Entrepreneurship Final Assignment

For the Target Market Segment slide, incorporate the feedback you received from the assignment, Target Market Segment, to describe your selected primary and secondary target markets, and explain why you chose them. Please review teacher feedback before completing slide.

Teacher Feedback :

a) Great Cover Page

b) Begin the essay with an introduction, which sets the stage for writing. Thus, you need a paragraph introducing the subjects (primary and secondary target market segments).

c) You did not have to have subsections like "demographics, income, and employment." Perhaps, you could combine these sections into one cohesive paragraph explaining the primary and secondary target market segments..

d) You need to explain the ways these markets are underserved and the ways your business would be positioned or qualified to address the opportunities in this market.

BEAUTY INDUSTRY BUSINESS PLAN 2

BEAUTY INDUSTRY BUSINESS PLAN 2

Overall, you did well with this paper addressing the needs of your business.

BEAUTY INDUSTRY BUSINESS PLAN

Primary Target: Working-Class Women

Demographics

The primary target for the beauty corporation is the women who live in town. These are women who are in the working-class category. Women make up a substantial share of the working class in every state, and Washington, D. C. shows that the percentage of those in the labor force who are women without a four-year college degree ranges somewhat among states. In most states in America, the female share of the working class is around 41 to 47 percent. It implies an excellent market for beauty products as there is an excellent consumption of beauty products by working-class women (Crumb et al., 2020).

Income

As of 2018, the median income for the upper-income class was $187,872. The middle class was $78,442. The lower level was $25,624. This implies that pricing strategy should be critical as it can affect the proportion of the income spent on beauty products. This information shows that the organization can place premium prices for quality products as the market is filled with resourceful customers (Crumb et al., 2020).

Employment

Presently, 1 out of five working-class women hold a job in the retail sector, and another 20% have a category in the professional and related services. Another 20% hold a position in the health services occupants. Today's working class is cantered in the service and caring economy, where robust job growth is expected for the foreseeable future. It implies that the organization will benefit as many working-class women will want to look good (Crumb et al., 2020).

Secondary Market: Students

Demographics

Of just the current undergraduate college student population, 52.9% are non-Hispanic white, 20.9% are Hispanic, 15.1% are black, and 7.6% percent are Asian while graduate students are 61.2% are white non-Hispanic, 13.6% are Hispanic, 12.3% are black, and 11.2% are Asian. There are more than 20 million university students in America. Presently, women are the majority in campuses, at 54.9% of the undergraduate students and 59.8% of graduate students. Only 29.3% of undergraduate college students are attending two-year institutions. There is a high demand for products by the college students from the data, more so college ladies. The company should target university students extensively as it a durable market (Garrod & Kilkenny, 2018).

Income

Many college students are working 30 hours per week or more. They work to pay for school or to support their families. Since college students work in various occupations and industries, the average college student's income varies. The majority of working college students earn between $7,500 and 42,000 per year. College students need work that accommodates their class schedules. Many students work in food and personal services. These positions may include food preparation, serving food, bartending, or working as a cashier. Many college students also work in office support and sales positions. The jobs include data entry, word processing, filing, and customer service (Garrod & Kilkenny, 2018).

References

Crumb, L., Haskins, N., Dean, L., & Avent Harris, J. (2020). Illuminating social-class identity: The persistence of working-class African American women doctoral students. Journal of Diversity in Higher Education, 13(3), 215.

Garrod, A., & Kilkenny, R. (Eds.). (2018). Growing up Muslim: Muslim college students in America tell their life stories. Cornell University Press.