shopping experience by giving a assortment in traditional

handmade bags, clothes and shoes with a blend of current trends those are reliable,

accessible and affordable than competitors”.

Customer Benefits:

Customers will have a lot of benefits while shopping from Tahzeeb. They will find a vast

range of clothes with different and unique styles, traditional and trendy shoes and bags,

and traditional and studded jewelry. The facility of customization will also be available

like we will design embroided kurtas on their choice. Online buying facility will also be

available.

Uniqueness:

Tahzeeb have some unique features on its end. The products of Tahzeeb are the blend of

our traditional and current fashion. Convenient shopping experience is also the important

feature. The special embroidery of four provinces will be offered.

Future Products:

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Tahzeeb has certain opportunities and can increase its product range. So future products

can be:

Cushions

Scarfs

Children outfits

Marketing strategy:

Target Market:

Target Market (Customers Identified)

To target any market segment, three points will keep in consideration:

Each segment size and growth

Segment structural attractiveness

Company objectives and resources

These above three mentioned features are inter-related. Like each business will target a

segment to which the business will be able serve properly. The largest, fastest growing

segments are not always the most attractive ones for every company. Some small

businesses may lack the skills and resources needed to serve the larger segments. Or may

these segments be too competitive for such business. This type of business may select

segments that are smaller and less attractive, in an absolute sense, but they are potentially

more profitable for them. The business should enter only segments in which it can offer

superior value and gain advantages over competitors. Tahzeeb is going to target the

segment which is not much growing because our selected target customers are only those

who like handicrafts. According to our resources, that segment is suitable for our

business.

Demographic Features:

We did segmentation on gender basis. And we are going to target only female

irrespective of their age, income level, area of their belonging, profession and anything

else. We target the whole female market. Market size is also favorable for our business.

As they are fond of shopping and spending money, so the frequency of their visits will

also be high.

Promotion Mix:

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A company’s total marketing communication mix also called its promotion mix consists

of the explicit combination of advertising, sales promotion. Public relations, personal

selling, direct marketing tools that the company uses to chase its advertising and

marketing objectives.

Following are the five promotion tools:

Advertising

Sales Promotion

Public Relations

Personal Selling

Direct Marketing

Advertisement:

“Any paid form of nonpersonal and promotion of ideas, goods, or services by an

identified sponsor”. We will use three ways of advertisement i.e.:

Our Pamphlets and brochure will be placed on the big departmental stores of the

city, i.e. City center, Meer shopping centre, Shopping center & Shehbaz store.

Advertising on Radio FM106 on 8:00 Pm to 12:00 Am.

Two newspapers will be used for advertising i.e. Nawa-e-waqt and Jang. Ad will

be published on top of the last page.

The medium of cable will also be used for advertisement of Tahzeeb. Star Plus is

very famous channel among females that’s why we will prefer this and our ad will

be played on Prime time.

Sales Promotion:

“Short term incentives to encourage the purchase or sale of a product or service”.

In the beginning, we will offer a short percentage of discounts. If a customer does

shopping of Rs. 3000, she will get 5% discount.

If someone buys three pieces of attire, will get one mobile pouch free.

Exchange facility will also be offer.

Direct Marketing:

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“Direct communications with carefully targeted individual consumers, the use of

telephone, mail, email, and other tools to communicate directly with specific consumers”.

We will collect the specific customers’ data like their telephone numbers and their

addresses who will visit our store.

Pricing:

A retailer’s price policy must in shape with its target market and positioning. During the

past decade, marketers have noted a basic move in consumer attitudes towards price and

quality. Many businesses have changed their pricing approaches to bring them into line

with changing economic environment and consumer price acuity. More and more

marketers have adopted value pricing strategies which are offering just the right mixture

of quality and good service at reasonable price. (Kotler, 2005)

General Pricing Approaches:

The price the company charges will be somewhere between one that is too stumpy to

produce a profit and one that is too high to produce any demand. Product costs set a floor

to the price; consumer perceptions of the product’s value set the ceiling. Between these

two limits, the company must consider competitors’ prices and other external and internal

factors to find the best price. General approaches include the following:

Cost-Based Pricing

Value Based Pricing

Competition-Based Pricing

Cost-Based Pricing:

Cost plus pricing is adding up a regular markup to the cost of the product.

To demonstrate markup pricing, we have to consider following:

Variable cost

Fixed Cost

Expected unit Sales

To calculate unit cost, following formula is used:

Variable cost + Fixed cost / unit sales

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Markup Price is calculated in the following way:

Unit cost / 1 – desired return on sales

Value- Based Pricing:

A growing number of companies are basing their prices on the product’s perceived value.

Value based price uses buyer’s perceptions of value rather than on the seller are cost, as

the key to pricing. Value based pricing is the undo process of cost based pricing. The

company set its target price based on customers’ perception of the product value. The

targeted value and price then derive decisions about product design and what cost can be

incurred. As a consequence, price begins with analyzing consumer needs and value

perceptions, and price is set to match consumers’ perceived value.

