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Individual Analyzing Buyer Behavior Simulation Summary - Essay Example

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Arnold Stonewall has hired me as his business manager to help boost business and increase profitability because he has been in the business for over thirty years and now he has noticed change in fashion and he needs my Input. This is how I analyzed the data from statistics at hand…
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Individual Analyzing Buyer Behavior Simulation Summary
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Individual Analyzing Buyer Behavior Simulation Summary

Compared to the other two services unisex salon and Day Spar which take more time although the payment is high it can be concluded that it is economical to provide barber services rather than day spar in terms of man hours spent. So this tells me I have to stick to the economical service. In the analysis of revenue and cost Day Spar makes a revenue of 111,826 per year while barbershops make the least of the three that is 15,812,Unisex make 28,849, however statistics indicate that men are not comfortable in unisex salons so it can be concluded that option of unisex salon is not viable. Information at hand indicates that Stonewall customers are traditional customers who have been coming there for a long time and because it is easier to retain a customer than to bring in a new one I keep to the traditional operations targeting the present customers while adding value to the services I offer them. I will not transform the barber shop into a Day Spar. BROOKLYN DEMOGRAPHICS Statistics indicate that males aged 0-34 years old in Brooklyn constitute 56 percent of the population. Statistics further indicate that the older the customers get the less they need stonewall services so I need to work targeting the younger population. While analyzing income data from households it can see that households making more than $100,000 are only 65,936 the least of all categories. These are families with extra income to pay for services of Day Spar maybe. I will target the less income earners who are the majority in this area. Information at hand also indicate that when asked which salon they would go to males in Brooklyn aged 0-15 indicated they would go to a traditional barbershop like Stonewall therefore again it is important that I retain the originality of the shop. CUSTOMER PERCEPTION Data collected indicates that basic services are needed by 100 percent of those interviewed the rest of the services are in a way not needed. Fifty seven percent of the population indicated other services such as Jacuzzi are expensive and possibly they may not pay for them. Fifty eight percent of the males indicated that a salon is a good experience for them I am considering putting this into the mix. Fifty percent of the men interviewed indicated that grooming is important this shows that in order for the business to grow we have to include grooming services such as manicure. POSITIONING STRATEGY I finally settled on choosing the barbershop plus, with value added services that are, hairstyle, pedicure, tattoo, color and manicure. This is because as I added them in that order one by one to the services revenue kept increasing for the three years of projection and not necessarily increasing costs. This done also did not affect the budget under my disposal as I will work within the budget. The average projected revenue for this project was as below; 543+679=843/3=690, savings on available budget= 550-307=307 therefore 307+690=997 in revenue projections for the three years compared with other options as I will indicate below, again it is the most viable option. When analyzing Sports Spar I realized it is not a viable option because the total cost of implementation are very high ,average profitability for three years is only $644 with provision of an addition luxury service. Furthermore this is a different line of business all together as indicated by demographics. Barber Spar looks like a viable venture when analyzed indicates a revenue of $1164.However it brings in a different service, concierge ... Read More
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