Strategic Integrated Marketing Communications †MyAssignmenthelp

Question: Discuss about the Strategic Integrated Marketing Communications. Answer: Introduction In the present scenario, efficient management of strategies and plans has become vital for the success of businesses(Aghazadeh, 2015). Strategic management can be defined as the process of planning, implementation, monitoring, evaluation of various policies and plans to accomplish the goals and objectives of an organization. Further, strategic management is considered as a continuous process and companies are required to carry out changes in process and strategies at regular intervals. The present report is based on Edwards and Co. which is one of the most famous salon located in Melbourne. The company offers various types of hair salon related services to all its customers and clients. This study explores detailed internal and external environmental analysis of Edwards and Co. Apart from this; the competitor analysis of selected business enterprise is also mentioned in the present study. Edwards and Co. is very popular in Australia, and the business has its presence in different locations of the country. Further, the company was founded 11 years ago by Jaye Edwards who was a freelancer hairstylist(Co, 2017). Edwards was having no money when he moved to Sydney, and he was looking forward to developing a modern and satisfactory hair salon in the country. The mission of Edwards and Co. is To be truly creative hair agency by providing personalized services to customers and tailor-made education to other hair salons. The corporate objectives of Edwards and Co. are mentioned below as: 1) To provide best salon services in Australia through a network of freelance hairstylists and colorists. 2) To provide salon education to other hair salons in Australia in terms of technique, business and people. 3) To expand operations in other beautiful locations of Australia Regarding brand identity, it can be expressed that Edwards and Co. are presently operating in the five different locations within the country and all these salon shops operate under a single brand name. The selected business enterprise has developed an efficient network of qualified and skilled freelancer stylists. Apart from this, Edwards and Co. brand mantra is to develop and operate as hair agency which is entirely creative and innovative. The key product and service offered by Edwards and Co. include hair salon services such as hair styling, weeding, makeup, etc. In addition to this, it also provides educational services to other salons located in the country(Armstrong, Kotler, Harker, Brennan, 2015). Here, the brand emphasizes on providing consultancy and knowledge to other business regarding how to achieve operational efficiency and run a successful salon. Edwards and Co. assists other companies in skill development of other salons operating within Australia. To sustain in the highly competitive marketplace, Edwards and Co. carries out changes in its products and services at regular intervals according to the changing need and demand of customers. The scope of the marketing plan is that it will help the company to carry out analysis of its internal and external environment(Baker, Marketing strategy and management, 2014). The plan is also going to support in developing potential business and marketing strategies which will result in attracting more and more customers. The marketing plan is going to assist in creating demand among people in the market and will also help in getting a competitive advantage. The internal resources of the selected business enterprise can be termed as highly efficient and professional. For example, the human resources include freelancer stylist who renders various types of services to the people in the market. It can be expressed that training and development programs at regular intervals are carried out by Edwards and Co. to enhance skill set and knowledge base of the freelancers(Baker Saren, Marketing theory: a student text., 2016). The company also has adequate finance available for various activities such as expansion, business operations, and aggressive marketing. Edwards and Co. management and operational capabilities are also effective as the company can acquire higher degree of customer satisfaction by delivering fast, satisfactory and accurate services to all clients. The key strength of internal resources lies within their management capabilities which are quite capable. On the other side of this, the weakness of internal resources is that the company is available with a limited number of human and financial resources. This gap acts as a hurdle regarding achieving higher growth rate. Products and services Services linked with Haircut, Styling, Hair Colour, highlighting, bleach, keratin, make-up, styling, Services-Education for other hair salons, renting of salon space are being offered by Edwards and Co. The core strength of these services is that they are highly creative and innovative(Chernev, 2014). On the other hand, weakness can be termed as lack of permanent workers as the staff members are working on the freelancer basis. It restricts the company to accomplish its long term objectives of acquiring high market share and growth. Price The pricing strategy which has been adopted by Edwards and Co. can be termed as high price strategy. For example the business charges -$100-$250, Hair color- Re growth-$110-$150Short-$130-$180. The strength of this pricing strategy is that it has helped