Competition Based Pricing:

Consumers will base their decision of a product’s value on the prices that rivals charge

for parallel products. One form of the competition based pricing is going rate pricing in

which a firm bases its price largely on competitors’ prices with less concentration paid to

its own cost or a demand. The firm might charge the same as, more than, or less than its

key competitors.

Cost-Based Pricing (Strategy of Tahzeeb):

We will set our prices according to cost based pricing strategy. This will suit to our

business. The reason not to choose value based pricing is that consumers’ perception

about handicrafts products is not very strong means most of them think that these are

very inexpensive and the reason not to choose competitors based pricing is that our

competitors are very fragmented and most of them also using cost based pricing which is

more beneficial. It is also suitable because it is fair to both buyers and sellers, buyers and

sellers will be having equal benefits in this method. We will use 30% markup from above

the cost.

Sales and Distribution:

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We are opening a retail outlet. Sale will be made through that store. No other distribution

channel will be available. Customers will have to visit our store in order to make

purchases.

Place Decision:

“Retailers often point to three critical factors in retailing success: location, location, and

location” (Philip Kotler). It is very necessary that retailers desire the location which is

approachable by the target market in region that are consistent with the retailers

positioning. Small retailers may have to mend for whatever locations they can get or pay

for. Keeping these things in consideration, we have selected a location or a store in Green

Center, Satellite town, which is accessible for a large number of customers from different

related areas of Satellite town market. We select it also because of the demand of the

customers which we became to know from questionnaires’ result. Satellite town market is

now a shopping hub.

Design of our outlet:

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We will design and set our outlet in an artistic way that will definitely depict the theme of

our business. Walls would be designed by ordinary clay, Wood will be the most integral

component of the design to give more of a natural and raw look- a nice mixture of

contemporary and traditional architecture - orange and yellow colors would be brought

into the design in relevance with the rich heritage and culture and also it presents the

color combination of Tahzeeb’s logo. And this scrupulous effort would be done by the

designers them selves to gild the outlet with these time-honored embellishments.

Layout of Tahzeeb:

This is the outlet of Tahzeeb. The location of our outlet is in green centre in satellite town

Gujranwala. We select this location because the most famous brands are located there and

this is the busiest market of Gujranwala. We design our outlet to keep in mind the

convenience of our costumers. The entire items are easily visible. On the very left corner

there is our counter from where we take delivery of our items and collect our payments

from our customers. And beside the counter we have our handmade bags revolving stand.

We have different styles and sizes of bags available there. On the left corner there are

shelves on which we shall display our handmade and traditional jewelry. And on the front

side and right corner we will display our embrioded clothes and khaddi wear on the rods.

On the right side we will display our shoes on the racks. Our layout will help our

customer in making choices

Competitors’ Analysis:

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SWOT Analysis of Competitors:

Strengths:

Brand Image.

Long time working experience.

Availability of heavy budgets.

Customers’ loyalty.

Weaknesses:

High Prices.

Limited variety of traditional and hand made products.

Short durability.

No warranties.

Opportunities:

Potential in handicrafts industry.

Can offer low price products.

They can provide clothes, bags and shoes under one roof. Although some are

providing but not traditional and handicrafts accessories.

Threats:

Change in fashion trends can down the market of handicrafts.

Traditional handicrafts makers are also a threat because they are selling on low

prices in main bazaar.

Some people have perception that handicrafts are inexpensive and non durable, so

they don’t like it.

Evaluation of Industry and business Environment:Porter’s Five Forces Model:

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Porter suggested that while evaluating industry and business environment, firstly you have to know the name of the industry in which you compete. If you are competing in more than one industry, you have to list each industry separately. Tahzeeb is dealing in clothes, shoes, bags and jewelry, which mean we can say these are four separate industries. But in today’s modern era, we relate all these items to fashion and fashion industry has become very broad. Keeping in mind this thing, we as Tahzeeb are competing in Fashion Industry. Porter’s five forces model helps to analyze the industry environment and also directs about competition prevailing in that particular industry.

Porter explains that in any industry there are five forces that influence what happens

within the industry:

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Customers

Suppliers

Competitors

Potential New Entrants

Substitute Products

Customers:

Customers are the buyers who purchase our products. If customers have various choices

and have more substitutes of our products, their bargaining power will be high. That’s

why Tahzeeb’s customers have high bargaining power.

Suppliers:

Suppliers are an important factor which can influence the business environment.

Suppliers of raw materials, components, labor, and services to the firm can be a source of

power over the firm. Suppliers’ bargaining power will be maximum, if they are few and

concentrated. Tahzeeb will basically have one supplier who will be providing all the

accessories we need. Bargaining power of those will be high because there are a large

number of firms who are availing their services.

