Strategic Expansion for Sunset Tan: Market Analysis and Action Plan
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This report provides a detailed action plan for Sunset Tan, a beauty salon, to strategically expand in the market. It includes market analysis, problem identification, and analysis of available options to select the best strategy for expansion.
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The Business Consultancy Project
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EXECUTIVE SUMMARY In order to strategically expand in the market so that it can increase its customer base which can help in increasing its profits it is important that market analysis is done which can help it in selecting the best option for expansion. In this report a detailed action plan for Sunset tan which is a beauty salon is made through situational analysis, problem identification and analysis of available options so that best strategy can be selected by it in order to expand in market.
Table of Contents EXECUTIVE SUMMARY.............................................................................................................2 INTRODUCTION...........................................................................................................................2 Situational Analysis and Problem Identification.............................................................................2 PESTEL analysis....................................................................................................................2 SWOT analysis.......................................................................................................................4 Porter’s five force analysis.....................................................................................................5 Identification of problem........................................................................................................5 POSSIBILITIES (OPTIONS)..........................................................................................................6 Ansoff Matrix.........................................................................................................................6 SAF model..............................................................................................................................7 DETAILED PLAN OF ACTION....................................................................................................9 Aim and Objective..................................................................................................................9 Risk assessment......................................................................................................................9 Stakeholders Analysis..........................................................................................................10 Action plan...........................................................................................................................12 CONCLUSION..............................................................................................................................14 REFRENCES.................................................................................................................................16 1
INTRODUCTION The main aim and ultimate objective of all organisations is to earn higher level of profits and expand in larger target market.This can be achieved only through meeting the needs and expectation of customers and through developing and making better and more effective strategies (Lycko and Galanakis, 2019). For current project based on business constancy, the selected organisation is Sunset Tan which is a UK based company situated at Neasden Lane Brent Park, London,UnitedKingdom.Thisorganisationbasicallydealsinprovidingwiderangeof professional salon services that includes facilities like Feet care, body treatment, eye care, face treatment and many other associated salon services. This project mainly consists of three main parts that is Situational analysis and problem Identification, possibilities and available options together with specific project and detailed action plan. For situational analysis use of PESTEL analysis, Porter’s Five force and SWOT analysis is made. To determine and evaluate possibilities and available options, discussion about Ansoff model is made. Further, in the last part of project a discussion about aim and objective, risk assessment, stakeholder’s analysis and resources planning charts is included. Situational Analysis and Problem Identification Situational analysis is basically associated with evaluation of internal and external factors of an organisation together with clear identificationand determination about capabilities, potential customers and other aspects of environment that directly and indirectly creates impact on business operation and functions of an organisation(Ilie, Nickerson and Planken, 2019). For proper analysis of prevailing situation in external and internal business environment of Sunset Tan use of PESTEL and SWOT analysis is made together with Porter’s five force analysis to identify and determine all possible issues and problem exist in current target market of Sunset Tan. PESTEL analysis Use of this model is made by Sunset Tan to evaluate and analysis the issues and opportunities that are prevailing in current external or macro environment, a description of which are provided below: Political- This factor is mainly associated with the current political and trade policies of a nation that directly impacts the strategy formulation and business operations (An Example PEST 2
