Lavish Locks Marketing Plan Assignment Sample

• Subject Name : Marketing

Contents

Business.

Business Overview..

SWOT Analysis.

SWOT Activity Sheet

Products/ Services.

Market Position.

Unique selling position.

Anticipated demand.

Pricing strategy.

Values to customer.

Growth potential

Future.

Vision Statement

Mission Statement

Goals/ Objectives.

Market

Unique Selling Position.

Customers.

Customer Demographics.

Key Customers.

Customer Management

Competitors.

Competitor Details.

Market Research.

Market Targets.

Industry/ Environmental Analysis.

PEST Analysis.

Marketing Strategy.

Advertising & Sales.

Advertising and promotional strategy

Social media strategy.

Sales and Distribution Channels.

The Finances.

Financial Objectives.

Finance required.

Financial assumptions.

Startup funding.

Price.

Expected sales.

Marketing budget [2021] projected for six months.

Monitoring activities.

The Business

Business Overview

Business Owner: Nicola Mackenzie

Located in: Toorak, Melbourne

Operating for: 2 years

Products and Services: These are as follows:

• Hair Cuts – Men and Women
• Hair Coloring – Professional Coloring
• Hair Styling – Event Stylings like wedding, parties, and routine
• Hair Care Products
• Styling Products
• Shampoo and Conditioner

SWOT Analysis

SWOT Activity Sheet

Products/ Services

Market Position

Since it is a new business, our products and services are not much competition in the market. However, it is gaining popularity with some promotions done by the business. Our business needs to create a fit between the market and its products and services. It needs to leverage its competitive advantage to attain its anticipated positioning.

Unique selling position

My business wants to offer every service to the clients at a single place. Moreover, I wish to provide a middle ground for customers who cannot afford luxurious services. Additionally, my salon will offer a relaxed place for clients where they will be served with soft drinks also.

Anticipated demand

The anticipated quality of products and services that each of our customers is likely to purchase will be about nine to ten visits in a year. I want to serve within six months 200 regular clients who will buy at least two of our services during every visit.

Pricing strategy

The penetration pricing strategy will be used by my business to attract a wide range of people, low-income families, and those who can't afford luxurious services. I have chosen this strategy to get more people into my place and the customer base could be increased.

Values to customer

The customers of my salon enjoy our customer services and perceive it of the superior quality. They liked our professional services like hair coloring and cutting.

Growth potential

The anticipated growth rate in percentage for the product of business will be 10 % in the future. This growth rate will be driven by novel ideas and innovations in business to bring about diversification.

The Future

Vision Statement

Busy professional operating business attracting high-end trade Our vision is to make our business to be the most distinguishable one in Australia. To maintain the robust relationships that have been created by business for the long term.

Mission Statement

We aim to serve clients with honesty by being faithful to them, our business, and ourselves. Moreover, our mission is to offer outstanding customer service reliably with a pleased unrelenting approach while standing within a reasonable budget for people.

Goals/ Objectives

The objectives of Lavish Locks are as follows:

• To enhance profits by 4% within this year by increasing sales by 8%
• To retain the existing clients by quality services
• To attain novel clients by promoting business to newer segments
• To preserve steady and positive growth in every month.

The Market

Unique Selling Position

We provide scalp massage service for three minutes free of costs. Moreover, we offer soft drinks to clients, and also there is music playing around for the entertainment of clients.

Customers

Customer Demographics

Lavish Locks Salon is usually targeting a group of individuals who are between 16 to 60 years old. It is a high standard professional salon that relies on modern fashion and can do almost anything the client is looking for by adhering to every regulation and law. Since people aged between 16 and30 are more concerned about the trending styles and look for professional services. Thus, we keep our stringent eye on this segment.

Key Customers

The key customers for our business are young men and women who are searching for professional haircuts, styling, and more. We target this segment by building our brand awareness on social media platforms like Instagram, Facebook, Pinterest, and more. We will ask for referrals to family and friends.

Customer Management

It is a fact that footfall to the salon can be improved by building a robust customer relationship. Thus we build a strong relationship with clients by keeping in touch with every customer via social media sites, and over phone calls. We will achieve the same through our etiquettes, encouraging repeat bookings, communicate effectively, and educate them for our products. We follow health and safety norms at our salon business.

Competitors

Our business will improve its services by constantly knowing the trends in the market and make strategies accordingly. We will rate our services lower than competitors as we are new in the business.

Competitor Details

Market Research

The method that we applied for analyzing the market is an observation technique in which our marketing team took part in analyzing the consumer buying patterns and their preferences for the competitors' products and services. We researched the web via social media platforms to collect information.

Market Targets

The planned target to achieve by the end of this year will be 8%. Within the time frame of 6-9 months, we planned to sell at least two of our services and products to each of our customers. These are targets for this year's end and for the subsequent year, we will achieve about 10% of sales by increasing our customer base.

Industry/ Environmental Analysis

PEST Analysis

Political Environment

The political environment of the Australian nation is stable. However, there are certain rules and regulations of the government that are changing for small scale businesses like new loans, higher taxes, new instruction programs for the beauty and hairdresser field.

Economic Environment

The Economy is Australia is stable as there is a decreasing interest rate for business loans. However, there are higher unemployment rates and declining GDP growth rates in the economy. 

Social trends

The population of the country is constantly growing for years. The recent trends in the personal grooming industry are preferences of youngsters towards becoming fashionable on occasions like weddings, parties, and other events. These are the seasonal demands of clients. The external factors that may impact our customers are the family members, reference groups, advertisements of a competitor's product, and services.

Technological Environment

Since all businesses are using technological means to promote their services and products. We will also use the internet for promotional activities and give our customers a chance to book service online.

Marketing Strategy

Advertising & Sales

Advertising and promotional strategy

Social media strategy

We will use social media tools like Facebook, Instagram, Pinterest, and Twitter for the marketing purpose and to communicate with the clients and people. The strategies we use to effectively communicate with them will be 24/7 support available, instant response, reply to each one, and more. We have a highly skilled team of digital marketing who will take care of all our social media presence.

Sales and Distribution Channels

The Finances

Financial Objectives

• Profitability each year
• Grow profit margin by 4%
• Sales of 8% each year
• Cost reduction

Finance required

The money needed upfront around $ 50000. Funds will come from savings and also from debt financing means from bank loans. The finance will be arranged 50% percent from equity medium and 50% from bank loans.

Financial assumptions

The business might have to face a failure in its income in case of any economic recession. At that time, it is also possible that business may not get much affected as it mainly targets the business members and for them, it is a necessity that can be profitable and supportable for the company in recession time.

Startup funding

Price

The prices for our services and product are set and ranges between $ 26 and $ 170. The prices of our varied services like haircuts, bridal makeup, hair coloring, and hairstyling are set taking into consideration all the associated costs like working capital, operational start-up, and more so that a suitable profit could be earned after rendering services to the customers. Moreover, these prices are set by considering the desires of our target market of youngsters.

Expected sales

The expected sales of our business by the end of this year will be an 8% increase. Yes, seasonal influences may come as there will be more demand in wedding seasons and others. However, we target to achieve this figure through our whole hard work and promotions.

Marketing budget [2021] projected for six months

Monitoring activities

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