Business Plan
Executive Summary
The virtual medispa company is a beauty clinic which provides dermal therapies, spa therapies and cosmetic to the people between the age group of 20-45 years in the southeast region of the United Kingdom. The situational analysis shows the micro and macro environment analysis of the company which shows that the environments of the company are satisfied. The SWOT analysis shows that the strength of the company includes the variety of products and services which are offered to the target audience and the weakness of the company include untrained human capital which impacts on the quality of services provided to the end users. The opportunities include the effective market plan to develop the brand image in the eyes of the customers and threats of the company include high competitors in the market. The company can improve its marketing plan in order to stand out among the competitors within the same industry. The gap analysis shows that the strategic plan of the company is not working due to ineffective marketing plan which results in less profitability of the company. The critical success factor analysis shows that the company must improve its human capital in order to build competitive advantage. The operational plans are developed to improve the operations of the company. The financial budget is ten percent of the total annual sales of the company. The human resource plan of the company is to maximize the profitability through improving the performance of human capital within the particular period of time. The operational monitoring plan is developed to improve the operations of the company. The business plan is mainly developed to achieve the mission and vision of the company through improving the marketing plan of the company which enables to stand out among the competitors within the same industry. It can be concluded that the virtual medispa company must improve its marketing plan in order to maximize the profitability of the company.
Introduction
In this present paper, we will discuss the business plan of the virtual medispa company which is a beauty clinic that provides dermal therapies and cosmetic medical procedures with the traditional beauty services. The company is planning to introduce IPL hair reduction treatment and photo rejuvenation.
Situational analysis
It is defined as the analysis which is used to examine the internal and external environment of the company in order to maximize the marketing sharing of the company (Nair et al., 2014). Following is the analysis of micro and macro environment:
Business environment
Microenvironment analysis
Suppliers
The supplier of the products and services are in large number which shows that the suppliers have less force on the supply chain.
Customers
The customers are mainly from all over the southeast region of the United Kingdom.
Competitors
The major competitors are all beauty clinic in the southeast region of the United Kingdom.
General public
The company considers the use of environmental factors in order to the health of general public.
Macro environment analysis
Political factors
The company considers all the government procedure and policies and the free trade policies provide the opportunity to the company to offer its services in other countries.
Economic factors
The profitability of the company contributes towards the gross domestic product of the company.
Social-cultural factors
The company provides beauty care which helps to resolve the beauty problem of people.
Technological factors
The company is using innovative dermal therapy treatment in order to provide the high quality of service.
Environmental factors
The company avoids using of harmful chemicals in order to protect the environment.
Legal factors
The company follows laws and regulations in running the business operations.
Strategic planning component
Mission
The mission of the company is to provide the high quality of services to its target audience in order to improve the market share of the company.
Vision
The vision of the company provides roadmap which enables to provide sustainable growth in the long run.
People: To develop the great working environment to maximize the productivity of human resource
Portfolio: To bring the high quality of portfolio of world class cosmetic products in order to satisfy the target audience
Planet: To become the responsible citizen that differentiates through supporting sustainable communities.
Profit: To maximize the profitability through satisfying the target audience.
Productivity: To develop a high quality of products and services to build competitive advantage.
Value statement
The values serve as a compass for the actions which defines behave in the world.
Collaboration: Leverage collective genius
Leadership: To lead the industry in shaping the better future
Integrity: Be original
Diversity: As inclusive as company
Quality: Provide high quality of services
Accountability
Passion: Commitment towards the world
SWOT analysis
The SWOT analysis is defined as the analytical tool which is used to determine the strength, weakness, opportunity and threats of the company:
Strength
The strength of the company includesthe variety of products and services offered to the target audience, use of innovative technologies and small size of organization which can easily manage to maximize the quality of services (Bull et al., 2016).
Weakness
The weakness of company includes less experienced manpower, ineffective marketing plan, and financial constraint.
Opportunity
There are various opportunities for the company which includes building the goodwill which enables to stand out among the competitors within the same industry.
Threat
It includes high competition among the competitors and innovative products and services provided by the competitors.
Gap analysis
Following is the gap analysis of the company:
Strategic objective
The strategic objective is to provide the high quality of services in order to enable the competitive advantage to the company which helps to maximize the market share of the company (Gillingham et al., 2013).
Current standing
The company is currently providing poor quality of service which impacts on the sales volume of the company.
Deficiency
The strategic objective is unachieved due to the ineffective marketing plan and untrained human resource.
Action plan
The company needs to develop the effective market plan in order to improve the brand image in the eyes of the customers, and human resource requires training to improve the quality of service.
CSF analysis
Following is the critical success factor analysis of the company:
People: The Company must improve the human resource capital through providing training and development in order to improve the quality of service.
Strong brand: The Company must develop its brand image through developing the effective marketing plan in order to maximize the profitability of the company.
Innovation: The Company must use innovative technology in developing high quality of products and services which enable to attract a large number of consumers which leads to increase the growth of the company.
Marketing: The marketing strategies of the company must be effective which helps to create brand awareness among the target audience (Cochrane et al., 2014).
Operations: The operations of the company must be critically monitored in order to provide the high quality of products and services.
High spend on R&D: The Company must spend the high amount on the research and development which helps to provide the competitive advantage to the company.
Business objective
The objective of the company is to satisfy the target consumers through providing the high quality of products and services in order to generate the profit in a sustainable manner.
Business planning strategies
Market share growth
The company must develop the effective marketing plan in order to create brand awareness among the target audience which enables to maximize the market share of the company.
Quality control
The company must develop effective quality control plan in order to maintain the quality of products and services within the particular period of time.
Profitability
It is one of the main objectives of the company which can be achieved through minimizing the expenses of the company which enables to maximize the profitability within the specific period of time.
Marketing plan component
Target market
The target audience of the company includes all people lies under the age group of 20-45 which resides in the southeast region of the United Kingdom.
Products and services
The company provides dermal therapies, spa therapies, and cosmetic cosmetics