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Analysis of The UK, 2020). Basically the political strategies of government of UK are stable that create many opportunity for an organisation like Sunset Tan but recently the Brexit issues and Covid- 19 has created a negative effect on stability and flexibility of political environment. Both Brexit and Covid- 19 issues have made international trade policies more stricter and hamper the international trade for organisation. Thus, the recent issues and problem that exist in the political environment of Sunset Tan is associated with strict trade policy that has made expansion of an organisation more difficult and also affected the supply network that is creating a threat for Sunset Tan and hampering its expansion and performance(Markham, 2019). Economical- It basically includes all the factors that related with economic conditions of a nation like its growth rate, GDP, disposable income of customers, rate of un-employment, inflation and deflation rate and other bank and financial rate. The UK is mainly having a well developed and fast growing economy, but at present the issue of Covid-19 together with Brexit has negatively impacted the economic conditions of UK (Hendrischke and Li, 2019). Due to Brexit, the value of Pound has decreased in international market and also created the problem of high employee turnover that is for Sunset Tan. Beside this, a reduction in disposable income of customers and unstable economic condition is also lead by Covid-19 thus, has hampered the current performance and productivity level of Sunset Tan and also made its expansion more difficult in international market due to high level of instability in economy. Social factors- It is mainly based on needs and expectation of customers and society in which a business organisation operates. It consists of various factors like age distribution, attitude and behaviour of consumers, health consciousness of society, lifestyle and trend of target market, culture and belief of society that directly impact the productivity and sales of an organisation. The society of UK in which is Sunset Tan is operating is highly health conscious that is creating a pressure on Sunset Tan to provide safe and risk free salon services to customers (Ssegawa, 2019). Technological factors- This mainly based on aspects like innovation and advancement level of technology together with awareness about advancement in technology and effectiveness of Research and development. As being a salon operator it become essential and vital for Sunset Tan to remain up to date and aware about latest innovation and technology improvements in its field to provide more better and exclusive services to its customers to enhance its productivity and viability(Huerta and Minderman, 2019). 3
Legal- This element of external environment is associated with various legal laws and act made by government of a nation. In context of Sunset Tan there are various legal factors to which this organisation need to comply with which includes heath and care law to provide safe servicestocustomerstogetherwithcopyrightandsafetylawtoensureasmoothand uninterrupted services for a longer period without any kind of legal consequences. Environment factors- The society and government of UK are becoming more aware and attentive towards protection of environment from all kind of hazardous impact thus, it become essential for Sunset Tan to maintain a control and check on its operations so that no effect or negative impact is lead on environment through controlling carbon emission and other hazardous substances(Tuominen and Martinsuo, 2019). SWOT analysis Use of this model is made by Sunset Tan to have better evaluation and check on internal factors a description of which is provided below: Strengths: ď‚·Huge number of loyal customers who havecommittedtowardthis organisation because of adequate level of prices charged for services is also an strength ofSunset Tan. ď‚·The enhanced brand value and history ofprovidingqualityskintreatment andbodycarefacilityarestrength SunsetTan(LyckoandGalanakis, 2019). Weaknesses: ď‚·Lack of global presence is the biggest weaknessofSunsetTanthatis hampering its productivity and profit level. ď‚·The high level of employees turnover and absenteeism lead by Brexit and Covid -19 is also creating a weakness for Sunset Tan. Opportunities: ď‚·Having an opportunity to expand at global level. ď‚·Can make use of better andmore innovativetechnologytooffer exclusiveandnewfacilitiesto customersthroughgaininghigher Threats: ď‚·High level of competition in salon and fashion beauty care sector is creating a threat for Sunset Tan. ď‚·ThecurrentBrexitandCovid-19 issues has made it more difficult to planexpansionatnationaland 4
competitive strength.international level(Ilie, Nickerson and Planken, 2019). Porter’s five force analysis Use of this model is made bySunset Tan to effectively determine the current level competition and other relevant factors that have significant influence on companies profitability and other business operations a discussion of which is provided below: Barring power of supplier- A large number of suppliers are available for cosmetic products thus, this risk is at lower level in context of Sunset Tan due to availability of many options from where it can avail and procure quality product at lower price level. Bargaining power of customers- Due to availability of many salons at locality level of Sunset Tan, the barging power of customers is relatively high as they are having an option of shifting towards other salon who are offering services at lower cost(Markham, 2019). Threat of new entrants- This risk is also at higher level for Sunset Tan as there are less barriers and risk for new entrants thus, new companies can easily enter the target of Sunset Tan. Threat of substitutes- This risk is also at higher level for Sunset Tan due to large number of organisation which are offering same services and products. Threat of rivalry- As availability of large number of organisation are there in business environment who are dealing in same field the level of competition and rivalry is also high for Sunset Tan (Hendrischke and Li, 2019). Identification of problem In accordance with analysis of above external and internal factors of environment of Sunset Tan evaluated with the help of PESTEL analysis, SWOT analysis and Porter’s five force following problems and issues are identified in context of Sunset Tan: Inflexible and stricter trade policycreated by Brexit issues has enhanced the problem for Sunset Tan as it has made expansion of this organisation more difficult that hamper its objective and aim of gaining higher expansion and growth opportunity at national and global level. The covide-19 has negatively impacted the economy and growth rate of UK that is ultimatelyhamperingthedisposableincomeofcustomersthatisleadingtoan implications and problem ofreduction in demand and productivityfor Sunset Tan. 5
