Day care in the chicago, IL downtown area - Assignment Example

Day Care In The Chicago, IL Downtown Area Executive Summary Globalization on different parts of the continent has made it difficult for parents to provide for and at the same time care for their children. This is caused by the changes in the economy amongst other factors that influences a parents’ ability to stay at home and take care of the children. However, the problem caused by this is that there is an increasing rate of children who can not look after themselves when left at home alone. Children whose parents cannot afford the fees of a daycare service are normally left alone with closed doors and windows. This is a big problem as several reported cases on burnt or burgled homes; always involve young children left at home alone by their parents. Chicago, IL Downtown Area is famous for daycare services because of its diverse population. A daycare service center in Chicago, IL Downtown Area will be of great significance to working parents and single parents as it will provide them with an opportunity to live their children under the care of trained individuals and safe environments. Situational Analysis The situational analysis of the daycare in the Chicago, IL Downtown Area refers to the general position at which the day care is operating. The situational analysis of the daycare in Chicago is also the SWOT analysis of the daycare. The daycare in Chicago stands to benefit from numerous opportunities available in the city like the loans and other credit for commencing the business offered to small businesses by various workshops in Chicago. However, policies and procedures in the Chicago, IL Downtown Area might pose a challenge for the daycare because of the time and resources that will be used in registering the daycare and making it formal(Connell 202). The weaknesses that the daycare in IL Downtown Area will be experiencing are that it may be able to provide individualized attention for each individual child brought in their care. Secondly, is that it may not accrue much profits when it decides to refuse to take ill children inside their premises. The threats of the daycare in the Chicago, IL Downtown Area is that it will expose children brought inside the premises to various diseases because of the many children who will be attending the facility and they might be held accountable for the spread of diseases or sicknesses amongst the toddlers (Hershfield 49). Market Summary The demand for services in the Chicago, IL Downtown Area is increasing by the day as most parents and single parents find themselves committed to other productive and non-productive activities like taking nightshift employment or going out on a night dinner. The market is flooded by several daycare services and each are coming with strategies to outdo each other in the market. In addition, to the targeted single and working parents, daycares in Chicago, IL Downtown area also targets the non-working rich parents and sick parents. These types of individuals always lead a lavished lifestyle and at times are uncomfortable with the responsibilities of looking after their young ones. Sick parents are not always in positions to take good care of their young ones since their sickness drains off their energy. This is disturbing as they find it challenging to monitor their selves whilst at the same time looking after their babies (Hershfield 50). Market Demographics Market demographic factors involves factors like age, sex, economic status level of education, income amongst other factors influencing the choice of a consumer in purchasing. Market demographics will be of significance to the daycare in Chicago, IL Downtown Area as it assists in identifying targeted audiences. This is resourceful as the company is able make a prediction using the demographics available to set up a center that will serve the needs of the existing population in the area. The composition of population will also assist in obtaining data used by the company to relocate resourceful information by the daycare on the number of different sex clothes and toys types to keep for the toddlers in the premises. In addition, the population size will assist in behavioral segmentation which is of importance as it will allow the daycare, to monitor its expenditure and also expand in size. The neighborhood will assist in market segmentation by breaking down the population into various groups that can be easily analyzed by specialist in the daycare center. Most parents refers to various information in the table below to help them in choosing for daycare in The Chicago, IL Downtown Area   Full Day Program Half Day Program Where do programs operate? Community based organizations Licensed childcare homes Chicago Public Schools Community based organizations Chicago Public Schools What are the basic eligibility guidelines? Families must meet income guidelines Children must be between 3 and 5 years old Parents must work or go to school Families must meet income guidelines Children must be between 3 and 5 years old What does the program include? Educational activities Healthy meals and snacks Social, health and dental services Parent involvement Qualified teachers Educational activities Healthy meals and snacks Social, health and dental services Parent involvement Qualified teachers How much does the program cost? Families pay a small co-payment based on a sliding scale Free     Full Day Program Half Day Program Where do programs operate? Community based organizations Licensed childcare homes Chicago Public Schools Community based organizations Chicago Public Schools What are the basic eligibility guidelines? Families must meet income guidelines Children must be between 3 and 5 years old Parents must work or go to school Families must meet income guidelines Children must be between 3 and 5 years old What does the program include? Educational activities Healthy meals and snacks Social, health and dental services Parent involvement Qualified teachers Educational activities Healthy meals and snacks Social, health and dental services Parent involvement Qualified teachers How much does the program cost? Families pay a small co-payment based on a sliding scale Free   The trends in the demand of the daycare are occasioned by the psychographics of the targeted audience in the region. Psychographics are important in influencing views of individuals towards the daycare services with a certain region. Psychographs play an important role in influencing parents to accept or reject daycares with regards to the varying regulations placed by the daycare centers. An example is that a parent might have a feeling that meal times is not important to the daycare by the manner in which they handle that period. Other parents who highly value the power of communication might have a mixed reaction towards a daycare when their expectations are met or not met by the care givers via communication. The psychographic of most of the parents taking their children to the daycares are mostly working class women or single parents who are always not there to look after the children. The table above shows the latest trends in the psychographs of