Marketing Plan Assignment

Product description

Custom wig line. Comes in shades of red, brunette, blonde and grey. Wigs can also be in lengths from 1 1/2 inch up to 22 inches.

{This section does not require any references or citations}

Section 2: targeting customers

In considering customers for my market segment, I would mainly like to advertise to women of all ethnic backgrounds with a heavy concentration in the African American beauty industry since they are the leading consumers in hair extentions. Although any age group could be potential customers, I would target ages 30-75. The younder generations do wear hair pieces, however, wigs don't seem to be their first choice. My custom wigs would have multipurpose of style, fun, theatrical an medical reasons. Women who are interested in getting a new look withoutmaking long term changes to their own hair would be an ideal customer or someone who likes to keep up with the latest hair style trends. Marketing to those with a medical need for a wig, like cancer patients who suffer from hair loss due to chemo or women with alopecia would be good markets plus in some cases their insurance companies pay hefty for medical wigs. Of course, we all want to target a market that can afford our products. Custom wigs are time consuming to make and since they are custom, they are made for one specific individual as well as a high quality hair is used which makes this a high-end product. I would appeal to the working class but the housewife could also use one to spice up her life as well. I have a motto that people find a way to pay for what they really want. The United States and Europe would be ideal because fashion and wig-wearing is popular there. Hollywood would definitely be part of my marketing segment because many of the stars and actors wear wigs for style and character portrayal on set. Everyone would be offered private fitting and consultation. The higher profiled customers like the First Lady could have a personal wig master and stylist come to them.

Not only will I offer custom wigs, but I will also provide a wig-cleaning, maintaining and repair service as well as a line of wig-maintenance products and tools to take care of their investment. Since my clientele would be multi-cultural, I would offer a variety of human and synthetic hair. People want comfortable wigs that not only look natural but allow your own scalp to breathe and remain healthy or even heal where there is a medical necessity. They also want trendy styles and hair that's easy to manage which is what they would get from my line. Finally, a price, that is comparable to the product is a must.

Demographic profile

Women ages 30-75 of all ethnicities.

Psychographic profile

People who love style, fun, convenience or have a medical need.

PROFESSION

Actors, businesswomen, entertainer, blue collar and white collar workers, housewives.

geographic LOCATION

The United States and Europe. Urban communities and entertainment districts.Wants and needs

Comfortable wigs with trendy styles.

References:

Farr, J. Michael (2010). 100 Fastest-Growing Careers: your complete guidebook to major jobs with the most growth and openings.

Davidson, Amber L. (2013). Lady Gaga and the Remaking of Celebrity Culture.

B., Jordi (2010). Hair Loss: What to do if it Happens to You.

3: Unique Selling Proposition

Consider what distinguishes your company from competitors, their products and / or the price of their products and services.

unique selling proposition (usp)

Look like a big wig without the big risks of damaging your own hair.

marketing objectives

Describe the marketing objectives of your company. Your marketing objectives should, at a minimum, address potential customer profile and market segmentation. Explain the manner in which you conducted your secondary market research.

Use at least two (2) quality references cited in APA format to support this section. Use your references to define your understanding of USP and depict the importance of describing your marketing objectives.

Section 4: Pricing and Distribution Strategy

You will now consider your company’s strengths and weakness, along with your product or service price.

strengths, weaknesses, opportunties and threats (SWOT)

Determine the key strengths and weaknesses of your company, as well as the opportunities and threats it faces within its industry.