Competitive Rivalry:

Competition prevailing in the market is a very essential factor. If competitors are very

aggressive and very large in number, competitive rivalry will be intensive. In fashion

industry, we can observe that competition is increasing rapidly but competitors do not

compete on price basis. They compete on non-price dimensions like innovation,

marketing strategies. Tahzeeb is also going to tackle this stiff competition by bringing

something different in the market.

Threat of New Entrants:

If entry and exit barriers are less in an industry, threat of new entrants will be high. In

fashion industry, threats of new entrants are also high because new firms normally have

not to face legal or any other type of restrictions.

Threat of Substitutes:

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If in the market, substitutes of your product are more, threat of substitutes will be high

because customers will have a lot of options and can easily switch to the competitors’

products. Incase of Tahzeeb, threat of substitute is more because already there are a lot of

existing competitors.

Management Plan:

We’ll provide our employees with a pure friendly atmosphere to let their productivity go

upbeat… We don’t intent to build a formal organization just to seize work from the

employees it would be a vigorous atmosphere that would in addition boost employee

expertise they would be provided with a suitable direction to do their line of work, they

would have the fulltime opportunity to talk over any issue with the management.

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Management

Guard

Driver

Sales Girls

Sweeper

Supervisor Designer Finance & account manager

Management involves supervisor, designer and finance and account manager. Finance

manager would have to be on the outlet to manage the daily account and interpret long-

term investment decision and provide final reports to the management.

Designer will be hired on contract basis. We will order them to design products and these

designs will be send to craftsmen for making clothes, bags and shoes after selection.

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Operations Plan:

We will order our designer to design bags, clothes and shoes according to new trends

with the blend of traditional touch. New and trendy designs will be creating from time to

time. After designing, we’ll select best designs from those and these designs will be sent

to our hired craftsmen. Raw material will be purchased by our suppliers from different

sources on reasonable competitive cost and then they will supply that raw material to

craftsmen. We will have no direct concern with raw material because we will simply do a

trading business. Suppliers will be paid by us for their services which they’ll do like

delivery of raw material to craftsmen and delivery of finished goods to our retail outlet.

They will manufacture clothes, bags and shoes according to selected designs. After

finishing these products, suppliers will bring them to our retail store in large card board

boxes, so that they could not be damaged.

Proximity to Suppliers:

In our business, we will have to hire one supplier which will supply raw material to

craftsmen and bring to us the finished good from these craftsmen. Proximity of supplier

to any location is very essential because if supplier is not near to the main location,

delays can be occurred in supply and delivery of raw material and goods. We will hire a

supplier from near by region and that will purchase material from different areas of

Gujranwala and Lahore.

Access to Transportation:

Access to transportation for suppliers as well as for customers is very important. Supplier

will have direct access to our retail outlet and there will no hurdle which can be faced

while the delivery of our finished goods to our outlet. Customers will also feel

convenience while coming to our shop as it is situated in main market satellite town.

Purchase Decision:

After the finalization of designs, procurer will purchase the raw material from raw

material shops from the sources mentioned. And our supplier will be our fixed dealer to

let us get little discounts each time we pay for.

l 26

Operations break down:

Travel

Process

Inspection

Research Report:

l 27

Supply to Craftsmen

Finished Goods

Embroidery

Stitching

Inspection

Inspection

Travel

Outlet

Primary packaging

Designing

SecondaryPackaging

Raw material Purchase

We conducted a research in order to check the interest of females towards handicrafts items. For this purpose, we used a questionnaire and response of female respondents was checked through seventeen important variables. We selected a sample size of 150. Our target respondents were, females of college and university going students, working ladies and also households. 127 questionnaires were returned to us. 23 questionnaires were unusable. Results of this research will help out us to compare our perception that what females think about these items and the actual females’ attitude towards handmade accessories.

Results of Questionnaire Survey

Do you go for shopping to satellite town?

Frequency Percent Valid PercentCumulative

PercentValid Yes 112 88.2 88.2 88.2

No 15 11.8 11.8 100.0

Total 127 100.0 100.0

From this variable, we have known that 88.2 % females visit satellite town market. So that our decision of opening our outlet in satellite town market is reasonable.

l 28

Are you interested to avail the service of customization?



