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I EXECUTIVE SUMMARYThis strategic management plan focuses Paper

Words: 1787, Paragraphs: 31, Pages: 6

Paper type: Summary , Subject: Management

I. EXECUTIVE SUMMARY

This strategic management plan focuses on developing feasible strategies for Mega Royal Steam Laundry Inc. which was formally registered in May 13, 2015. The establishment is first initiated by the entrepreneur Mr. Higinio Romel Manaloto and the company is being managed by its appointed operation manager, Ms. Pamela Manaloto, Mega Royal Steam Laundry Inc. is located at No. 88 Brgy. La Paz Magalang, Pampanga.

This research paper is about Mega Royal Steam Laundry Inc.’s business achievement. The company offers its various customers a high quality and inconvenience-free service at an affordable price. Mega Royal Steam Laundry Inc.’s pricing is simply reasonable, and its residential customers such as families, students, young professionals, and industrial customers including hospitals, salons, and restaurants can take advantage of it. The company provides pick-up and delivery service to its customers ‘ laundry, which is not yet offered in Magalang, Pampanga by other laundry shops. Since residential houses are nearby, it has a good strategic location and its pick-up and delivery service improves the channel as it reaches industrial customers located in various Pampanga areas. The company, however, lacks marketing strategies. In order to orient potential customers, it lacks advertising and promotion that its good laundry service appears to exist. In addition, if important actions are neglected, it may drastically decrease its sales.

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To achieve and maintain marketability and financial stability of Mega Royal Steam Laundry Inc., market development and market penetration are its best strategies to use. The company can expand its target segment through business expansion with the use of market development strategy, as well as target increasing customer retention. Using the other strategy, market penetration, the company may consider various ways of promoting the business, such as through advertising, bundled services, and philanthropic social responsibility implementation.

Keywords: Market Development, Market Penetration, Philanthropic Social Responsibility, Strategic Management Plan, Promotion, Customer Retention, Advertising, Accessible Location

II. INDUSTRY ANALYSIS

Since humans started wearing clothes, laundry has been part of history, so the methods used by different cultures to address this universal human need are of interest to several branches of scholarship. Gradually, the Industrial Revolution led to mechanized laundry work solutions, including the washing machine and later the tumble dryer. Laundry is done both at home and by commercial establishments outside the home, such as cooking and childcare.

A rapidly growing number of Filipinos are settling in modern times to live in condominiums or apartments to accommodate their demanding lifestyles. There is less time and more work for both people in the residential and industrial sectors to discharge, and they often need a much simpler way to do their daily tasks. The laundry industry is thus given the pavement to provide the laundry shops with inconvenience-free service as the lack of time can not yield a traditional approach to laundry.

According to the June 2018 report of Sunstar, Most laundry companies are marketing their services on a large scale and are not actively facilitating a single or specific market. Some perceived themselves not to enjoy profits but to suffer losses due to lack of capacity and other important facilities. There are cases where customers are clearly notified after a few days of collecting their laundry — lack of customer orientation. This is due to the under-capacity of existing businesses. The shortcomings in Magalang, Pampanga’s laundry services offer great opportunities for canvassing ventures like Mega Royal Steam Laundry Inc.

Mega Royal Steam Laundry Inc. will target Magalang residents and hotels, including small families, students, young professionals, and nearby hotels. The business will offer its services such as hospitality-based entities to the industrial sector. Hotels, hospitals, salons, and restaurants will be included. These entities were considered as Mega Royal Laundry Steam Inc.’s remunerative targets. Prior to targeting a lucrative market, key factors such as size, profitability, growth potential, and market segment-related risks were considered. Competition in the laundry industry revolves in marketing, especially in the amount charged for the type of dry cleaning and laundry services catered.

The strategic positioning of players on the market is another key factor to consider. RenSu Laundry Shop, Donya Segunda and Laundry 360 are the existing laundry shops in Magalang, Pampanga and Everything Clean Laundry and Dry Cleaning, Lynn’s Spring Laundry Shop and Soak N Relax Laundry Shop are other Pampanga laundry shops that directly compete in the same marketplace, whereas indirect competition is caused by dry cleaning and laundry companies.

Mega Royal Steam Laundry Inc. will pledge to have better market knowledge to fight the competition. This effort will drastically replace their competitors ‘ understanding of the market. Mega Royal Laundry Steam Inc. will strive harder and smarter to deliver high-quality services in line with target market segments ‘ needs and preferences.

III. BUSINESS PROFILE

History

Mega Royal Steam Laundry Inc. is a start-up business venture that was formally registered in May 13, 2015. The business was initiated by phenomenon entrepreneur Mr. Higinio Romel R. Manaloto. It intends to specialize in the provision of dry cleaning and laundry services. Its services encompass all laundry care and cleaning value-based activities, namely; dry cleaning, laundry care, drying, pressing and folding. This exciting business venture has registered office address located at No. 88 Brgy. La Paz Magalang, Pampanga.

Company Logo

Figure 1. Logo

Meaning of their logo:

The logo symbolizes an entity rendering superior quality and giving high value to its customers.