behavioral development and stability of childcare in Chicago The graph below shows follow up survey and the ability to find daycare In The Chicago, IL Downtown Area. Market Needs The number of Daycares in the Chicago, IL Downtown Area is still a challenge to the daycare providers because most of them lack the finances to use in managing their daily activities. Lack of finances and capitol by most daycares has caused the available facilities to overwork their few workers by putting them to be in charge of a number that is too large for them. The end result is inefficiency of the daycare as the children are not provided with quality care. Secondly, most daycares in Chicago, IL Downtown Area are not creative and flexible thus exist needs for more flexible and creative daycare services that operates all day and has no restrictions regarding the type of children to accept and not accept within the premises. Lastly, the market is in dire need of quality daycare services as most parents in Chicago are always facing dilemmas of finding company offering these services at an affordable price and also of how to get quality care for their children left behind at daycares. Market Trends The current trend of Daycare in the Chicago, IL Downtown Area is improving a lot because the individuals and homes providing these services are making protecting of children and strengthening of family as their primary responsibility. These daycare centers are turning out to be safe havens for children whose parents are committed in various sectors. Also the daycare centers are growing to be more loving as the workers employed dedicate their time to the children. In addition, most individuals in Chicago are venturing into the business of daycare in the Chicago, IL downtown Area. This is because of the increasing trends in population structure of single, working parents and children being conceived. Market Growth The market for daycare services is expanding because of the population growth experienced in the city of Chicago over the years. An increase in the population over the years, leads to an increase in the demand and market of daycare facilities within the Chicago, IL Downtown Area. Increasing population results to the opening of various opportunities as there are also changes in the technological sectors of the economy. This creates employment opportunities and the result is an increased demand of daycare services as most parents are committed in various sectors trying to earn revenue. Therefore, the demand in daycare services leads to a market growth in the daycare sector. Market Research The market research conducted on daycare In the Chicago, IL Downtown Area influences the choices of daycare businesses to be conducted on the region because it provides valid information regarding the type of services, products and potential customers of the daycare in that particular region. The daycare will hire research assistants search the market for information that is relevant and useful to the success of the business. In addition, the daycare might also find information through secondary sources that involves government agencies and trade association on the procedures, advantages and disadvantages of operating a child care in The Chicago, IL Downtown Area. Product or Service Idea The idea of providing the service of daycare in the Chicago, IL Downtown Area is a noble idea. The idea will offer a stable environment to cater for children whose parents are committed in other areas. The daycare will also provide an affordable opportunity for underprivileged parents since it will not be expensive compared to hiring of other services. The daycare will also provide children with an opportunity to master social skills; therefore, monitoring a child’s progress over their period stays at the premises providing the services. Company offering the service or product (An existing company or a new company) The company that will be offering the service will be a new company and I would choose the type of company over the others because like to create daycare that is flexible enough to allow for monthly, daily and hourly rates. This will allow me to provide quality services to the children with the daycare center since I will also be paying my different employees on different rates depending on their service contribution to the daycare center (Connel 115). Problem being solved By the daycare The daycare will aim at solving the problem of inflexibility of business offering the similar services. By having a hourly, weekly or monthly rate charges, all the children will be provided with individualized attention since the daycare will be able to employ qualified and experienced employees to look after the children in the center. Value Proposition offered by the daycare The value proposition of the company is that, unlike other daycares available, the company will provide customers with reliable sitter when needed. This will be an easy process because the customers wills not be required to follow any procedure like giving a notice first before being given a sitter. They will have the sitters at their call. Target Audience for the daycare The target audience refers to those individuals that the company has identified for commercial purposes. The majority of the targeted audience for the company comprises of working parents who do not have time to take care of their new born babies or young children. The daycare center will serve the purpose of taking care of the children left at the centers. Single mothers will also be amongst the individuals targeted by the company. This is because most single mothers always take up various professions to pay their bills and guarantee a future for their children. These mothers unlike other mothers having traditional hours for their families are forced to work at odd hours to earn a living. Moreover, couples looking for a night out will also be audiences of the company. This is because they will require individuals to look after their young child while they spent quality time together (Connell 115). Competition The availability of other daycares in the neighborhood poses challenge for the new daycare because it might lead to lack of customers. This might affect the regulated hourly, weekly and prices charged by the new daycare leading to the fall of the company (Liebler, Joan & Charles 272). Strengths of the Daycare The services provided by the daycare will differ from those provided by other competitors because it will provide extended evening and weekend hours for customers. This will be of significance to the daycare center because it will allow the daycare to improve on their overall operations, reduce the cost of maintenance for the daycare (Liebler, Joan & Charles 272). Works Cited Connell, Linda H. The Childcare Answer Book. Naperville, Ill: Sphinx Pub, 2005. Print. Blau, David. `The Supply of Child Care Labor.' Journal of Labor Economics, 1993, vol 11, no.2 Hershfield, Bruce. Child Day Care. New Brunswick (USA) [u.a.: Transaction Publ, 1997. Print. Liebler, Joan G, and Charles R. McConnell. Management Principles for Health Professionals. Sudbury, Mass: Jones & Bartlett Learning, 2012. Internet resource. Read More