Jewelry/fashionwear/Personal Accessories

Letter of Transmittal
Date: 16-01-2024
Mr. Shahriar Kabir
Associate Professor,
Institute of Business Administration
Jahangirnagar University

Subject: Submission of term paper on “Fish Tales”

Dear Mr. Shahriar Kabir,
With due respect, we the students the students of Institute of Business Administration,
Jahangirnagar University have made and term paper on ‘Fish Tales’. We took the initiative
to run the business by the knowledge that we have gathered from the course “Business
Entrepreneurship.”
We will cover all the things to make this term paper more effective by full-filling the entire
requirement that you have asked for this term paper. Now we would be very happy if you
read this term paper and give your valuable feedback.
We have tried our level best to complete this report meaningfully and correctly, as much as
possible, we do believe that our tiresome effort will help you to get ahead with this sort of
venture.
Yours sincerely,
Sheikh Abu Hanif (202103018)
Nirmoy Chakraborty (202103098)
Md. Hafijor Rahman (202103046)
Md. Moksadul Hassan (202103099)
Abu Sayeed Aungon (20210301009)
Shakil Bin Aziz (202202018)
Contents
Introduction: .................................................................................................................................... 6
Origination of the report:................................................................................................................. 6
Objectives of the sturdy: .................................................................................................................. 6
Methodology.................................................................................................................................... 7
Limitations........................................................................................................................................ 7
Company Description: ...................................................................................................................... 8
Industry Analysis: ............................................................................................................................. 9
Market Analysis: ............................................................................................................................. 12
Marketing Plan: .............................................................................................................................. 16
Management Team and Company Structure: ................................................................................ 18
Operation Plan: .............................................................................................................................. 20
Product design and development plan: ......................................................................................... 21
Financial Projections: ..................................................................................................................... 25
Conclusion:..................................................................................................................................... 29
Reference: ...................................................................................................................................... 30
 Executive Summary

This report starts with the company description. The business is all about making
ornaments from fish scale which is environment friendly. Name of the business is “Fish
Scale.” Multi-channel platform with both online and physical shops, offering delivery
services across all districts in Bangladesh. Products that are offered are earrings, rings,
necklace and others. Unique, beautiful, and cost-effective jewelry made from fish scales
which is the USP of this product. Aspire to be one of the largest sellers around the world.
Environment-friendly so that the company could make a large contribution to the economy
as well as reducing the global warming of the world. Focused on sustainable and unique
fish scale ornaments, the company aims to capture a significant market share, leveraging
both physical and online channels. With a sales projection of US$295 million, Fish Tales
aligns with industry trends, key success factors, and long-term prospects for sustained
growth and success. Fish Tales, an innovative jewelry business, employs a strategic
approach to market segmentation, targeting, and positioning. By understanding buyer
behavior and analyzing competitors, the company aims to become a market star through
continuous innovation and market influence, offering eco-friendly and culturally resonant
products to a diverse audience. Fish Tales positions itself as a unique and sustainable brand
offering fashionable jewelry made from fish scales. With a focus on affordability,
accessibility, and innovative marketing strategies, the company aims to capture a diverse
market share. The product, pricing, placement, and promotion strategies align with the goal
of establishing Fish Tales as a prominent player in the jewelry industry. Fish Tales operates
with a comprehensive operational plan, balancing both front and back-stage activities to
ensure a seamless business process. Front-stage activities involve customer-facing aspects,
while back-stage activities are crucial operational processes unseen by customers. The
operation plan incorporates facilities and equipment for handmade products, utilizing dyes,
glue, and other chemicals for enhanced designs. Lastly, this report shows the financial
feasibility of the business through forecasting and scenario analysis.
Introduction:

Bangladesh produces huge number of fish as it is a riverine country. But it is a matter of

great sorrow that, every year we waste vast amount of fish’s scale. We have seen people
inventing new machines and many other things as well, they are mostly focusing on
developing the technologies and inventing them which are quite expensive as well. People
tend to think of these fish’s scale as a waste material, and dumping of so many wastes is
ruining our environment and natural beauties as well. But in this industrialized world no
one ever thought of protecting the beauty of our nature no one ever thought of a solution
for these wastages and how useful can they turned out into if utilized properly. Even these
fish’s scales that people threw away every day are actually valuable but we are not aware
of it. In order to value fish’s scales, we came up with a business idea. Moreover, we have
established a formal business plan. It includes company description, structure, marketing
plan, industry plan and forecast of this business. Not only that, we have made a feasibility
analysis to see if the business works or not.

Origination of the report:

The term paper is done for academic purpose. The name of the course is entrepreneurship
development (Bus 513). Education is no longer confined to textbooks and classrooms.
Education provides only half of the subject matter; the other half is acquired through
courses of study. There is no substitute for practical knowledge. The contemporary business
environment places great emphasis on the flawless synchronization of theory and practice.
The report will help us to understand how to establish a business plan with the help of
knowledge gathered from this course.

