Section 3: make a Market Analysis for barber shop the name for the shop is \"All

Question

Section 3: make a Market Analysis for barber shop the name for the shop is "All Pro’s Barber Shop"

What services do you provide? Trimming services for men and women.

a. Analyze the market in terms of:

iii. Current market trends

iv. Customer’s needs and motivations

v. Customer’s profile

vi. Impact of demographic shifts on the target market

i. Impact of some socioeconomic trends on the target market

vii. Overall market, its size, and growth potential

viii. Percent and sample size of potential repeat customers

ix. Relevant market segments

Explanation / Answer

iii) Current Market trends - Currently the market is flooded with swanky barber shops in the shopping centre, who provide one stop solution for hair and skin care. plus the trimming takes place by the electronic devices rather than the traditional devices. Our would be located in between residential area and shopping complex to fill the gap

iv) Customers need and motivation - The Customers need to cut/trim their hair for social well being and to look better with keeping different hairstyles which is also a motivation for them to visit the hair saloons to keep their hairs in perfect shape.

v) Customer profile - The customers at the All-Pro Barbers shop would be middle-class males and female and having a wide age range from 5 yrs to 60 yrs of age. But if the shop would specialize in other (Cosmetics and skin care) services then the age group would shift to 16 to 35 years of age.

vi)Impact of Demographics shift - There would be no impact of demographics shift in this case as the target consumer range is pretty wide and it can accommodate all of the said target markets.

i) Impact of Socioeconomic trends - This would impact due to various factors, for instance, if the target groups income increases, so will increase its spending pattern, there is a good chance their spending at the Allpro's will increase by opting for premium or other services. People might opt for similar trimming style which is followed in peer groups, hence the business is bound to grow as many people would try to follow the trend and come for barber services.

vii) Overall Market - The Market would be Male and females who would like to avail different hair related services, to keep their hair in proper shape. The market would cover almost 80% of the local population and is bound to grow as the population is always increasing.

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