The paper "Relevance of the Marketing Research for Strategic Decision-Making" is a wonderful example of a Marketing Case Study. University of New England (UNE) is Australia’ s oldest university. The university website, UNE Life is aimed at enhancing the students’ experience at the institute. UNE Life consists of several businesses offering aimed at students, staff and the local community. The business offerings include SportUNE, The STRO, Life functions and catering, Campus essentials, café life, Belgrave cinema, and Sleek Hair UNE among others. Sleek Hair UNE deals with haircuts, colors and styling for staff, students and the community (UNE Life, 2015).
The hairdressers are highly qualified and offer services at affordable prices. The Sleek Hair Studio is located at The Arcade Adjacent to the university Northern car park. This marketing plan is based on sleek hair UNE. The plan looks at the hair studio mission, objectives, and hierarchies of its strategies (UNE Life, 2015). The plan then defines the hairdressing industry by accessing the porter five competitive forces. Micro and macro analysis are carried out to address the strategic challenges of the UNE Life business.
Strategic marketing research and its influence on decision making are addressed as well as its impact on the marketing mix. Lastly, the plan analyses the significance of overall segmentation, targeting, differentiation and positioning strategies for Sleek Hair Studio. The relevance of the mission, SMART objectives, and hierarchy of strategies for Sleek Hair Studio Mission Sleek Hair Studio's mission is “ UNE’ s friendly and convenient hairdresser open to the university students, staff and public” . The mission is relevant since it seeks to offer convenience. Students and staff are more time conscious.
They require services that are offered at their convenience and at affordable prices. The mission also sets to offer the services at affordable rates, which suit the staff, students and the public (UNE Life, 2015). Smart objectives Offering prices which everyone can afford Stocking the best hair products Provide the staff, students and public affordable services Continue expanding the market share Strategies Offer the services in a convenient place accessible to students, staff and the public Offering discounts through the monthly specials Ensuring that the services are offered in a place easy to relax Retaining highly trained and experienced hairdressers Porter 5 forces Having an understanding of the market is very important for many reasons.
Firstly, the business is able to realize the opportunities. The market analysis also helps in coming up with ways in which the business can outperform others and differentiate itself. In order to examine the competitiveness of the Sleek Hair Studio, porter's five force techniques will be used (Porter, 2008). The threat of new entrants In the hairdressing and beauty industry, the role of economies of scale may not be very important. Despite this, the number of outlets may be important as it creates barriers, especially in locations where there is high competition.
In Australia, anyone can start a hairdressing and beauty center as long as they have the training and the required legislation. Despite this, the legal requirements are a moderate barrier. The legal requirements and legislation process in Australia keep the unqualified hairdressers out of the industry (Australian Bureau of Statistics, 2014). The sleek hair studio is also located inside the university giving it a unique position where there is low competition (Porter, 2008).
Australian Bureau of Statistics. (2014). Australian and New Zealand Standard Industrial Classification (ANZSIC). February 2014 (Cat. No. 1292.0).
Chen, J. S., & Uysal, M. (2002). Market positioning analysis: A hybrid approach. Annals of Tourism Research, 29(4), 987-1003.
Cross, J. C., Belich, T. J., & Rudelius, W. (2015). How marketing managers use market segmentation: an exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer International Publishing.
Doyle, P. (2002). Marketing management and strategy. 3rd. s.l. : Pearson Education Limited.
Henry, A. E. (2011). Understanding Strategic Management. 2nd. Oxford : OUP.
IBIS World, (2015), Hairdressing and Beauty Services in Australia: Market Research Report, Retrieved 24th August 2015 from, http://www.ibisworld.com.au/industry/default.aspx?indid=677
Kotler, P., & Armstrong, G. (2010). Principles of marketing. Pearson Education.
Porter, M. E. (2008). On competition. Harvard Business Press.
Romaniuk, J., Sharp, B., & Ehrenberg, A. (2007). Evidence concerning the importance of perceived brand differentiation. Australasian Marketing Journal (AMJ), 15(2), 42-54.
Thompson, A. A., Strickland, A. J., Gamble, J. E., & Zeng'an Gao. (2008). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases (Vol. 19). McGraw-Hill/Irwin.
UNE Life, (2015), Sleek Hair UNE, Retrieved 24th August 2015 from, http://sleekhairstudio.com.au/
Wilson, J. (2010). Essentials of Business Research: A Guide to Doing Your Research Project. London : SAGE Publication Ltd