FINAL MARKETING PLAN
Must be in APA style.
The final marketing plan consists of the prior two submissions and a discussion of the 4 P’s. This will indicate how well you understand the components of the marketing mix and decisions regarding its implementation. The structure for the final paper is included at the end of this document. Remember this is a cohesive, professional document.
Keep in mind each decision should be driven by your target audience and demonstrate an understanding of who they are and what they need/want.
Product:
Describe your product in terms of product lines offered, depth and width. If you are a service provider identify the various types and levels of services that you will offer. For products (not retailers), describe the packaging used and important information regarding it. This should be specific and comprehensive, painting a clear picture for potential investors.
Focus on the wants, needs and perceptions of your consumers. Identify any problems for your product. How will you overcome industry challenges you identified in your market, PEST, or SWOT analysis?
What goals do you have for quality of service, level of service (speed and accuracy), customer satisfaction, and your own flexibility to support consumer demands and requests?
What is your product development and innovation strategy? How will you continue to serve and meet the needs of existing and new customers?
Price:
How much will it cost for you to produce your product (or deliver your services)? At a minimum your prices must enable you to fully cover costs over an identified period of time. What pricing strategy will your firm employ? Identify prices associated with your primary products (services). Will price discounts be offered? If so describe what types of discounts will be used and when.
How do your prices compare to those of competitors?
Distribution:
If your product is a retailer, identify the location of your business selected for the 3 cities you selected, why it is located there (strategic, competitive, economic objectives)? If you are producing a product that will be sold through retail outlets, identify specific locations in the 3 cities where the product will be sold and provide justification for their selection. Are competitor products sold there? How will your product be distinguished? Where will the product be assembled and warehoused? Why? How will you incentivize these partners to carry your product? Does your pricing strategy reflect the need for distributors?
Describe your supply chain. What suppliers or vendors will you order from (for your most vital components)?
What will be the primary distribution forms for your product? How is your placement structure different from or similar to what existing brands in this industry are doing?
Promotion:
What is the main message you’d like to project in all of your communication elements? What promotional elements (IMC elements) will be used? What media will you use to distribute this messages? For each medium utilized, provide the information indicated below. Clearly indicate why you chose each.
For radio, focus on a stations music format and its relationship to your products image, broadcast area, cultural focus, age focus, etc.
For newspapers and other print mediums, consider the level at which you wish to advertise (local, regional, provincial, federal, cross-national, etc.), in what mediums (trade magazines, professional, recreational, cultural, hobby, special interest, etc.), how often, and the timing of such advertisements (seasonal, special issues, etc.).
Explain your use of traditional media such as television and billboards. Both are highly expensive, while computer based “bulletin boards” and the Internet can provide a global audience.
Identify specific social media that is applicable for your brand.
Format for the MARKETING PLAN
Title Page
- Include the name of the company, period of time that the contents of the marketing plan covers, and completion date. List all members of your team.
- Use a clean and professional format with examples of the company logo, product designs and packaging types.
- If headers are used in the paper (and they should be) make sure to remove it from the title page.
- Executive Summary: This is a 1 page document that provides a personalized overview of the document. A well-written executive summary motivates the reader to continue. Highlight areas of the plan that are particularly crucial to the reader, providing an indication of how this plan will help your business attain overall success in the future. Though this is the first part of the plan, it must necessarily be done last.
- Background Information
- Market Analysis
- Environmental Analysis
- SWOT Analysis
- Targeting Strategy and selected target markets
- Marketing Strategy
- References
You may use this paper below and edit it completely.
HAMMER AND NAILS SALON MARKETING PLAN
Whitney Brown
Jackson State University
MKT 351
Marketing Management
April 13, 2022
HAMMER AND NAILS SALON MARKETING PLAN
Part 1
The background
For this paper, we shall analyze the Hammer and Nails Salon located in Georgia, Atlanta. Some services offered within our firm include classic cut, beard glooming, head shave, manicure, pedicure, and sports pedicure, among others. Our mission is “providing services to our clients with ethics and integrity.” Our organizational philosophy is that customer service will determine our future clients. An example of one getting a great haircut from our firm is likely to attract new customers, thus boosting our competitiveness. Our firm began in 2019 but was momentarily closed in 2020 during covid19; however, we are currently fully operating and intend to open another location in Texas.
Situational analysis.
Our current operations have been increasing steadily over the past year after the full opening up of the economy. Additionally, people in Georgia normally appreciate the beauty industry; therefore, they are willing to pay more for great quality of service. Currently, we normally serve 47 clients daily within the income is slightly about $ 3200 daily. After paying the bills and employees, we make a profit of $350 per day. We are currently located in Atlanta, Georgia, although we intend to open a new location in Texas next month. Toerien & Kitzinger (2007).
Industry overview
We are currently located in Georgia in the city of Atlanta in Fulton county. During the covid19 pandemic, we were forced to close our company due to employees contacting the virus. However, after opening up the changes implemented, everyone has to wear a mask; they should sanitize and keep a 2 feet distance. All our employees are fully vaccinated. Currently, our market has not been saturated since the competition is based on quality and fashion, where companies that introduce unique services have more customers. Therefore with the legal requirements and capital, it is very easy to enter the market, but one should have the necessary skills and experience.
Environment analysis
The major social trend is people attempting to adopt the new dressing and makeup styles they observe on the internet. Therefore the public feels cooler and more respected when they follow the current trends. Our company will respond to this by establishing regular research to develop new trendy styles to attract more customers and meet our customers’ demands. The economic impact is from the introduced Small Business Tax Fairness and Compliance Simplification Act in February 2022, which seeks to offer beauty professionals tax relief by extending their FICA tax. This will likely help us have more accurate tipped income reporting and reimburse our business for implementing better reporting systems, which will be done by hiring professional accounting experts.
