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Myra Haircut Case Study
This analysis is to assist Myra in her management of Haircuts. This analysis will use Porter's Five Forces as a model to understand the business environment and determine where the most effort needs to be applied. This work will also present a general strategy that will be applied to the most pressing area in need of improvement
Five Forces Analysis
Bargaining Power of Suppliers: This force is not heavily relevant in this case study as Myra's suppliers are not deeply involved in her problems. This should have little impact on her strategy.
Bargaining Power of Customers: Since Myra is having trouble matching customers with their preferred stylist, this power has deep and profound impact on the future of her business and should be included in her strategic outlook.
Threat of New Entrants; There appears to be many new threats in her locality offering similar products. This is a serious threat to her business and requires that she understands how this force can affect her business.
Threat of Substitute Products: Hair styling is a commodity, but manicuring and other products can be incorporated into this industry. This threat is not significant.
Competition within the Industry: The competition is heating up and Myra needs to understand that this is her greatest threat to the well being of her operations.
Generic Strategy
Porter suggested that there are three routes in applying a generic strategy in attempts to gain a competitive advantage in any industry. Myra should apply the cost leadership strategy which attempts to increase profits by reducing costs.
Area of Improvement
Any solution to any problem begins with contemplating the internal situation. Myra's biggest problem is that she is not using her labor to her fullest advantage. It appears that her general human resources management approach is seriously lacking and could use some information technology resources to improve her competitive advantage and reduce costs. By addressing the customer and employee scheduling problem, the most significant area of improvement is being addressed.
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