No 49 38.6 38.6 100.0

Total 127 100.0 100.0

We as a point of difference from our competitors, wanted to give our customers an option of customization in clothes. For this purpose we used this variable, and results shows that 61.2 % respondents want to avail the service of customization in clothing. So, we will definitely offer this service on our outlet.

l 29

Interest of respondents to avail the service of online services



No 49 38.6 38.6 100.0

Total 127 100.0 100.0

Online services for handmade accessories in Gujranwala are very limited and we as Tahzeeb thought that we should offer this here also. Results shows that 61.4 % respondents are ready to avail this service. Now we will design a website and offer our products online also.

l 30

Quality of shoes, bags, traditional jewelry and clothes


PercentValid Most

Important79 62.2 62.2 62.2

Important 34 26.8 26.8 89.0

Neutral 12 9.4 9.4 98.4

Less Important

2 1.6 1.6 100.0

Total 127 100.0 100.0

Quality of shoes, bags, traditional jewelry and clothes is considered most important that is also confirmed from the response of respondents that 62.2 % people showed positive attitude.

l 31

Innovation in shoes, bags, traditional jewelry and clothes


PercentValid Most

Important56 44.1 44.1 44.1

Important 45 35.4 35.4 79.5

Neutral 22 17.3 17.3 96.9

Less Important

4 3.1 3.1 100.0

Total 127 100.0 100.0

Some people want innovation in these handmade accessories and some take its not as much important like 44 % gave it very much importance and 33.4 % said that it is just important.

l 32

Design/Look of Clothes and other accessories


PercentValid Most

Important65 51.2 51.2 51.2

Important 49 38.6 38.6 89.8

Neutral 9 7.1 7.1 96.9

Less Important

3 2.4 2.4 99.2

Not Important

1 .8 .8 100.0

Total 127 100.0 100.0

51.2 % respondents think that design and look of handmade items is most important and 38.6 % take it as only important.

l 33

Price of Clothes and other handmade items


PercentValid Most

Important46 36.2 36.2 36.2

Important 46 36.2 36.2 72.4

Neutral 24 18.9 18.9 91.3

Less Important

8 6.3 6.3 97.6

Not Important

3 2.4 2.4 100.0

Total 127 100.0 100.0

Price of clothes, bags, shoes and jewelry is not too much important because only 36.2 % respondents’ response show that it is most important and remaining can be buying on whatever price.

l 34

Factor of Convenience


PercentValid Most

Important53 41.7 41.7 41.7

Important 42 33.1 33.1 74.8

Neutral 26 20.5 20.5 95.3

Less Important

1 .8 .8 96.1

Not Important

5 3.9 3.9 100.0

Total 127 100.0 100.0

Factor of convenience is most important for 41.7 % respondents while purchasing. 33.1 % consider is only important. Our decision to provide this ease to our customers by appointing there only female sales girls, is very right.

l 35

Handmade items are expensive

Frequenc

y PercentValid

PercentCumulative

PercentValid Totally

Agree35 27.6 27.6 27.6

Agree 52 40.9 40.9 68.5Neutral 20 15.7 15.7 84.3Disagree 15 11.8 11.8 96.1totally Disagree

5 3.9 3.9 100.0

Total 127 100.0 100.0

Result of this variable shows that 27.6% totally agree that hand made items are expensive and a major percentage i.e. 40.9 % people just agree that these are expensive. It means more chances are there that they can be purchasing more.

l 36

Handicrafts are inexpensive



Agree33 26.0 26.0 26.0

Agree 32 25.2 25.2 51.2

Neutral 37 29.1 29.1 80.3

Disagree 18 14.2 14.2 94.5

Totally Disagree

7 5.5 5.5 100.0

Total 127 100.0 100.0

51.2 % respondents agree that handicrafts are inexpensive, means this also is an indicator of more frequent purchases in future.

l 37

Are these accessories enhancing your personality?



Agree31 24.4 24.4 24.4

Agree 50 39.4 39.4 63.8

Neutral 32 25.2 25.2 89.0

Disagree 12 9.4 9.4 98.4

Totally Disagree

2 1.6 1.6 100.0

Total 127 100.0 100.0

63.8 % people agree or totally agree that use of these accessories enhance your personality, so they will definitely be using those.

l 38

Handicrafts have excellent quality



Agree25 19.7 19.7 19.7

Agree 55 43.3 43.3 63.0

Neutral 37 29.1 29.1 92.1

Disagree 8 6.3 6.3 98.4

Totally Disagree

2 1.6 1.6 100.0

Total 127 100.0 100.0

The research shows that 63 % respondents’ perception is handicrafts have excellent quality. Hopefully, they will like to use those.

l 39

Handicrafts for youth only



Agree8 6.3 6.3 6.3

Agree 24 18.9 18.9 25.2

Neutral 37 29.1 29.1 54.3

Disagree 44 34.6 34.6 89.0

Totally Disagree

14 11.0 11.0 100.0

Total 127 100.0 100.0

We at the beginning were assuming that handmade items are only for youth but it is find wrong because only 6.3 % respondents totally agree with this variable.

l 40

Handicrafts for everyone



Agree47 37.0 37.0 37.0

Agree 44 34.6 34.6 71.7

Neutral 28 22.0 22.0 93.7

Disagree 4 3.1 3.1 96.9

Totally Disagree

4 3.1 3.1 100.0

Total 127 100.0 100.0

Handicrafts are for everyone, this is right to some extent like 71.7 % people agreed.

