18 May Using the same hypothetical company from Part A: Marketing Plan Input, for this assignment, you will focus on the company’s branding strategy, primary and secondary target marke
Overview
Using the same hypothetical company from Part A: Marketing Plan Input, for this assignment, you will focus on the company's branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.
Note: You should make all assumptions needed for the completion of this assignment.
Instructions
Create the second part of your marketing plan in 5-7 pages using the Part B Marketing Plan Template [DOCX] Download Part B Marketing Plan Template [DOCX]:
- Explain how you will use the feedback you received on Part A of your marketing plan to improve your plan.
- Develop a branding strategy for the product or service that covers the brand name, logo, slogan, and at least one brand extension.
- Analyze the primary and secondary markets that will be targeted, including the demographic profile (age, gender, ethnicity), psychographic, professional, and geographic profiles.
- Prepare a positioning statement that depicts a specific position using a perceptual map that shows a company's position against its competitors.
- Explain the main reasons why the brand name, logo, slogan, brand extension, and positioning statement are right for the identified target market.
- Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
Resources
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MKT500 |
Part A: Concrete Rose Marketing Plan
Courtney Nelson
MKT500 Marketing Management Strayer University
Professor Lisa Amans
April 24, 2023
Introduction
Concrete Rose is an innovative and premium beauty and wellness establishment, located in the serene state of Virginia. The main aim of Concrete Rose is to provide our esteemed clients with top-notch services such as massages, facials, body treatments, nails, and toes. The company understand that individuals lead busy lives, thus we offer a tranquil environment where they can unwind while enjoying exclusive spa treatments provided by our professional therapists. Concrete Rose prides itself on delivering exceptional service through personalized care for each client’s specific needs which sets us apart from competitors in the industry.
In order to ensure continued growth and success of the business venture, a comprehensive marketing plan has been laid out which includes a compelling mission statement outlining what Concrete Rose stand for and the principles guiding us every day; the goals of the company that will steer the firm towards profitability; environmental analysis aiming to identify key trends affecting consumers’ purchasing decisions. Also, it will analyze the SWOT analysis highlighting Strengths, Weaknesses, Opportunities, and Threats facing Concrete Rose.
Mission Statement
Goals
Our goal is to become the first choice for individuals seeking top-notch spa treatments in the area by offering customized services tailored to each individual's needs. In doing so, we plan on acquiring a loyal customer base that trusts our brand name and reputation through consistency in service quality (Frank, Mendes, Ayala, & Ghezzi, 2019). Additionally, we hope to establish an online presence through social media marketing strategies that will attract new clients, promote sales and connect with existing customers on different platforms including Facebook, Twitter or Instagram, ultimately resulting in increased revenue streams as well as attracting more clientele coming through referrals from satisfied former patrons of Concrete Rose.
Long Term
One long-term goal for Concrete Rose could be to increase its market share in the local area. It can be achieved by expanding services offered or creating package deals that appeal to a wider range of customers. Another way to increase market share is through strategic partnerships with other businesses or organizations.
Another long-term goal could be improving profit margins by reducing costs while increasing revenue. One way this can be accomplished is by implementing efficient scheduling practices that maximize staff utilization while minimizing downtime between appointments. Additionally, investing in equipment upgrades or new technologies may improve efficiency and reduce costs over time.
Building strong relationships with clients through exceptional customer service and personalized experiences can create loyal customers who will continue to return over time. These long-term strategies not only benefit the bottom line but also contribute to a positive reputation within the community as well as increased website visitors through word-of-mouth recommendations.
Short Term
One of their primary short-term goals is to increase website visitors by 20% in the next three months. To achieve this goal, they plan on creating quality content and optimizing their website for search engines. The firm also intend to improve user experience by ensuring that their site is easy to navigate. Concrete Rose plans on increasing its social media presence through engaging posts with captivating visuals showcasing its services while promoting customer feedback. Metrics such as customer retention rate, revenue growth percentage, and an increase in market share should be monitored over time to determine if Concrete Rose is achieving its desired level of success.
