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.
Strength Weakness
Known for cutting and hair styling techniques Lack of professional staff
Competitive prices Primary services are provided by Miss Ashley
Customer friendly Simple and less decorative environment
Trained staff Limited 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
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.
Strength Weakness
Known for cutting and hair styling techniques Lack of professional staff
Competitive prices Primary services are provided by Miss Ashley
Customer friendly Simple and less decorative environment
Trained staff Limited 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
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) 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, from http://en.wikipedia.org/wiki/Competitor_analysis