Project - Fancy Fox Formals Providing a stress-free...

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Fancy Fox Formals Providing a stress-free, one-stop experience for formal occasions. (c) 2016 Fancy Fox Formals, Inc. Birmingham, AL April 1, 2016. Brent Wilton, Hoang Doan, Jordan Taylor, Xiang Wang, Marissa Davis Fancy Fox Formals 400 Emery Drive Hoover, AL 35244
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(123) 456-7890 [email protected] Executive Summary: Business Concept- “Fancy Fox Formals” is a one stop shop for all formal occasions. Aimed at mostly catering to the wedding organization scene for the area of Birmingham and Jefferson County. Our mission statement is “ To provide a stress-free, one-stop experience for formal occasions. ” Our direct and one stop experience for grooms and brides-to-be brings in a unique twist to regular dress and tux shopping. As our designer staff can correlate dress and bride’s maid dresses with flowers and allow our tailor and florist to work together instead of through the bride to come up with new ideas and patterns for the perfect date. Opportunity and Strategy- In Jefferson county there are 52,000 people between the ages of 17- 28. Every year there are roughly 3,000 weddings per year with a steady increase of about 5% every two years. Our team relies on heavy customer service to help spread the word about our services and bring in more customers. With excellent customer service we can hope to spread our name by word of mouth and increase our market share. Part of our strategy is a location that is away from central Birmingham allowing us to save money on rental costs. Because planning a wedding is not something most people do on a whim. Our hours and relatively close location will attract customers to seek us out. Lower rent because of our location will help cut costs which will directly reflect and benefit the customer allowing them to pick the perfect dress while pinching pennies. The average cost of a wedding is roughly $25,000. 7% of which goes into bride’s maid dresses, groom’s, best men, and family attire; another 8% into the wedding dress; and up to 11% on just flowers alone. Which nets us $6,250 per wedding that we service when they purchase everything through our company. The average cost of weddings increases by another 5% every year. Target Market and Projections- the target market for Fancy Fox Formals are students and young adults going to prom or formals with a main target market of new brides and bride’s maids along with wedding planners. We fully expect to overrun and push out competition in the greater Birmingham area. Competitive Advantages- We offer excellent customer service and have our business set up in a way that allows our customers to pick out their dress and go straight to picking out flower colors and telling our florist exactly what they want to create a perfectly unique bouquet and floral design. Because of our two in one business model it allows us to save on rental costs and increases our income substantially. Our professional staff can and will reach out to wedding
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planners all over the state to build a strong relationship with them to increase our exposure to the public.
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