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Marketing 500 Essay

1740 words - 7 pages

Michelle Houston
Marketing Plan 1
MKT500: Marketing Management
Strayer University
Professor Shirley McLaughlin
January 23, 2016

Introduction of my company
1.Write an introduction to your company. Describe your company, its location, and the product it makes or the service it provides.
The following assignment is aimed at creating a marketing plan for “Bella Hair Boutique”. Bella Hair Boutique has been selling different types of since 2012 in Washington, D.C. All of our hair comes from overseas in Dubai. A hair disturbing company called “ALI BABA”. Bella Hair Boutique service is providing hair (weave or false hair) to all women no matter what ethnicity, they have to option to ...view middle of the document...

Part A: The Marketing Environment

Competitive Forces:

1. The major competitors as of today are D Hair Boutique, Upper Echelon Hair Extension, Love

Indian Hair, Pink Couture Hair, Strand Natural Extension, and Erica by EricaCampbell.
The strengths and weaknesses are below:

Strengths: We have good quality hair. Our hair last 2 to 3 years depending on how a person
maintains it. We also offer maintenance products for the hair. We sell a variety of hair, Cheaper
than most company.
Weaknesses: Not shipping hair overseas
2. Upper Echelon Hair Extension, Erica by EricaCampbell, and Pink Couture Hair will likely be

our major competitors in the future.

3. The structure of the industry affects competitive forces in the industry by the entry of
competitors, the threat of substitutes, the bargaining power of buyers, and the bargaining power
of suppliers.
Economic Forces:
1. The general economic condition of the United State is in Recovery. Consumers are optimistic about the economy in 2014. “Consumer optimism about the economy reached a 12- month high, good news for retailers hoping that a strong second half of 2014 can compensate for sluggish sales earlier this year” (NACS, 2014).
2. The buying power of consumers in our target market are women of different ethnicity, and age.
3. The current spending pattern of consumers in our target market is one of increase, consumers are steadily buying more of our product because we have a wide range of hair.
Political Forces:
1. Recent elections have not changed the political landscape.
2. We are understanding the political climate of what is going on in the state. There are no issue that would threaten that relationship. Even though immigration could be a factor if more come to work in the state.

Legal and Regulatory Forces:
1. No changes in federal, state, or local government regulations are being proposed that would affect the way we operate at the moment.
2. North American Free Trade Agreement (NAFT ) may have some effect on our global opportunities since it was created to promote economic growth. GATT will not affect it because it no longer is in place it was replaced with World Trade Organization (WTO).

Technological Forces
1. Changing technology has allowed our target market to have more access to our product.
2. With the Internet and different types of media we can market our product more efficiently.
3. No technological advances will threaten to make our product obsolete
Sociocultural Forces
1. There are no Demographics changes but the value of our products may change over time because of social media.
2. We have products that most women use of hair. By using different kinds of marketing strategies for instance like having a product hair test. Once we compare to other hair, and hair products, then it will make the women, and hair feel good, that they don’t want any other product.
Specify the primary and secondary target markets for your...

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