Objective and overview
The objective of this project proposal is to create a strategic consultancy plan to improve Prey Tattoo Parlor. Encho Ivanov is a young and talented tattoo artist, his studio; “Prey Tattoo” is in the small town of Dobrich, Bulgaria. Encho has just moved back to Bulgaria and opened his own business after working in a top tattoo parlor in London. Since Prey Tattoo is a one-person company, he needs help as soon as possible to figure out how the market is doing, to upgrade his client portfolio and to get his brand known.
With this proposal, I want to help Encho achieve his vision, which is to be promoted and seen as a premium tattoo studio. He also wants to have values like the respect for clients, maintenance of great
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Approximately about four to six clients per week, whilst in the studio he worked in London, he would usually have about four clients or more per day. I need to know why this is happening, and what we can do improve and attract more clients.
Encho had already worked in Sofia, the capital of Bulgaria; he still has some of the research data he did for the tattoo parlors he worked in. For example, the designs that sold more were usually the smaller ones and there were more bookings during the summer time. The frequent clients were usually 18 to 45 years old and there was an equal average of women and men that got tattoos. Most of the customers became loyal when they were satisfied with their tattoos and would usually come back for more, as well as spreading word of mouth compliments to the artist that attracted friends of the clients to his studio.
Apart from that and from all the other studios he has worked in, he noticed that most of them do not invest in marketing and advertising, apart from social media pages. Right now, Prey Tattoo Parlor does not have enough communication material and counts only with his business cards, the front of his studio (fixed banner) and his website. He also does not participate in local and international tattoo events and fairs, and this is of extreme importance. He is not happy with his website and he would like to update it, as well as to create new social media pages
Starting a business, one may ask some questions to evaluate his or her ability to run a business successfully. An owner needs to question the finances, the challenges, the strengths, and weaknesses. First, the owners need to know finance: how much capital to startup business, what loans are available based on the business plan and financial statements, and how to keep up with profits and losses to determine the future of the business. Besides determining capital, the owners need to know what challenges they will face. Writing a well-executed business plan is the first challenge and important because it is a guideline to start business and to show lending institution or to attract investors for the business. Also, owners need to think who ideal customers are and who they can target to make a successful marketing strategy. Moreover, they have to think about their competitions because no business operates without competition whether it is direct or indirect. The competition has a significant impact on customer’s buying decisions. In order to compete with their competitors, they have to know their strengths and weaknesses: Are their products unique? Is the product better than the competitors’? Is the price
I have been asked to evaluate the marketing strategy for Yorktown Technologies.Specifically, what strategy they should use to become more successful by reaching their full potential and operating at an increased profit. Yorktown Technologies, in the beginning, had projected sales of $4,000,000. Unfortunately, with the absence distribution strategies and a marketing strategic plan, they only made a profit of $500,000. Expenses during the first years were $620,000 producing a loss of more than $120,000. Yorktown Technologies needed to focus on a new successful marketing strategy that will help the company reach its revenue goal.
Marketing is essential for every business, be it a small household business or a large multinational group. All businesses depend on marketing in one way or the other. Setting of goals according to entrepreneur’s visions marks the starting o f the plan. It is better to do proper research and documentation before launching a product in the market or else the results will not be according to one’s thinking. Raymond Morose is the owner of Pet Palace and has been running this business for the last 44 years (Manta, 2010). Raymond Morose is running the business with a small staff but is very clear about his goals, as he has set his goals according to SMART approach. SMART stands for specific, measurable, achievable, relevant, and time-based and
When a certain point is reached regarding a company’s success, a set of different opportunities arise and partnerships may unfold. However, with every possible strategy available, risks and benefits also come into play; without discarding any of them beforehand, every option is a strong candidate until a final decision is made. In this case study we will analyze the current business strategy pertaining
a marketing stratgety currently is only to push more towards advertising outside of the social media and more into other businesses. To grasp more attention advertising in local spots where potienl customer might linger, is a goal for this company. a business plan is underconstruction again. so far the busniess plan is to form a better budget inorder to add more facial cleaning machines. A better budget would mean more money to expand its selection on services.
The days of newspaper ads are numbered as the web can tell the potential customer more information on what you do and what you offer: make great videos, make tons of pics, write great texts describing your facility and you’ll have positive responses. Use such media outlets as Facebook, Twitter, YouTube, Pinterest, Bullypedia, ABKC forums and Instagram (add proper
A successful strategic plan must be based on the company 's mission, vision, and values. The purpose of this paper is to define a selected business, products, services, and customers by creating a mission statement. In addition, this paper contains a vision for the organization that demonstrate the expected future for the business, and it will define the company values considering important topics such as culture, social responsibility, and ethics. It will also analyze how the vision, mission, and values guide the company 's strategic direction. Finally, it will evaluate how the company address customers needs and how
After review the information on past and estimated in the future, company, products, competitors and branding, I recommend the following strategy:
For this particular marketing assignment we are looking at an organisation based in the leafy suburb of Brisbane. The business is a home wares stores chain by two friends and business partners who have invested quite a huge sum of money and are running the business smoothly, but as always see the need for more growth and more profits on balance sheet. The strategies of the business have to completely match or outlive that of the rivals of the business so as to meet and obtain any growth.
Today’s market demands organizations to have a strategic plan. The purpose of the strategic plan describes where the organization wants their organization to go. A strategic plan is a document used to communicate goals, and the actions needed to achieve those goals. In order to remain competitive every organization needs to innovate to stay ahead of the competition. They need to develop new products and services with increasing frequency. The design of these new products and services must meet, or exceed, customer expectations and at the same time, they must generate an acceptable financial return for the organization. However, any business that does not realize the importance of developing new products will not last very long as a consequence
Mariotti & Glackin (2013) provide that development of marketing strategy and competitive advantage is from the "Four P's". The "Four P's" include product, price, promotion, and place. This paper further outlines each of the "Four P's". Mariotti& Glackin (2013) recommend continually referring to the mission statement and vision statement while developing the marketing strategy. This reference helps to build the marketing strategy and form the core competency for the business. The first part of the business plan, the mission and vision statements, are stated below:
Marketing plays the most important role for the success of a business. In this chapter, the business’ marketing objectives are laid out together with the plans or actions that will be needed to achieve these objectives. Furthermore, this chapter includes the profile of the respondents which aided the researchers to create this part of the feasibility study.
In this day and age, it is impossible to ignore the Internet and social media. Creating a website or an online presence for Khir would be a fast, cheap and efficient method to market Khir’s designs and update on any news about his works.
The constructive aspects of this business strategy are related to the fact that the new management considered almost every aspect of the business in terms of pricing, marketing, product, manufacture and distribution. Moreover, the new management integrated different departments (design, marketing, distribution and etc) to achieve one goal rather having different department operating separately. In addition they take different approach compare to competitors through marketing and advertisements promoting image rather than product, crucial aspect to succeed in luxury market.
“Competitive strategy involves positioning a business to maximize the value of the capabilities that distinguish it from its competitor’s” (Porter 1980:47). A successful business plan requires first and foremost the formation of an appropriate strategy. Through the implementation of a suitable strategy, the company is able to obtain its own industry niche and gain an understanding of its customers (Porter 1985). Whichever strategy is adopted it must be adequately integrated within the firms goals and missions to achieve a competitive advantage (Parker and Helms 1992).