Running Head: Marketing Plan 1 Assignment 1

Running Head Marketing Plan1marketing Plan10assignment 1

Using the same hypothetical company from Assignment 1, for this assignment, you will focus on the company’s branding strategy, primary and secondary target markets, positioning statement, and consumer behavior. Note: You should create and/or make all necessary assumptions needed for the completion of this assignment.

Create the second part of your marketing plan: 1. Describe or list the feedback you received on Part A of your marketing plan. Explain how you will use the feedback to improve your plan. 2. Develop a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one brand extension. 3. Thoroughly analyze the primary and secondary markets that you want to target. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary. 4. Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. 5. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market. 6. Use at least three academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service.

Sample Paper For Above instruction

In developing an effective branding strategy for a barber shop targeting men, it is crucial to understand both the feedback from initial marketing efforts and the core characteristics of the target market. Feedback from Part A of the marketing plan indicated that while the business's unique services and high-end location were well-received, improvements could be made in branding consistency, targeted advertising, and consumer engagement. Using this feedback, the established branding components—name, logo, slogan, and brand extension—will be refined to better reflect the company's unique selling points and appeal to the target demographic.

Branding Strategy

The brand name chosen for the barber shop is "Creative Cuts and Styles," emphasizing creativity, customization, and style—core elements that resonate with the modern male clientele seeking personalized grooming options. The logo features a sleek, masculine design with stylized barber scissors and a modern font that communicates professionalism and sophistication. The slogan "Your Style, Your Way" reinforces the theme of personalization, aligning with customer desires for tailored grooming experiences. A brand extension will include grooming products such as organic beard oils, styling gels, and aftershaves branded under "Creative Grooming by Creative Cuts," allowing the brand to stretch into retail while maintaining brand identity.

Market Analysis and Segmentation

The primary target market comprises professional men aged 25-45 living in urban areas like New York City. These individuals are urban dwellers, likely college-educated, with middle to high income levels. They value appearance, style, and convenience, often seeking services that fit into a busy schedule. Psychographically, they prioritize personal grooming, health-consciousness, and social status. Their professional profile includes white-collar workers, entrepreneurs, and young professionals, often with active social lives. The secondary market expands to younger men aged 18-24, including college students and young adults starting their careers, who are more influenced by social media trends and celebrity grooming styles. Geographically, the focus remains on high-traffic urban districts with access to transportation hubs and affluent neighborhoods.

Positioning and Perceptual Map

The positioning statement for Creative Cuts and Styles is: "For professional urban men aged 25-45 who value personalized grooming, Creative Cuts and Styles provides innovative, customized, and organic grooming services that deliver style and convenience better than traditional or unisex salons." To visualize this, a perceptual map can be constructed with axes representing 'Personalization' and 'Pricing'—our brand aims to occupy a high-personalization, premium-price quadrant compared to standard barbershops and unisex salons. On the map, competitors like Supercuts and unisex salons cluster in the moderate personalization and value segment, while Creative Cuts and Styles occupies a niche as a high-personalization, higher-value service provider.

Consumer Behavior

The target market demonstrates specific consumer behaviors, including a preference for quality over quantity, the desire for personalized experiences, and an increased awareness of grooming's role in personal and professional success. Men in this segment are influenced by social media, celebrity endorsements, and peer recommendations, which shape their grooming choices. They seek brands that are trendy, reliable, and aligned with their identity. The brand name, logo, slogan, and extension are designed to evoke a modern, masculine, and premium feel that appeals to their aspirational identity and desire for self-expression. The positioning emphasizes service excellence and customization, which aligns directly with their consumer motivations for grooming. The focus on organic products meets the growing health and environmentally conscious trends among urban professionals.

Feasibility and Industry Research

Research indicates that the men's grooming market is experiencing significant growth, driven by cultural shifts and increasing social acceptance of male grooming. According to Statista (2022), the U.S. men's grooming market was valued at over $20 billion, with a projected annual growth rate of 6.3%. Industry reports by IBISWorld (2023) highlight the rising popularity of premium grooming services and organic products, which is consistent with our brand extension plans. Additionally, survey data from Nielsen (2021) suggests that urban, professional millennial men prioritize convenience, quality, and brand reputation when choosing grooming services. This data supports the feasibility of establishing a high-end, personalized barber shop targeting this demographic, especially in urban centers such as New York City.

Conclusion

The strategic branding, targeted marketing, and understanding of consumer behavior outline a feasible approach to establishing Creative Cuts and Styles as a premier men's grooming destination. By aligning the brand with market trends and customer preferences supported by industry data, the business can position itself effectively and sustain growth in a competitive environment.

References

• IBISWorld. (2023). Men's Personal Care Services in the US. Retrieved from https://www.ibisworld.com
• Nielsen. (2021). Consumer Trends in Men's Grooming. Nielsen Reports.
• Statista. (2022). Men's Grooming Market Value in the United States. Retrieved from https://www.statista.com
• Hall, J. C., & Pokharel, S. B. (2016). Barber licensure and market dynamics: Evidence from US states. Cato Journal, 36, 647.
• Le, P. P. (2018). Business plan for a barber shop and hairdressing salon. Lappeenranta University.
• Houman, J. J., Eleswarapu, S. V., & Mills, J. N. (2019). Current and future trends in men’s health clinics. Translational Andrology and Urology.
• Barber, K. (2016). Styling masculinity: gender, class, and inequality in the men's grooming industry. Rutgers University Press.
• Sattler, M. (2020). The evolution of men’s grooming in urban areas. Journal of Consumer Marketing, 37(3), 259-269.
• Reddy, S., & Kumar, R. (2019). Consumer preferences in men's grooming services. International Journal of Business and Management, 14(2), 45-55.
• Johnson, M. (2022). Organic products in men's grooming industry: Market analysis. Journal of Cosmetic Science, 73(5), 333-342.