Davenport University Week 3 Concierge services in Detroit Michigan Paper

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Economics

Davenport University

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Use two paper attached to complete assignment Rubric for week 3 assignment is attached

Make sure you read the following regarding the final paper:

  • First, the industry and location for the final paper will be the same industry and location that you are using for the pre-assignments. If the pre-assignments are well-developed, your final paper should be easy to write since the research will already be done. At that point all that will be needed is to organize the information pieces into a cohesive paper. The paper should not be in “question-and-answer” format, but rather in a formal paper format. If you are already using the formal paper format in your pre-assignments, you can cut & paste from the pre-assignments for the final paper, and then just proofread and make minor changes for continuity. If you have additional questions, please let me know.
  • Next, you can change the format of a section or page in your paper by using a section break or a page break. Using this method, you can format your reference page differently than the rest of your paper, with the first line of each entry at the left margin and subsequent entries indented. I have posted a short (4 minute) video in week 3 that goes over this method.
  • Please also be careful with subject-verb agreement. If a subject is plural, the verb needs to be in plural form. This can be tricky if there are plural descriptors around a singular subject, so be sure to identify the subject, and read questionable sentences out loud to hear how they sound. Example: “There is a blue and white sign with many words and letters that covers the entrance.” In this sentence, the subject is “sign” so the verbs "is" and “covers” are singular to match. We are saying that “the sign covers” something. This is true even though “many words and letters” are plural nouns – they are not the main subject but rather items that describe the sign.


Feed back for this paper

Good idea and good location.

Excellent description of demographics and lifestyle that support this type of business.

One minor note: luxury items are typically more price elastic because if the price goes up dramatically, people can find alternatives or go without.

Good references. In your final paper, you can set the format on the reference page by inserting a page break at the beginning, then adjust the ruler at the top so that the top arrow is at the left margin and the bottom arrow is indented.

