Question

In my Global Marketing, my assignment - If I gave you $50,000 in seed money to create a $100M company. How would you execute? How will you achieve a $100M valuation? I choose as my market to open a boutique geared for the "Maturity Woman" and my product would be affordable but nice dresses/suits. (I'm using Tabots and Chico as examples - only very dressy clothing)

Answer 1

1.Sourcing and Setting up of the Boutique

1. We will identify a list of places/premises that shall be at a location that is advantageous in terms of greater footfall of target customers and also within a reasonable distance from the designer hub.
2. We will short list the locations through scientific methodology and meet with the short listed prospects who own the premises
3. After detailed discussions and business understanding the best location shall be selected for our boutique having our prescribed dimensions and based on our requirements.
4. The boutique shall be renovated and painted as per our colour scheme after general terms & conditions of rent agreed upon with the landlord through written rent agreement signing.
5. Brining in of stock from different designers in a phased manner.

2. Performance Tracking of the Boutique

1. There shall be defined reporting formats and frequency for Boutique to report the daily/weekly/monthly performance tracking of Boutique employees w.r.t. Sales numbers, Revenues, Expenses, Customer Base, etc
2. There shall be review and corrective action planning of employees to be done by the us, based on the reports.
3. Performance Report Card of employees shall be maintained for tracking the performance of their role and to see if there is improvement in their work in order to bring in exellence in their blood

3. Compliance Audits of Boutique

1. Quarterly Audit planning to cover the entire Boutique
2. Conducting of compliance Audits of the Boutique and delivery based on defined checklists and formats
3. Detailed Audit Findings Report sharing with the employees and corrective action planning to reduce and bridge the gaps identified during the Compliance Audits

4. Customer Satisfaction Survey

1. Creation of customer satisfaction survey questionnaire
2. Roll out of the customer satisfaction survey by emailing the questionnaire through email or through telephonic interview
3. Collation of data obtained through the customer satisfaction survey
4. Preparation of report from the data collated
5. Analysis of the report created through the collated data

Action planning and implementation of action points to increase in customer satisfaction so that there is customer loyality and repeat customers as well as references to others by delighted customers