GST style - partnership business Assignment Example | Topics and Well Written Essays - 2500 words

GST style - partnership business - Assignment Example GST Style, a partnership business, was introduced by the three friends namely as Glenn, Stacey and Thomas officially on 1st January 2012. The business deals in retail fashion based products, which mainly includes clothing, apparels, shoes and related products. Due to the sophisticated nature of the business, the business was opened in the form of retail outlet such that the only retail outlet of the business is situated in the well off shopping arena of Birmingham city, i.e. Bullring Shopping Centre. Bullring is mainly famous for providing the customers those brands, which are highly rated and liked by the customers such as Apple in Information Technology based products, Vodafone in the field of telecommunication carrier industry and many other popular brands, which catch the attention of their respective customers. The elite class of UK is the target market of that business such that those people who can actually shop at Bullring are mainly catered and accordingly the products are d esigned especially to cater those customers. On demographical basis, the orthodox age group of teenagers and the early forty people are marked for the products that are being developed. Since the products are targeted to the elite and rich class, therefore a mild focused differentiation is strategy is adopted and mostly those products are offered which are not commonly available in rest of the UK market. The major quantity, designs and styles of the products are imported from the East Asian markets specifically Hong Kong and Thailand. History of Partners Glenn, Stacey and Thomas are not only the business partners who have formed this business but also they have been close friends for more than a decade. Since the time they got admission in the graduate program in the field of business studies at Birmingham University, they became good friends and shared their mutual thoughts of opening a partnership in the future time. After their graduation, all the three friends diverged into thei r respective fields but they remained in touch with a strong ambition of forming a partnership business. In the subsequent paragraphs, the details of each partner after his/her graduation are presented. Glenn After his graduation in good grades, Glenn got a job into a major textile firm who had a manufacturing plant in Bangkok, Thailand but had its retail outlets in UK. Glenn worked hard and became a regional marketing and brand manager of that company in hardly two years timeframe. Having earned good chunk of money in that company, Glenn decided to invest that money into some form of business in which he should also be having fair amount of knowhow. He rang up his other two friends Stacey and Thomas and discussed his idea of forming up of business of fashion-based products mainly for the rich class of UK. Stacey Stacey belongs to a family of rich entrepreneurs of Birmingham who mainly deals in kids clothing and other items related to kids. She worked herself as an entrepreneur of k ids clothing outlet for around three years. After then, she received a call from Glenn and discussed the possibility of entering up into such business. Glenn with his marketing and branding expertise behind him and Stacey with her entrepreneur skills behind her approached with their other old friend Thomas to discuss the likelihood of this opportunity. Thomas Thomas, the third person in the group tracked a rather different area and joined an investment bank as management trainee position. After a year of training, Thomas was promoted a formal position of investment banker. With the high level of competence and dedication, Thomas also earned handsome amount of money from the bank and showed her eagerness when approached by his other two old friends. After deep consideration and analysis of the business, he also showed his agreement to join the hands of his other two friends in pursuit of launching up a new business. Partnership Agreement The formation of the partnership busin