Objectives of the sturdy:

To assure the success of a new company venture, meticulous planning is necessary. A well-
written business plan acts as a road map for the entrepreneurial journey, offering advice
and direction. The following are some essential goals of writing a new business plan:
Describe the business idea and objectives:
❖ Give a clear explanation of the company's mission, vision, and business idea.
❖ Establish clear, quantifiable short- and long-term objectives.
Examination of the Market:
❖ Determine the market segments and target clients.
❖ Examine market trends, rivalries, and possible scale.
❖ Assess the demand for the product or service.
Description of the Product/Service:
❖ Give a clear description of the good or service being provided.
❖ Emphasize its competitive advantages and unique selling propositions.
Plan of Operations:
❖ Describe the business's daily activities.
❖ Describe in detail the supply chain management, distribution networks, and
production process.
Marketing Plan:
❖ Create a thorough marketing strategy that addresses distribution, pricing, and
promotion.
❖ Describe the customer acquisition strategies and the sales technique.
Required Funding:
❖ Indicate exactly how much money is required to launch and maintain the firm.
❖ Indicate the anticipated return on investment as well as the intended use of the cash.
Evaluation of Risk:
❖ Determine the business's possible dangers and difficulties.
❖ Create plans to control and lessen these hazards.
So, these are the objectives of the study.

Methodology

Research methodology refers to the systematic process used to gather, analyze, and
interpret information in a research study. We have used some common methodology like
qualitative methodology for this term paper. To establish this business plan, we have taken
information from different sources. For example- we have taken the reference of some case
study, research papers and some article from the newspapers.

Limitations

There are many limitations of this assignment. These are given below:
Literature and Information Sources:
Availability of Information: Limited access to certain sources or databases may affect the
comprehensiveness of the term paper.
Publication Bias:
Selective Reporting: The tendency to publish positive results and omit negative
Generalization.
Limited Generalizability: Findings may not be applicable beyond the specific context or
population studied.
Time Constraints:
Limited Timeframe: Research conducted within a short timeframe may not capture long-
term trends or changes.
So, these are the limitations of this assignment.

Company Description:

The name of the business name is “Fish Tales” which is environment friendly ornaments
which is made of fish scale for the traditional and classy women. Both online and physical
shop facilities for our business. There is online delivery system all over the districts in
Bangladesh. People will also able to buy our products by coming to our shop which will
be located to Gulshan and other local areas as well. Our main focus is to make unique,
beautiful products in a cost-effective way so that we can cover mass people to buy it in a
very reasonable price. This shop will provide beautiful collection of earrings, necklace,
ring and other ornaments. All of these will be made or designed by fish scales. All of these
products are environment friendly and goes with our countries culture. We have different
promotion plan to grab our customer’s attention. Hope that this shop will be able to make
its customers happy.
Products we offer: earrings, necklace, ring and other ornaments
Mission statement: To lead in the industry by providing the best goods and services at
market-leading costs in all areas through a multi-channel platform that includes corporate,
retail, and online sales. We aim to be easily reachable, cost-effective, and proficient in all
that we do.
Vision statement: Aspire to be one of the largest sellers around the world. Environment
friendly so that company could make a large contribution on the economy as well as
reducing the global warming of the world.
Ownership: The company is owned or founded by Sheikh Abu Hanif who is the CEO of
the organization.
Key partners:
There are some key partners of us. These are given below:
❖ Fish Scale suppliers from Kawranbazar
❖ bKash for online payment
❖ Redex for online delivery
These are the key partners of the organization.

Industry Analysis:

Industry size and growth:

❖ The jewelry sector in Bangladesh is expected to produce US$1.18 billion in revenue
by 2024.
❖ It is estimated that this market would exhibit an annual growth rate of 3.23%
(CAGR 2024-2028).
❖ With a projected revenue of US$81,260 million in 2024, India stands out as the
nation producing the most income in the jewelry market when compared globally.
❖ Bangladesh's jewelry industry is projected to bring in US$6.74 per person in terms
of income per capita in 2024.
Furthermore, it is anticipated that by 2024, non-luxury will account for 98% of the Jewelry
market's overall sales.
In Bangladesh, there is a growing demand for both traditional and contemporary jewelry
due to the country's expanding middle class and rising disposable income.
Sales projection:
As the revenue generated from this industry is US$1.18 billion in revenue by 2024. So, we
want to one forth of the generated revenue to achieve of US$295 million.
Industry structure and nature of participants:
Product groups: Rings; Bracelets; Necklaces; Earrings; Hair ornaments; Leg and feet
ornaments; Others
However, we are staying on rings, necklaces, earrings, hair ornaments and bracelets
End user: Men jewelry; Women jewelry; Children jewelry
But we are going for women and children jewelry
Raw materials: Diamond jewelry; Gold jewelry; Platinum jewelry; Others
But we are going for fish scale raw materials which is new for the industry.
Distribution channels: Department stores; Specialty jewelry/watch stores; Online
retailers; Others
We, we moving for both department and online stores.
Key success factors: There are few key success factors. These are given below:
❖ Environment friendly
❖ Reasonable price
❖ Availability of raw materials
❖ Unique design
❖ Quality materials
❖ Craftsmanship
❖ E-Commerce Presence
So, these are the success factors of the business
Industry Trends:
Sustainability:
There has been an increasing focus on sustainable and eco-friendly materials in the
production of ornaments. Consumers are becoming more environmentally conscious, and
businesses are responding by offering products that align with these values.
Personalization:
Personalized ornaments have gained popularity. Consumers appreciate the ability to
customize ornaments for special occasions, such as weddings, birthdays, and holidays. This
trend allows for a more meaningful and unique consumer experience.