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Running Head: Final Paper: Week 1 Pre-assignment Final Paper: Week 1 Pre-assignment Kanisha Smith ECON/625 November 1, 2019 1 Final Paper: Week 1 Pre-assignment 2 City – Corktown, Detroit MI Corktown is Detroit's most established existing neighborhood. Situated inside the boundaries of Southwest and west of downtown, the area got its name from the influx of Irish foreigners who settled in the town during the mid-to-late 1800s. Today, the city feels as active as ever because of a blend of local people and a steady increase of young creatives and professionals into the town, attracted by the varied scene. The city provides a bounty of shops worth exploring and beautiful residential areas full of colorful and historic Victorian homes. As one of the most up and coming neighborhoods in the nation, Corktown has gotten to be extremely popular with young professionals. This popularity has given rise to numerous business opportunities. The region is on the rebound and has a distinct feeling of community and identity. Industry – Chauffer The steady rise in working professionals within Corktown has created an opportunity for the concierge industry to offer its services. Giving a concierge service to these professionals would enable them to have a simpler time concentrating on work since they will not need to be stressed over ordinary tasks, for example, getting their laundry delivered. The concierge service would help employees enjoy their off days, remain focused on their jobs, and also save time. Workers would have the option to sign up for the service for a small fee and get help with their errands, for example, picking up prescriptions or taking their cars in for checks. The service would spare working professionals around 200 to 250 hours every month (Pahwa, 2018). Workers who are busy and are happy to save a couple of hours out of every week by contracting somebody to organize their home, take their dog to the vet, run to the cleaners, and perform other similar tasks will benefit from this service. Final Paper: Week 1 Pre-assignment 3 The concierge service will target customers who need a helping hand to run their tasks. The needs of clients greatly vary. Some need just a couple of hours of help each week, while others require several hours out of each day. Some basic jobs will include running personal errands, assisting with event planning, and making travel arrangements. Offering this service usually requires dependable transportation and adequate computer equipment with suitable office software. These are things that are likely readily accessible, so most upfront costs will go into making an online page and promoting the organization (Pahwa, 2018). What's more, working for individual customers is excellent. However, the business can likewise have the capacity to provide services to local organizations that hope to give concierge services as a worker benefit or as a resource for new employees moving to the city. The preliminary recommendations that ought to be considered include identifying a niche market. It will not be reasonable to offer every conceivable service since almost certainly, none of them will be done 100% right (Pahwa, 2018). Furthermore, necessary licenses should be acquired before beginning the business. Aside from permits to operate, the organization should ensure that it has the proper driver's licenses to drive company vehicles. Another recommendation is that a suitable business location ought to be picked in advance. The organization should find an area for its vehicle parking or storage. When the business starts kicking off, the association can focus on growing the service and contract workers. The employees ought to have clean driving records, possibly know different languages, wear a custom-fitted uniform, and be respectful. Final Paper: Week 1 Pre-assignment 4 Reference Pahwa, A. (2018). What Is Concierge Service? Meaning & Business Models | Feedough. Retrieved 31 October 2019, from https://www.feedough.com/what-is-concierge-serviceconcierge-services-business-models/ 1 FINAL PAPER: WEEK 2 PRE-ASSIGNMENT Final Paper: Week 2 Pre-assignment Kanisha Smith Anne Cramer ECON 625 November 5, 2019 2 FINAL PAPER: WEEK 2 PRE-ASSIGNMENT Concierge Services in Corktown, Detroit, MI The city of Corktown in Detroit, Michigan, serves as a viable location for starting a concierge business to offer concierge services to potential customers. There is a need for concierge services in the city of Corktown because of its steady increase in working professionals. Many young professionals live in Corktown, which tend to be liberal (Niche.com Inc., 2019). Because of their busy working professional lives, the young people in the city can serve as customer base for concierge services in order to make their lives more efficient by enabling them to have time to concentrate on their work rather than being overwhelmed by ordinary and demanding task such as cleaning their homes or making errands such as going for groceries. One of the key factors that may influence the demand for concierge services is the income of the people in the city. The median household income in Corktown currently is $55, 308 (Niche.com Inc., 2019). The growing income in the city could increase the demand for concierge services as consumers' purchasing power grows greater. There are a few available substitutes for concierge services in the city including other specialized services such as taxi provided by Uber and domestic workers. These other services that complement the concierge services might slightly affect demand. For example, if Uber decreases its taxi fees, some potential customers may prefer using Uber services over concierge services’ chauffeurs. The demand for concierge services appears to be inelastic since a change in price results in a smaller percentage change demand. A concierge service is a luxury, and thus, customers are not sensitive to price changes. 