The major technological impact on our company is the introduction of social media and website marketing. Where companies respond to their customers using social media sites like Facebook, Twitter Instagram etc., this attracts more customers into the firm, thus increasing competitiveness. Therefore our company will be establishing a Facebook, Twitter and YouTube channel to help us communicate with customers, direct them into our shop and answer their potential questions regarding our services.
The current environmental impact of our organizations is that most people have learned about the importance of using natural products since they are more environmentally friendly and have fewer adverse impacts on their bodies. Therefore our company will be acquiring sustainable products and made with natural products and not synthetic ones. This will help us attract more customers. Yukl & Kanuk (1979).
Cherry Blossom Salon Company is our main competitor because it has been serving the people of Atlanta for over twenty years. Additionally, it normally hires experienced people only, and new employees have to undergo three months of in-service training and two months of mentorship. Although we normally mentor our new employees, our firm does not have adequate training resources. Additionally, the company has numerous locations within the US with experienced professionals and a great management team.
Objectives
Our current goals include increasing our company’s profits by expanding the services we offer, increasing our adverts, and training our personnel to offer better services. Secondly, we seek to open a new location within Texas for two months, although we have not established the right locations. Since our company has been performing well, we expect our new venture not to disappoint us.
Part 2
SWOT analysis
Strengths
1. Our new employees are mentored for two months to offer the best quality services.
2. We normally research the trending fashion for better customer service.
3. We normally offer a wide range of services, including classic cut, beard glooming, head shave, manicure, pedicure, and sports pedicure.
Weaknesses
1. We do not offer in-service training for our employees.
2. We have not made adequate social media and internet marketing.
3. We do not have adequate capacity to meet the current demands. Ardiyanto (2014).
4. We do not offer online appointments like the competitor companies.
Opportunities
1. The opening up of the economy after covid19 lockdowns has increased profitability.
2. Usage of organic and natural products in our firm.
3. Increased internet opportunities to engage with customers.
4. We seek to open a new location in Texas hence increasing our revenue.
Threats
1. Existence of competitor salon companies within Atlanta.
2. Competitors are offering discounts to the customers.
3. The costs of hiring experienced employees are high.
4. New salons are being established within Atlanta.
Segmentation strategies and Target market
Our major segmentation style will be psychographic, where we will first study the customers are group them based on their psychological traits, including personality, interests, attitudes, opinions, status etc. therefore, this segmentation shall ensure that all customers are treated based on what they like the most. An example, everyone has their most preferred haircut; therefore, the services will be based on the interests of those customers. An example, older men prefer bald, bangs, bowl cut, blocked neckline and arch hairstyles. In contrast, the younger men prefer the highlights, hard part, Ivy League, mullet and pompadour cuts. Therefore the age of customers will determine the quality of services they will be receiving from our organization. Ourahmoune & Jurdi (2021).
Finally, the geographic segmentation shall be applied after opening up a new location since we expect that the fashion and style of Georgian people are different from Texas. Therefore we shall apply geographical segmentation by learning what the new customers need the most and determining how to deliver it.
The technology will be essential to our organization since we shall use it to research what the locals prefer and watch videos from YouTube on how to deliver better quality. Our employees can also be schedule online classes which are cheaper to learn better ways of delivering greater service to customers. Our organization’s response to any potential trends will include educating our employees and inviting experts for further training. Currently, our organization has evaluated its traditional products by eliminating most synthetic products, including the oils, since most customers believe they are toxic, cheap and harmful to their skin. Therefore we are using modern organic productions to make customers happier. Solomon et al. (2004).
The benefits under each segment are ensuring that we offer exceptional and fine-tuned services to our potential customers. Remember that the beauty industry is more about attention to detail and being customer-oriented. Therefore our segmentation shall be used to improve customer’s loyalty to our firm, therefore, being more competitive
References
Ardiyanto, A. A. (2014). Jargon used by stylists in Rabel beauty salon Galunggung Malang (Doctoral dissertation, Brawijaya University). https://core.ac.uk/download/pdf/296253770.pdf
Ourahmoune, N., & Jurdi, H. E. (2021). Beauty salon-a marketplace icon. Consumption Markets & Culture, 24(6), 611-619. https://www.tandfonline.com/doi/pdf/10.1080/10253866.2020.1741356?casa_token=hLbJqIs5cWoAAAAA:DZ1YIxeyqGMeuMvcO1mNgYgN6HakqKEntAuTiHZ_UYY8RM93KMETwyPFsOzkYvF9j1l_zZ8JBMIc2Fo
Solomon, F. M., Linnan, L. A., Wasilewski, Y., Lee, A. M., Katz, M. L., & Yang, J. (2004). Observational study in ten beauty salons: results informing development of the North Carolina BEAUTY and Health Project. Health education & behavior, 31(6), 790-807. https://journals.sagepub.com/doi/abs/10.1177/1090198104264176
Toerien, M., & Kitzinger, C. (2007). Emotional labour in action: Navigating multiple involvements in the beauty salon. Sociology, 41(4), 645-662. https://www.researchgate.net/profile/Celia-Kitzinger/publication/249826070_Emotional_Labour_in_Action_Navigating_Multiple_Involvements_in_the_Beauty_Salon/links/0046351820b28433dd000000/Emotional-Labour-in-Action-Navigating-Multiple-Involvements-in-the-Beauty-Salon.pdf
Yukl, G. A., & Kanuk, L. (1979). Leadership behavior and effectiveness of beauty salon managers. Personnel Psychology, 32(4), 663-675. https://www.academia.edu/download/68980086/j.1744-6570.1979.tb02339.x20210901-29533-8ub3wl.pdf