Digital Integration:
Incorporating technology into ornaments, such as LED lights or digital displays, has been
a growing trend. This adds an interactive element to traditional ornaments and appeals to a
tech-savvy audience.
Handmade Products:
There has been a resurgence in the appreciation for handmade and artisanal products.
Consumers value the craftsmanship and uniqueness that come with handcrafted ornaments,
often supporting local artisans or small businesses.
Minimalist Design:
Minimalist and contemporary designs have gained popularity. Simple, clean lines and
neutral color schemes appeal to consumers seeking a modern aesthetic for their ornament
collections.
Heritage and Cultural Influences:
Ornaments inspired by cultural heritage or specific themes have been in demand. This
could include traditional motifs, ethnic designs, or ornaments that represent cultural
celebrations and festivals.
Seasonal and Limited Editions:
Offering seasonal collections and limited-edition ornaments creates a sense of exclusivity
and urgency among consumers. This strategy encourages repeat purchases and attracts
collectors.
Virtual Shopping Experiences:
With the rise of online shopping, providing virtual shopping experiences, such as 360-
degree product views or augmented reality (AR) features, has become a trend. This helps
customers make more informed purchasing decisions online.
Smart Ornaments:
The integration of smart technology into ornaments, such as ornaments that can be
controlled via mobile apps or have interactive features, has been a developing trend. This
adds a modern and tech-forward element to traditional decorations.
So, these are the trends in this industry.
Long term prospects in the industry:

Sustainability and Environmental Concerns:

Growing awareness of environmental issues may lead to increased demand for sustainable
and eco-friendly ornaments. Businesses that prioritize environmentally conscious practices
may be better positioned for long-term success.
Globalization and Market Expansion:
As businesses explore global markets, there may be opportunities for ornament
manufacturers to expand their reach. Consideration of cultural preferences, international
trends, and global marketing strategies can impact long-term success.
Demographic Changes:
Shifts in demographics, such as changes in population age groups and cultural diversity,
can influence ornament preferences. Understanding and catering to the evolving
demographics of consumers will be important for sustained success.

Adaptability and Innovation:

Businesses that remain adaptable to changing market dynamics and embrace innovation
are more likely to navigate the long-term challenges and seize new opportunities in the
ornament industry.
So, these are the long-term prospects of these industry.

Market Analysis:

Segmentation:
A market segment consists of a group of customers who share a similar set of needs and
wants. Market segmentation is the process of dividing a market of potential customers into
groups, or segments, based on different characteristics. Market segmentation is necessary
since it allows the company to focus all its resources in fulfilling the needs of their desired
customers, which makes targeting, positioning and planning less difficult and more
feasible. It can be of many variants-
1. Geographic- Geographic segmentation divides the market into geographical units such
as nations, states, regions, counties, cities, or neighborhoods.
2. Demographic- In demographic segmentation, the market is divided on the basis of
variables such as age, family size, family life cycle, gender, income, occupation, education,
religion, race, generation, nationality, and social class.
3. Psychographic- Buyers are also divided into different groups on the basis of
psychological/personality traits, lifestyle, or values. People within the same demographic
group can exhibit very different psychographic profiles.
4. Behavioral- Behavioral segmentation divides buyers into groups on the basis of their
knowledge of, attitude toward, use of, or response to a particular product.
Segments we are in:
Fish Tales’s segmentation is mainly based on a geo-demographic one. Geographically we
can segment the market country based and further city based. And demographically we can
divide the market by age and gender. Though, maximum of our products is jewelry based
but only women are not sole target customers since anyone can buy these products as gifts
for their friends and family members. Moreover, it has elements of psychographic
segmentation since unique products are available to suit individual preferences custom
orders, jewelry and accessories. The segmentation has allowed the business to cover mass
people.
Targeting:
Targeting are the methods that a company or business applies to attract the buyers that they
have segmented from the market. Effective targeting requires marketers to identify and
profile distinct groups of buyers who differ in their needs and preferences and select one
or more market segments to enter establish and communicate the distinctive benefits of the
market offering.
Fish tales targets Bangladeshi people and also the tourists as our products resemble our
countries nature and culture. We also selected local areas such as Gulshan, Mohammadpur,
Dhanmondi etc to place our outlets. Though we are covering mass market, our main target
peoples are both teenagers and adults as they are more fashionable and eager to try new
products. There are various types of targeting strategies. Fish Tales for their targeting
strategies will apply the undifferentiated methodology, since their promotional campaigns
and planning is leaning more towards mass marketing. Moreover, by allowing custom
orders, a micro marketing approach will be also applied called individual marketing, since
the products are completely based on each person’s preferences. So, we are especially
targeting the fashionable women who prefer a creative choice and the men through our
marketing strategy, convincing them to gift their dear ones.
Positioning:
Positioning is the act of designing a company’s offering and image to occupy a distinctive
place in the minds of the target market. The goal is to locate the brand in the minds of
consumers to maximize the potential benefit to the firm. A good brand positioning helps
guide marketing strategy by clarifying the brand’s essence, identifying the goals it helps
the consumer achieve, and showing how it does so in a unique way. Product positioning is
the opinion or the perception of the product and their traits and attributes on a consumer
mind. This is an important factor since it helps to differentiate a product from its
competition and give it a strong competitive edge. Fish Tales try to set their positioning of
their products through-

