A marketing plan can be developed as part of the overall business plan. To be able to come up with a solid marketing strategy, it is essential to develop a well-written marketing plan. Although a marketing plan has a number of actions involved, a marketing plan that lacks a strategic foundation may be useless. A marketing plan refers to an outline of organization efforts of marketing. A marketing plan covers marketing strategies to be used in the tact or approach to use. Depending on company orientation, the objectives or a marketing plan varies. In an organization that is sales-oriented, the marketing plan that will be developed will have incentive payouts plan aimed at not only motivating the sales staff but also to align the activities involved in marketing with the organization’s mission. Basically, a marketing plan aims at making the business to provide a solution to the expectations of the customers and those of the organization as well. In our case, we will be drawing a marketing plan for our barber and beauty shop located in Dallas, Texas called “immaculate’’.
Below is the marketing plan of our barber and beauty shop located in Dallas, Texas called “immaculate’’:
1. Executive summary
Our business deals with shaving, sale of beauty products, and doing hair for women or operates a salon.
2. The challenge
Some of the products that we will be selling include aftershave, hair food oils, makeups, beauty soaps, and nail polish among others. We expect to make a minimum sale of $ 50,000 per week al inclusive of saving and doing hair for women.
3. Situation analysis
Based on our company analysis of the weaknesses, goals, culture, focus, and the market share of our surrounding we can be able to achieve our target. The target customers are people willing and able to buy and also visit our beautiful shop and have their hair done. There are several competitors within the surrounding; however, due to our strength of being able to deal with a variety of products we are able to beat such competitors. As far as market share is a concern indeed we have all it takes as our market share is approximately 70%. Among the competitors in the surrounding a majority of them are willing to work with us as subsidiaries and others and joint ventures. This will make us be dominant in the market. However, the greatest threat is on the competitors who have a large market share than we hence may pose a challenge to our expansion.
4. Market segmentation
We will divide the market into four segments. This will ease our process of penetrating in the market. For instance, segment one can entail elements such as the percentage of sales, description of the sales, the use of products, how to reach the market, and price sensitization among others.
5. Alternative marketing strategies
At this stage, the alternative marketing strategies other than the stated are listed and discussed. These are the strategies that were evaluated before arriving at the strategy adopted. Such alternatives include decisions to discontinue a product, rebranding of a product or the company, and positioning among others. In our case, the alternative strategies will be to rebrand the product in case of enormous challenges.
6. Selected marketing strategy
Our basic marketing strategy is advertising, personal selling, and after-sale services. This is appropriate because advertising will enable our business to be known by many people, personal selling will facilitate one on one contact between our business executives, and customers. After-sale services may be done by giving our customers beauty products after seeking services from us. Some of the other available marketing mixes include the price, product, promotion, and place for the sale of the product. The product mix highlights the advantages associated with the product. The price mix states strategies of pricing such as discounts, bundling, and payment terms among others. The place will highlight the distribution channels, location, logistics, and the criteria employed in evaluating the distribution. The promotion mix will state the promotion strategies employed such as advertising, personal relations, personal selling, and sales promotion among others.
7. Long term and short-term projections
In the long run, we believe that we will have a market share of up to 90%, expenditure will have also reduced up to 30% of the total revenue earned because marketing will be minimal.
Finally, after all these steps we will be able to achieve our long term objectives.
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It is worth noting that, most of the firms that are successful have a well-written marketing plan. The size of the company determines the size of a marketing plan, the bigger the company, the bigger the marketing plan. A marketing plan should cover one year. In most of the small companies, coming up with a marketing plan is the best way of conducting marketing in the organization. In most of the organization, there exist staff turn over, as such it is essential to have a marketing plan to guide marketing in the organization in the absence or presence of all the staff. A marketing plan should cover the medium and the long-term, but the greatest portion of the plan should cover the long and future term. The marketing plan should be made accessible to all the company players. However, some firms or companies do not like making the plan to be accessible because, it could be skimpy hence do not want the management to see, or it could be so solid or parked with the necessary information that could benefit its competitors.
Finally, it is essential to note that, to be able to come up with a good marketing plan, many people should be involved. This is essential despite the size of the company. Persons that should be involved should come from the various departments in the organization that includes the finance, advertising, procurement, human resource, and manufacturing departments among others. Most of the business that have failed or that are not doing well have been due to marketing plans that are not substantial. Therefore, it is true to state that, for an organization to perform well a good marketing plan should be drawn to guide operations.