Desired Image and Position in the Market
Benjamin Beauty Enterprise is dedicated to providing excellent customer satisfaction by offering products and services at affordable prices. The business aims to take the leading position as the only efficient beauty parlor in Los Angeles City.
The enterprise strength is the large pool of customers in the target population. The business is located in a prime area with major learning institutions, restaurants, supermarkets, and manufacturing plants. It sells a broad range of services and products compared to other competitors in the market. Additionally, the entity has a competent workforce composed of young and vibrant staffs who will offer quality and timely services. One major weakness is that the venture is new in the location and will need more marketing strategy to reach more clients. The economy of the city is growing, and more women are joining the workforce. In that case, there will be an increase in disposable income and increased spending. The only threat is increased business competition, especially from existing players.
The venture intends to offer diverse products and services that are different from those of the rivals. Additionally, the business will provide quality products and services at lower prices that those of other enterprises.
Benjamin enterprise targets young workers and students within the Los Angeles city and the surrounding areas. There is a growing population combined with increased tourism that will boost business returns.
Customers’ Motivation to Buy
Market research shows that the increased growth of the local economy means that people have more income to spend on beauty products and services. Additionally, more people are informed about the need to improve their physical appearance and mental relaxation. Moreover, customers want faster, efficient, and affordable services under one roof and thus will buy from this venture.
Market Size and Trends
The target population is increasing and combined with growing economy the market size will increase. Currently, there are 5000-10,000 potential clients in the city, and the number is expected to change with increased tourism.
Advertising and Promotion
The venture will use customer satisfaction as the best advertising tool for the business. Studies show that word of mouth is the best development technique for service enterprises. Our hope is that as the customers leave the premise with a new appearance, they will influence others to seek services from the business. Additionally, clients will be offered a discount for any new referrals.
All products and services will be sold at retail prices. Repeat clients will get discounts to enhance loyalty. However, the cost of each product or service will depend on the quality and quantity required.
Benjamin is a one stop business and clients will buy goods and services from the venture. As such, the enterprise is located in a prime area that is convenient for all customers within the city and the surrounding areas.