the business to earn satisfactory profits. On the contrary(Frow, Nenonen, Payne, Storbacka, 2015), high price strategy results in restricting people in middle and low-income group to make use of Edwards and Co. services, and this can be termed as the major weakness of the selected strategy. Place The Company is offering services to customers through stores located in five different areas of Australia. The stores are located in Melbourne, Alexandria, Budds Beach, Byron Bay and Surry hills. Promotion It can be stated that promotion of products and services offered by Edwards and Co. is not so much useful. The company is making use of some in-house promotional techniques, and this has supported in managing the cost of operations(David David, 2017). However, it can be argued that promotion techniques used by Edwards and Co. is ineffective and this is a major weakness which needs to be overcome. The business can emphasize on making use of modern marketing tools such as social media and emails to create awareness among people in the market. Apart from this, techniques such as offering discounts and loyalty cards can also be taken into consideration to attract more customers and enhance the volume of profitability(Galliers Leidner, 2014). External environmental analysis This tool represents the range of factors that influences business operations and it is required for the business to comply with such factors so as to operate efficiently in the market. Several factors are present that affects operations of Edwards and Co and they are discussed below: Political factor: It is one of the most significant factors which involve the government laws and regulations that influence business operations(Greene Walls, 2015). The changing government laws and regulations for businesses can directly influence the activities of Edward Co. Further, the new scheme has been introduced associated with loans for small scale businesses and this is effective enough in meeting with the financial requirement of the companies. With the help of youth centre new instruction programs have been developed for beauty cultural field(Hollensen, 2015). Apart from this, the political parties have imposed high taxes for companies that have adversely affected the salon businesses operating in the market. Huge taxes are applicable on the branded cosmetic products that influences the overall operations carried out by the business. Economic factor: At present the economic condition of Australia is sound and this has positively affected the purchasing power of people in the society. People prefer to spend more on cosmetics and other form of products that are offered in the salon(Kitchen Burgmann, 2015). Therefore, it is beneficial for the Edward Co to increase price of its products where customer can easily afford the products and in turn profit margin of the business can be easily enhanced with the help of this. Social factor: This factor is associated with change in frequent taste and requirement of the target market. New types of hairstyles are present in the market due to which Edward Co has to modify its product range so as to meet with the expectation of the target market. Therefore, it is necessary for Edward Co to meet the social requirement of the customers with the motive to enhance overall performance in the market and this in turn can act as development tool for the enterprise(Liebl, 2015). Technological: For hair dressing and performing other type of salon activities modern tools are required to be undertaken with the help of which effective services can be delivered to the target market. At present modern tools are used by the business for rendering salon service and adoption of more advanced tools can surely be beneficial for the business and it can allow in satisfying need of target market in efficient manner(Kumar, Sharma, Gupta, 2017). Legal: Various legal laws are present that can influence the business operations of Edward and Co in every possible manner. Further, cleanness and safety measures are required to be taken where the company has to ensure that its internal workplace is clean and it can be utilized for delivering proper service to the customers (Percy, 2014). Apart from this, safety measures are required to be taken through which accidents can be avoided at the time of delivering salon services. Proper disposal of the chemical waste is required and proper license has to be taken from the recognized authority. Environmental: This factor is associated with the environmental laws that Salon Company is required to follow. Business is required to adopt proper disposal technique with the help of which it is possible to reduce the environmental burden(McDonald Wilson, 2016). Apart from this, government has introduced some regulations that companies are required to follow so that their adverse impact on surroundings can be reduced to extent. So, in this way these are some of the external factors that can influence the overall activities of Edward and Co directly. It is required to deal with every factor efficiently so that business operations can be carried out efficiently. Shift in marketing activity For smooth functioning of business operations it is required for the Edward and Co to influence the market activities. The market when small business operates is competitive and various businesses are operating in the market that are offering same type of salon services in the market such as hair dressing, wedding styling, hair colour, highlighting bleach, education