MT 499 Unit 7 Assignment
Running head: MARKET RESEARCH 1
MARKET RESEARCH 7
Unit 2 Assignment
3.1.1 Industry description
This industry that I have chosen known as childcare is really one that has been around for a long time. It is no real stranger in our times of today. It seems to be taking on an expansion and growing where they are popping up all over which is good because parents can go to work and have that peace of mind that their children are okay and are in safe hands. In the city where I reside in numbers show us that there has been an increase where two parents are working and the growth in employment has risen to more than 18% (DATAUSA, 2017). With this growth comes the need as to why we should have more day care centers available. There are around 32.1% of our growing population which are in the target market of being ages 18-55. More than 78% of these individuals have children. Commuters have been increasing a lot with employment within the sector that is non-farming at around a 4.3%. the seasonal workers at a high because of higher prices in income resulting from minimum wage being high (Bureau of Labor and Statistics, 2017).
We have very little competition within the area of choice. Basically, there is the YMCA. There are other small facilities in the area that operate from an in-home environment and nothing like I am planning to create.
There is a whole lot of great abilities for advertising within social media and with that we will have a great amount of participation from customers. Because we will have an educational platform, this company will be far higher than any competition out there. Another strength we can look at with this daycare facility is the fact that we will be giving hours that are flexible along with having staff on hand to be there while we have seasonal work going on.
There has been an increase within childcare cost and this is said by the United States Census Bureau. We also see that there is also an increase within minimum wage. The cos of living has gone up and will continue to go up. (United States Census Bureau, 2017).
3.2.1 Resources used
Childcare Center, (2019). Child Care Resources. Retrieved from http://childcarecenter.us/washington/99033_childcare
DATAUSA, (2019). https://datausa.io/
The SBA shows that there is a percentage change that is said to be unadjusted within what a household is spending for childcare from the years of 2018 and 2019. It is at a 3% and the change for the seasonal is at a 1%. We can view this as being an increase nationally due to a rise in childcare needs (SBA, 2017).
|Single Parent: Part-time||Married Couple: Commuters/Fulltime|
|Income:||Fixed, State assistance-$25,000||Income:||Low to Median, $45,000-$70,000|
|Family:||1-4||Family:||1 to 3|
|Attitude:||Safety and Care||Attitude:||Educational, being safe giving care.|
|Single Parent: Full-Time||Married Couple: Farming/ Seasonal|
|Income:||Low – $20,000-$45,000||Income:||$30,000-$50,000|
|Occupation:||Varies||Occupation:||Farming, Trucking, Agriculture|
|Attitude:||Great care, enjoyable having a flexibility in pay||Attitude:||High quality Care, scheduling that is flexible|
The customers we are trying to target would be parents that are married and single in the age range of Our target market includes single and married parents ages 18-50 who have children aged 12 and below. The earnings for an average household are at $20,000-$50,000 yearly. The household size of one adult and 1-4 children ranging between 0-12 years of age (DATAUSA, 2017). It would be for a rural area.
The parents that are married do farming or they commute, and their household is set at $30,000-$70,000 yearly while having an income that is duel (DATAUSA, 2017). This market type wants to have quality childcare along with a schedule that can be flexible and educational at the same time. They want a good price.
Basically, the needs here would be to have a flexibility within the schedule that can take care of families who are seasonal workers or commuters. There is a need within care that is consistence at all times. This is a rural area and with that the families spend a great deal of time in outside so the facility has to have this set in somehow.
The primary targets size is big. The estimated percentage for the market share will be at an average because we will take the annual $22,631 per family and further break it up upon the other facilities who are also accredited. With that we could look to gain around 2% additionally speaking of the, market share in the event we expand or open more locations.