The Laundry Lounge Marketing Plan
Essay Preview: The Laundry Lounge Marketing Plan
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Executive Summary:
This marketing plan is for the benefit of everyone who hates doing their laundry at an average coin laundry mat. Where doing your laundry is time consuming, and boring. In this marketing plan I will discuss how, “The Laundry Lounge”, is going to change all that. I am also going to teach you about our service, get your feedback, so that we can effectively fulfill your needs. We will discuss in detail how are service can make your life easier turn a dreaded chore into a pleasant activity. We will discuss our goals for the future and how we plan to grow. Lastly we want to discuss our target market and how we plan to ease their burden of doing an unwanted chore.
2.0 Mission Statement:
Our mission is to provide a service that puts a positive twist on an old and dreadful chore, while also providing a place to relax and have fun while this chore is carried out.
Situation Analysis:
There is no current market for my unique service; people are becoming increasingly busier and have less time to relax because there is so much that needs to be done. Because of this people are getting more and more uptight, because they never seem to get a break a minute to themselves to just “stop”.
I believe I have created a service that allows people to do just that. Laundry is a chore people do not look forward to doing so they let it pile up until it gets out of control. They can bring that mountain of laundry to The Laundry Lounge and have a place to kick back, have a drink and a bit to eat, watch TV, use the WIFI, or just relax while their chores get done. We believe our service will relieve the stresses of the day, and, get something done at the same time.
2.2 SWOT:
The SWOT ANALYSIS is a breakdown of your marketing plans strengths, weaknesses, opportunities, and threats of the internal and external environments. The internal environments are the strengths and weaknesses, and external environments are the opportunities and threats. I have broken them down in the graph below (Kotler, 2012):
A business unit must monitor key microenvironment forces and significant microenvironment factors that affect its ability to earn profits. It should set up a marketing intelligence system to track trends and important developments and any related opportunities and threats, as well as its strengths and weaknesses (Kotler, 2012).
2.3 Competition:
Competition comes from four main sources and falls under two categories, Direct and indirect:
Product competition
Brand competition
Generic competition
Limited Budget competition
2.3.1 Direct Competition:
Product competition: A direct competition this comes from another company or companies offering the same product or service youre providing in the same demographic youre in (Kotler, 2012). For me this would be other coin laundries, and other bars and Lounges. This could bring down the sales and revenue of your business if your customers find another product more appealing.
Brand competition: This is another direct competition that could affect a company when his competitors offer the same brands they do. However, Brand Competition will not affect my business, because it is a new concept and there are no other Laundry Lounges out there (Kotler, 2012).
2.3.2 Indirect Competition:
Generic competition: This can affect every business out there in one way or another. An example of how Generic Competition could affect my business is if the manufactures of washers and dryers make their products more affordable, if the liquor and beer companies go out of business, or if the cost of water goes down so people can afford to wash at home (Kotler, 2012).
Limited Budget Competition: This is due to the fact that people have limited budgets and cant pay full price for large items like cars and houses. So, in order for the consumer to purchase these items they must get a loan and pay it off in payments. However, due to my unique service, this does not apply to me (Kotler, 2012).
2.4 Service Offering:
My unique service offers a place where people can bring their laundry, and they can either do it themselves, for less than other coin laundrys, or pay a little more for my employees wash, dry, and fold their laundry for them. Either way, while their laundry is being done they can go into the lounge and have a drink, something to eat, watch television, utilize the WIFI, of just to kick back and relax. I will also offer change machines to get quarters to do your laundry, televisions, and arcade games in the laundry area to keep the kids occupied, and security to keep everything and everyone safe (Kotler, 2012).
2.5 Keys to Success:
I have a niche in the market, a service that no one else has that is focused strictly on customer service, and not just as place for people to do laundry, I specifically converted two existing services that are utilized by so many and pulled them together into one. I are also taking it a step further; I am mainly focusing on people who hate to do laundry, even people who have washers and dryers but think of doing laundry as hard work or too time consuming, and would rather have someone else do it while they kick back, or continue about their busy day running errands while their laundry get done. Let me reiterate; Laundry Lounges number one concern in customer service and as long as I provide a great service with great customer service I will be successful (Kotler, 2012).
2.6 Critical Issues:
Issues that could prove critical to my business and marketing plan would be if there was little response to advertising, not being able to convince the busy and over worked housewives to utilize my service.
Marketing Strategy:
My business strategy will be based on an old but valuable idea that is still important today, if not more so than ever is called Relationship Marketing. The reason for its development has come from the maturing of services marketing with the emphasis on quality, increased recognition of potential benefits for the firm and the customer, and technological advances (Berry, 1995). Delivering a quality service and product