Cranium Filament Reductions
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Cranium Filament Reductions is in its first year of business as a start-up company. Cranium recognizes the fact that a comprehensive, strategic marketing plan is required to ensure profitability and success. Cranium offers a wide range of hair cutting services. The market need is for a one-stop, convenient, hair salon that is skilled and reasonably priced, serving the entire family.
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Cranium Filament Reductions possess good information about the market and knows a great deal about the common attributes of its most prized customers. Cranium will leverage this information to understand who is served, their specific needs, and how Cranium can better serve them.
Cranium Filament Reductions is providing families with a one-stop option for providing a wide range of hair cutting/styling options. Cranium seeks to provide the following benefits that are important to its customers:
The market trend for the hair cutting industry is one of consolidation. Consolidation can be seen with the high-end hair salons as well as the full-service, full-family companies such as Best Cuts. Over the last five years there have been an expansion of upscale chain salons in major metropolitan areas. The expansion takes the form of opening new stores, as well as purchasing independently-owned salons and transferring them over to the chain. Additionally, this trend has occurred with the full-service, family hair cutting stores.
The reason for this trend is similar to other industries that are consolidating; cost saving measures. Cranium is not participating in this trend of aligning itself with a chain. Cranium believes that it has better insight to its local market and would rather apply this specialized insight to its market instead of adopting the procedures of a national chain.
For the last seven years the hair cutting industry has grown steadily at 5% a year. The industry is generally unaffected by economic upturns or downturns. While in upturns, women are more likely to purchase extra services such as hair coloring or perms, although generally the consumption pattern is unchanged. This is somewhat intuitive as most people need and get a haircut based on an elapsed amount of time, independent of the economic environment that they are in.
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Cranium Filament Reductions.
Cranium Filament Reductions' competitors include:
The buying patterns of men and women are quite different. Typically men are more price or convenience sensitive. Men typically care less about the task of getting their haircut. For them whatever is easiest works best. Women are more concerned with hair styling and tend to bond more with their stylists. This bond creates loyalty to their stylist. Once a stylist has earned their trust they are more willing to blindly put their hair in the stylists hands.
Cranium Filament Reductions provides hair styling for the entire family. This includes haircuts for men and women, permanents and hair coloring for women, as well as haircuts for children. Shampoos will be offered for all adult services. Service is offered on a walk in basis or by appointment. Cranium Filament Reductions will emphasize a customer-centric service where the customer's needs are always the priority.
Cranium Filament Reductions will also sell hair care products that are forecasted to account for 15% of sales. These professional quality supplies will include shampoos, conditioners, reconstructors, brushes, combs, and other styling aids.
Keys to success include:
Cranium Filament Reductions is still in the speculative stages as a start-up company. Its critical issues are to continue to take a modest fiscal approach; expand at a reasonable rate, not for the sake of expansion in itself, but because it makes prudent fiscal sense to.
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