Another short-term goal of Concrete Rose is to increase revenue margin by 5% in the next six months. The company aim at achieving this through strategic pricing and cost-cutting measures without compromising on service delivery. Setting achievable short-term goals like improving website traffic or social media engagement can help businesses like Concrete Rose gain traction quickly while building momentum towards more significant long term objectives such as increasing market share. The short-term goals can be measured by tracking website visitors, social media engagement rates, and booking appointments. With this data, Concrete Rose can analyze what marketing strategies are working best for them in terms of attracting new clients.
Environmental Analysis
By exploring various factors such as competition, economic growth, political stability, technological advancements and sociocultural forces we can gain valuable insights into how these impact our business. The knowledge allows us to make informed decisions about everything from pricing strategies to marketing campaigns. At Concrete Rose, the company is committed not only to providing exceptional service but also being proactive in understanding the environment in which we operate so that we can continue thriving well into the future.
Competitive Analysis
One way to conduct competitive analysis is by identifying similar businesses within the same geographic area. In this case, other spas or wellness centers located in Virginia may be considered as competitors for Concrete Rose. The main competitors include Flowering Almond Spa and SeaHill Spa at The Cavalier.
Economic Analysis
The economic analysis is a crucial aspect of evaluating the feasibility of any business venture. For Concrete Rose, as a massage and spa shop in Virginia, it is important to understand the current state of the economy and how it may impact our operations. The significant factor that affects businesses is inflation. Inflation can increase costs for goods and services, which can lead to reduced profits or even losses if pricing strategies are not adjusted accordingly. Another critical consideration in economic analysis is employment trends such as unemployment rates. A high rate indicates lower consumer spending power, reducing demand for our services potentially.
Political and Legal Analysis
When it comes to opening a business, political and legal factors play an important role in its success or failure. Concrete Rose, a massage and spa shop in Virginia, must conduct a thorough analysis of the political and legal environment before making any decisions. One factor to consider is political stability. Virginia has been known for its stable government which can help businesses thrive. Tax guidelines are another factor that needs attention since taxes affect the bottom line of every business. Trade regulations also need consideration especially if Concrete Rose plans on importing products from other countries.
Technological Analysis
In today's digital age, technology plays a vital role in the success of any business. For Concrete Rose, it is important to keep up with the latest technological advancements in order to stay ahead of its competitors. One aspect of technological analysis that Concrete Rose should focus on is the lifecycle of technologies. It is important to identify which technologies have reached maturity and which ones are still in their infancy stages. By doing so, they can prioritize investments and plan accordingly.
Sociocultural Forces Analysis
It is essential to understand the impact of sociocultural forces on the business. The spa and massage industry heavily rely on customer demographics, cultural beliefs, lifestyle attitudes, and education levels. Understanding customers' needs and preferences is crucial in providing customized services that meet their expectations. Therefore, Concrete Rose must keep up with current trends in fashion, music styles, beauty standards, among others.
SWOT Analysis
Conducting a SWOT analysis for massage and spa shop is an essential tool to assess the strengths, weaknesses, opportunities, and threats of the business. The analysis helps in identifying how well the company is positioned in its market environment with respect to competitors as well as customers' preferences. Strengths could include a variety of services provided by skilled therapists and aestheticians that cater to diverse customer needs. Weaknesses may arise from lack of diversification in service offerings (Benzaghta, Elwalda, Mousa, Erkan, & Rahman, 2021).
Opportunities such as offering specialized massages catering to niche clients can give businesses an edge over others while threats like economic uncertainty may pose risks to profitability or growth potential if not addressed appropriately. Competitors may provide threat to the company if they offer better services at reduced prices. Furthermore, conducting this analysis regularly ensures businesses are on top of their strategy game by identifying areas where they need improvement and converting those into strengths for increasing profitability while keeping customer satisfaction at optimum levels.
