Read Mi Ola Swimwear: Managerial Planning and Goal Setting found in this week's D2L Lesson Folder and answer the questio
Posted: Fri Jul 01, 2022 9:06 am
Read Mi Ola Swimwear: Managerial Planning and GoalSetting found in this week's D2L Lesson Folder and answerthe questions below based on this that.
a) Based on how thebusiness owner describes her business, mentioned one-ortwo-sentence organizational mission statement for Mia OlaSwimwear.
b) Develop a strategicgoal, a strategic plan, a tactical goal, a tactical plan, anoperational goal, and an operational plan for Mia OlaSwimwear.
c) Describe why eachgoal and each plan in part b is an example of that specific goal orplan (e.g. why is your strategic goal an example of a strategicgoal? Hint: Use the worksheet "Double Checking YourStrategic, Tactical, and Operational Goals & Plans," to helpwith this part of the question.
NOTE: Your answers for the part "b" questions canbe actually from the text itself, OR you canmake some assumptions (make up answers) that make sense based onthe context.
Text is bellow
I was always interested in fashion and beauty but I didn'tknow exactly how to get into that career so I studied pre-med whichis how I ended up then in medical publishing. And I sang in acouple bands as lead singer which is excellent now that I'm anentrepreneur because I have no shame. Hi, I'm Helena Fogarty andI'm the CEO and founder of Mi Ola, sexy bikinis that stay on. IfI've been up there in leather pants screaming my head off in CBGBsthen I can present to, you know, an angel investor. I wouldn't sayI'm a super planner but I started my career as a project manager soI'm very good at setting goals and kind of backing into the thingsyou need to do to achieve those goals. The web was really startingto develop, the internet was starting to develop, so I became thewhiz kid. And I started developing our internet properties backwhen they were like bulletin board systems before the real, youknow, web started. And that got me, after two years to a greatposition to move to an agency where I led the Avon.com project, theBloomingdales project, and Vanity Fair corporate projects at anagency in New York. And from there you know I was well in thefashion and beauty space. I went from there to Hearst Publicationswhere I wrote for Cosmo Girl Magazine and actually launched theirweb entity and worked with Harper's Bazaar. And then moved fromthere into traditional fashion. I think a very important lesson tolearn is that in your life you can't control everything even thoughyou'd like to, and I thought I was up for a promotion at Chanel,and everyone thought I was up for a promotion and I actually gotlaid off. I booked a trip immediately here and I was here with afriend who said why don't we just stay here? I said no, that's toocrazy. Once I moved down here I was surfing four hours a day andevery time I went out to surf, I was having problems with mybikinis. Well we started Mi Ola in 2012 and we had a successfulKickstarter campaign which was great and that was probably ourfirst real milestone. We were covered in CNBC in June of 2012 whichwas exciting. We launched our first collection and were in storesin January of 2013. We were in Self Magazine and now we're in oursecond season and delivering to stores and you know prepping forour real first, you know, exciting kind of summer season with agood selection of retailers. Even before I became a surfer, if Iwas running and there was any excuse for, to stop running likesomething was itching or chafing, I would stop. So you know Ireally need functional garments and that's what I have created.When you read all the books, you know you're supposed to lay out aproject plan and try to figure it out. I mean that's a lot of theresearch that you need to do, and your plans are always going tochange. They're always going to change from day to day but youstill need to do it and have those milestones. So I was working inthis, you know, in this seminar and mapped out a plan. I knew thefashion seasonality and how that worked because I've worked infashion for so many years and I know that there's three deliveriesand you need to have your sample line and your collection lineready at this point. So I just starting marking down those thingsin the calendar and working back from it. You know I did theoriginal sketches but they're really ugly and they don't have likethis is going to be 2 1/2 inches and this is going to be a 1/4 seamallowance and so I was learning a lot during that and I had aconsultant working with me to help do that and to find factories.And you know you just fill in the blanks as you go along. You haveto, you know the big deliverables and I'd been in this business fora long time so I kind of knew the framework and then you fill inthe blanks. I mean even now this is my second year, I'm preparingfor my third year, and we have to have our collection ready inJuly. And there's a little bit of like okay, you know where are weand what do we have to accomplish by then? You know clearly ifwe're going to sell our collection to retailers we need a lookbook. That needs to be done by July, July 15th. So we need a photoshoot at least a month before if not before and the samples need tobe ready for that basically about now. It's very difficult toanticipate what items are going to sell and when you're dealing-- Imean this is a very fashion issue but I have like 700 SKUs becauseI've got 21 styles and I do four sizes and I've got over, you know,12 colors. So how do I anticipate what's going to sell? And youknow I want to have a broad assortment on, in my website because Ithink that's really the most important