1. Environment friendly
2. Reasonable price with high quality
3. Resembles our nature and culture

The methods above will help the business to grow slowly and consistently over its first
year of operation. By this initiative we will encourage the customer towards more eco-
friendly products. Also, it goes with the culture of our country which will help to connect
the people to their roots.
Positioning requires that marketers define and communicate similarities and differences
between their brand and its competitors. Specifically, deciding on a positioning requires:
(1) determining a frame of reference by identifying the target market and relevant
competition, (2) identifying the optimal points of parity and points of difference brand
associations given that frame of reference, and (3) creating a brand mantra to summarize
the positioning and essence of the brand. A brand mantra is an articulation of the heart
and soul of the brand and is closely related to other branding concepts like “brand essence”
and “core brand promise.” Brand mantras are short, three- to five-word phrases that capture
the irrefutable essence or spirit of the brand positioning. Their purpose is to ensure that all
employees within the organization and all external marketing partners understand what the
brand is most fundamentally to represent with consumers so they can adjust their actions
accordingly. Our tagline is “Recycle the Waste, Get the Best”. What we mean by this is,
we are recycling the fish scales that usually waste and we are making quality products
using it.
Buyer Behavior:
Emotional Connection:
Ornaments often carry sentimental value and can evoke emotions. Buyers may be drawn
to ornaments that resonate with their personal experiences, memories, or cultural
significance. Creating products that establish an emotional connection can foster brand
loyalty.

Personalization and Customization:

Many buyers seek personalized or customizable ornaments. The ability to add names,
dates, or special messages enhances the sentimental value of the ornament. Businesses
offering customization options can tap into this demand.
Influence of Trends:
Consumer preferences in the ornament industry are often influenced by trends. Staying
current with design trends, materials, and ornament styles allows businesses to align their
products with what is popular in the market.
Price Sensitivity:
The pricing of ornaments is a critical factor in buyer behavior. While some consumers may
be willing to invest in high-end or luxury ornaments, others may be more price-sensitive.
Offering a range of price points or value-added features can cater to different customer
segments.
Cultural and Regional Influences:
Cultural and regional factors play a role in ornament preferences. Buyers may be drawn to
ornaments that reflect their cultural heritage or are popular in their region. Understanding
and respecting these influences can guide product development and marketing strategies.
So, these are the buyer’s behavior while making a purchase.
Competitor’s analysis:
It is planning tool that uses graphical representation of a company’s products and services
in an effort to help the company decide what it should keep, sell and invest. The BCG
matrix is given below:

BCG Matrix

Though “Fish tales” is the new and innovative company, we have many competitors like
“The Famo” which is one of the largest craft manufacturers in Bangladesh. They make
different items with jutes. They are holding the biggest amount of market share and their
growth is also high. So, they are staying at the Stars. As there is less competition so if we
enter into the market with this innovation then our competitor’s market share will decrease.
Even we will try to improve our market share day by day and it will be a good sign of less
competition. As we are a new innovative company, we could also make a good growth rate
by influencing the people to invest to our company.
So, we will try to move to stars and will try to hold that position with more innovation.
Moreover, we are making mobile phone cover and for designing different cloths. If there
is a problem in making market share but growth rate is high then we will either try to invest
in new sector or will try to back out.

Marketing Plan:

Product: We are offering different kinds of handmade durable goods such as: jewelries
which is made of fish’s scale. Our products are offered in exclusive designs and different
shapes and sizes as well. They are quite unique from the other brands which are being
presented in the market. As it looks traditional and customers will get them in various
designs so that they can choose according to their own priority. Moreover, we are
maintaining the quality of our products. Its durability is quite good and there is very less
chances for these products to malfunction. If by any chance our products get malfunctioned
within 15 days of buying because of our fault then we will replace it with a new one. Our
products are made by the workers who are expert in making these crafting products in
various styles.
The core benefit of our products is that they are getting some useful tool out of some
wastage material. Then the basic products are that they are getting these beautiful
ornaments and accessories at reasonable rate. Expected products can be better quality
products which are quite fashionable and long lasting. Then comes the augmented product
that is our products are quiet trendy and each piece is quite unique and different than the
others. Finally, the potential products are something which is made out of the wastages that
is uniquely designed and fashionably presented at a cheaper rate with better quality.