services to different salon, renting salon space for photo shoot etc(Milichovsky Simberova, 2015). Overall the taste and requirement of the target market keeps on changing on continuous basis due to which the marketing activities are required to be influenced. Possible future and current opportunities and threats In near future several opportunities are present with Edward Co that business can grab easily for enhancing market performance. Further, the main opportunity present is rising demand for various type of salon services in the market where it is possible for the business to modify its existing range of services through adoption of latest tools in the market(Musarra, Robson, Katsikeas, 2016). Apart from this, the main threat that can influence business performance is competition where other salons are present in the market that are also offering same type of service. So these are some of the opportunities and threats that can influence business activity. Detailed competitor analysis The market where Edwards and Co operates is competitive and various players are already operating in the market. The main competitors of company are Organika Hair Tremayne Xiang Hair Spada Toni Guy Name of organization Product/service offered Benefits Xiang Hair Hair products that involve LOreal professional paris, Kerastase paris, American crew, Kevin Murphy The benefit associated with purchasing Xiang product is that all the products are branded that can easily encourage the purchase behaviour of the target market. Tremayne Hair treatment, Manicures Pedicures, express facials and waxing tinting, skin consultation, laser hair reduction, makeup, eyelash extensions etc The service range of Temayne is very wide and they are of high quality. The key benefit associated with service of the company is that it provides value for money experience to the customers Spada Haircuts, Hair color and styling, Keratin treatment, Tape human hair extensions All the services of Spada are of high quality and this is the main benefit associated with purchasing product of the company. On the other hand, product range of Edward and Co contains all the essential attributes such as high quality, value for money experience, wide range of products etc. Generally, all the Salons are operating on smaller basis and due to this reason market share of all the businesses is not possible(Payne Frow, 2013). Therefore, it directly provides competitive edge to the business in every possible manner and in turn the desired goals of the firm can be accomplished efficiently keeping in view the business aim. Overall competitor analysis has shown that products and services of firm are more superior as compared with other businesses. SWOT analysis Strengths Providing customized educational services to other beauty salons in the country Online and offline operations Creative hair services Weakness Variation in prices Staff members are freelancers Opportunities Expansion in other areas of the country Hiring full time employees Increasing online promotion Threats Intense competition Unavailability of freelancer in peak seasons From the mentioned-above table, it has been analyzed that the major strength of the company lies within its customized educational services(Peppard Ward, 2016). The services are getting more and more popular with the passage of time and are helping Edwards and Co. to increase its sales and profits. Furthermore, it also offers products/services through online and offline mediums, and this makes the entire shopping very convenient for customers. However, variations in prices and freelancer staff members can be termed as the major weakness of the brand. Sometimes freelancers are not available, and the company is not able to deliver services to all its customers (Percy Elliott, 2016). On the contrary, Edwards and Co. have opportunity to expand its operations by hiring full-time employees. The business can also emphasize on increase the marketing activities through online mediums. At present, the salon and hairstyling industry has become highly intense, and this can be termed as the major threat for Edwards and Co. It has created obstacles for the brand regarding attracting more customers and increasing profits. Detailed customer analysis Market segmentation can be defined as the process in which entire market is divided into different categories, and people with same buying behaviour are clubbed together. Further, market segmentation is important because it provides clear directions to companies in the accomplishment of business objectives and goals(Rosenbaum-Elliott, Percy, Pervan, 2015). The target market of Edwards and Co. includes women in Australia, and at the same time, it has also targeted salons in the country which seeks for enhancing technical education in the industry. The segmentation has been carried out by demographic variables where the brand has targeted people in middle and higher income group. Individuals who need the beautiful salon spaces of Edwards and Co. for photo shoot media event etc. are also targeted by the selected business enterprise. The targeted market is served with high quality and innovative services linked with hair styling, make up and wedding styling. Regarding transitions and exchange, it can be asserted that Edwards and Co. offer different services regarding hair styling, make up and wedding styling and in turn, it charges a certain amount from the customers(Slater, 2015). Women can be termed as the primary market segment of the company, and