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Econ Survey Essay

1339 words - 6 pages

Microeconomics
The target customer for Groom city barbershop would mostly consist of males. Women are not usually a common customer for barbers because barbers do a lot of razor work, short cuts, and designs; and these types of hairstyles definitely appeal more to men than woman. Age is not a problem, although most customers are aged from 14-40. Different races from all around come to get a good haircut , they will serve anyone due to the great experience of these barbers.
Groom City is in the Hair/Salon Industry. The Hair & Nail Salon industry in most cases are comprised of salons that offer many different services including nail services, possibly facials and makeup ...view middle of the document...

. 2.) Having a loyal customer base: a loyal customer base will spread the word about the company to friends and family resulting in more business. 3.) Access to niche markets: Operators that develop niche areas of service and expertise reduce the effects of local price-based competition. 4.) Maintenance of excellent customer relations: being in the business of service creating and maintaining relationships with customers is extremely crucial. 5.) They must have a license: Employees must possess the appropriate licenses to operate. 6.) Accessibility to consumers: a salon/ barbershop in a populated and easy accessible area will make it easier for customers to go. This industry has been a thriving industry over the past few years as more and more people have been getting into it. Annually, the industry continues to grow and shows no sign of slowing down.
Over the past five years, the Hair and Nail Salons industry has continued to grow and is now a $48.1 billion industry. The industry has consistently been growing. With a low barrier to entry, companies keep coming into the industry. Company growth has averaged 5.9% every year for the past five years. Although the industry had its tough times during the recession, just as everyone else did, it rebounded this past year, 2013, with a 2.7% in revenue growth. In addition, due to rising service prices and improved spending on high margin merchandise and services profit margins have increased. The Hair and nail salon industry has no sign of stopping here; within the next five years, the industry is estimated to be at $57.5 billion with an annual 3.7% increase in revenue. It is most definitely a promising industry and it will be interesting to work directly with a company in this industry.
Groom City utilizes and advertises using social media in several different ways. They have a website up to provide basic information on the business to help customers familiarize themselves with the business before going in for an appointment. The website contains information on the services provided, history of the company, location, contact info, and even videos of Groom City doing what it does best, cutting hair. One of the biggest ways Groom City utilizes social media is by uploading videos on youtube. They post videos of them cutting hair and styling hair on Youtube to showcase their experience and skills. This is a brilliant and very effective tactic, because it allows people to experience Groom City before actually stepping into the barbershop. This definitely helps a potential customers decision when choosing which barbershop to go to because they can get an inside view of the barbershop. They also use Facebook and Instagram to spread their information to younger crowds and get their name out there. In todays day and age, everyone is using social media. The social media hype began a few years back with myspace, then went to facebook, twitter, and...

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