l 41

Use of handmade items is exciting



Agree38 29.9 29.9 29.9

Agree 55 43.3 43.3 73.2

Neutral 29 22.8 22.8 96.1

Disagree 3 2.4 2.4 98.4

Totally Disagree

2 1.6 1.6 100.0

Total 127 100.0 100.0

73.2% respondents’ perception is that use of these items is exciting.

l 42

Age of respondents


PercentValid 18 and

less20 15.7 15.7 15.7

19 to 23 80 63.0 63.0 78.7

24 to 28 18 14.2 14.2 92.9

29 and above

9 7.1 7.1 100.0

Total 127 100.0 100.0

Variable of age shows the age group of our respondents. 15.5 % were of 18 years and. 63 % is from 19 to 23 years. 14.2 % respondents come under the age group of 24 to 28 and 7.1 % are of 29 and above.

l 43

Income of respondents


PercentValid 15000 and

less50 39.4 39.4 39.4

15000 to 30000

31 24.4 24.4 63.8

30000 to 45000

22 17.3 17.3 81.1

45000 and above

24 18.9 18.9 100.0

Total 127 100.0 100.0

We asked income of our respondents because our target customers are those who have 30000 and more income per month. According to this, 36.2 % of respondents are our target customers.

l 44

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .775

Bartlett's Test of Sphericity

Approx. Chi-Square 410.186df 91

Sig. .000

The value of KMO and Bartlett’s Test is .775 and significance level is .000 which shows that our research is reliable. Because reliability of research is possible only when, KMO is more than .7 or .6 is also sometime considered, and level of significance is less than .05.

Total Variance Explained

Component

Initial EigenvaluesExtraction Sums of Squared

LoadingsRotation Sums of Squared

Loadings

Total% of

VarianceCumulative % Total

% of Variance

Cumulative % Total

% of Variance

Cumulative %

1 3.994 28.530 28.530 3.994 28.530 28.530 3.363 24.024 24.0242 1.578 11.275 39.805 1.578 11.275 39.805 1.722 12.300 36.3243 1.172 8.369 48.174 1.172 8.369 48.174 1.554 11.097 47.4204 1.124 8.027 56.201 1.124 8.027 56.201 1.229 8.781 56.2015 .997 7.121 63.3226 .929 6.639 69.9617 .737 5.265 75.2258 .666 4.758 79.9839 .635 4.537 84.52110 .517 3.693 88.21311 .485 3.467 91.68112 .448 3.199 94.88013 .430 3.075 97.95414

.286 2.046100.00

0

Extraction Method: Principal Component Analysis.

We used factor loading technique to extract the most important variables. Four variables are extracted and have total variance explained 56.201. First variable has 24 % of total variance, second has 12.3 %, third has 11.097 % and forth has 8.871 % of total variance.

Rotated Component Matrix (a)

l 45

Component

1 2 3 4Are you interested to avail the service of customization? -.038 -.022 -.047 .824

Interest of respondents to avail the service of online services .092 .667 .173 .059

Quality of shoes, bags, traditional jewelry and clothes .577 .182 .114 .452

Innovation in shoes, bags, traditional jewelry and clothes .692 .037 .242 .349

Design/Look of Clothes and other accessories .569 .098 .020 .223

Price of Clothes and other handmade items .673 .153 .073 -.175

Factor of Convenience .710 .033 .304 -.007Handmade items are expensive

.626 .304 -.304 -.095

Handicrafts are inexpensive.143 .252 .637 -.020

Are these accessories enhancing your personality .331 .595 .033 .105

handicrafts have excellent quality-.019 .821 .143 -.131

Handicrafts for youth only -.008 .087 .809 .021Handicrafts for everyone .654 .025 -.066 -.055use of handmade items is exciting

.558 .125 .415 -.314

Rotated component matrix shows the most important variables which were extracted and have 56.201 % of total variance. First variable which is most important is “Factor of Convenience” with .701 values. When we thought for this business idea, our general observation was that females are not comfortable while shopping due to the presence of males in the stores. So our observation has proved right thorough this formal research. Second most important variable is that handicrafts have excellent quality with .821 value. People prefer to purchase those items which have excellent quality so this also confirmed from this research. Third important variables which is extracted, is handicrafts are for youth only with value of .809. Forth variable is that customization service is also important and most our customers can avail this as it has the value of .824.

Financial Plan:Demand Calculation:

l 46

We calculate demand for our products on certain assumptions. We consider the total population of Gujranwala, then percentage of females. Then the percentage of female who like handmade bags, clothes and shoes. We also consider the income level of our potential customers and we target the females having more than Rs. 30,000 family income. That was actually the total customers of satellite town market. Leaving 97%, market share with competitors, we assumed 3% market share for “Tahzeeb”. On the basis of above assumptions, we calculate the purchases for first year and then an increase in those purchases for the proceeding two years.