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ď‚·Further, thehigh level of competitionand several organisations that are providing salon facilitates at home are creating biggest threat and problem for this organisation as it directly reducing and hampering its productivity and sales margin(Ssegawa, 2019). Thus, it can be evaluated that strict trade policy and instable economic conditions together with high level of competition are main issues and problems that are currently existing in business environment of Sunset Tan. POSSIBILITIES (OPTIONS) Ansoff Matrix The Ansoff Matrix is also known as product/market expansion grid which helps the companies in analysing various options that are available for growth so that strategies can be formulated by the company which can help in their strategic expansion. This matrix was given by Igor Ansoff in 1957 so that businesses can choose suitable option for their expansion in market. Following are the options which can be used by Sunset Tan in order to expand its market: ď‚·Market penetration: This strategy focuses on growing in the existing market of company by selling its existing products. This is a very simple strategy to grow as the company sells the products which it already offers in the market by the way of reducing prices to attract existing and new customers, by increasing promotion and distribution efforts or by acquiring a competitor in the marketplace(Dawes, 2018) ď‚·Product development: In this strategy the products of company are developed by and new or modified products are offered in existing market so that the new demand of customers can be met that can help the company in gaining a competitive advantage in market. In this strategy the company needs to develop its product by the way of R&D so that market requirement can be appropriately met. Also strategic partnerships with other firms can help in creating new products so that market demand can be efficiently met. ď‚·Market development: In this strategy the company offers its existing products in new markets so that a new customer base can be developed and its business can be expanded. The company can use this strategy when it aim at catering to the needs of different customersegmentorwhenittriestoexpanditsbusinesseithernationallyor internationally so that a new market can be acquired. In this strategy the products that are 6
offeredaresameonlythemarketsaredifferent(REZAEI,KHAVARIANand GHAFURZADEH, 2016). Diversification: In this strategy the company sell new products in new market and is the most risky strategy of expansion as it involves huge cost of R&D to develop new products as per the new market which is targeted by company. Also the company has to bear the expansion cost so that the market can be efficiently acquired and the needs and wants of customers can be met efficiently. From the above discussion it can be said that market penetration is the best strategy tht is suitable for Sunset tan as the company can with low costs expand in the existing market and make new customers in the same market. Also due to Brexit it will become hard for the company to expand in EU nations as many trade restrictions will put on companies of UK. Further due to the pandemic situation caused by Covid-19 it will become difficult for companies to expand in other markets as the people are under the fear of coming into contact with other people due to the deadly disease(Johnson, 2016). This has made it difficult for businesses to expand their markets either nationally or internationally. Also as people are facing problems with funds due to lockdowns faced by nations it will be difficult to sell them new products as they will not be able to afford the new products. Thus it can be said that market penetration is the best strategy that can be chosen by Sunset Tan. The company can promote its sales through giving discounts and offers, selling through online markets etc. so that more profits can be earned. SAF model It is also known as strategy analysis framework which help the businesses in analysing the strategies which are to be implemented in company that can help it in growing in the market. Following steps are to be followed while following the SAF strategy: Step1: Current company position: It is important that the current position of company is analyzed by using BLS analysis, BCG matrix and BEP analysis so that the revenue and profit generated by company can be calculated and the strategy of expansion can be formulated by the company(Piran and Dresch, 2016). Step2: External environment: In order to strategically expand in market it is important that the external factors affecting business are analyzed using PESTLE analysis, Porter’s five forces etc. so that the factors that can negatively affect growth strategy can be 7
analyzed. This will help the company in taking appropriate actions to minimize the negative impact. ď‚·Step3: Internal capabilities: It is important that the internal capability of business is determined by analyzing its resources so that its ability to expand can be determined. VRIO, SWOT analysis etc. can be done in order to analyze its internal capabilities. ď‚·Step4: Identify key problems and opportunities: The problems and opportunities present in market should be analyzed so that effective actions can be taken that can help in gaining a competitive edge in the market. ď‚·Step5: Recommendations: The actions that can be taken by company so that it can strategically expand can be formulated in this step so that the implementation of strategy can be done which can help the business in achieving its goals(Matraeva and Babenko, 2019). 8
