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Homework answers / question archive / You have a friend who is strongly considering opening up her own nail salon and asks you to put together some quick-and-dirty market research to guide her and help her understand the market better
You have a friend who is strongly considering opening up her own nail salon and asks you to put together some quick-and-dirty market research to guide her and help her understand the market better.
She has a few questions she'd like to answer and you're going to use Google Trends to do it
(google.com/trends). Use screen grabs and a brief explanation of your reasoning to answer each
question (in order to see trends, you should be looking at a 5-year minimumtrend line). For typical
trends, focus on non-COVIDtime periods.
1. In general, is this an industry in decline, stable, or increasing in popularity?
2. Are there any cyclical trends to be aware of, e.g., seasonality, and what might that mean for staffing
or expected revenues?
3. If the salon specifically offers manicures and pedicures, are there any differences between these in
terms of demand trends?
4. There are a bunch of different types of specialty manicures that could be offered, but assuming you
can only offer 3 of them, which ones make the most sense? The list of options includes:
? French manicure
? Reverse French manicure
? Paraffin manicure
? American manicure
? Gel manicure
? Mirror manicure
? Acrylic manicure
5. Your friend is considering calling her place a "nail bar" instead of a "nail salon."Any problem with this
in terms of demand?