Requirement Sheet

Description Amount Amount

Building: Outlet Rent (30000*12) 360000 Security Deposit 200000 560000Furniture:

3 stylish display racks (5000*3) 15000 3 clothes display rods (2000*3) 6000 1Reception table (5000*1) 5000 4 Sofa sets (15000*4) 60000 2 Comfortable Chair (2000*2) 4000 3Floor Sheets (1000*3) 3000 Side Accessories 15000 Renovation 200000 308000Office Supplies:

1 computer 150001 Printer 50002 Air Conditioners & lighting (50000+10000) 60000Stationary expenses 20000 100000Inventory:

Clothes 6400000Bags 4800000Shoes 2400000Jewelry 500000 14100000Human Resources:

Sweeper for Outlet (1*2000*12) 24000 Guard (1*3200*12) 38400

l 47

4 Sales Persons (6000*4*12) 288000 350400Utilities:

Electricity (20000*12) 240000 Gas (500*12) 6000 Water (500*12) 6000 Telephone (4000*12) 48000 300000Other Expenses:

Marketing Expenses:

Brochures 20000 Radio advertisement 20000 Newspaper (Express: 16000*4) 64000

(Nawa-e-waqt: 40000*4) 160000Cable Ad 22000Transportation Expenses 200000 486000Total 16204400

1ST Year’s Income Statement

l 48

Particulars Amount

(Rs.)

Amount

(Rs.)

Sales Revenue 16,337,500

Less: CGS

Opening Stock -

Add : Purchases 14,100,000

Freight In 200,000

Cost of Goods available for Sale 14,300,000

Less: Closing Stock (3836785) (10463215)

Gross Profit 5874285

Less: Operating Expenses

Salaries 3,50,400

Utilities 3,00,000

Marketing Expenses 2,86,000

Depreciation (10% by straight line method) 38,800

Rent 3,60,000

Stationery 2,000 (13,37,200)

Profit before tax 4537085

Less: Income tax (839360)

Net Profit 3697725

l 49

1ST Year’s Cash Flow Statement

Particulars Amount (Rs.) Amount Rs.)

Cash Flow from operating activities:

Net Profit 3697725

Add: Depreciation 38,800

3736525

Less: change in operating working capital

Stationery (18,000)

Inventory (3836785)

Security (200,000) (4054785)

Net Cash Flow from Operating Activities (318260)

Cash Flow from Investing Activities

Furniture (3,08,000)

Supplies (80,000)

Net Cash Flow from Investing Activities (3,88,000)

Cash Flow from Financing Activities -

Total Net Cash Flow (706260)

Opening Balance of Cash 20000000

Closing Balance of Cash 19293740

l 50

1ST Year’s Balance Sheet

Capital + Liabilities Amount

(Rs.)

Assets Amount

(Rs.)

Capital 200,00,000 Current Assets: Cash 19293740

Add: Net Profit 3697725 Inventory 3836785

Security 200,000

Liabilities - Stationery 18,000

Fixed Assets:

Furniture 3,08,000

Less: Depreciation 30800 2,77,200

Supplies 80,000

Less: Depreciation 8000 72,000

Total Capital and Liabilities 23697725 Total Assets 23697725

Description of Financial Statements:

First Year: (2009)

In first year, we made purchases on above given certain assumptions in the following

way:

Purchased units and per unit purchased cost:

Clothes = 8000 Per unit cost = Rs. 800 Total Cost = Rs.6400000

Shoes = 16000 Per unit cost = Rs. 300 Total Cost = Rs.4800000

Bags = 6000 Per unit cost = Rs. 400 Total Cost = Rs.2400000

Jewelry Total Cost = Rs. 500,000

Sold Units and per unit sale price:

Clothes = 6500 Per unit price = Rs. 1145 Total Price = Rs. 7442500

Shoes = 12000 Per unit price = Rs. 430 Total Price = Rs. 5160000

Bags = 5500 Per unit price = Rs. 570 Total Price = Rs. 3135000

Jewelry Sales Price = Rs.714285

Sold Jewelry = Rs.600000

Sales Revenue = Rs.7442500+Rs.5160000+Rs.3135000+Rs.600000 = Rs.16337500

l 51

Stock at the end of the year:

Clothes = 1500 Per unit price = Rs.1145 Total Price = Rs. 1717500



Jewelry’s Stock = Rs.114285

Note:

We used cost plus markup pricing and considered 30 % markup above from the

cost.

Depreciation on fixed assets (furniture and supplies), applied on the rate of 10 %

by using straight line method.

According to Income Tax Ordinance 2001, 18.5% tax is charged on income

exceeding Rs.3550000 but less than 4550000.

