12 May DESCRIBE THE COMPANY’S TARGET MARKET IN TERMS OF SIZE, COMPETITORS, AND THE SPECIFIC NEEDS AND WANTS OF POTENTIAL CUSTOMERS THAT THE PRODUCT IS LIKELY TO SATISFY.
Provide a detailed description of the company in the form of an executive summary. It should include the product, its name, trademark, color, shape, packaging, label, and relevant characteristics.
My fictional company is a Beauty Salon called ESCAPE that promotes a peaceful relaxing environment. Quality relaxing music will be played over the top notch music system. This music is designed to promote a relaxing atmosphere. The colors on the walls will be drab and relaxing, distressed wood will complement the drab home feeling decor. My stylist will be positive minded, outgoing talented beauticians.
The seating will be comfortable, with an open view, there will be a large flat screen television. Coffee and tea will be readily available. And on some occasions complementary wine.
2 Describe the company’s target market in terms of size, competitors, and the specific needs and wants of potential customers that the product is likely to satisfy.
My target audience is hard working inner city females which will be typically African American. In my studio they will receive, a collective rejuvenation while collaborating with likeminded professional women.
3. Analyze the pricing strategy relative to the company’s pricing objective, and internal factors and external factors that could affect the pricing of the company’s products and services.
Also the desired building for this business is a multi-family corner lot with 1-3 apartments on the second and third floors. That way, if the beautician business in not going well, the apartment rental income will pay the bills.
This will allow me the wiggle room, if necessary to re-group and change marketing strategies. Each styling chair will be leased out annually to the respective beautician. I do not plan to spend every day in the shop. For that reason, a full time (real world) running camera will be ran 24-7. This will also help out with security.
My role in this business is to rent out space. I will provide quality, secure space, to good likeminded people.
4. Determine the distribution strategy in terms of the target market, location, and selection of distribution channels.
My particular location will be in the city or at least on the out-skirts. However, there will be security: the glass will be tinted glass, where- in you can see out, but not in. The door will have a lock that requires customers to be buzzed in. These days most beautician visits are appointments not walk in.
5. Outline the promotional strategy in relation to the marketing objectives, advertising program, and public relations activity.
My initial target marketing area are the corporate banking areas of Wilmington Delaware. I will start with having flyers created and placing the flyers under the windshield wipers of parked cars in the downtown Wilmington Delaware corporate area. I will post flyers in the local gyms in the area as well. I will run an ad on the local radio station informing every one of the new salon.
The flyer and radio add will advertise upscale hair styling, quality environment at a good price.
6. Recommend three or four action steps that you could take in order to move your marketing plan forward.
One required action step to move forward is to be financially prepared to purchase the building. One of the biggest parts of my business plan is to own the property. This will allow me the flexibility to change businesses and to ultimately have the opportunity to build equity. Secondly, I need to conduct local research as to the prime location and subsequent shops that would be competitors. Another approach is to buy used equipment, which will be an excellent cost cutter says Barbara Corcoran author of the book Start Your Own Business and television Shark Tank show star.
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