Price: Our pricing objective is maximum market share so that we can reduce our per unit
costs and expect a higher profit in the long run. The demand for these kinds of goods is
elastic they often tend to switch to brands which offers them designer eye catching
products. Moreover, as we are producing different categories of goods in unique designs
and at a very reasonable price so we hope people will like our products and demand them.
Furthermore, in estimating our costs we can see that our fixed costs are the rents of the
shops, electricity bills etc. and the variable costs consists of wages of the workers, raw
materials and so on but as we are using the fish’s scales which people normally tends to
throw away so the costing of our products are not so high which is why we can sell them
at a cheaper price. Normally the bridal Imitation sets price starts from 5000tk which differs
among different brands as well as designs. But it is not affordable for the middle income
or lower income groups. As our target is mass market so we are offering our products so
that every group member can afford our products. Such as: we can give this same kind of
product within 2000tk. We are offering our products at different price levels depending on
our product types. Compared to the other brands we can sell our products at a very
reasonable price as our costing is low as well. The materials which are being used for
making other brands product is quite high which is why their costing increases, and in order
to cover up their costing their product prices rise. But we are offering such beautiful,
fashionable and stylist products at a cheaper rate depending on our costs.
Additionally, we are following the value pricing method as we are offering quality products
at a cheaper rate to establish our position in the market and run our business with such vast
competitors. Furthermore, we are giving them discounts based on quantity, if any
customers buy at least 10 products from us at a time we are giving them a 15% discount in
their overall price. Our pricing might also change according to locations for instance we
might charge a lower price in the local shops than the ones in markets or our main branch
so that the lower income groups can also afford them.
Price ranges from 100Tk to above
3. Place: The placement for a brand is very much important as we are new and entering
into the market for the first time, so we need to do our placement in such a way so that our
target customers can easily reach us. We will place our shops in the local areas such as
Gulshan, Mohammadpur, Dhanmondi etc. so that the local people can grab our products
easily. Moreover, we will also have outlets in the shopping malls which will make it easier
for all people to buy our products as everyone goes for shopping now and then.
Additionally, we will also have a Facebook page though which customers can give online
orders and get their products as per their preferences. As we are trying to reach all classes
of customers so our placement is done in such a way so that they can get our products easily
and according to their preferences.
4. Promotion: It is one of the most important steps for a new brand to reach out their
customers and increases their number of sales. We will follow the sales promotion strategy,
our online page members who will be our regular customers they will get a 5% discount
throughout their purchases. We have also come up with advertisements so that people get
to know about our brands. Moreover, we can also join the fairs in the universities so that
they get to know about our arrival. We can participate in this kind of events. These are not
very high budget promotion plans but still would help the business to reach quiet a large
number of customers.
Customer service engagement: Providing excellent customer service to build a positive
reputation. Engage with customers on social media, respond promptly to inquiries, and
address any concerns to enhance the overall customer experience.
Loyalty program and discounts: Implement loyalty programs or offer discounts for
repeat customers. This encourages customer retention and can create a sense of exclusivity
for your brand.
Influencer Collaborations:
Partner with influencers in the home decor or lifestyle niche to showcase your ornaments.
Influencers can help increase brand visibility and credibility.
Seasonal Campaigns:
Plan and execute seasonal marketing campaigns, aligning with holidays and events when
there's a peak in ornament demand. Create urgency with limited-time offers.

Online Presence:
Develop a user-friendly e-commerce website that showcases your ornaments. Optimize for
search engines (SEO) to improve online visibility. Include high-quality images, detailed
product descriptions, and an easy checkout process.
Social Media Marketing:
Utilize social media platforms to showcase your ornaments visually. Create engaging
content, run targeted ads, and leverage platforms like Instagram and Pinterest, which are
particularly effective for visual products.
So, these are the marketing plans for this business.
Other P’s of Marketing:
5. People: As mentioned earlier we are targeting the mass market which is why our
customers fell into the category of all class of people starting from the higher class to the
lower-class people. Our products are designed in such a way that all kinds of people will
like it, as they are quite fashionable.
6. Packaging: We have come up with stylist packaging so that customers are attracted
towards our product. As we have seen that people are often attracted towards products
depending on their packaging system and looks. They often tend to buy those products
again and again with different and stylist packaging. The jewelry boxes that we are giving
are designed in such a way that anyone would like it. Our packaging systems are of different
sizes and shapes depending on the product types. We also have bundle packaging if anyone
is interested to buy them. Sometimes we see that people like to buy bundles instead of
single stuffs so we have also kept bundles offers for our users. We have designer gift boxes
and packaging system which imprints fish’s scale with our brands logo in it.

