Assignment
Sugarmama1066
cf_MKT500_part_A.docx1
11
11
Part A: Queenston Inc. Marketing Plan
Your Name
MKT500 Marketing Management Strayer University
Dr. Lisa Amans
Date submitted
Introduction (note this is not bold)
Queenston Inc. is comprehensive to consistently provide a high level of customer satisfaction by providing excellent service and high-quality products and creating a comfortable atmosphere at an affordable and quality ratio. Service. It is a beauty salon. Love Thy Self provides its customers with local natural beauty products, hair care products/services, skincare products and services, and natural products to keep you healthy. We also maintain a friendly, fair, and creative work environment that respects diversity, ideas, and diligence. Queenston Inc. is located in Washington, DC. Contact your viewers on social media such as word-of-mouth, Facebook, Twitter, and blogs (create a social media account for your business and promote it on my sites (queentown.com). I will also Keep the leaflets nearby that the parents can see them. The company was founded in 1990 by renowned designer John Cleft. This place is the headquarters of this company and is the most competitive place. The company's strategy is to provide quality service.
Mission Statement
The organization's mission statement is to offer the best beauty products and services to our esteemed customers. The quality of the products and services will be based on all employees' expertise and the authenticity of the beauty products. Quality will also be based on the time taken to deliver beauty products and offer services to visiting clients.
Goals
The incorporating aims at opening branches in other areas and increasing the market threshold. The organization will have to retain its customers and attract more. It also has to employ technology for service and bolstering its online presence. In the digital world, much information is based on online platforms, as most people use substantial time on the wen. This makes it easier for the organization to garner clients from such media.
Short Term
The short term goals call for a daily increase in market share. Typically, the organization will retain the customers and get at least three new clients daily for one year. This will ensure that the incorporation grows to other areas effectively and increases the amount of profit accrued. The other short-term includes expanding the organization's online presence by suitable advertisements on online platforms such as social media and other online platforms. I am also keen on increasing the number of workers as it is a factor used to determine the organization's size.
Long Term
My main goal for this company is to provide clients with a high level of products and services at an affordable price and provide the best experience. Next year, my long-term goal is to attract professionals from around the world who specialize in natural skincare, natural hair, and natural supplements. The long-term goals depend on the number of clients I have accumulated over the years, the amount of income I have received over the last five years, and whether demographics have changed. This depends on how long my business is open, how well it's doing, and how much income I've made that year. I want to attract professionals of all nationalities so that clients can communicate with people who share the same issue. My goal for the next five years is to open more stores, open my school, and start workshops for those who want to learn more about how to take care of themselves as their business grows. I would also like to start my line of natural products.
Environmental Analysis
The environment is critical in the running of operation of all organization. It is typically broken into two that is the external and internal environment. The PESTEL analysis is a suitable platform for evaluating all environmental aspects associated with the organization. PESTEL analysis evaluate the competitiveness, economic, social cultural, political and legal aspects that might business entities (Yüksel, 2012).
Competitive Analysis
There aren't many places in the Washington Metro area where an individual can find all the products and services my company will offer. However, some companies provide hair care products and services, as well as skin rejuvenation services. For example, a company called Conical Inc., downtown Washington, DC offers natural hair care products and services. Some suggestions are products for women who are training in hair removal and hair care. This insinuates that Inc. will face less competition. The market for beauty products is high in Washington, DC.
Economic Analysis
Washington, DC, has a population of about 5.3 million. The median annual household income is $ 74,073. We chose this area based on the average family income and location. There aren't many companies in this area that offer my company's services, but there are some full-service cosmetologists and skincare companies. I do business in the area, and I am doing well. The annual income of the population is also sustainable, which means it provides these services. Lesser-known beauty salons are uncompetitive and make the market sustainable.
Political and Legal Analysis
Washington, DC, and the United States as a whole are nearly politically stable (Joe, 2017). This creates an appropriate business environment for the free flow of work. This environment also allows clients to come to my office for service and feel comfortable. The region has many politicians and political resources to make a difference. My business is a natural service business, but I plan to host or launch a charity that can contribute to the community. I am an advocate for children and very passionate. I plan to use my platform to help children of all backgrounds lead healthy lives. Besides, if you are interested in participating in the natural resources business for single women, abused women, and low-income women who are just starting, we will expand the service by providing makeup and free training. We also plan to organize promotions for women who look and feel good. The government also makes it very easy to start a business.
Legal factors include external forces that affect an organization's operations. Aspects also influence customer behavior. Legal factors include consumer protection legislation. For example, the US Food and Drug Administration regulates the Federal Food, Drug, and Cosmetic Act (FD & C Act) (Joe, 2017). This allows organizations to provide consumers with high quality and safe beauty products.
There may be many legal issues and powers in my area of activity. For example, a client who is not happy with the service or treatment may want to sue my company. Legal issues may arise at other companies that adhere to the same concept and may sue these rights. There may be legal issues with your license. The county I opened decided that my store wasn't right and fined me. There can be many legal issues, but I will find a business attorney and financial advisor to help me.
Technological Analysis
In today's world, companies need to use technology to manage their activities and attract new customers. Digitalization has created the online presence that every company is aiming for. There are technical standards set by the country that your organization must comply with.
