Download - The Sovereign Mens SPA Marketing Plan
![Page 1: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/1.jpg)
Marketing PlanThe Sovereign Mens Spa
![Page 2: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/2.jpg)
About The Sovereign
• We are a full service ‘Men Only’ spa without the need of exclusive memberships.
• We are a new concept and are the first of our kind in the Metro Atlanta area.
• We offer a ZEN-like environment for de-stressing while providing luxurious grooming services.
![Page 3: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/3.jpg)
The Sovereign’s Mission
The Sovereign mission is to provide a luxurious and affordable experience for the modern man. We exist to attract and maintain customers. By adhering to this maxim, everything else falls into place. Our services exceed the expectations of our customers.
![Page 4: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/4.jpg)
Market Summary
• The Sovereign possesses useful knowledge about the market and knows a great deal about the common attributes of its most prized customers. The Sovereign will leverage this information to understand our clientele, their specific needs, and how The Sovereign can better serve them.
• There currently is no competition that provides all the services we offer in the same location and thus are first to market with this concept.
![Page 5: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/5.jpg)
Market Analysis
Males (25 and Over)Significant others of MalesMales (25 and Under)
Target Market
![Page 6: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/6.jpg)
Market Demographics
• Professional Males.• Ages 18-45.• The significant others of the male clientele are
concerned about giving a gift or spa service that will pamper their loved one, while ensuring he looks his best in a setting he will enjoy.
• The men are concerned about getting fashionable and professional haircuts.
• The men are looking for a way to unwind and look their best in a comfortable, masculine atmosphere.
• Have an individual income of at least $40,000.• International Clientele.
![Page 7: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/7.jpg)
Market Needs
• New Concept of Men’s Spa• Luxurious Convenience • Royal Customer Service• Competitive Pricing• Non Exclusive (no
memberships)
![Page 8: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/8.jpg)
Market Trends
• 1/3 Spa goers are now men.• Men want to be groomed and
feel the need to look great.• Traditional spas are
mainstreaming to appeal and provide services to men.
• The alternative lifestyle market is ever increasing in Metro Atlanta.
![Page 9: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/9.jpg)
Market Forecast
2009 2010 2011 2012 20130
10000
20000
30000
40000
50000
60000
70000
80000
Males (25 and Over)Significant others of MalesMales (25 and Under)
![Page 10: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/10.jpg)
Market Growth
• Assuming our target market continues to grow we will average 8% growth per annum.
• Even in poor economic conditions our clientele focuses their spending on result oriented services such as massages to alleviate stress which creates an instant ROI.
![Page 11: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/11.jpg)
SWOT Analysis• Employees are experienced in their field of study.• Offering a wide range of services with competitive prices.• Flexibility- the ability to meet each customer’s needs
• The difficulty of building brand equity.• Generous employee benefits and ownership slightly increase financial
risks.• A limited marketing budget makes it difficult to generate awareness for
The Sovereign at launch.
• Royal and Luxurious customer service.• Decrease variable costs as the business grows.• ‘First to Market’ with concept
• Economic Conditions• Competition from ‘mainstream spas’ in the Atlanta area.
SWOT
![Page 12: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/12.jpg)
Our Competition
• Traditional Barbers• Franchised “Quick Salons”• Independent Salons• Traditional Spas
![Page 13: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/13.jpg)
Our Services
• MEN'S SHEAR• HOT LATHER SHAVE • BEARD TRIM • GENTLEMEN'S FACIAL • MEN'S SPORT MANICURE • MEN'S SPORT PEDICURE • MEN’S SPORT MASSAGE• MEN’S ACCUPUNCTURE• GENTLEMEN’S HOT STONE MASSAGE• ACCUPRESSURE TREATMENT• MEN'S RETREAT • MEN'S SCALP REFRESH TREATMENT• MEN’S HAIR TREATMENT
![Page 14: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/14.jpg)
Our Products
An Exclusive agreement with ZIRH.
Rated the world’s best Men’s skin and hair care product line available on the market.