Management Team and Company Structure:

Management team consists of six people. Here CEO is the founder of this organization.
The management hierarchy is given below:
 CEO
Sheikh Abu Hanif

Head of Supply chain

CFO CMO COO
production Manager
Md. Moksadul Nirmoy
Shakil Bin Aziz Md. Hafijor Abu Sayeed
Hassan Chakraborty
Rahman Aungon

Organogram

Board of advisors: There are some boards of advisors who advice and guide us to run the
business properly. They are given below:
Jewelry Designer: Creative minds in the field can offer input on design trends, innovation,
and consumer preferences. That is why, we have taken a experienced designer on the
jewelry design.
Legal and Compliance Advisors:
Legal Counsel: Attorneys familiar with intellectual property laws, contracts, and industry
regulations can help navigate legal challenges.
Compliance Experts: Advisors who understand and stay current on industry regulations
can ensure the company operates within legal boundaries.
Technology and Innovation Advisors:
Tech Experts: Advisors who understand emerging technologies in the jewelry industry,
such as 3D printing or blockchain applications, can guide technological investments.
Innovation Specialists: Individuals with a focus on innovation can help the company stay
ahead in terms of product development and technological advancements.
Finance and Investment Professionals:
Financial Analysts: Experts in finance can provide guidance on budgeting, financial
planning, and investment decisions.
Investment Advisors: Individuals with knowledge of the financial markets can offer
insights into investment strategies and opportunities.
As a new business venture, we are more focusing on the advisors.

Operation Plan:

This business has both front stage (seen by customer) and back stage (not seen by customer)
activities.
Front stage activities:

greeting
with
customer

Sell the
product

Take
payment

Ensure
after sales
service

Front stage orperation activities

Back stage activities:

Collect raw
materials

Produce
products

Ship to the
outlets

Ensure
online
interaction

Back Stage Operation Activities

So, these are operation plan for our business.

Facilities and equipment: These products are handmade and the machineries that are used
is the dye, glue and other chemical for making better design of the products.

Product design and development plan:

We will maintain a good product life cycle so that we can plan accordingly.
Product Lifecycle:
1. Introduction:
Characteristics:
❖ Introduction of new designs or styles.
❖ Limited product awareness in the market.
❖ High marketing and promotion efforts.
Activities:
❖ Launching new collections.
 ❖ Building brand awareness through advertising and events.
❖ Establishing distribution channels.

2. Growth:
Characteristics:
❖ Increased consumer awareness and acceptance.
❖ Growing market share.
❖ Expansion of product lines and styles.
Activities:
❖ Scaling up production to meet demand.
❖ Expanding marketing efforts to reach a broader audience.
❖ Introducing variations and complementary products.

3. Maturity:
Characteristics:
❖ Market saturation with a wide range of products.
❖ Stabilized sales and competition.
❖ Price competition may intensify.
Activities:
❖ Focus on brand differentiation.
❖ Cost management and efficiency improvements.
❖ Customer loyalty programs and after-sales services.

4. Saturation:
Characteristics:
❖ Market becomes saturated with similar products.
❖ Slowing or stagnant sales growth.
❖ Intense price competition.
Activities:
❖ Diversification into new markets or product categories.
❖ Innovations in design or materials to differentiate from competitors.
❖ Strategic partnerships or collaborations.

5. Decline:
Characteristics:
❖ Declining sales and market share.
 ❖ Changes in consumer preferences.
❖ Increased competition from other industries.
Activities:
❖ Evaluating the feasibility of product retirement.
❖ Implementing cost-cutting measures.
❖ Exploring new markets or product lines.

