Mkt435 - The assignment for this week involved working through an online simulation called Analyzing Consumer Behavior.
Mkt 435 - The simulation had three main parts and involved working to reverse a slowdown in business at a New York barbershop called Stonewall’s Barber Shop.
Hum100 - Over time, the needs of clients had begun to change while the services offered at the barbershop had remained stagnant. While the growth of the male grooming industry was growing by 25 percent yearly, Stonewall’s Barber Shop had been unable to capitalize on this trend and needed to make some changes to improve performance. The owner of the company decided it was time to research the industry and the New York and surrounding markets in an effort to create a plan for expansion that would increase revenues.
In the first phase of the simulation the owner needed to determine the atmosphere and style of the organization’s new salons as well as the services which would be offered.
Hum 100 - The second phase involved expansion beyond New York into surrounding suburbs and decisions needed involved selection of appropriate markets and determination of whether the more upscale Lords franchise or the lower end Masters franchise was a better fit in each market. The third phase involved a new trend with the introduction of the BAM male, and decisions in this part of the simulation were focused on how to respond to changing needs of the demographic experiencing this new trend and whether or not to cater to those needs or focus on pleasing existing clientele.