MKT 500 Assignment 4

Running Head: MARKETING PLAN PART 3 1

MARKETING PLAN PART 3 3

Assignment 3 – Part C: Your Marketing Plan

Chet L. Walker

Strayer University

Professor Alexander Onukwugha

MKT 500 – Marketing Management

3 December 2019

Introduction

The world is changing, and every business is getting competitive with time. Thus, it is essential for an entrepreneur who is planning to join the market to build as well as develop a strong brand. A strong brand will help attract customers and also retain them through making them opt for your product over that of the competitor. A strong brand can be made through a marketing, pricing and distribution channels. An emotional connection with the customer helps build customer loyalty. (Roxana, 2012). Efficient network of service or product delivery is also important although it is sometimes challenging for start-up businesses. It is therefore essential for Creative Cuts and Styles business to have a good network of distribution, favorable prices and good quality services to have a good brand.

Pricing Strategy

In marketing, the price matters a lot for the business. Optimal product and service prices helps in generation of revenue as well as attracting and maintaining customers. In the marketing mix, price is considered as one important factor which says a lot about the quality of a product or service. (Gould, 2016). The pricing decisions however should be based on the industry benchmarks and the expected revenue in order to maximize profits and cater for buying potential of the prospective customer. The prices of the Creative Cuts and Styles business will be determined based on the value or quality of the service. Some haircuts will take more time and thus a customer will have to pay a bit higher compared to the cuts that take less time. The common cuts will have a standard set price while the customized cuts or styles in accordance to the customer expectations will have varying prices. At the first months of operation, the prices will be a bit lower than those of competitors so as to encourage the potential customers to test the services offered. After capturing some loyal customers and getting a good reputation, the prices will be adjusted to be competitive with those of the competitors.

Distribution Strategy

An effective distribution strategy helps the customers get the products or services at their convenience. It illustrates how the company is effective in getting the products and services to the customers. Distribution can enable a company to gain a competitive advantage in the marketplace. It would be of no importance to actively market a product and fail to deliver it to the customers. Distribution also helps in creating a huge number of customers and thus high revenues. (Wen, Tan & Jiang, 2016). Creative Cuts and Styles will utilize social media platforms to advertise the services offered as well as the new hair cut designs. The customers who get the service and are pleased will also help spread the message to others who may also be willing to get their cuts there. Another strategy that will be implemented to widen the market share is the introduction of uber shaving. For this, there will be specific barbers who will be assigned the task of serving customers who may get difficulties in getting to the business center. When the service is delivered right at the doorsteps of the customers, it is likely that they opt for the Creative Cuts and Style services over that of the competitors.

Integrated Marketing Communication Plan

An integrated marketing communication plan ensures that all relevant messages and communications are linked together. It can also be expressed as a way of ensuring that all the business promotional tools are integrated so that they can work together in harmony. (Key & Czaplewski, 2017). The main communication method for Creative Cuts and Styles will involve direct marketing and social media marketing. Social media will be the basic communication means to enable customers view our current styles and also see the reviews by other customers on the nature of the services. The business website will contain all the necessary information such as location and the standard prices of the common haircuts. Bearing in mind that the target customers are the millennials who study in the area WhatsApp and Facebook will be the most appropriate communication channels. Direct communication will involve the use of loyal customers who will be encouraged to bring their friends to the business to get their hair styled to their specifications. Through public relations, Creative Cuts and Styles will maintain a goodwill between the customers and the organization.

The core purpose of promotional messages and communication in the social media walls will inform, persuade as well as remind the public of the existence of the brand. The different market segments will require to be informed of the advancements or changes in the service delivery for instance the newest trends in the market that is for the stylist customers and the formal cuts for the professional customers. Informing the customers will help try the services to gain an advantage. Persuasion through repetition is also important because it will enhance immediate customer response which will in return boost revenue. Reminding the customers in the message will help maintain the brand for the business. Clear and distinctive promotions tailored for a specific audience turns out to be important for any business. If the message is well tailored and fails to get to the specific audience, then the impact on the business will not be felt.

Sales promotion as a marketing strategy helps boost the sales of a service by adding the basic value offered. In most cases, a promotion involves providing an extra product free or at a subsidized price. (Key & Czaplewski, 2017). Sales promotion that will be used will be incorporated with reference selling where a loyal customer who was previously served in the business will be used. Creative Cuts and Styles will offer a free haircut for every customer who brings three friends for haircut and styling. This promotional strategy will encourage the customers to spread the word about the business and thus help in attracting more customers. Hopefully, the quality of the services offered will help retain the new customers referred to the enterprise by other customers.

The business will also involve personal selling where barbers will be sent to the target customer’s location such as the school area in Houston to deliver the services. This may help gain more customer because there may be people who do not know where to go for their hair cut. If the cuts and styles are done in accordance to the customer specifications of which it will be, the customers will not hesitate to visit the business location for another haircut. The direct barber will also be responsible of providing information on the location and more of the services offered by the business. This marketing strategy focuses on face to face interaction with the customers to understand the upcoming market needs. It also helps demonstrate the how the service provides value.

References

Gould, M. (2016). Pricing Strategies. Pricing Strategies -- Research Starters Business, 1-5. doi:10.3331/ors_bus_345

Keller, K. L. (2016). Unlocking the Power of Integrated Marketing Communications: How Integrated Is Your IMC Program? Journal of Advertising, 45(3), 286-301. doi:10.1080/00913367.2016.1204967

Key, T. M., & Czaplewski, A. J. (2017). Upstream social marketing strategy: An integrated marketing communications approach. Business Horizons, 60(3), 325-333.

Todorova, G. (2015). Marketing communication mix. Trakia Journal of sciences, 13(1), 368-374.