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DETAILED PLAN OF ACTION Aim and Objective According to the above research analysis of market of the organisation Sunset Tan, it is evaluated that currently organisation is present in UK. The world economy from recent past months is suffering from the effects of COVID19 therefore its impacts are clearly visible on the UK economy as well. Along with it recently before COVID19, BREXIT took place that is another factor which is affecting the economy of the United kingdom’s, it outcomes are during the businesses of different industries and organisations available in those industries. The fashion and cosmetic industry is also affected by it, the company Sunset Tan is a salon which comes under cosmetic industry(Cunha, 2018). The objective of this section of the report is to develop a appropriate action plan for Sunset Tan by looking at the current situation of the market. The section focuses on the objective of Sunset Tan to become stabilize again in their domestic market place and give their competitive advantage along with making it more stronger by being one step ahead of its competitors. Therefore specific objective of the action plan is to enhance market stability of Sunset Tan along with maintaining a competitive edge by facing the current problems existing in the economy around the globe and specifically in the UK economy. Risk assessment Risk assessment and management is basic factor of which affect the organisation at every stage and in all phases. Risk assessment is considered to be one of the most essential an important task of an organisation to undertake and perform effectively for gaining knowledge and having an appropriate idea about the marketplace and the different kind of risk present in it which can affect and hinder the objective of the company. All different types of organisations small or big and private or public undertakes risk management for analysing and knowing their value and also for creating value for their functions and operations (Pažitka, Wojcik and Knight, 2019). There are many different types of risk present in the marketplace such as avoidable risk, mitigatable risk, transferable risk, exploitable risk and acceptable risk. All these different types of risk are awaited and known by the organisation with the help of risk assessment and Management, according to which entity place the risk into respective types and work accordingly for becoming more effective and bringing better results. In order to develop an effective and 9
detail plan for Sunset Tan risk assessment is a very important stage which is done into three steps. All the steps are mentioned below: ď‚·Risk assessment-This is the first stage where evaluation of risk will be conducted by the executive or members of the organisation. In this step risk is properly evaluated where the likelihood and impact of certain risk are two most common and certain attributes which are used to assess the risk. At this stage of risk assessment ain-depth analysis of the impacts of COVID19 and BREXIT a seen on the Sunset Tan. Here the participants will conduct a research for knowing the present and future impacts of these two factors on the organisation its operation and over its revenue and profit units. ď‚·Risk rating-This is the second stage of risk assessment and Management concept there the identified and assess risk will be rated according to the impacts on the organisations present and future actions. The risk rating stage is where the identified risk are located to a particular type out of all different types of risks. The COVID19 is a kind of risk situationwhich is impacting the whole world and all different economies that implies that this is not avoidable or mitigatable(Martins, Ribeiro and Duarte, 2018).This form of risk come under acceptable and exploitable risk. That means Sunset Tan can only accept risk calling because of COVID19 and exploit new opportunities from it for maintaining it operations and being stable in the marketplace. ď‚·Prioritizing risk-This is the third stage of risk assessment process where according to the impact and serious of the risk it is being prioritised in order to make appropriate actions for mitigating the impacts of those risks and reducing there influence over the operations of the organisation. Currently the risk of COVID19 is not mitigatable as the whole world is suffering from it but BREXIT is one risk which is the priority of Sunset Tan. The company will be making plans and strategies to overcome the effects of BREXIT and COVID19 in the future while staying in their existing market that is domestic market and gaining a competitive edge(Lehmann, Saulich and Wohlgemuth, 2018). Stakeholders Analysis Stakeholder analysis is a process and procedure of identifying those people who holds influence over the decision making of organisation and can impact the operations. Stakeholder analysis is performed in order to align the objectives of stakeholders and organisational plans and 10
strategies for reducing conflicts arising of any issues. It is a necessary analysis which has to be conducted bySunset Tan before developingany actionplansfor fightingthe impactsof COVID19 and BREXIT and gaining their competitive edge in the marketplace again. Therefore stakeholders analysis can take place with the help of Power-Interest grid model which is explained below: Power-Interest Grid This model of stakeholder analysis is divided into four quadrants that highlights for different types of stakeholders which are the part of an organisation who are divided according to the power and interest the hold in the operations or business of the entity(Mota and de Castro, 2019). High Power, High Interestare those stakeholders who are the priority of the company and always needs to be kept satisfied and properly informed. In case of SunsetTan the customers are the stakeholders who are part of this quadrant and the entity needs to keep the customers informed about the dismissal of the service is due to COVID19 long town and any new packages they are introducing in the market for fulfilling the needs and desires of potential customers. High Power, Low Interestis the second quadrant where those stakeholders are situated who you need to be satisfied but no interest in the entity and its operations they do not need to be kept informed. In this quadrant external parties such a suppliers of Sunset Tan are considered. Low Power, High Interestare third type of stakeholders who are required to be kept informed by the company all the time with the changes taking place in the entity. The employees of SunsetTan exist in this quadrantthere the hold very low power but need to be informed as they are highly interested in the company the services which are rendered to people are given by the workforce on the behalf of organisation. On the other hand if the entity won’t inform the employees about the changes taking place in operations then it can harm the business and profit levels(Englund and Bucero, 2019). Low Power, Low Interestare those external parties who adjusts associated with the company but they do not hold any impact for hours over the operations and business level of the organisation. These external parties are not needed to be informed all kept satisfied by the organisation. The media and other social channels exist in this quadrant of 11
