Mkt 500: Enhancing the Marketing Plan

Topics: Marketing, Competitor analysis, Hairstyle Pages: 7 (2007 words) Published: September 2, 2011
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 are 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...

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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)
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
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,
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