My Business Plan For Sales The Beanies

A plain black beanie. It is black because in my questionnaire, more people preferred to wear darker coloured hats, and when asked what colour they prefer, the majority chose black as their favourite colour. However I would like to create different coloured and patterned hats in future if the black hats do well. It is a beanie because when I asked people to rate the different hats, for style, most people seemed to prefer the only beanie the most out of the four given.

It has no accessories on the front or back because people didn’t like to have accessories, according to my primary research. The beanie is made out of wool because when people took part in the questionnaire, they preferred wool the most, however, the people who took part in the hat rating, more of the preferred to have cotton hats, which isn’t exactly what I wanted. I will be using wool for my hat because when people had all of the possible answers, most of the preferred wool, whereas the tables only had a select few materials and may have influenced the answers.

The lower part of the hat can be folded over so it won’t cover up people’s eyes.

The lower part of the beanie is also made up of wider stitches so it can fit around different sized and shaped head. In the inside, there is a very small label that has the logo of my brand to certify that it was manufactured by my company.

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It is also lined with satin because, according to my primary research, a large amount of people would wear hats for warmth so lining the hat with satin will keep the warmth inside the hat. I will be using penetration pricing for my hats. This hat costs ?3.40 to make a singular adult sized so I will sell the hat for ?7.50 for each one, making a ?4.10 contribution for each one. A child sized hat will cost ?3.10 to make and will be sold for ?5.50, making a ?2.40 contribution for each child sized hat. An infant sized hat will cost ?2.70 to make and will be sold at ?3.10, making a 40p contribution per infant sized hat sold. I am predicting that I will need to sell 1,659 adult sized hats to break even in the first month.

I will be pricing my hats this way so that it can appeal to people who can’t afford hats that are much more expensive than this but so much so that we make a profit for each hat sold. This hat was designed to suit Autumn because people said that they would wear hats in the Autumn the most, according to my research, in particular my questionnaire. This will be sold in a low-end shop because most people would rather buy a hat from a low-end shop that a high-end shop. The hat will be advertised online on social media such as: YouTube, Snapchat and Instagram because according to my questionnaire, people would most likely buy products from social media and I have restricted down to these three because younger people (my ideal customers) use these three apps the most.