SWOT Analysis
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Strengths · Offers variety of services · Location · Use of natural products · High quality of services |
Weaknesses · Lack of online presence · Inconsistency in services · Limited range of services |
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Opportunities · Introduce a membership package · Expand to offer more services · Collaborations |
Threats · Competitors · Technological advancements · Negative feedback by clients |
Strengths
Concrete Rose spa and massage shop is an exceptional establishment that boasts several strengths which have made it a top choice among patrons. One of its key strengths is the wide range of services that are offered to cater to diverse needs of customers. From relaxing facials, therapeutic massages, body wraps and scrubs to acupuncture, waxing, and manicures/pedicures – Concrete Rose truly has something for everyone who walks through their doors. Additionally, having a prime location in a central area with easy access by public transport or car makes it convenient for customers seeking respite from the daily grind.
Another strength worthy of mention is the use of natural products in all treatments provided at Concrete Rose Spa and Massage Shop; this not only promotes wellness but also shows commitment towards being environmentally friendly. Furthermore, high quality service delivery ensures that each guest receives personalized attention and care which results in an unforgettable experience every time they visit. Overall Concrete Rose spa's combination of variety in services offered with natural ingredients sets them apart as true leaders within the industry by delivering expertly crafted experiences centered on healthful rejuvenation opportunities while providing unmatched levels expertise across amenities designed specifically around clients' needs thus ensuring any individual who visits leaves emboldened with renewed peace and vitality returned to comfort living lives feeling evermore confident.
Weaknesses
Concrete Rose spa and massage shop has several weaknesses that need to be addressed for the business to thrive in the competitive industry. Firstly, a lack of online presence can lead to missed opportunities for potential customers who prefer digital searches. In today's fast-paced environment, an online platform is crucial in reaching out to customers as it allows them convenient access to information about services offered, prices, location and customer reviews. Secondly, inconsistency in services provided by Concrete Rose could result in decreased customer satisfaction and loyalty leading to unfavorable word-of-mouth recommendations affecting overall sales numbers.
Consistency is key when it comes to building lifelong relationships with loyal clients where they can trust quality services consistently across multiple visits. Thirdly, the Limited range of services offered may limit chances for increased revenue streams due limiting options available forcing existing clientele elsewhere resulting in lost sales opportunities from potentially repeat visitors seeking alternative solutions lacking at Concrete Rose. Overall these issues require urgent attention if Concrete Rose wants sustainable growth towards long term success over rival businesses offering online platforms combined with wider service offerings serving evolving market demands.
Opportunities
At Concrete Rose spa and massage shop, the company have identified several exciting opportunities to better serve our clients. First, we plan to introduce a membership package that will provide loyal customers with exclusive discounts on services and products. This will not only benefit our clientele but also create a steady source of consistent revenue for the business. According to Ritter & Schanz (2019), the company is looking to expand our offered services beyond massages by adding new treatments such as facials, manicures or pedicures, and more specialized therapies like aromatherapy or reiki healing sessions. By doing so, it will allow the company to attract an even larger group of potential clients seeking different types of self-care experiences from one location. Finally, we aim to collaborate with other businesses in the wellness industry to offer unique packages or discounts together that can further enhance the experience for our mutual customers while strengthening relationships within the local community. These opportunities reflect our continued commitment at Concrete Rose spa and massage shop towards providing exceptional customer service while continuously innovating in this ever-evolving industry.
Threats
Concrete Rose spa and massage shop must be aware of various potential threats that could impact its business. Firstly, keeping an eye on competitors is essential as the market trends may change frequently, affecting customer preferences and their loyalty to the brand. Secondly, technological advancements can create challenges as well as opportunities for businesses like Concrete Rose to stay updated with innovative tools and techniques. The spa industry evolves fast and it is critical to maintain a cutting-edge advantage while staying true to its core services. Finally, negative feedback by clients can dent the reputation earned over time which ultimately affects the loyalty towards the brand and consequently results in decreased revenue streams. It is important for client satisfaction surveys to be conduct regularly so that any constructive criticism or issues raised can be addressed effectively in order to improve service standard across all aspects of operations including pricing policies.