As a world leader in science and technology, the United States has several technological factors that influence how an organization operates (Joe, 2017). In general, technology has changed the way operations are performed. Organizations need to accelerate through digitalization so that clients can easily share information. You can also book a schedule or order only products and services. Technology can be used as a resource to grow my business and as a resource to harm my company. For example, using social media such as Facebook and Twitter to create your blog can be an excellent resource for growing my business. You can also use the same platform to harm my company. For example, if a customer complains about the service and complains to social media or a friend passes a complaint to a friend, such a complaint will determine if my business will fail. Or no. We also counteract this by providing positive feedback and strive to help upset customers as much as possible by providing free problem-solving services.
Sociocultural Forces Analysis
Washington, DC, is densely populated, with approximately 3.2 million and many people of different races. This is an excellent element to help you survive after registration. Socio-economic opportunities are also flexible in Washington. This means that the economic state of the population is not fixed. When looking for a place to open, we considered the following sociocultural factors: Education and language. Business is feasible because many women are in the city, and most of our clients are women. Urban lifestyles also tend to attract beauty products. Beauty is highly valued in the town. The average person with a higher education diploma accounts for 21.83% of the population, and the average person with a bachelor's degree accounts for 27.90% of the community. I also took into account social organization/culture. In Washington, DC, the average female shopper accounts for about 52.51% of the population. I chose this area because of its cultural, educational, and sociocultural background and the number of women in the area who need time to invest in themselves (Joe, 2017).
SWOT and Needs Analysis
The SWOT analysis offers a platform for analyzing the strengths, weaknesses, opportunities, and threats that the Queenston organization is likely to face (Sammut‐Bonnici & Galea, 2015). The strengths refer to the organizations' abilities, which can be used to outdo other business entities. The weakness relates to some of the system's glitches, which may affect the operations of the organization. The opportunities refer to chances that the organization may take and increase their profitability. They are market gaps which the business should adopt. The threats refer to phenomena that might negatively affect the operation and lead to the incorporation's losses or collapse.
Table 1
SWOT Analysis
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Strengths · Only beauty shop at a distance of 1-mile miles. · It is also the only beauty shop offering natural beauty products in an area of 1 mile. · The beauty and cosmetics market is also growing. |
Weaknesses · New incorporation starting to compete with some established entities. · Challenges in categorizing the best products for the population. · Some customers do not prefer natural beauty products due to quality issues and trust issues. |
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Opportunities · An opportunity to grow as the industry is ever-growing. · The organization can establish itself in other regions and offer the same products. The beauty market is not flooded. · The online platform should be used for booking and ordering beauty products. |
Threats · Already established incorporation · The cost of operation may rise. · Technological glitches |
Note Strengths, weaknesses, opportunities, and threats for XXXX company.
Strengths
Queenston's strength is that it is the only company that offers all kinds of natural cosmetological treatments within a radius of one mile. We have created an environment where our customers feel like our own customers. We take pride in providing high-quality service at a low cost. We take the time to evaluate the needs of each client and provide the best possible service. Another strength is that the beauty market is growing and may continue to exist for years to come. This makes integration feasible. Technological advances are an opportunity for all organizations that value their online presence, as the possibilities are endless. There is room for organizations to establish themselves globally. The uniqueness of cosmetic organizations is also an advantage, as several organizations offer natural cosmetological products. Being the only beautiful store one mile away, the organization boasts a vast market. These factors are under the control of the management team, which should focus on bolstering the strengths.
Weaknesses
Like any other organization, Queenston Inc, it is related to issues that may affect performance. Weaknesses-From the inside, such as identifying the best product for tortillas. This is due to its establishment's status as it is the first news organization to attract people in Washington. We are a new company that claims to be ourselves. An entity may face fierce competition from other created entities. We understand that we need to work on marketing and advertising to reach out to others in the community and even reach a radius of more than one mile. Other disadvantages may be related to consumer perceptions of natural products. People may not like these foods. Some of the strategies that can address the weaknesses include continuous advertisement and offering the best quality services. The organization will also improve its digital presence. In the digital world, online platforms are used in the market extension.
Opportunities
Opportunities are unending for an organization based on the type of market the institution is dealing with. For instance, in the technological world, the organization should employ digital platforms to extend its market and improve service delivery. Technology is a platform used by the organization to garner a competitive advantage. The beauty industry is ever-growing is people desire to look elegant and beautiful. The cosmetology industry is, therefore, not likely to face the challenges of market declines. Generally, the organization should look forward to establishing itself in other markets.
Threats
Threats will always prevail in the business world. Queenston is not exceptional as it is bound to other factors that might significantly affect the operations. For instance, there are threats as the organization may find it challenging to outdo other established business entities from other regions. This is due to the effect of the customer retention aspect employed by other incorporation. The organization is also likely to face challenges in operating costs based in a major city. The rent cost may not be conducive to the organization. Technology glitches are also expected to affect the organization in the world of cybercriminal activities. Technology may again fail, thereby affecting the operations of the organization.
Conclusion
Queenston Inc. is a beauty shop established in Washington, DC. Its establishment was facilitated by business gaps identified in some areas of the town, more so on the outskirts of the city. The target population is the local and international beauty products consumers as projected in the long term goals. The incorporation is founded on the provision of natural products to the market. The organization also focuses on using technology to enhance its operations. A radius of one mile is an extensive market in an urban settlement.
References
Joe David. (2017). PESTEL analysis of the USA https://howandwhat.net/pestel-analysis-usa/
Sammut‐Bonnici, T., & Galea, D., (2015). SWOT analysis. Wiley Encyclopedia of Management, 1-8.
