Demographic and Economic Impact Analysis Report

Topics: Business, Strategic management, Management Pages: 15 (4858 words) Published: May 22, 2011
Demographic and Economic Impact Analysis Report

Prepared for

Professor Mary Finney
Professor Maryam Ghaffari
Ohio University
Athens, OH 45701

Prepared by

Consulting Firm
Lancaster, Oh 43130

February 2, 2011

Letter of Transmittal

Consulting Firm
123 Main St.
Lancaster, Oh 43130

February 2, 2011

Dr. Mary Finney
Ohio University
Athens, OH 45701

Dear Dr. Finney,

Here is the report requested by Consulting Firm on the desirability of Lancaster for small businesses. The following is a summary of our research and findings.

Based on our demographic research, analysis, and expert opinion from the Chamber of Commerce, the two best business ideas for Lancaster were a recreation center and an upscale young professionals bar. A SWOT analysis and Porter’s Five Forces analysis showed exactly how successful these two ideas would be.

This was a great experience to understand the underlying factors for success in Lancaster. We were excited throughout the process and will be here to help develop this idea further. It has been an honor to work through this with you.

Table of Contents
Letter of Transmittali
Executive Summaryiii
Recreation Center2
Young Professionals Club2
SWOT Analysis2
Recreation Center2
Young Professionals Club3
Recession Proof Businesses3
Recreation Center4
Young Professionals Club4
How to Start a New Business Using a Business Plan4
Ohio University Training and Development6
Appendix A8
Appendix B11
Appendix C15

Executive Summary
Team 9 in Lancaster was given the task to discover two feasible business concepts that would be successful in a trying economical time. In order to complete the task, demographic research was conducted of the area to determine what could be added to the community. Consideration went to the social, economic, and individual median incomes for the city of Lancaster. Based on these factors, several different ideas were determined for new business ventures. From this, a SWOT and Porter’s Five Forces Analysis of the top two most likely businesses and their potential entry into the market was conducted. The different economic situations that would arise for both ideas were taken into account. Potential business plans were then created for each idea to map out their future successes. With these business concepts in mind, the recommendations of this firm for the best choices for new business in the city of Lancaster will be revealed. Introduction

Lancaster, Ohio is a rural town full of opportunities for successful new businesses. In the last 10 years, Lancaster has grown substantially. Many new businesses have moved into the city and the population grew as well. One of the areas with the biggest improvements would be the Ety Road corridor. This area has been developed with new businesses such as Wal-Mart, Giant Eagle, and various strip malls. These new businesses have helped to decrease unemployment in the area. Our task was to create two promising new business ideas that would complement these already successful businesses in a trying economy (Appendix A). Demographics

Lancaster Ohio is a rural town in Fairfield County located off of state route 33.  Lancaster has been becoming increasingly busier since the bypass was built.  It is not a very diverse town.  Of the people who live in Lancaster, 96.6 percent of them are white with the next highest majority being African American at 0.9 percent (American Fact Finder, 2009).  When reviewing education rates 87.6 percent of people graduated from high school where only 15.7 percent have graduated with a bachelor’s degree or higher (American Fact Finder, 2009).  This is low compared to the national average of 27.5 percent with bachelor degrees (American Fact Finder, 2009). The average household size is 2.34 and the average family size is 2.94 people (American Fact Finder, 2009).  Of those...
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