Machine Manicure for Women - Essay Example

Running Head: Machine Manicure for Women Machine Manicure for Women {Institute's Machine Manicure for WomenWhat Is Marketing Strategy A marketing strategy is when you have chosen a market, and then set objectives on how to please your targeted customers so that they will buy it. IT is not necessarily a written contract, but it is easier to do so when you consider taking a loan from banks or other investors. Since we are going to start a small business growth strategies are a safe bet. There are 4 variations: Current product/current market Current product/new market New product/current market New product/new market Top 5 Mistakes Made in Marketing A proper campaign gives you the right results, in other words, a huge popularity of your product, but as the proper campaign helps you, improper ones would just as equally destroy you: Here are the 5 main mistakes in marketing: 1) Lack of Research and Testing Before a product is taken on, research and tests should be preformed on it, to see whether it is worth it or not; this tells you exclusively what the customer's wants and desires are. The main areas for testing should be of different offers, prices, and packages. 2) Improper Focus and Positioning A company shouldn't be marketed to be big, but to focus on the individual aspects or feedback from the customer. Improper focus and positioning can be a threat to the company if viewed in the wrong manner. 3) Marketing without a USP The USP is the unique selling proposition. This is what differentiates your product from everyone else's. It should be appealing so as to people will wants, because if it's the same as the next boring thing then no one will want to look at it, let alone buy it!!! The USP is 'the philosophical foundation of your business.' 4) Failing to Capture Repeat Customers A new market product is made up of eighty percent existing customers and the remaining twenty percent from new customers. If you don't target the eighty percent that is already available, then there will be and decrease in your profits. New customers will cost fives times the expense as they are already reluctant to buy something they have never used. 5) Lack of Focus on Potential Customer's Needs "Do you really know what your potential customers need and want If so you are ahead of the ballgame and probably don't need to be reading this article. Truth is very few businesses have a good grasp of what it is that their customer needs from them. The secret to avoiding this common error is to find a need you can fill and then fill that need better than anyone else." (http://marketing.about.com/cs/advertising/tp/marketmistakes.htm) Product The product I have chosen is a machine manicure. For this one would simply have to put their hand in a round shaped machine. There would be at least three to four machines, all ranging in the size of the nail, and then for each of those three or four machines, there would be two options, round nails or square shaped nails. For those with short nails or people who bite their nails, there will be yet another machine that will put on press on nails, again whether it is in round shape or square shaped, it is up to the customer. Since ready made press-on nails are available in the market even now, there will be no fuss about the sizes of the nails. These nails would be fit on to the original nails in a precise manner that a third person would not be able to tell that they are not authentic. Along with precision these nails will also be stuck on the original nails properly, not as to fall of. Then of course the color of the nail polish is up to the customer Environment of product The environment of this machine manicure will of course, first off be, introduced in the United States of America. Apart from that, this machine will be extremely exclusive, starting off at spas. If it is a success at various spas all over the states, then it will be introduced to beauty salon, where the flow of customers is varying. And if it is a success at the salon then perhaps it will be a success at private homes, each individual can buy the machine according to their standards, but I think that will be too much of a hassle. Most people wouldn't like the burden of doing it themselves. If the product becomes common and the value decreases, then it would be taken off the market; being available only in salons again to rise the market value. Target Value The target value is like whom the product is for and how much it would cost, so I say that this machine manicure is obviously for the women, but not just any women, mostly those in their teens up to the ones in there early 40's. Aside from these the fashionable youngsters and perhaps and modern aged would also like to use this. The cost of it would perhaps in a salon or spa would be an average rate of 25 dollars, but perhaps then actual machine would be a little more pricy. Value Proposition The value proposition has to be clear and concise. The main questions asked while brainstorming ideas about the product is the importance of it and what is necessary .To find the solution to this, one must get out and do 'market research'; this means going to different people and communicating with them at different levels to see what most of the public is interested in. In the manicure machine idea, one might collect data on the most common size nails, the shape of the nails, what type of manicures the majority prefers, how much people are willing to pay for it, what colors are 'in' at the moment, etc. Once all of these are answered, a basic idea is formed, and then the value proposition can be developed. The purpose of the value proposition is to fulfill the need that the target market sets. So why is the development of the value proposition important The 5 main benefits are as follows: 1) Create a strong differential between you and your competitors 2) Increase not only the quantity but the quality of prospective leads 3) Gain market share in your targeted segments 4) Assist you in enhancing tools that will help you close more business 5) Improve your operation efficiency (http://marketing.about.com/od/marketingplanandstrategy/a/valueprop.htm) Marketing Mix The marketing mix is about the types of 'tools' or techniques you will use to launch your product. There is a big difference between marketing strategy and marketing mix; marketing strategy is about the goals, the target and how to get the edge over the competitors, while marketing mix is based on your marketing strategy and shows how your product has its uniqueness that sets it apart from the other various products on the market. Some variable that determine the marketing mix are: 1) Product The product again is the machine manicure, designed for the young teenager or the working women. It possesses the ability to fix you nails in a few minutes. There are various nail sizes and two nail shapes to help to achieve the 'perfect nails' and for those with short nails or the bad habit of biting their nails, there is the function of press on nails to ensure a pretty hand. 2) Price The price again in a saloon or spa would be about $25, for a more personal use, at home the price would differentiate depending on what functions the machines holds (in other words which one the customer chose.) 3) Distribution This product would be available exclusively, at first, in the saloons and spa's as those are the places where women go to be beautified. The price there would be quite cheap where as to actually owning one of these machines at home. The private ownership of this machine would be pricy, but worth it to the customer that desires it. Conclusion So overall, I think if the right marketing techniques are used then the machine manicure will be a huge success. Women all over the world will enjoy a manicure done in a few minutes rather than having to sit through it and then wait for it to dry and then be able to get on with the routinely activates of life. The price is also in the range of most women who like to spend time to perfect themselves. So if one avoids the five marketing mistakes mentioned about and has an appealing and eye-catching advertisement, I think then this machine manicure will be the best thing to hit the country in a long time. Some comment of people when I pitched them the idea is: "I would so totally buy this, it sounds so cool. At least then I won't have to wait forever to have perfect nails." Student 1 (from the United States) "This would save so much time when there is a party or occasion to go to" Student 2 (from Saudi Arabia) So overall I think the machine manicure will be a hit, because it will save a lot of time for women who enjoy having their nails done. References Top 5 Mistakes Made in Marketing and How to Avoid Them http://marketing.about.com/cs/advertising/tp/marketmistakes.htm Accessed June29, 2006 Business Advice : Marketing Strategy http://www.is4profit.com/busadvice/sales_marketing/strategy/ Accessed June29, 2006 Develop Your Value Proposition http://marketing.about.com/od/marketingplanandstrategy/a/valueprop.htm Accessed June29, 2006 Read More