Strategic Market Management Essay
Section 1: Business Overview, Mission, and Vision
A beauty parlor and bar are the intended businesses in this business plan. Notably, the business will be called Success Beauty Parlor and Bar, and its key market for this company will be women. There will be a variety of services available, such as makeup and hair and nail beauty. According to market research, the number of companies that currently offer these services is minimal (Abraham et al., 2022). As a result, it is anticipated that the company will attract new clients and work to keep them as loyal consumers by offering unique services. The following will be the company’s mission and vision statements:
Mission: To offer specialized beauty services to enhance women’s self-confidence
Vision: The business will expect to build a beauty firm that will enhance confidence in women concerning psychological and physical beauty.
Section 2: Market Analysis
The proposed business would cater to female consumers by providing cosmetic enhancement treatments. Services alone are not enough to increase women’s self-esteem; however, we’ll also be having constructive, empowering dialogues with them. It is common practice for women to start their quest for ways to improve their looks by looking for beauty services on the market. Nonetheless, there is something that shoppers have been waiting for and which is now unavailable. McCabe et al. (2020) discuss a concept of “inner beauty” that the organization will work to cultivate among customers by encouraging upbeat conversation in addition to their outward charm. Furthermore, this is predicted to garner women’s trust in our company, which will lead to an increased competitive advantage and increased market share.
When starting a new firm, it is important to take a range of factors into account. The demographic makeup of the area where the company will be located is an important consideration. Women between the ages of 18 and 40 make up a significant portion of the consumer market, and they will be the company’s top priority. While this age range is a priority, we will also serve consumers outside of that range. Competitive market pricing will be used for the services. Notably, this is also important since it will help the company differentiate itself from competitors. Providing competitive pricing is essential in today’s industry (Chaerudin & Syafarudin, 2021). The beauty industry is a free market with many rivals, as shown by the market analysis; thus, the intended enterprise will encounter staunch competition. In the initial year of operation, a revenue of $1.5 million from the target market will be expected. The table below shows the estimated market value:
| Expected Market Value: Success Beauty Parlor and Bar | ||||
| Assumptions | Probability p(x) | Units (000) | Average Unit Price ($) | Market value ($000) |
| Pessimistic | 0.3 | 300 | 400 | 120,000 |
| Most Likely | 0.4 | 250 | 450 | 112,500 |
| Optimistic | 0.3 | 400 | 500 | 200,000 |
| Totals | 1 | 950 | 1,350 | 280,000 |
Section 3: Recommendation
The recommendation offered about the launch of the new business is based on an analysis of the aforementioned data. Accordingly, it is concluded that the business concept is valid, and the proposed new business is thus recommended. Notably, it is also recommended that the business start operations gradually. It has to kick on a modest scale before it can grow into a large corporation with several divisions. Essentially, this will be a wise move that will help prevent major financial losses in the event of a collapse.
References
Abraham, J. S. E., Floreto, S. J. L., Pagkalinawan, M. I. B., & Etrata, A. E. (2022). Consumer perception on influencer marketing efforts of brands in the beauty and cosmetics industry. International Journal of Social and Management Studies, 3(2), 105-118.
Chaerudin, S. M., & Syafarudin, A. (2021). The Effect Of Product Quality, Service Quality, Price On Product Purchasing Decisions On Consumer Satisfaction. Ilomata International Journal of Tax and Accounting, 2(1), 61-70.
McCabe, M., de Waal Malefyt, T., & Fabri, A. (2020). Women, makeup, and authenticity: Negotiating embodiment.
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Question 
This week focuses on external environment scanning.
Respond to the following in a minimum of 175 words:
Consider a company with which you are familiar.
Strategic Market Management Essay
Discuss what might be in the organization’s external, general, or industry environment that would influence strategic planning for that company.