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Mkt 500: Enhancing the Marketing Plan

Enhancing the Marketing Plan As part of the Impressions Salon & Spa’s marketing plan, the following sections provide details of the current market situation by analyzing: Competitors, strengths, and weaknesses; roles in the marketplace; plan to differentiate the business; environmental issues, and; the most significant trend that impacts the company. The Company’s Competitors, and the Strengths and Weaknesses A competitor’s capabilities can be analyzed according to its strengths and weaknesses in various functional areas. The competitor’s strength defines its capabilities (Competitor’s Resources and Capabilities, 2010).

One common and useful technique is constructing a competitor array. The steps include: •Determine who your competitors are •Determine what benefits they expect (Competitor analysis, 2010). Impression’s Salon & Spa has many competitors in the Washington, DC Metro area, however, its main competitors are: •Lounge Hair Salon •Blondie’s Hair Studio & Spa •Salon Rouge Lounge Hair Salon. Lounge Hair Salon has been performing hair miracles for over 5 years specializing in extensions, color and designer cuts. It has passion to transform ordinary hair into extraordinary.

They are experienced experts in the latest trends related to nail services (Lounge Hair Salon, 2010). Strengths and weaknesses of Lounge Hair Salon are listed in the chart below. StrengthWeakness Known for cutting and hair styling techniquesLack of professional staff Competitive pricesPrimary services are provided by Miss Ashley Customer friendlySimple and less decorative environment Trained staffLimited service options Blondie’s Hair Studio & Spa. Blondie’s Hair Studio & Spa team indulges in the art of the shampoo. Their expert stylists are cutting edge with all textures and looks but they re not just about hair. They are trend setters in style as well as hair design. (Blondie’s Hair Studio and Spa, 2010). Strengths and weaknesses of Blondie’s Hair Studio & Spa are listed in the chart below. StrengthWeakness Studio Only one location Coloring skillsPrices too high Known for facialsIndifferent products or services Staff, equipment and servicesFinancial limitations Membership Blondie’s hair products Salon Rouge. Salon Rouge works to create a look unique to each customer, their full service salons are chic and modern while being warm and welcoming.

Come into BUBBLES for great hair (Salon rouge, 2010). Strengths and weaknesses of Salon Rouge are listed in the chart below. StrengthWeakness Excellent retail space in a well-traveled mall. As a new entrant to the market Well-trained employees with good hair cutting skillsStruggle remain on the cutting edge in terms of fashion and style Competitive prices Too pricy for average men and women Online appointmentsHigh staff turnover Discount packages Quality products The Strengths section of the SWOT analysis highlights positive characteristics that give a business a competitive advantage (Tambien, 2010).

The Weaknesses section of the SWOT goes over the undesirable characteristics of a business. Poor company culture, bad training techniques, financial limitations, staffing problems and other internal factors create weaknesses (Tambien, 2010). Plan to Differentiate from the Closest Competitor In today’s market it is not enough just to demonstrate the company can deliver what the customer wants and needs are. It needs to look far beyond what everyone else is doing by positioning its product/service different and better than any other competitors can. Differentiating your business can also help your company from becoming stagnant.

You constantly want to improve your products and services to attract new customers and sustain your current clientele. You want to be a little different. You don’t want to stand out in far left field, but be unique. If your business looks like all the others in the area why would you want to do business with them? In order to set itself apart from our competitors, Impressions Salon & Spa offers the following services; •Serve refreshing beverages upon arrival of customers. •Our facility is designed to serve as a peaceful retreat to customers who want to escape the stress of their day. We offer a vast array of massages that focus on removing tension and stress. •Our staff is well trained and friendly to all who grace our doorway. Our goal is to make our customers feel at home and to educate them on how best to improve your well being. •We offer Impressions Gel Ampoule or Impressions Oil Ampoule to help rejuvenate your skin during our most popular facials. Competition is a healthy and important part of doing business. It keeps everyone on their toes so to speak. Differentiating your business means defining your company in relationship to the competition.

It means continuously making improvements and reinventing yourself. If you want to differentiate your business, you need to look at your business from your client’s point of view. By educating our clientele concerning the use of organic products that leave your skin and hair feeling vibrant and young, Impressions Salon & Spa has taken steps to set ourselves apart from our competitors. Some points of differentiation include: quality, performance and leadership, superior service, and customer support. Creating a differentiation strategy is to develop a Unique Selling Proposition.

The Unique Selling Proposition is the biggest marketing weapon and is the key to differentiating your business from others like you. Industry Leader or Follower Impressions Salon & Spa has learned that a SWOT analysis is a snapshot of a business’s position and provides an input into the generation of strategic options. It gives management an outline of the major issues affecting the industry and the business and identifies the basis for developing strategies (Friend, 2009). The strategy Impressions Salon & Spa have embraced is to position itself as a leader in the Salon & Spa industry.

The SWOT analysis revealed the value of our patented Ampoule that can be utilized in combination with a variety of our services. We have learned to address the basic industry strengths and weaknesses while setting ourselves apart from our competitors. The Impressions Gel or Oil ampoules contained in small, decorative glass containers have become status symbols that our clientele tend to flash at major events, political fundraisers and business openings. No woman in the Washington, D. C. metro area wants to be seen without one of our unique bottles on her person.