the secondary market segment includes other salons located in the country. The services are purchased from online and offline modes. The company is required to focus on carrying out market research to identify the changing need and demand of people in the market. The reason behind buying the services offered by Edwards and Co. is that it helps in the makeover of people and changes their looks. On the other side of this, businesses buy the services of the selected company to enhance their overall operational efficiencies and become more productive. Another reason behind purchasing the services offered by Edwards and Co. is to increase the volume of sales and profitability. The key opportunities present in front of selected company is that it can reduce its prices and attract new market segment which includes people who fall into the category of middle and lower income group(West, Ford, Ibrahim, 2015). Apart from this, the business is presently targeting only women and therefore, in future it can also introduce products and services for the male in the country. Facilities linked with salon and spa can be added to enhance to its existing customer base and market share. However, the critical future threat is going to be the changing demand of people in the market. The changes in demographic variables such as the decline in women of age group 20-45 which is the primary target market for Edwards and Co. can also affect the business operations of the company(Yu, 2014). Conclusion From the above report, it can be concluded that Edwards and Co. are required to focus on making use of online marketing practices. Furthermore, promotion of services can be carried out on social media and through emails to attract customers. On the other hand, it can be inferred that in future, Edwards and Co. has opportunity to target new customers such as males to achieve higher growth. Apart from this, staff members on the permanent basis can be hired instead of freelancers to deal with the major threats and carry out the smooth flow of business practices. References Aghazadeh, H. (2015). Strategic marketing management: Achieving superior business performance through intelligent marketing strategy. . Procedia-Social and Behavioral Sciences , 125-134. Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2015). Marketing: an introduction. London : Pearson Education. Baker, M. J. (2014). Marketing strategy and management. Basingstoke: Palgrave Macmillan. Baker, M. J., Saren, M. (2016). Marketing theory: a student text. California: Sage. Chernev, A. (2014). Strategic marketing management. Michigan: Cerebellum Press. Co, E. A. (2017, August 29). About Us. Retrieved August 29, 2017, from Edwards And Co: https://edwardsandco.com.au/ David, M. E., David, F. R. (2017). Are key marketing topics adequately covered in strategic management?. Journal of Strategic Marketing , 405-417. Frow, P., Nenonen, S., Payne, A., Storbacka, K. (2015). Managing co?creation design: A strategic approach to innovation. British Journal of Management , 463-483. Galliers, R. D., Leidner, D. E. (2014). Strategic information management: challenges and strategies in managing information systems. . Abingdon: Routledge. Greene, W. E., Walls, G. D. (2015). Strategic Planning: The Customer Concept and Corporate Survival. In Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference. Cham: Springer, Cham. Hollensen, S. (2015). Marketing management: A relationship approach. London: Pearson Education. Kitchen, P. J., Burgmann, I. (2015). Integrated marketing communication: Making it work at a strategic level. Journal of Business Strategy , 34-39. Kumar, V., Sharma, A., Gupta, S. (2017). Accessing the influence of strategic marketing research on generating impact: moderating roles of models, journals, and estimation approaches. Journal of the Academy of Marketing Science , 164-185. Liebl, F. (2015). Knowledge management for strategic marketing. In Assessing the different roles of marketing theory and practice in the jaws of economic uncertainty. Cham: Springer, Cham. McDonald, M., Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them. Ner Jersey: John Wiley Sons. Milichovsky, F., Simberova, I. (2015). Marketing effectiveness: Metrics for effective strategic marketing. Engineering Economics , 211-219. Musarra, G., Robson, M. J., Katsikeas, C. S. (2016). The influence of desire for control on monitoring decisions and performance outcomes in strategic alliances. Industrial Marketing Management , 10-21. Payne, A., Frow, P. (2013). Strategic customer management: Integrating relationship marketing and CRM. Cambridge: Cambridge University Press. Peppard, J., Ward, J. (2016). The strategic management of information systems: Building a digital strategy. New Jersey: John Wiley Sons. Percy, L. (2014). Strategic integrated marketing communications. Abingdon: Routledge. Percy, L., Elliott, R. H. (2016). Strategic advertising management. Oxford: Oxford University Press. Rosenbaum-Elliott, R., Percy, L., Pervan, S. (2015). Strategic brand management. United States: Oxford University Press, USA. Slater, S. P. (2015). The Tasks of Strategic Market Management: The Role of Marketing. In Proceedings of the 1989 Academy of Marketing Science (AMS) Annual Conference . Cham: Springer, Cham. West, D. C., Ford, J., Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford: Oxford University Press. Yu, Y. K. (2014). Strategic Marketing Business Portfolio Management through Formation of Business Areas in it. Business Inform , 350-355.