Marketing Plan
Hammer and Nails Salon in Atlanta, GA
Make as own company. Write in APA style.
Part One:
Background:
Provide information on the company’s mission, organizational philosophy and its relevant history. What need does the product fulfill?
Situation Analysis:
What do the current operations look like? What outlets are the products being sold through? What volume? Latest sales revenues? Profit Margin? If it is a retail store, how many operations are there and where are they located?
Industry overview
What is the state of the industry in which the retailer operates? What changes have occurred in the industry as a result of the pandemic? How saturated is the industry? Are there dominant players currently? How hard/easy is it to enter the market?
Environmental Analysis:
Social/Cultural: What major social and lifestyle trends will have an impact on the company? How will the company respond to these trends?
Economic: What major trends in taxation and income sources will have an impact on the company? What action has the company taken in response to these trends?
Political and Legal: What laws are now being proposed at federal, state, and local levels that could affect marketing strategy and tactics? What recent changes in regulations and court decisions affect the company? What political changes are taking place at each government level? What action has the company taken in response to these legal and political changes?
Technological: What major technological changes are occurring that affect the company?
Environmental: What is the outlook for the cost and availability of natural resources and energy needed by the company? Are the company’s products, services, and operations environmentally friendly? Are there ways to minimize the impact of the company on the environment?
Competitive: Identify the primary competition (brand competition) for your product or retailer on both a national and local level in the cities you select to expand into from the list above. Identify your competitive advantage and what makes it sustainable. What are product competitors for your product/retailer?
Objectives:
Identify current goals and objectives for the company. These objectives should include expansion into at least 2 of the cities identified above. The cities should be selected based on the fit/size of your target market (the target market will be described in detail in Part Two of the marketing plan. The time frame should be for a maximum of 3 years.
Part Two:
SWOT
Use the information obtained from the Environmental Analysis in Part One to develop a SWOT analysis. This may be presented in table or bullet form but should provide substantiation for your assertions. For example, if you say that increasing incomes provides an opportunity for your product to expand into other regions provide the statistics that support that income is indeed increasing.
Segmentation Strategies
What types of segmentation strategy will be employed? (eg. Geographic, psychographic, behavioristic, demographic). Most companies utilize multiple segmentation strategies. Identify all applicable strategies and provide substantiation for your assertions.
Target Market
For each type of segmentation strategy employed, describe the segments the retailer targets. For example, if the company employs geographic segmentation, what regions of the country does it operate in and what differences exist between segments? Does the retailer’s segments differ from those targeted by its primary competitors? How so?
Regardless of the segmentation strategy chosen, describe the demographics for your typical user. What are the size and growth rate for your target market in the cities selected for this marketing plan?
What impact will forecasted trends in the size, age, profile, and distribution of population have on the company? How will the changing nature of the family, the increasing importance of technology in both professional and personal use, and changes in the ethnic composition of the population affect the company? What action has the company taken in response to these developments and trends? Has the company reevaluated its traditional products and expanded the range of specialized offerings to respond to these changes?
What benefits does the organization offer to each segment? How do these benefits compare with benefits offered by competitors?
Remember that this is not to be based on your opinion but on research.
