As part of the Impressions Salon & Spa’s marketing plan, the following sections provide details of the current market situation by analyzing: Competitors, strengths, and weaknesses; roles in the marketplace; plan to differentiate the business; environmental issues, and; the most significant trend that impacts the company.
The Company’s Competitors, and the Strengths and Weaknesses
A competitor’s capabilities can be analyzed according to its strengths and weaknesses in various functional areas. The competitor’s strength defines its capabilities (Competitor’s Resources and Capabilities, 2010). One common and useful technique is constructing a competitor array. The steps include:
• Determine who your …show more content…
It gives management an outline of the major issues affecting the industry and the business and identifies the basis for developing strategies (Friend, 2009).
The strategy Impressions Salon & Spa have embraced is to position itself as a leader in the Salon & Spa industry. The SWOT analysis revealed the value of our patented Ampoule that can be utilized in combination with a variety of our services. We have learned to address the basic industry strengths and weaknesses while setting ourselves apart from our competitors. The Impressions Gel or Oil ampoules contained in small, decorative glass containers have become status symbols that our clientele tend to flash at major events, political fundraisers and business openings. No woman in the Washington, D.C. metro area wants to be seen without one of our unique bottles on her person.
Macro-Environmental Issues and Trends
The Impressions Salon & Spa’s vision is to satisfy individual customers based on their needs and psychographics, and together service the entire community in the Washington, DC Metro area in pursuance of quality life. With this in mind, the Impressions Salon & Spa’s visionary statement goes beyond just making profits for the company. Its goal is to instead benefit the societal needs by satisfying its individual customers and their serving community while also earning profits consistent with internal legal and ethical requirements.