![Page 15: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/15.jpg)
Branding Strategy
Building a brand that is synonymous with luxury and style is what ‘The Sovereign’ is all about. This is why we have partnered with industry leaders in creating an identity that speaks volumes in class.
![Page 16: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/16.jpg)
Keys to Success
• Professionalism.• Niche Market.• Affordable Luxury.• Customer attention.• Specializations in provided
services.• A Royal Service.
![Page 17: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/17.jpg)
Critical Issues
• Repeat business.• Economic conditions.• Sourcing specialized staff.• The ‘concept’ not catching on.
![Page 18: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/18.jpg)
The Sovereign’s Strategy
• Newspaper/Magazines• Internet/Social Media• Billboards• Campus Advertising• In-store and Store Front Displays
marketi
ng
![Page 19: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/19.jpg)
The Sovereign’s Objectives
Marketing• Increase repeat customers by 7% per quarter.• Decrease customer acquisition costs by 8% per year.• Maintain positive, steady growth each month for the next 2
years.
Financial Objectives• Increase the amount of retail products sold by 20% per
annum.• Grow the profit margin by 3% per year.• Profitability by year one.• To end 2010 with a 15% increase in contribution margin.• To increase sales 10% per month the first year.
![Page 20: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/20.jpg)
The Sovereign’s Positioning
• Changing the ‘mindset’ of the Modern Male.
• “Members only” feel without the memberships.
• Caters to college students to serve their needs and budgets.
• Caters to International clientele with different needs.
• Superior customer service.• Creation of a new concept in the market.
![Page 21: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/21.jpg)
Marketing Mix
![Page 22: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/22.jpg)
Marketing Research
Focus Groups Targeted• Men ages 18-45.• Different ethnicities.• Income expenditure on personal hygiene.• Surveyed regarding grooming habits/needs.• Given general information concerning
Sovereign’s services and provided feedback.
![Page 23: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/23.jpg)
Breakeven Analysis
The break-even analysis indicates that $38,660 will be required in monthly revenue to reach the break-even point.
![Page 24: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/24.jpg)
Sales Forecast
A Monthly sales breakdown of The Sovereign SPA. With perfect market conditions we should reach profitability by month four.
![Page 25: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/25.jpg)
Marketing Budget Forecast
Marketing expenses are to be budgeted so that they are high during the first quarter in order to raise visibility for the start-up organization.
![Page 26: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/26.jpg)
Expense vs. Sales Forecast
Expenses do not include the Fixed cost of $38,660. Expenses are all marketing expenditures associated with the promotion of The Sovereign.
![Page 27: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/27.jpg)
The Sovereign’s Controls
The purpose of Sovereign's marketing plan is to serve as a guide for the organization. The following areas will be monitored to gauge performance:
• Revenue: monthly and annual.• Expenses: monthly and annual.• Repeat business.• Customer satisfaction.
![Page 28: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/28.jpg)
The Sovereign’s Highlights
FY 2010 FY 2011 FY 2012
0200000400000600000800000
100000012000001400000160000018000002000000
SalesGross Margin
Contribution Margin
SalesGross MarginContribution Margin
![Page 29: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/29.jpg)
The Sovereign’s Contingency
Difficulties and Risks• Problems generating enough sales of services throughout
the day.• Establishing and maintaining clientele to sustain the spa.• Current economic factors of the recession could affect
sales due to decreases in discretionary spending.
Worst Case Risks May Include• Determining that the business cannot support itself on an
ongoing basis.• Having to downsize or cut specialty services in order to
generate sales through the most requested packages.
![Page 30: The Sovereign Mens SPA Marketing Plan](https://reader034.vdocument.in/reader034/viewer/2022051411/546a794db4af9f7f2c8b4709/html5/thumbnails/30.jpg)
Thank YOUWe appreciate your time, and hope you pay us a visit soon for our grand opening.
www.thesovereign.com
Marketing Plan By:Rachel Rena TaylorMusab MarashdehSiddharth ParmarMarcus Bonner