2nd Year’s Income Statement

l 52

Particulars Amount

(Rs.)

Amount

(Rs.)

Sales Revenue 20229000

Less: CGS

Opening Stock 3836785

Add : Purchases 15750000

Freight In 2,00,000

Cost of Goods available for Sale 19786785




Salaries 3,50,400

Utilities 3,00,000

Marketing Expenses 2,00,000

Depreciation (10% by straight line method) 38800

Rent 3,60,000

Stationery 8,000 (1257200)


Less: Income Tax (185885)

Net Profit 1301200

2nd Year’s Cash Flow Statement

l 53



Net Profit 1301200


1340000

Less: change in operating working capital (-1542715)

Net Cash Flow from Operating Activities 2882715

Cash Flow from Investing Activities -


Total Net Cash Flow 2882715



2nd Year’s Balance Sheet


(Rs.)

Assets Amount

(Rs.)

Capital 23697725 Current Assets: Cash 22176455


Security 200,000


Fixed Assets:

Furniture 2,77,200


Supplies 72,000




l 54

Second Year: (2010)


Clothes = 8500 Per unit cost = Rs. 800 Total Cost = Rs. 6800000

Shoes = 17000 Per unit cost = Rs. 300 Total Cost = Rs. 5100000

Bags = 8000 Per unit cost = Rs.400 Total Cost = Rs. 3200000

Jewelry’ Cost = Rs.650000



Shoes = 15000 Per unit price = Rs. 430 Total Price = Rs.6450000

Bags = 6700 Per unit price = Rs. 570 Total Price = Rs.3819000

Jewelry’ Sale Price = Rs.928570


Sales Revenue =Rs.9160000+Rs.6450000+Rs.3819000+Rs.800000 = Rs. 20229000


Clothes = 500 Per unit price= Rs. 1145 Total Price = Rs. 572500

Shoes = 2000 Per unit price= Rs. 430 Total Price = Rs. 860000

Bags = 1300 Per unit price= Rs. 570 Total Price = Rs. 741000


Note:

This year our criterion for pricing and depreciation is same like the previous year.


cost.



According to Income tax Ordinance 2001, 12.5% tax is charged on income

exceeding Rs.1450000.

3rd Year’s Income Statement

l 55

Particulars Amount

(Rs.)

Amount

(Rs.)

Sales Revenue 21588000

Less: CGS

Opening Stock 2302070

Add : Purchases 17100000

Freight In 2,20,000

Cost of Goods available for Sale 19622070




Salaries 3,50,400

Utilities 3,20,000

Marketing Expenses 180,000

Depreciation (10% by straight line method) 38800

Rent 3,60,000

Stationery 6,000 (1255200)


Less: Income Tax 663730

Net Profit 2923999

3rd Year’s Cash Flow Statement

l 56



Net Profit 2923999


2962799

Less: change in operating working capital (568930)

Net Cash Flow from Operating Activities 2393869

Cash Flow from Investing Activities -


Total Net Cash Flow 2393869



3rd Year’s Balance Sheet


(Rs.)

Assets Amount

(Rs.)

Capital 24998925 Current Assets: Cash 24570325


Security 200,000


Fixed Assets:

Furniture 2,46,400


Supplies 64,000



l 57


Third Year: (2011)


Clothes = 10000 Per unit cost = Rs. 800 Total Cost = Rs.8000000

Shoes = 18000 Per unit cost = Rs. 300 Total Cost = Rs.5400000

Bags = 7500 Per unit cost = Rs. 400 Total Cost = Rs.3000000

Jewelry’s Cost Price = Rs.700000





Jewelry’s Sale Price = Rs.1000000


Sales Revenue =Rs.10305000+Rs.6450000+Rs.3933000+RS.900000 =Rs.21588000


Clothes = 1000 Per unit price = Rs.1145 Total Price = Rs.1145000

Shoes = 3000 Per unit price = Rs.430 Total Price = Rs.1290000

Bags = 600 Per unit price = Rs.570 Total Price = Rs.342000


Note:

This year our criterion for pricing and depreciation is same like the previous year.


cost boy cost of purchased per unit has increased that’s why prices has also

increased.