6. Renewal or Exit:
Characteristics:
❖ Assessing the potential for product rejuvenation.
❖ Considering product line extensions or rebranding.
❖ If not feasible, planning for the discontinuation of certain products.
Activities:
❖ Research and development for innovative designs.
❖ Strategic partnerships for brand revitalization.
❖ Responsible management of the exit strategy for declining products.
So, these will be the product design of our products.
Challenges and risk:
Market Trends and Consumer Preferences:
Challenge: Rapid changes in fashion trends and consumer preferences can impact the
demand for specific types of jewelry.
Risk: Failing to adapt to evolving tastes may result in inventory obsolescence and reduced
sales.
Economic Conditions:
Challenge: The jewelry industry is sensitive to economic downturns, as luxury goods are
often discretionary purchases.
Risk: Decreased consumer spending during economic recessions can lead to declining
sales.
Supply Chain Disruptions:
Challenge: Dependence on global supply chains for gemstones and metals exposes the
industry to supply disruptions.
Risk: Natural disasters, geopolitical events, or other disruptions can lead to shortages and
increased costs.
Competition:
Challenge: Intense competition within the industry, both from traditional and online
retailers.
Risk: Failure to differentiate products or adapt to changing competitive landscapes may
lead to market share loss.
Technology Disruptions:
Challenge: Rapid advancements in technology, such as lab-grown diamonds or 3D
printing, can disrupt traditional manufacturing processes.
Risk: Failure to adopt new technologies may result in a competitive disadvantage.
Regulatory Compliance:
Challenge: Strict regulations regarding jewelry manufacturing and retail, especially
regarding ethical sourcing and disclosure.
Risk: Non-compliance may lead to legal issues, fines, and reputational damage.
Mitigation Strategies:
Diversification of Product Lines: Offering a variety of designs and price points.
Adopting Sustainable Practices: Embracing ethical sourcing and environmentally
friendly manufacturing.
Strong Branding: Building a reputable brand to withstand market fluctuations.
Technology Integration: Embracing technology for both production and marketing.
Risk Management Protocols: Developing contingency plans for supply chain disruptions
and economic downturns.
So, these are the challenges, risk and mitigation strategies that may arise while establishing
the business.
Intellectual Properties:
Trademarks:
Purpose: Protects brand names, logos, and symbols associated with the jewelry business.
Application: Register trademarks for the company name, logo, and any distinctive
symbols used in branding.
Design Patents:
Purpose: Protects the ornamental design or appearance of a functional item, such as a
unique jewelry design.
Application: File for design patents for distinctive jewelry designs to prevent others from
copying them.
Utility Patents:
Purpose: Protects new and useful inventions or functional aspects of a jewelry item, such
as a unique setting mechanism.
Application: File for utility patents for any novel and non-obvious functional aspects of
jewelry.
Copyright:
Purpose: Protects original works of authorship, which may include certain artistic and
creative aspects of jewelry designs.
Application: While copyright generally doesn't protect functional aspects, it may apply to
artistic elements like intricate engravings or unique sculptural elements.
Non-Disclosure Agreements (NDAs):
Purpose: Protects confidential information when discussing potential collaborations or
partnerships.
Application: Use NDAs when sharing design concepts, manufacturing processes, or other
proprietary information.
Brand Protection Strategies:
Implement strategies to protect the brand image and reputation.
Monitor online platforms and take action against counterfeit products.
So, these are the strategies for intellectual properties.

Financial Projections:

Sales Forecast:
Market Analysis: Understand market trends, consumer preferences, and competitors.
Pricing Strategy: Set realistic pricing based on production costs, market demand, and
perceived value.
Sales Channels: Consider both online and offline sales, wholesale and retail.
Cost of Goods Sold (COGS):
Materials: Estimate the cost of fish scale, gemstones and other materials used in jewelry
production.
Labor: Include the cost of skilled labor involved in designing and manufacturing.
Overhead: Account for other production costs, such as utilities, rent, and equipment.
Gross Margin:
❖ Calculation of the gross margin by subtracting COGS from total revenue.
❖ Monitor of gross margin percentages to ensure profitability.
Operating Expenses:
Marketing: Allocate budget for advertising, promotions, and branding.
Administrative: Include salaries, office supplies, utilities, and other administrative costs.
Sales and Distribution: Account for expenses related to sales teams, distribution channels,
and logistics.
Net Profit:
❖ Determining net profit by subtracting operating expenses from the gross margin.
❖ Monitoring net profit margins for overall business health.
Cash Flow Statement:
❖ Forecast cash inflows and outflows to ensure liquidity.
❖ Consider seasonal fluctuations in the jewelry industry.
Balance Sheet:
Assets: Include current assets (inventory, accounts receivable) and fixed assets (equipment,
property).
Liabilities: Account for current liabilities (short-term debts) and long-term liabilities
(loans).
Equity: Reflect the owner's equity in the business.
Financial Ratios:
Liquidity Ratios: Assessment of the ability to meet short-term obligations.
Profitability Ratios: Evaluation of the overall profitability of the business.
Debt Ratios: Examination of the leverage and debt levels of the business.
Capital Expenditures:
Budget for investments in equipment, technology, or other capital assets.
Consider depreciation and amortization of these assets.

Risk Factors:
❖ Identifying potential risks that may impact financial projections.
❖ Developing contingency plans for unforeseen events affecting the industry.

Financing Requirements:
❖ Determining if external financing is required to support growth plans.
❖ Exploring options such as loans, lines of credit, or equity financing.
Scenario Analysis:
❖ Conducting scenario analysis for different market conditions.
❖ Assessing the impact of changes in key variables on financial performance.
Regulatory Compliance:
❖ Considering the impact of regulatory changes on operations and costs.
❖ Budgeting for compliance with industry standards and regulations.
So, these are the financial projections of this business.
However, we also consider some external factors that might hinder the enlargement of our
business.
Political factors
Political or politically motivated factors that could impact the organization includes in
political factor. Government policy, political stability or instability, bureaucracy,
corruption, competition regulation, foreign trade policy, tax policy, trade policy, trade
restrictions, consumer protection laws, funding grants & initiatives, etc. For our company
major issues are labor market, competition regulation. As political systems in different
areas vary, the political impact differs. The country’s population democratically elects open
government system. In totalitarian systems, government’s power derives from a select
group competition regulation.
• Regulation and deregulation
• Tax policy (tax rates and incentives)
• Government stability and related changes
• Government involvement in trade unions and agreements
• Employment law
• Discrimination law
• Data protection law