Macro-Environmental Issues and Trends The Impressions Salon & Spa’s vision is to satisfy individual customers based on their needs and psychographics, and together service the entire community in the Washington, DC Metro area in pursuance of quality life. With this in mind, the Impressions Salon & Spa’s visionary statement goes beyond just making profits for the company. Its goal is to instead benefit the societal needs by satisfying its individual customers and their serving community while also earning profits consistent with internal legal and ethical requirements.

Legal and Ethical Issues. While maintaining the brand image and full compliance with legal and regulatory requirements, Impressions Salon & Spa believes that the company provides added value based on what’s good for society. In doing so, the company has a strict quality control policy in the areas of pricing, advertising, and recruiting employees. Impressions Salon & Spa only enters into contracts with suppliers who are in full compliance with the U. S. laws and regulatory guidance. This includes the U. S.

Fair Packaging and Labeling Act (FPLA) for packaging and proper labeling of cosmetics and related products so that our customers are fully aware of our product ingredients (Brennan, Browne, & Kubasek, 2009). Impressions Salon & Spa is also in full compliance with the 1939 Wheeler-Lea Act amending Section 5 of the Federal Trade Commission Act (FTCA) to ensure the company does not practice any unfair and deceptive messages through advertisements, involving pricing, product quality and quantity, or testimonials by well known figures or celebrities (Brennan, Browne, & Kubasek, 2009).

Furthermore, Impressions Salon & Spa recruits and promotes employees based on merit in accordance with the Civil Rights Act of 1964 as Amended Title VII and Equal Employment Act (Brennan, Browne, & Kubasek, 2009). Social and Environmental Issues. Impressions Salon & Spa is also aware that any products it offers must be environmentally friendly consistent with the global trend of going green concerns and ensuring that its products contain no toxic or harmful chemicals for the environment.

In addition, this includes acting as a responsible entity for the society by simply doing the right thing and ensuring friendly business practices. Technological and Economical Trends. We live in a global economy where things are within a reach of one’s finger tips by clicking a mouse based on our preference. As a result, businesses continue to find ways for their market niche by differentiating their products from competitors. Product pricing and quality service are the key elements to differentiate their products from competitors.

In addition, the advancing information technology (IT) drives businesses to compete their efficiency and effectiveness in the areas of finance, sales, production, distribution, manufacturing, and Research & Development (R). Impressions Salon & Spa strives for delivering top quality products and services to its customers while maintaining the advancing IT for its efficiency. Most Significant Trend to Impact Impressions Salon & Spa Impressions Salon & Spa focuses primarily on upper middle class people with an annual income of $200K or higher.

It is geographically located in the Washington, DC Metro area where its density is highly populated. In this marketing segment, Impressions Salon & Spa applies psychological profiles to know and understand their buying attitudes, knowledge, awareness, wants and needs as part of its marketing strategy. Impressions Salon & Spa analyzes their life style, behavior, their loyalty toward its products and services, and frequency of their visits in order to help the company make predictions and trends for its marketing goals and objectives.

In the long run, these long term strategic goals and objectives will help the company to better position itself within the industry and to ward off any competitors. Understanding their psychological profiles and put them into action can greatly impact for the success of the business. This analytical data has to be incorporated into the marketing strategy, planning, and even, daily operational goals to make the plan into action so that every aspect of the daily business can aim toward the common goals.

In doing so, this requires that the delivery of Impressions Salon & Spa’s products and services have to be continuously monitored and reviewed for any needs for improvement and for the purpose of possible expansion of its target market. Impressions Salon & Spa introduces new and improved products and services on a continual basis during the course of each Product Life Cycle (PLC): (1) Market introduction; (2) Market growth; (3) Market maturity, and; (4) Market decline.

Their continuous effort to improve the products and services will certain increase its chances of satisfying the existing customers, attracting new customers, and even, warding off any competitors. References Blondie’s Hair Studio and Spa. (n. d. ). Retrieved December 4, 2010, from http://www. manta. com/c/mtw17n9/blondie-s-spa-hair-studio Brennan, B. , Browne, M. & Kubasek, N. (2009). The Legal Environment of Business: A Critical Thinking Approach (5th ed). Upper Saddle River, NJ: Pearson Prentice Hall, 595-774. Carpender, C. (2008). How to Differentiate Yourself from Your Competitors.

Retrieved December 5, 2010, from http://www. insiderreports. com/storypage. asp? storyID… ChanID Competitor Analysis. (n. d. ). Retrieved December 4, 2010, from http://www. netmba. com/strategy/competitor-analysis/ Friend, G. & Zehle, S. (2009). Guide to Business Planning. Retrieved December 5, 2010, from http://www. books24x7. com Hair Salon Marketing Plan. (n. d. ). Retrieved December 4, 2010 from, http://www. mplans. com/hair_salon_marketing_plan/situation_analysis_fc. php Iacobucci, D. (2011). Lounge Hair Salon. (n. d. ). Retrieved December 4, 2010, from http://www. cribd. com/doc/4868990/Hair-salon-marketing-plan Marketing Management: 2010 custom edition. Mason, OH: South Western Cengage Learning, 140-186. Salon Rrouge’s Strategy Analysis. (n. d. ). Retrieved December4, 2010 from, http://www. slideshare. net/harbine/alexs-hair-salon-strategy-analysis Tbienam, E. (2010). Day Spa SWOT Analysis. Retrieved December 3, 2010, from http://www. ehow. com/about_6623509_day-spa-swot-analysis. html Wikipedia, the Free Encyclopedia. (n. d. ). Competitor analysis. Retrieved December 3, 2010, from http://en. wikipedia. org/wiki/Competitor_analysis

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