channel for us, but it's notvery deep. So if too many people buy the extra small in something,we're going to be out of stock for a little while. And that's thebiggest challenge because we don't have a very deep wallet, so Ican't stock up on eight of every single style, I've got one or twoand then we're going to hustle and make more. You know I have veryloose five and 10 year goals as far as revenue and costs, and thoseare all associated. Like you have to build those up. You have toknow, I mean your revenue, your revenue projections are always abit of a joke because you don't know where they're going to be. Andactually if you put your revenue projections at a reasonable leveland you're looking for outside investment, they're looking for ahockey stick. So no matter how realistic your projections are andwhat they're based on, they're still looking for okay we're goingto go here [inaudible] summer and have and have this point and it'sgoing to be astronomical. That's what people are looking for toinvest in you. And that's a challenge for me because I'm a veryrealistic person who wants to under promise and over deliver. Butit's a game when you're looking for investors because investorsreally want to know the upside potential. And then when they'retalk- that's how you get in the door, the upside potential. Andthen they can knock it down and say these numbers are crazy. Yousay well, you know they're based on this assumption and thisassumption and this assumption. But to get the costs that areassociated with that and to know when you are going to hit, goingto make a profit you have to have a plan. You know I'm going to addthis head count this year. I'm going to add three people next yearincluding a junior designer. I'm going to allocate one third of therevenue that I get from e-commerce into the cost free commerce justas a ballpark, you know? Let's say 33% of that is going to be costfor my website which also gives me a budget to develop my website,right? And there's a lot of assumptions with that. And then everyday you're going to learn something and you're going to have tomodify that a little bit. It's an inexact science and I can't waituntil I can hire someone to done my financial reporting for me andI can just look at the numbers and be like oh we need to work onthis. And I can't wait until I have a planner that will be givingme kind of the plan of what inventory we want to stock up oninstead of me doing that. I don't have as much success as I'd like.I don't have as much press as I'd like. I go crazy about it. Butyou know what, I'm getting stuff done right now. You know it's alittle trite to say this but I think that there's a quote fromSteve Jobs that says, you know, "when you look back at your lifeyou'll see how the threads come together to where you end up" and Ithink that's very true. You know I kind of wove my way throughdifferent opportunities that presented themselves into a story thatmakes sense to where I am right now.
a) Based on how thebusiness owner describes her business, mentioned one-ortwo-sentence organizational mission statement for Mia OlaSwimwear.
b) Develop a strategicgoal, a strategic plan, a tactical goal, a tactical plan, anoperational goal, and an operational plan for Mia OlaSwimwear.
c) Describe why eachgoal and each plan in part b is an example of that specific goal orplan (e.g. why is your strategic goal an example of a strategicgoal? Hint: Use the worksheet "Double Checking YourStrategic, Tactical, and Operational Goals & Plans," to helpwith this part of the question.
NOTE: Your answers for the part "b" questions canbe actually from the text itself, OR you canmake some assumptions (make up answers) that make sense based onthe context.
Text is bellow
I was always interested in fashion and beauty but I didn'tknow exactly how to get into that career so I studied pre-med whichis how I ended up then in medical publishing. And I sang in acouple bands as lead singer which is excellent now that I'm anentrepreneur because I have no shame. Hi, I'm Helena Fogarty andI'm the CEO and founder of Mi Ola, sexy bikinis that stay on. IfI've been up there in leather pants screaming my head off in CBGBsthen I can present to, you know, an angel investor. I wouldn't sayI'm a super planner but I started my career as a project manager soI'm very good at setting goals and kind of backing into the thingsyou need to do to achieve those goals. The web was really startingto develop, the internet was starting to develop, so I became thewhiz kid. And I started developing our internet properties backwhen they were like bulletin board systems before the real, youknow, web started. And that got me, after two years to a greatposition to move to an agency where I led the Avon.com project, theBloomingdales project, and Vanity Fair corporate projects at anagency in New York. And from there you know I was well in thefashion and beauty space. I went from there to Hearst Publicationswhere I wrote for Cosmo Girl Magazine and actually launched theirweb entity and worked with Harper's Bazaar. And then moved fromthere into traditional fashion. I think a very important lesson tolearn is that in your life you can't control everything even thoughyou'd like to, and I thought I was up for a promotion at Chanel,and everyone thought I was up for a promotion and I actually gotlaid off. I booked a trip immediately here and I was here with afriend who said why don't we just stay here? I said no, that's toocrazy. Once I moved down here I was surfing four hours a day andevery time I went out to surf, I was having problems with mybikinis. Well we started Mi Ola in 2012 and we had a