Conclusion
In conclusion, Concrete Rose is an innovative and premium beauty and wellness establishment, located in the serene state of Virginia. The study has examined the mission statement of the company that addresses the main stakeholders of the firm such as employees and customers and the type of services offered by the company. The main aim of Concrete Rose has been recognized as offering our esteemed clients with top-notch services such as massages, facials, body treatments, nails, and toes. The study has identified the strengths, weaknesses, opportunities, and threats of the Concrete Rose. Also, the business environmental analysis has explored various factor that need to be addressed for efficiency of the firm such as competitive, economic, legal, technological, political and sociocultural forces.
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.
Frank, A. G., Mendes, G. H., Ayala, N. F., & Ghezzi, A. (2019). Servitization and Industry 4.0 convergence in the digital transformation of product firms: A business model innovation perspective. Technological Forecasting and Social Change, 141, 341-351.
Ritter, M., & Schanz, H. (2019). The sharing economy: A comprehensive business model framework. Journal of cleaner production, 213, 320-331.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
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MKT500 |
Part B: ABC Marketing Plan (Change to your name of business here)
Your Name
MKT500 Marketing Management Strayer University
Dr. Your Professor
Date submitted
Introduction
Explain how you will use the feedback you received on Part A of your marketing plan to improve your plan. Do not just list the feedback.
Next, re-introduce your company you shared in Part A.
Lastly, review what you will share: branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.
Branding Strategy
Write an introduction here (minimum of three sentences). Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension. For each of these sections below, provide rationale. Each section should be a minimum of three sentences.
Brand Name
Text starts here, provide rationale (minimum of three sentences).
Logo
Text starts here (do not start with an image of your logo, describe first); provide rationale (minimum of three sentences). Relay what the logo means, for example, Nike’s swoosh logo. Example below:
Figure 1. Your company name logo and short descrption.
Slogan
Text starts here (do not start with your slogan, describe first); provide rationale (minimum of three sentences).
Brand Extension
Text starts here, provide rationale (minimum of three sentences).
Primary and Secondary Target Markets
Analyze the primary and secondary target markets for your company. Thoroughly include the demographic profile (for example, age, gender, ethnicity, et cetera), psychographic profile, professional profile, and geographic profile. Factors to consider in determining your target markets could be age, lifestyle values, attitudes, wants and needs, gender, number of kids, education income, stage in the household lifecycle, geographic location (urban versus rural, et cetera), or risk orientation. Make sure your target market is not too broad; be focused and concise, using multiple characteristics. Target market and segmentation choices are perfect topics for scholarly references to substantiate your position (search in library for peer-reviewed, journals).
Positioning Statement
Start with an introduction sentence or two. Then state what is your unique selling proposition (USP), who do you consider to be your competitors, and how does their positioning statement (as they are seen in the marketplace, what’s their USP) differ from yours. Include a perceptual map that shows your company’s position against its competitors. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map. Figure 1 example is below:
Figure 1. Perceptual map representing Your Company Name in relation to competitors XYZ company, ABC company, and AAA company.
From this map, create a statement that depicts your position. Prepare a positioning statement (that is, “For customers who want [segment], our brand is the best at [unique selling proposition—competitors and competitive advantage].”).
Under Armour example:
Under Armour’s mission statement is, “Under Armour’s mission is to make all athletes better through passion, design and the relentless pursuit of innovation.” A converted position statement might be: “For athletes who want to be the best, Under Armour is the best at making all athletes better through passion, design, and the pursuit of innovation.”
Note: See the textbook for an example of another perceptual map.
Consumer Behavior of Target Market
Examine the relevant consumer behavior for your target market (use segmentation and targeting rationale from your textbook). Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market. Objective is to examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing. Remember your target market should consist of more than one characteristic (for example, age, lifestyle values, attitudes, wants and needs, gender, age, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, et cetera), or risk orientation). Good place to use references on consumer behavior from Journal of Marketing.
Conclusion
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Sources
Use three credible, relevant, and appropriate resources as marketing research to determine the feasibility of your product or service. To receive most points as exemplary, you must meet the required number of credible, relevant, and appropriate references.
These resources should be industry specific, relate to your chosen product or service, and be published in the last five years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
SWS Guidelines: (delete this from your paper)
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course and the Strayer Writing Center.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
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