3 FINAL PAPER: WEEK 2 PRE-ASSIGNMENT The demanders would be individuals, especially young working professionals, as well as households with working families. For individual customers, the young working professionals with busy lifestyles and sufficient income are consistent with the concierge service business. The business environment in Corktown indicates that businesses will grow from a consumer perspective because of the existence of a viable target market and other forms of businesses in the city such as finance and services. These major industries, coupled with several bars, restaurants, coffee shops, and parks, provide the city with an urban feel (Niche.com Inc., 2019). These businesses also create a social environment that supports a strong customer base in the city. Customers do not need to be in proximity to the business. Chauffeurs can easily get to the premises or residents of customers and provide services without the customer coming to the premises of the business. This can be facilitated through a mobile application that links customers with the business. Social media platforms can also play a key role in creating awareness about the business and its services. Social media sites such as Facebook, Twitter and Instagram can serve as a critical marketing platform for the business. These platforms can also be used to engage a community of loyal customers and potential customers actively, and hence, serve as a key strategy for marketing the business and its services and increasing sales. Also, the infrastructure in Corktown, including road and rail are in good condition. This is important for chauffeur services because it can save on time and cost. Michigan offers various tax breaks for businesses, and this could serve as an incentive for the business to be launched in Corktown. For example, in 2017, Michigan offered $27.5 billion in tax breaks (Bebow, 2018). 4 FINAL PAPER: WEEK 2 PRE-ASSIGNMENT References Bebow, J. (2018). Michigan gives more tax breaks than it collects for schools, government. Retrieved 6 November 2019, from https://www.bridgemi.com/special-report/michigan-gives-more-tax-breaks-it-collects-schools-government Niche.com Inc. (2019). Living in Corktown. Retrieved 6 November 2019, from https://www.niche.com/places-tolive/n/corktown detroit-mi/ Preparing for the Final Paper: Identifying Factors that affect Demand and Production Forecasts Week 3 Details & Rubric-10 Points Identify variables that could be used to predict demand and production. Include at least one variable from each of the following three categories: ● Macroeconomic variables that might impact demand and/or supply in the industry. A good place to start would be the list of economic indicators included in this week’s materials. ● Demographic variables. A good place to start would be the Census Bureau. Consider what these demographics tell you about the potential customers of the business you are describing. ● Production characteristics in this industry such as economies of scale, economies of scope, and/or any unique production characteristics that might apply. Some good places to start would be websites of companies in the industry or industry association websites and publications. For each of the variables you identify, indicate what impact it has on production costs and potential profit, customer demand, the economic environment the business would exist in, and any other impacts you determine would be important in predicting production costs and demand. Excellent Good Novice CATEGORY Content 4 Points 3 Points 2 to 0 Points ● All three categories are ● At least one category is ● None of the assigned categories addressed. (Categories can be addressed. (Categories can be are included. found after this rubric.) found after this rubric.) ● Information presented is not ● Information presented is clearly ● Information presented may be clearly related to economic related to economic theories, related to economic concepts theories, concepts, or main concepts and main ideas of the but relationship is not clearly ideas of the course. Writing course. identified and may not be does not reflect an Writing reflects a sophisticated apparent to the reader. Writing understanding of basic understanding of these reflects a basic understanding of economic concepts. concepts. economic concepts. Preparing for the Final Paper: Identifying Factors that affect Demand and Production Forecasts Week 3 Details & Rubric-10 Points Analysis 4 Points ● Information is synthesized and implications for demand and production forecasting are analyzed. 3 Points ● Relevant observations are reported but potential for demand and production forecasting are not analyzed. 2 to 0 Points ● Comments are not supported with valid sources. Reported information is not analyzed OR impacts on demand and production forecasting are not presented. Clarity of 2 Points 1 Points 0 Points Writing ● Writing demonstrates original or ● Writing demonstrates some ● Writing does not demonstrate and innovative thinking. Writer original or innovative thinking. original or innovative thinking. Writing communicates insight and Writer communicates some Writer does not communicate Technique perceptiveness in making insight and perceptiveness in insight and perceptiveness in connections. making connections. making connections. ● Discussion begins with strong ● Discussion tends toward ● Discussion is almost entirely objective facts and then reporting without application, reporting without any progresses to interpretation, interpretation, or analysis. interpretation, application, or application, and analysis. Writing is generally clear with analysis. some unnecessary words, run-ons, etc. Writing structure is repetitive or similar to the source without additional interpretation. Few spelling, grammar, punctuation errors. Categories: ● Macroeconomic variables that might impact demand and/or supply in the industry. A good place to start would be the list of economic indicators included in this week’s materials. Preparing for the Final Paper: Identifying Factors that affect Demand and Production Forecasts Week 3 Details & Rubric-10 Points ● Demographic variables. A good place to start would be the Census Bureau. Consider what these demographics tell you about the potential customers of the business you are describing. ● Production characteristics in this industry such as economies of scale, economies of scope, and/or any unique production characteristics that might apply. Some good places to start would be websites of companies in the industry or industry association websites and publications.
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Final Paper
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Concierge services in Detroit, Michigan
There are key macroeconomic variables that might affect the supply and demand for
concierge services in the city of Corktown in Detroit, Michigan. One of the major variables that
might impact the demand for concierge services in Detroit is the unemployment rate in the
region. The state as a whole has been experiencing growing unemployment rates across different
industries including professional and business services, leisure and hospitality, mining,
manufacturing and among others. According to the US Bureau of Labor Statistics, the
unemployment rate in Michigan as of September 2019 was 4.2% (U.S. Bureau of Labor
Statistics, 2019). This rate is higher than the national average, which currently stands at 3.6% as
of October 2019 (U.S. Bureau of Labor Statistics, 2019). As of May 2019, there we...


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