There are 4 main effects of these political factors on business organizations. They are:
1. Impact on economy
2. Changes in regulation
3. Political stability
4. Mitigation of risk
Economic Factors: Almost all changes in the economy of a nation have a significant
impact on the business. Economic factors such as Gross Domestic Product (GDP), average
National Income, inflation rate. The growth rate of the economy, prevailing interest rates
of the market etc. have a direct effect on the profit of a business. These economic factors
are inclusive of both micro and macroeconomic factors. Macroeconomic factors relate to
the economy as a whole like the market demand, interest rate, taxation policies, total
expenditure etc. Microeconomics focus on single household’s disposable income, customer
choices, and preferences etc. For our business we consider income, productivity as our
economic factor. Women who are uneducated can be employed. So, it gives their family
more solvency power. If a family earns more, it generates more money that helps to
increase GDP.
Social Factors: These are the social and cultural factors of a demographic. They include
the age, gender ratio, population growth, urban-rural divide, employment rates, health
statistics, preferences etc of a given population. These are all factors that affect the sale of
the product or service and hence the profit of a business. As we are making ornaments and
crafts with fish scale, raw materials are so available and low at price so all income people
can afford it. Both rural and urban people can have it. Bengali people are always for fish.
So, it also creates a traditional remark which helps to show our identity globally.
Technological Factors: This is actually one of the most important factors of the PESTLE
analysis. It involves the presence and innovation of technology and the growth of
technology in a market. This advancement of technology can apply in three basic ways –
improvement or the advent of technology in producing the goods, distributing the goods or
in marketing the goods. So, the business must keep up with the evolving technology to stay
with the times. For our business we don’t need any heavy machine, all we need basic
electrical tools. For example, lights, fans, dryer, wire hook etc.
Environmental Factors: In the last two decades or so, these environmental factors have
gained a lot of importance. Businesses are now more conscious about the pollution they
may cause and their carbon footprint. They wish for growth but it must be sustainable
growth, not at the cost of the environment. So new environmental laws, Eco-friendly
practices, technology to control pollution etc are all factors they need to mindful of. If we
consider our business, it is so ecofriendly. All the wastage will easily mix-up with soil and
don’t harm the environment.

Legal Factors: These factors include any changes in laws and legislation, health and safety
guidelines, guidelines for equality and safety of women, consumer rights, ethical standards
for advertisement etc. For opening a business, we need to collect the trade license from the
city corporation. Then register the logo. After following all the rules and restrictions we
can start our business.
So, these are the factors that might hinder our business.

Conclusion:

In conclusion, Fish Tales emerges as an innovative and environmentally conscious jewelry

business, poised to make a significant impact in the industry. The company's commitment
to creating ornaments from fish scales, a sustainable and unique material, sets it apart in
the market. The name "Fish Scale" reflects the core essence of the business, emphasizing
its eco-friendly approach. Fish Tales adopts a multi-channel platform, combining online
and physical shops with nationwide delivery services, showcasing a commitment to
accessibility and convenience. The product line, consisting of earrings, rings, necklaces,
and more, stands out as both unique and cost-effective, establishing a strong Unique Selling
Proposition (USP) for the brand. With aspirations to be a global player, Fish Tales envisions
not only economic success but also aims to contribute significantly to environmental
sustainability. The focus on eco-friendly practices aligns with industry trends and positions
the company as a responsible contributor to reducing global warming. The strategic
approach to market segmentation, targeting, and positioning underscores Fish Tales'
commitment to understanding buyer behavior and staying competitive. By continuously
innovating and influencing the market, the company aims to become a market star. The
operational plan demonstrates Fish Tales' meticulous attention to both front and back-stage
activities, ensuring a seamless business process. The use of handmade techniques and
specific machinery for enhanced designs reflects a commitment to quality and
craftsmanship. Financial feasibility is a crucial aspect, and Fish Tales presents a
comprehensive financial forecast and scenario analysis. With a sales projection of US$295
million, the company envisions sustainable growth and success, considering various factors
such as market trends, competition, and potential risks. In summary, Fish Tales is not just
a jewelry business but a brand with a purpose. It intertwines innovation, sustainability, and
market strategy, aiming to leave a lasting impact on the jewelry industry while contributing
positively to the environment and economy.

Reference:

1) https://www.statista.com/outlook/cmo/accessories/watches-
jewelry/jewelry/bangladesh#:~:text=In%20Bangladesh%2C%20the%20revenue%
20generated,(CAGR%202024%2D2028).
2) https://www.kalerkantho.com/english/online/business/2023/01/02/45013
3) https://www.thedailystar.net/business/economy/news/jewellery-industry-still-
depends-informal-sources-3412896
4) https://www.statista.com/outlook/cmo/accessories/watches-jewelry/bangladesh
5) https://ecommercedb.com/markets/bd/jewelry-watches
6) https://www.volza.com/p/gems-jewellery/export/export-from-bangladesh/