According to Income Tax Ordinance 2001, 18.5% tax is charged on income

exceeding Rs.3550000 but less than 4550000.

l 58

Financial Ratios:

Ratios First Year (2009) Second Year(2010) Third Year (2011)

Gross Profit: 5874285/16337500

= 0.36

2744285/20229000

= 0.13

4842930/21588000

= 0.22

Net Profit 3697725/16337500

= 0.23

1301200/20229000

= 0.064

2923999/21588000

= 0.13

ROI 3697725/21848862

=0.169

1301200/24348325

=0.05

2923999/26460925

=0.11

Return on Assets 3697725/23697725

= 0.15

1301200/24998925

= 0.05

2923999/27922925

= 0.10

Sales to Asset 16337500/23697725

= 0.68

20229000/24998925

= 0.81

21588000/27922925

= 0.77

Inventory

Turnover

16337500/3836785

= 4.26

20229000/3069427

= 6.6

21588000/2589535

= 8.3

Inventory

Turnover Period

360/4.26

= 84 days

360/6.6

= 55 days

360/8.3

= 43 days

l 59

Break Even Analysis: (2009)

Sales in units = 24,000 units

Sales in Rupees = Rs. 16337500

Variable Cost = Rs. 10463215

Fixed Cost = Rs. 1337200

Break Even in units of sales = Fixed Cost / Contribution Margin per unit

= Rs. 1337200 / Rs. 244.76 per unit

= 5463.31 units

Working:

Contribution Margin = Sales Less Variable Cost

= Rs. 16337500 Less Rs. 10463215

= Rs. 5874285

Contribution Margin per unit = Contribution Margin / Units Sold

= Rs. 5874285 / 24000 units

= Rs. 244.76 per unit

Break Even Point in Rupee of Sales = Fixed Cost / Contribution to sales ratio

= Rs. 1337200 / 0.36

= Rs. 3714444.44

Working:

Contribution to Sales Ratio = Contribution Margin / Sales

= Rs. 5874285 / Rs. 16337500

= 0.36

l 60

Sales Growth Rate:

Sales Growth Rate = New – Old / Old

(Second Year) = Rs. 20229000 – Rs. 16337500 / Rs. 16337500

= 23.82%

Third Year:

= Rs. 21588000 – Rs. 20229000 / Rs. 20229000

= 6.72%

Average Growth Rate = 23.82% + 6.72% / 2

= 15.27%

l 61

Reference: A.Cholachatpinyo, I.Padgett, M.Crocker and D.Fletcher, “A Conceptual Model of

the Fashion Process-Part 1, The Fashion transformation process model” Cenetral Saint Martins College of Art and Design, London, UK and Hertfordshire University, Hatfield, UK, Journal of Fashion Marketing and Management (Vol 6 No.1, 2002): 11-23

Anderson, L.J., Warfield, C.L., & Barry, M.E. (1987), “A unique marriage: Extension helping a troubled industry”. Journal of Extension, (25):8-10

Barak, B. & Stern, B. (1985), “Fantastic at forty! The new young woman consumer”, Journal of Consumer Marketing, (2):41–54

Belch, G. & Belch, M. (1993) “Introduction to Advertising and Promotion”, An Integrated Marketing Communications Perspective, 2nd edn. Irwin, Homewood, IL.

Holly L. Schrank, “Correlates of Fashion Leadership: Implication for Fashion Process Theory”, Michigan State University and D. Lois Gilmore, Ohio State University, The Sociological Quarterly 14(Autumn 1973):534-543

Martin, R. & Koda, H.(1994) Orientalism:Visions of the East in Western Dress.The Metropolitan Museum of Art

Pitimaneeyakul, U., LaBat, K.L. and DeLong, M.R. (2004), “Knitwear product development process: a case study”, Clothing and Textiles Research Journal, (Vol. 22 No. 3):113-31

S.G. Hayes and Nicola Jones (2006), “Fast fashion: a financial snapshot”, Manchester Metropolitan University, Manchester, UK, Journal of Fashion Marketing and Management, (Vol. 10 No. 3): 282-300

Erin D. Parrish, Nancy L. Cassill and William Oxenham, (2006), “Niche market strategy in the textile and apparel industry”, The University of Alabama, Tuscaloosa, Alabama, USA, and North Carolina State University, Raleigh, North Carolina, USA, Journal of Fashion Marketing and Management (Vol. 10 No. 4): 420-432

Doris H. Kincade, Cynthia Regan and Fay Y. Gibson, (2007) “Concurrent engineering for product development in mass customization for the apparel industry”, International Journal of Operations & Production Management, (Vol. 27 No. 6, 2007): 627-649

Anderson, L.J., Warfield, C.L., & Barry, M.E. (1987), “A unique marriage: Extension helping a troubled industry”. Journal of Extension, (25):8-10

A.Cholachatpinyo, I.Padgett, M.Crocker and D.Fletcher, “A Conceptual Model of the Fashion Process-Part 1, The Fashion transformation process model” Cenetral Saint Martins College of Art and Design, London, UK and Hertfordshire University, Hatfield, UK, Journal of Fashion Marketing and Management (Vol 6 No.1, 2002): 11-23

Michael E.Porter, “What is Strategy”, Harvard Business School, 1996 Philip Kotler, Principles of Marketing, 12th edition, 2005 www.google.com www.cbr.gov.pk www.stats.gov.pk

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http://www.stats.gov.pk/

http://www.cbr.gov.pk/

http://www.google.com/

Tahzeeb Business Plan

Documents