Report project about 4 pages

FINAL PROJECT QUESTIONS

SECOND SET

Q1. Name the top 3 major companies in the industry

Regis Corporation with an estimate share of 3.3% in the market

Great clips with an estimated market share of 2.0%

Sports Clips Inc. 1.1% market share

Q2. Name the top 5 key success factors of this industry. Choose 2 and explain each of them.

Customer loyalty

Accessibility to customers

Maintenance of good customer relations

Business expertise of operators

Ability to access niche markets

Customer loyalty refers to the trust that a consumer has in a product produced by the company in relation to satisfying the needs of the individual.

Business expertise of operators refers to the intensity of the company to have the skilled workforce in order to deliver quality services required by the consumers.

Q3. Name 2 key buying industries. Explain one of them.

Information in the US

Consumers in the US

A consumer is the final user of the product and service produced by the company. The consumer enjoys the product to satisfy their needs, making them to be key buyers in this industry.

Q4. Name 2 key selling industries. Explain one of them.

Commercial leasing in the US

Petrochemical manufacturing in the US

The commercial leasing industry provides space to the companies through leasing to carry out their activities efficiently.

Q5. Name 2 products in this industry. Name 2 services in this industry.

Products are: Industrial research reports and iExpert summary reports

Services are: Educational services, and nail care, and hair coloring services.

Q6. If yours is a product-focused industry then describe the top product line associated with this industry. Otherwise indicate N/A

N/A

Q7. If yours is services focused industry then describe the top service in this industry. Otherwiseindicate N/A

The Hair and Nail salon industry provides haircut and styling services as the top services. This service amounts to the most revenue generated by the industry. Hair coloring services and skincare services are also provided in this industry to consumers as the priority.

Q8. Name the key external drivers for this industry. Explain one of them

Number of households

Consumer expenditures

Per capita disposable income

Business sentiment index

A rise in the number of households indicates a growth in the population that receives the products and services of this industry. An increase in the household population is directly proportional to the

increase in consumption.

Q9. Describe briefly the Industry Outlook.

IBIS World identifies that the revenue in the Hair and Nail salon industry is projected to grow steadily until the year 2022 with an annual increasing rate of 2.1. Revenue in this industry will benefit from the increasing income and decreasing unemployment rates. When income increases, this means that the services provided in this industry such as haircuts and coloring, hair styling, and tinting services are highly utilized and endorsed.

Q10. Name the current life cycle stage the industry is in.

The industry is in its mature phase of the life cycle. The industry has contributed a lot to the overall growth of the economy as it plays a role in forecasting the annual rates by comparing the country’s

GDP to the annual rates industry.

Reference

https://codlrc.org/sites/default/files/IBIS_HairNailSalonsUS_IndustryReport.pdf

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