This website uses cookies to ensure you have the best experience. Learn more

Econ Survey Essay

1339 words - 6 pages

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...

Find Another Essay On Econ Survey

Comparison of AMT Implementation Levels in 2010 with Levels in 2001

1255 words - 5 pages Manufacturing Technologies (AMTs)-Case Study Conducted on Selected Pharmaceutical Companies in Bangladesh”. AIUB Bus Econ. Working Paper Series. No 2008-15, Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297-334. Jharkharia, S. and Shankar, R (2004a) Supply chain management: some insights from Indian manufacturing companies, Asian Academy

Capital Punishment Essay: It's Fair and Effective

992 words - 4 pages Capital Punishment - It's Fair and Effective     Confronting head-on two of the most prominent objections to the death penalty is the object of this paper: Is the death penalty a miscarriage of justice? And Does it Deter Crime?   It's a miscarraige of justice. In a survey Professors Hugo Adam Bedau and Michael Radelet found that 7000 persons were executed in the United States between 1900 and 1985 and that 35 were innocent of

OB Diversity

8290 words - 33 pages 2005 Workplace Diversity Practices Survey Report A Study by the Society for Human Resource Management 2005 Workplace Diversity Practices Survey Report Evren Esen SHRM Survey Research Specialist ResearchSHRM October 2005 This report is published by the Society for Human Resource Management (SHRM). The interpretations, conclusions and recommendations in this report are those of the author and do not necessarily represent those of SHRM. All

Acceptance of Anglicism in the German advertising

3790 words - 15 pages personal experience, the problem of this tendency in Germany is the difference between knowledge, understanding and usage of anglicism. The reason for that may be caused by both, the "not-understanding" of the messages and the capability of pronounciation.1.2 The aim of the survey.The task of this written assignment was to make a survey based on a qualified scientific tool. All surveys have three characteristics in common: "These are to describe

Herb is the Healing of a Nation

1562 words - 6 pages every accusation. For example the infamous Gateway Theory, claiming the use of marijuana leads to harder drunks was disproven by Institute of Medicine and The National Household Survey on Drug Abuse among many others ( Joy Watson and Benson). Arguments claiming marijuana damages the brain and can have adverse effects on human health are among more lies. Throughout all documented history not one person has died from puffing the magic green


1552 words - 7 pages local government would support these new ideas, as the support of senior executives has a direct effect on the implementation of a new policy. This is assessed via a separate survey. A high rating on this criterion is an outcome that would be supported by all of the key decision makers involved, while a low rating would be an outcome that is more difficult to gain acceptance. Criterion 3: Administrative Feasibility The alternative can be

Skilled Workforce Shortage

1412 words - 6 pages will be in demand to create and maintain econ-machinery and technological products that will generate cleaner air, while performing tasks efficiently. Green industries will prompt innovators to market eco-friendly products and create green friendly properties, since working towards a cleaner environment will force Americans and businesses to adapt to a new lifestyle and business practices. Promoting a healthier environment will modify how employers


7763 words - 31 pages ;valo M.Sc. en Finanzas (Magíster en Finanzas) por la Facultad de Ciencias Económicas y Administrativas de la Universidad de Chile, PADE en Finanzas Corporativas por la Universidad ESAN. Graduado en Administración y Finanzas en la Universidad Peruana de Ciencias Aplicadas (UPC). 3 Riesgos Implícitos de Inversión en la Bolsa de Valores de Lima 1. Antecedentes La Ley del Mercado de Valores define como bolsas a las

County Hazards

1966 words - 8 pages Challenge – Flooding in the Central Valley. Retrieved from: California Geological Survey (2007) Caltrans Corridor Landslides Maps. Retrieved from CA State Department of Geology. Retrieved from: Cleveland, G.B. (1973) Fire + Rain = Mudflows, California Geology, Volume 26, Number 16, pp. 127 – 135. Retrieved from http

The Myth of Democratic Efficiency

1893 words - 8 pages population. The National Survey of Public Knowledge of Welfare Reform and the Federal Budget found that 41 percent of Americans believe that foreign aid is one of the largest parts of the federal budget, when in reality, it is only 1 percent of the federal budget (Kaiser Foundation). Clearly, a large part of the population is misinformed about the budget and no political entrepreneur has stepped forth the correct them. Relevant data also shows the biases

Macroeconomic Environment of the Bethesda Blues & Jazz Supper Club in the United States

2237 words - 9 pages , there is a nationwide minimum wage of 7.25$ per hour (Boesler, 2013). Next, the social environment of BC my be analysed, by focusing on the drinking habits of the North American population. According to a study by the German Society for Consumer Research, the drinking habits have changed during the last years. However, beer remains the most popular alcoholic drink in the US and 37% of the survey participants chose it as their favourite drink. The

Similar Essays

The One Of Great Well Essay

7100 words - 28 pages as % of total household expenditure. The primary sources of expenditure data on consumer goods and services are from the Survey of Household Spending and the Food Expenditure Survey. (vi) Prices of each group/service sampled at several outlets: 110,000 price quotations each month. The All-items index at the Canada level is based on an annual sample of over 500,000 prices quotes. Topic 3-Econ 245 Page 62 (vii) Some prices quoted twice/month; some

Effects Of Human Capital On Maize Production In Ghana

2460 words - 10 pages . Hallock. (2001). Quantile Regression. Journal of Economic Perspectives 15(4): 143-156. Lockheed, M. E., D. T. Jamison, and L. J. Lau. 1980. Farmer Education and Farm Efficiency: A Survey. Economic Development and Cultural Change 29(1): 37-76. Lucas R. E. 1988. On the Mechanics of Economic Development. J. Monetary Econ 22: 3- 42. Morris, M. L., R. Tripp and A. A. Dankyi. 1999. Adoption and Impacts of Improved Maize Production Technology: A Case

Gross Domestic Product Terms Definitions Essay

695 words - 3 pages (Current Population Survey,) unemployed persons, labor force (Current Population Survey,) and the current unemployment rates make up the rate.Inflation rate is basically a measure of inflation or the rate of increase of a price index. It is the percentage rate of change in a price level over a period of time and is commonly expressed in annualized terms. It is used to calculate the real interest rate, as well as real increases in wages.An interest

Macroeconomics Forecasting Essay

1294 words - 5 pages Joseph Livingston started the Livingston Survey in 1946. It is the oldest continuous survey of economists' expectations. It summarizes the forecasts of economists from industry, government, banking, and academia. The Federal Reserve Bank of Philadelphia took responsibility for the survey in 1990. The survey conducted consists of forecasts from 29 forecasters.The department's economists conduct research in a number of areas. They disseminate their