4.0 Goals and Objectives
The strategic goals and objectives of the business are divided into three groups. The groups are finance goals and objectives, customer-focused goals and objectives, and growth goals and objectives. These goals are important in the strategic plan of the business. Strategic goals are long-term goals that the business will set for itself to reach its intended future state. These goals are to be achieved over a specified period, usually the next three to five years.

4.1 Finance Goals

These are the goals that will center around different financial metrics like financial sustainability for the business, attaining and maintaining profitability for the new venture, and increasing revenue for the business. They include.

1. The business should be able to increase its revenue by 20% annually after the third year of business.

2. The business should make profits by ensuring a net profit margin of 30% for the next five years.

3. The business should be able to reduce its costs by 20% to increase profitability by 2026 to enhance financial sustainability.

4.2 Customer-Focused Goals and Objectives

These are goals focusing on the customer. As a new business, these goals are supposed to help the business in breaking into new markets and territories. They are also supposed to help the business in developing a trustworthy brand. They are based on metrics like increasing the number of new customers, increasing customer retention, increasing the number of new markets, and offering customer value. The goals include.

1. The business should be able to provide the best customer experience in the local market by 2026 based on numerous factors like reaction time, customer feedback, and increased orders.

2. The business should ensure a customer retention rate of 5% from 2025.

3. The number of orders from new customers should increase by 30% from 2025.

4.3 Growth

These are strategic goals that show how the business will grow and expand over the next several years. They are based on metrics like increasing market share, entering new markets, and brand-building on social media.

4.3.1 Goals Chart

1. The business should be able to increase its revenue by 20% annually after the third year of business.

á Specific

á The goal ensures business sustainability with an increase in revenue.

á Measurable

á The increase in revenue should be by thirty percent.

á Achievable

á This is achievable as it starts after three years of operations.

á Relevant

á It is important for the growth of the business.

á Time-Bound

á It is pegged from three years after the operation begins.

2. The business should make profits by ensuring a net profit margin of 30% for the next five years.

á Specific

á It is specific on profit making for the business. It looks at the net profits of the business.

á Measurable

á Yes, at metrics of 30%.

á Achievable

á Yes, it is a financial measure of whether the business is doing well.

á Relevant

á Yes, important as it will show whether the business is sustainable with a return on investment.

á Time-Bound

á Yes, for the next five years.

3. The business should be able to reduce its costs by 20% to increase profitability by 2026 to enhance financial sustainability.

á Specific

á Yes, to the costs the business incurs.

á Measurable

á Yes, measuring a reduction of costs by 20%.

á Achievable

á Yes, a reduction of 20% of costs can be achieved by budgeting and other strategies.

á Relevant

á Yes, to ensure an increase in profits for the business and ensure financial sustainability.

á Time-Bound

á Yes, to be measured starting in 2026

4. The business should be able to provide the best customer experience in the local market by 2026 based on a range of factors like reaction time, customer feedback, and increased orders.

á Specific

á Yes, pegged on improving customer experience for the business in the local market.

á Measurable

á Yes, measurable based on factors like reaction time, customer feedback, and increased orders.

á Achievable

á Yes, this can be achieved by leveraging social media to communicate with customers and capturing feedback in real-time.

á Relevant

á Relevant for increasing market share and number of customers.

á Time-Bound

á Yes, by the year 2026.

5. The business should ensure a customer retention rate of 5% from 2025.

á Specific

á Yes, customer retention rate to ensure the business does not lose existing customers.

á Measurable

á Yes, based on the metric of 5%.

á Achievable

á Yes, the business can ensure the customer retention rate is low for the business by implementing different strategies like excellent customer experience.

á Relevant

á Yes, ensures the business maintains its customers.

á Time-Bound

á Yes, by 2025.

6. The number of orders from new customers should increase by 30% from 2025.

á Specific

á Yes, on the number of orders from new customers.

á Measurable

á Yes, an increase of 30%

á Achievable

á Yes, excellent customer experience will ensure the business can get orders from new customers.

á Relevant

á Yes, relevant for the growth and expansion of the business.

á Time-Bound

á Yes, from the year 2025.

7. The business should be able to capture 30% of the local market by 2026.

á Specific

á Yes, capturing the local market.

á Measurable

á Yes, by 30%

á Achievable

á Yes, increasing market share can be done by increasing marketing activities.

á Relevant

á Yes, for the growth and expansion of the business.

á Time-Bound

á Yes, by 2026.

8. The business should increase its social media presence by 40% by 2025.

á Specific

á Yes, to the social media growth of the business.

á Measurable

á Yes, the metrics are at 40%

á Achievable

á Yes, to ensure the business has a social media presence by increasing the number of followers on social media.

á Relevant

á Yes, the goal is to increase the number of potential customers and new markets.

