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Defining the concept (a retail business that is somewhat unique, that has an marketing edge over its competitors)
The concept involves a retail hairdressing store that provides hair cuts by professionals. However, it is unique and a cut above the rest owing to the fact that it is also doubles as a hairdressing institute. Here, new and aspiring hairdressers will be given revolutionary advice by professionals who meet there and exchange ideas. Essentially, this implies that the new retail store will double up as a styling and hairdressing institute.
Market needs opportunities (why do see a potential?)
Current market offer (direct / indirect competitors)
The current hairdressing market has come of age. Nowadays, hair stylists focus on a range of elements that make them stand out from the rest. Some of them are affiliated to the fashion industry. Here, one can find hairdressers that specialize in offering services for top magazines or fashion houses. Essentially, they use creative ways of complementing the outfits and shoes made in the fashion industry. Alternatively some hairdressers and stylists also offer their services to television and film celebrities. Essentially, these kind of hairdressers are trend setters because once a celebrity wears their designs then it is likely that the public will imitate them and they may be sought after by many others. On the other hand, some stylists offer their services to photo studios. Usually, the latter will deal with quick and easy hairstyles that will not take too much time. These are all indirect competitors for this new business.
Conversely, some hairdressers and stylists will open a traditional retail store. Usually, some will cut hair while others will be responsible for more complicated styling. Essentially, these businesses specialize on certain consumers and services. Some will offer hair and nail services. Others will combine it with reflexology and other facial or skin treatments. Alternatively, some may choose to focus on particular market segments. For instance, some may deal with Afro Caribbean hair while others may focus on Caucasian hair depending on the kinds of markets they have. These are direct competitors if they do haircuts but indirect if they focus on other kinds of hairdressing services.
Another direct competitor for this business will be all hairdressing institutes or colleges as they offer part of the service that the retail store will be offering. Many beauty institutes will liaise with traditional hairdressing services just so that they can be able to give their students a hands on experience on the actual nitty gritty of the hairdressing world. Usually, this will involve making a deal with an existing hairdressing business to offer services to them. However, it is very unlikely that any of these businesses will actually grant their consumers who in this case are aspiring hairdressers an opportunity to get creative with customers hair.
Gap in the offer (your retail idea must fill the gaps)
Most hairdressing businesses either focus on the consumption end of the spectrum or the educational level as well. It is rare for one to find a combination of these. In other words, the market specializes on either side yet the best results can be reaped when practical ideas from people who have been in the industry for years are combined with new ones. Furthermore, the hairdressing institutes available out there usually dwell on aspects of hairdressing that have been tested and proven. It is quite rare for them to embrace a hairdressing method has never been tried before yet the industry requires creative and innovative traits. Finally, this institute plans on making the most of this gap by combining the talent, experience and creative genius of older professionals in order to give aspiring hairdressers new and revolutionary ideas on the same. However, this retail store has still not forgotten the overall benefits of the traditional hairdressing business. In other words, it will still offer hair cuts from professionals.
Segmentation/target market
What are the benefits your segment(s) are seeking
There are two major benefits that the segments are seeking and can be offered by this organization. The first is a good hair cut. Essentially, hair cuts are geometries applied to different categories of hair. Therefore, services seekers are people who need the right lines or circles applied correctly to their hair type and their shape. Not every hair cut will fit perfectly with the face and body of an individual as this depends entirely on an experts opinions on what works. Consequently, once a customer can get a haircut from a professional then this is likely to lead to satisfactory results compared to a situation where the concerned person has not dealt with any of these differences. These consumers essentially want something that will change their look from ordinary to extraordinary. It implies that certain artistic concepts must be included in the service. There must be balance and movement in the hair after it has been cut. It must also be precisely done so that the proper techniques and the right controls have been combined to make that hair cut transformative. The retail store under consideration will focus on offering these unique elements hence making it exceptional.
The second benefits that the segments are looking for is good hairdressing training. Many professional hairdressing institutes tend to focus more on the technical aspects of the profession and not on the creative ones yet this quality is the most important in the industry. Hairdressing students often need to be inspired and to be shown how they can be creative and the best way to do so will be through the use of professionals who meet and exchange creative ideas as will be the case for this particular kind of business.
Is the market currently multi-segments?
Several kinds of opportunities exist out there for anyone who wants to be involved in the hair market. This is the reason why there is product differentiation within the market. In other words, segmentation can be product specific such that there will be a close match between products/ services and consumers.
Alternatively, segmentation is done by demographic features in that some hairdressers focus on certain racial groups or hair textures over and above others. Alternatively, some use lifestyles as a differentiating quality and in such a case, the high end of the market will be targeted by some hair cutters while others will focus on middle income earners.
Which segment (s) do you want to target?
In this regard, the business will look at hair cut consumers as one market segment and hairdressing students as another product based segment. The other kinds of segmentation methods may not necessarily yield the kind of results that this business is looking for and this could make it highly beneficial to the concerned individuals especially in relation to their missing elements in market.
How would you describe the segment(s)?: demographics, lifestyle, psychographics.
The segment is based on psychographics because it is designed to meet certain objectives that consumers need. Essentially the best bet for business success of this retail concept is focusing on value addition and this would best fall within the psychographic segment.
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