Vision Statement: None

Table 1. Vision Statement Analysis of Mega Royal Steam Laundry Inc.

Criteria Yes or No Evaluation

Sense of noble purpose No N/A

Focused concept No N/A

Plausible chance of success No N/A

PROPOSED VISION STATEMENT

The vision of Mega Royal Steam Laundry Inc.is to be the most preferred and recommended dry cleaning services business by the residential and industrial sectors in Pampanga, offering a good customer service and delivering superior quality.

Mission Statement: None

Table 2. Mission Statement Analysis of Mega Royal Steam Laundry Inc.

Criteria Yes or No Evaluation

Customers/Clients No N/A

Products/Services No N/A

Markets No N/A

Technology No N/A

Survival, growth, and profitability No N/A

Philosophy No N/A

Self-Concept No N/A

Public image No N/A

Employees No N/A

PROPOSED MISSION STATEMENT

“At Mega Royal Steam Laundry Inc., our mission is to provide best-in-class laundry room operations to our customers by delivering superior quality and service. To establish good relationships with our clients by providing them with convenient, professional, eco-friendly, efficient, effective and hygienic oriented dry cleaning and laundry management solutions and to provide safe and efficient laundry experience like nobody else, through a good customer service, strategic marketing, innovative technology, and superior cleanliness. To be the most preferred Dry cleaning and Laundry outfit through reliability in the work we do.”

C. Goals

• To improve shopping experience for customers

• To achieve profitability

• To expand the business

D. Objectives

• To sell services and earn the highest profits possible

• To provide good quality laundry service and customer service

• To increase customer traffic

• To build customer loyalty

IV. ENVIRONMENTAL SCANNING

EXTERNAL ENVIRONMENT

Traders continuously keep track of essential trends and evolvements in the business environment. Environmental scanning is a gradual change of gathering data about the external marketing environment to recognize and clarify probable trends (Boone and Kurtz, 2013). The objective of this process is to scrutinize the information and determine whether these trends serve as consequential opportunities or set major threats to the establishment. The company can thereupon identify the effective response to a particular environmental change.

ECONOMIC

According to imoney.com (2018), laundry shops are one of the best business ideas in the Philippines. The site has mentioned the laundry business is more than just a’ fad’ that refers to a growing potential in the future. The steady growth of the city’s condominiums and apartments, coupled with the growing workload of most people, has made owning laundromats a stable business. Despite the business being a luxury, more people make use of laundry, bringing more money to the industry. New investors interested in the industry invest in laundry and dry cleaning services, thereby saving the industry from fading and thus making the industry proof of recession.

The economic factor that can affect the Philippine laundry business is the growing tourism industry that offers business opportunities. Hotels that fill their hotel rooms with full occupancy also increase the need for laundry and hence the demand for laundry services. A more active tourism sector’s domino effect extends to industrial and commercial establishments that also require laundry services. Dry cleaning and laundry services are a necessity in terms of corporate customers such as hospitals, hotels and other providers of accommodation, and therefore may not necessarily be adversely affected by changes in the economy.

The price increase of soaps, detergents, and fabric conditioner is another factor that may affect the laundry business. Traditionally, laundry detergent was a powdered or granular solid, but over the years the use of liquid laundry detergents has gradually increased. The use of liquid detergent these days is equal to or even greater than the use of solid detergent. The increase in liquid detergent enables more competitors and an increase in alternatives that can be used by the business to find more bargain deals.

SOCIO-CULTURAL

Before developing a marketing, it is relevant for each business to consider the social and cultural forces that affect the daily operation of the business. Business owners need to be aware of and understand socio-cultural factors because they have various effects on buyers’ or consumers ‘ decisions (Kozenkow, 2018). Culture of the socio – cultural environment includes knowledge, values, beliefs, morals, laws, customs, traditions, etc. Culture passes through institutions such as family, schools, and colleges from one generation to another.

The Philippines has many cultural factors that can affect the marketing environment consisting of the relationship between the marketer, society, and culture. (Boone & Kurtz, 2015). The labandera, which has been around the Philippines since the Spanish era, is one of the traditions related to the laundry business. The laundry was once done at home by the labandera, in a household that employs more than one household, and by the all-around maid in a household that is small or single. Labandera may be outsourced to come to the house of the customer or the laundry may be sent to the house of the labanderas for later pickup. Some say that the washing machine changed the way men and women live completely. Especially Millennials want it their way, and they want it quickly, and that fits the current generation bill.

LEGAL-POLITICAL

Legal factors are external factors referring to how the law affects the way business operates and the behavior of customers. Political factors are a type of external constraint acting on a business in the context of the external environment in which a business functions. They are related to government actions and political conditions at the location where the business is conducting business or attempting to conduct business. (Grimsley, 2018). And as one of the service – providing industries, Mega Royal Steam Laundry Inc. is provided to follow the rules, laws, and regulations on how to properly manage it through the application of government policies.

About the author

This paper example is written by Benjamin, a student from St. Ambrose University with a major in Management. All the content of this paper consists of his personal thoughts on I EXECUTIVE SUMMARYThis strategic management plan focuses and his way of presenting arguments and should be used only as a possible source of ideas and arguments.

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