á Time-Bound

á Yes, by 2025.

5.0 Stakeholder Analysis
Every business has an individual or group with an interest in its operations. Stakeholders are the individuals or groups that have an interest in the business because they are affected by the activities of the business. Stakeholder analysis helps in producing strategies that will help in managing the relations. There are several types of stakeholders divided into internal and external. The internal stakeholders at Classica include the employees and departments within the organization. The external stakeholders are customers, suppliers, regulating bodies like the government, and others. The identification of the stakeholders in an organization is the first step towards understanding their various needs. The identification of the stakeholders will mean understanding their influence, interests, and expectations of the business. A knowledge of stakeholder analysis is sufficient to ensure the business has the right tools for managing the different stakeholders. There is a need for increased training in understanding the needs of the various stakeholders to be able to manage them better. Constant knowledge is required in managing external groups like the government or other regulatory bodies due to the changes in legislation that affect the business.

The employees belong to the biggest group of internal stakeholders. Their influence in the organization is high, which makes understanding their needs critical. They have an interest in the business as they would want the business to succeed for personal reasons. Due to the high influence of employees, it is relevant for the organization to maintain good relations with the employees. The customers fall into the group of external stakeholders and are also highly influential to the business. Their interests are mostly satisfaction which will lead to an increase in the number of customers. The business relies on the customers for growth; therefore, it is important to ensure their needs are met. The suppliers are also external stakeholders and are influential in the growth of the business. Their influence is also high as the business also relies on their goods and services to grow. Understanding the key needs of the suppliers is key to maintaining relations with these stakeholders.

6.0 Industry Analysis
6.1 A brief overview and long-term outlook for growth

The industry is divided into the t-shirt market and the custom t-shirt market. The T-shirt market is the largest, accounting for over 80% of the global market. The custom t-shirt printing industry is one of the fastest-growing markets in the world. This has been fueled by the need for customized t-shirts by companies globally for advertising. Globalization has also led to the growth of industry with the entire world becoming one marketplace. Technologies like the Internet and e-commerce have made it simpler for businesses to be able to transact globally. The revenue from the industry is likely to grow with increased growth annually. An estimated growth of 11.1% is estimated from 2023 to 2030 (Grandview Research, 2023).

6.2 Review industry size, trends, and target market segment

An overview of the industry shows that the revenue from the t-shirt market amounted to $43.94 billion in 2023 (Statista Research, 2023). Its subsidiary the custom t-shirt market account for $4,310 million in 2022. The average annual growth rate of the market is 11.1% from 2023 to 2030 (Grandview Research, 2023). This is due to the increasing demand for customized T-shirts, not only from companies but also from individuals. The projected growth of the industry is supposed to be experienced in markets like Asia where the industry is huge and the United States which leads in the North American market. Other regions are also expected to show significant growth with the growth of the Internet and e-commerce.

The current trend in the industry is an increase in the number of corporations using custom t-shirts for advertising. Companies have over the last years increased demand for customized T-shirts with their brand names and other aspects like their vision as a form of advertising. The trend is good for the industry as it has over the years ensured growth in an increase in revenue each year. There is also an increase in demand for custom T-shirts with funny slogans, movie titles, TV series, and others.

The target market would be Generation Z. Some of the characteristics of Gen Z include being more artistic than the other generations. Custom t-shirts are more likely to sell among the people in this generation. This is because it would represent their style, personality, and preference. The characteristics of the target market also include being tech savvy as they will be able to log onto the organization’s website and design the message they want on their t-shirt. The target market has embraced technology globally and would be able to order the t-shirt from any part of the world.

The secondary target market would be companies. The trend where companies have increased their demand for custom-designed t-shirts as part of their branding strategy makes them an appropriate target market. This will require engaging companies through the available channels like emails, social media, and direct marketing.

6.3 Identify who leads the industry in terms of:

6.3.1 Price

The average price of a t-shirt is $15 while that of a custom t-shirt would be between $25 to $50 (Sellfy.com, 2023). The price of custom T-shirts depends on several factors including the cost of production. The cost of production will entail the design costs. Some of the websites allow the customer to design their t-shirt, reducing the cost of production. Industry leaders like UberPrints, Inc. charge based on the content with their prices starting from $15.

6.3.2 Quality

The T-shirts must be of excellent quality to be able to compete with other businesses in the industry. Inferior quality t-shirts are more likely to lead to loss of business. Industry leaders like UberPrints, Inc., CafePress, Inc., Custom Ink, and Custom Thread are known for the quality of the materials that are used.

6.3.3 Market Share

The industry leaders like UberPrints, Inc., CafePress, Inc., Custom Inc, and Custom Thread dominate the market. These are established companies offering different services including digital printing and screen printing. This has led to their dominance of the custom t-shirt market.

7.0 Competitor Analysis