successfulKickstarter campaign which was great and that was probably ourfirst real milestone. We were covered in CNBC in June of 2012 whichwas exciting. We launched our first collection and were in storesin January of 2013. We were in Self Magazine and now we're in oursecond season and delivering to stores and you know prepping forour real first, you know, exciting kind of summer season with agood selection of retailers. Even before I became a surfer, if Iwas running and there was any excuse for, to stop running likesomething was itching or chafing, I would stop. So you know Ireally need functional garments and that's what I have created.When you read all the books, you know you're supposed to lay out aproject plan and try to figure it out. I mean that's a lot of theresearch that you need to do, and your plans are always going tochange. They're always going to change from day to day but youstill need to do it and have those milestones. So I was working inthis, you know, in this seminar and mapped out a plan. I knew thefashion seasonality and how that worked because I've worked infashion for so many years and I know that there's three deliveriesand you need to have your sample line and your collection lineready at this point. So I just starting marking down those thingsin the calendar and working back from it. You know I did theoriginal sketches but they're really ugly and they don't have likethis is going to be 2 1/2 inches and this is going to be a 1/4 seamallowance and so I was learning a lot during that and I had aconsultant working with me to help do that and to find factories.And you know you just fill in the blanks as you go along. You haveto, you know the big deliverables and I'd been in this business fora long time so I kind of knew the framework and then you fill inthe blanks. I mean even now this is my second year, I'm preparingfor my third year, and we have to have our collection ready inJuly. And there's a little bit of like okay, you know where are weand what do we have to accomplish by then? You know clearly ifwe're going to sell our collection to retailers we need a lookbook. That needs to be done by July, July 15th. So we need a photoshoot at least a month before if not before and the samples need tobe ready for that basically about now. It's very difficult toanticipate what items are going to sell and when you're dealing-- Imean this is a very fashion issue but I have like 700 SKUs becauseI've got 21 styles and I do four sizes and I've got over, you know,12 colors. So how do I anticipate what's going to sell? And youknow I want to have a broad assortment on, in my website because Ithink that's really the most important channel for us, but it's notvery deep. So if too many people buy the extra small in something,we're going to be out of stock for a little while. And that's thebiggest challenge because we don't have a very deep wallet, so Ican't stock up on eight of every single style, I've got one or twoand then we're going to hustle and make more. You know I have veryloose five and 10 year goals as far as revenue and costs, and thoseare all associated. Like you have to build those up. You have toknow, I mean your revenue, your revenue projections are always abit of a joke because you don't know where they're going to be. Andactually if you put your revenue projections at a reasonable leveland you're looking for outside investment, they're looking for ahockey stick. So no matter how realistic your projections are andwhat they're based on, they're still looking for okay we're goingto go here [inaudible] summer and have and have this point and it'sgoing to be astronomical. That's what people are looking for toinvest in you. And that's a challenge for me because I'm a veryrealistic person who wants to under promise and over deliver. Butit's a game when you're looking for investors because investorsreally want to know the upside potential. And then when they'retalk- that's how you get in the door, the upside potential. Andthen they can knock it down and say these numbers are crazy. Yousay well, you know they're based on this assumption and thisassumption and this assumption. But to get the costs that areassociated with that and to know when you are going to hit, goingto make a profit you have to have a plan. You know I'm going to addthis head count this year. I'm going to add three people next yearincluding a junior designer. I'm going to allocate one third of therevenue that I get from e-commerce into the cost free commerce justas a ballpark, you know? Let's say 33% of that is going to be costfor my website which also gives me a budget to develop my website,right? And there's a lot of assumptions with that. And then everyday you're going to learn something and you're going to have tomodify that a little bit. It's an inexact science and I can't waituntil I can hire someone to done my financial reporting for me andI can just look at the numbers and be like oh we need to work onthis. And I can't wait until I have a planner that will be givingme kind of the plan of what inventory we want to stock up oninstead of me doing that. I don't have as much success as I'd like.I don't have as much press as I'd like. I go crazy about it. Butyou know what, I'm getting stuff done right now. You know it's alittle trite to say this but I think that there's a quote fromSteve Jobs that says, you know, "when you look back at your lifeyou'll see how the threads come together to where you end up" and Ithink that's very true. You know I kind of wove my way throughdifferent opportunities that presented themselves into a story thatmakes sense to where I am right now.