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stakeholders analysis of Sunset Tan because currently the operations of entity are on lower level which makes it neglectable to focus on the media and other social platforms. Action plan COMPANY OVERVIEW Sunset Tan is a beauty salon which is currently available in in the UK marketplace that means the company only operates and serves to the customers of UK national do not have any outlet in international waters. It is the salon which provides numerous services to the customers such as face care, hair care, body care and other beauty and makeup related services. The entity is currently deals in UK market but due to the effect of COVID19 and BREXITin recent months huge amount of loss is incurred by Sunset Tan. VISION The vision Sunset Tanis to become the leader beauty salon in the UK marketplace by being one step ahead of its competitors and with future goal of expanding into international marketplaces. MISSION Due to increasing impact of BREXIT on the UK economy, rapidly spreading COVID19 and frequently increasing competitors the mission statement of Sunset Tan salon is to gain competitive advantage and become stable in the marketplace once the economy reopens after the lockdown took place because of COVID19(Collins and Butler, 2019). SMART OBJECTIVES ď‚·To become stable and gain existing sales unit. ď‚·Tore-enter the marketplace once the COVID19 lockdown is over. ď‚·To stabilize the profit units and see at least 5% increase in earnings. ď‚·To increase the customer ways by 4% in next 6 months after the economy reopens. ď‚·To improve sales and revenue units by 3-6% in next 8 months. STRATEGY The condition of world economy is unstable due to COVID19 and as BREXIT took place the political and economical environment of UK is also inflexible which is why the most suitable strategy for Sunset Tan in current scenario is market penetration. This strategy suggest that the company should stay in their domestic market and on competitive advantage by serving to the customers of UK rather than moving internationally and expanding the operations. This is a 12
suitable strategy for Sunset Tan because the important export currently are very expensive and once the COVID19 lockdown is over then they will become more and more expensive. Along with it the workforce and specially experts is also going to increase there charges in order to earn their livelihood and fulfil their basic needs. All these situations are suggesting that the market penetrationstrategyisthemostsuitableforSunsetTanaccordingtotheevaluationof marketplace. SEGEMENTATION, TARGETING AND POSITIONING ď‚·Segmentationis a technique of dividing the market into small groups and segments according to their similar characteristics and behaviours. Segmentation is done for thoroughly evaluating the behaviours of different segments of society population in whichtheorganisationisdealing.Segmentationcanbedonebyfourways demographically, geographically, behaviourally andpsychographic. The Sunset Tan has segmented their marketplace through geographical segmentation method where they are rather than moving to international marketplace sticking with their domestic market and serving to exiting population(Damoah and Kumi, 2018). ď‚·Targetingis done after segmentation where from the identified segments the company choose a particular group of people for serving them as they are the most suitable set of population are matching with the offerings of the organisation. The Sunset Tan has targeted the domestic customers for gaining competitive advantage in their existing marketplace. As the competition is increasing to company will be targeting those customers wants to avail their services at their home rather than visiting to the salons. That means now Sunset Tan will make available the services at the home of people according to their preferences(Gabrielsson and Hasan, 2019). ď‚·Positioningstrategy highlights the technique or tool which is used by entity to spread word about its offerings in the marketplace and placing its production services in the most potential manner in front of their targeted audience. The Sunset Tan can make use of different social media platforms false reading word about their existing and new services as digitalization is increasing and technology is part of day to day life of every individual. It will enable the organisation for reaching to the larger marketplace and larger population in very low cost and time. BUDGET/ CASH FLOW 13
ď‚·Budget Particular31/12/1931/12/2031/12/21 Implementing technology cost 15000-3000 Promotional expense11000105007500 Advertisement expense800075006000 Catalogues150025003500 Training charges900070006500 Total Cost465002750026500 ď‚·Cash flow Particulars1styear2ndyear3re year Initial investments98001256018000 Borrowings1050062009500 Retained earnings5500850010000 TOTAL258002726037500 MARKET OUTLAY Promotional expense8800800013500 Distribution expense400074009500 Publicity5500125008500 TOTAL183002790031500 CONCLUSION Theabovereportisbasedonthebusinessconsultancyandmarketevaluation.The assignment summarises that in order to develop and gain competitive advantage for being one 14
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step ahead of other organisation in the market and industry the company needs to evaluate and analyse external environment along with internal environment. For the same where is tools are used such as SWOT and PESTLE analysis for knowing and conducting external market research. Ansoff matrix is used for adopting a appropriate market strategy once the external business environment is understood. Moreover, in order to develop an effective action Plan coriander in the marketplace after the ciaos of COVID19 ends the risk assessment and stakeholder analysis is conducted. According to this evaluation and assessment of internal and external environment of company associated within it a appropriate business plan is developed which will enable the organisation to have a competitive edge, become stable in marketplace again and for giving a good competition along with entering the market strongly with appropriate knowledge and potential resources. 15
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