Scope
The main focus of this study will be the city of Fullerton, California. The social demographic of the city will provide deeper insights into the preferences, demands and the desires of the significant percentage of the city’s residents. Following the presentation of the findings, a business proposal will be presented to the study’s effect. The findings of the study will be useful to address the specific needs of the Fullerton population.
Objectives
Taking the data presented in this business report regarding the population of Fullerton, economic status of the residents, their levels of education among other indicators, the report will demonstrate the elements that make Fullerton unique. In turn, the knowledge gained from the study will be useful in developing recommendations. It will also provide a valid and credible description of the small business model that is feasible as well as viable in Fullerton. The study will also provide a framework that will guide the provision of products and services that are currently unavailable or have limited supply in Fullerton city.
The fundamental objective of the report is the demonstration of knowledge, skill and the mastery of the relevant analytical skills alongside the logical reasoning to provide solutions to real life problems.
Methodology
For this study, the figures and the statistics observed in this study were extracted from the valid online databases as well as websites that contained relevant and important information that is relevant to the accurate examination of Fullerton city. The most important database that was used to extract reliable data is the US Census Bureau (US Bureau, 2017). This is an official government agency that gathers and stores data regarding populations as well as the economic activities of each state.
The data is gathered primarily through the responses given by respondents in surveys and questionnaires. The results are subsequently mailed to each household within the city each decade. The most recent distribution was in 2010 and provides data about the number of people that live in the residence, the family members that live with them and their respective monthly income.
To track the changes that happen in the course of the decade, the bureau makes use of smaller surveys. A good example of this is the American Community Survey that samples at least 4 million American households on a continuous basis through the use of personal interviews and national questionnaires.
Findings
According to the US statistics Bureau’s report of 2016, at least 135,161 residents live at Fullerton as the male take up 47% of the population while women comprise of the remaining 53%. The median age of the population was 33 years. Notably the younger population which accounted for 35% of the population is comprised of residents that were under 21 years. What this means is that though there is a slight difference between the number of males and females in Fullerton, the difference is not huge. Also, majority of the people in Fullerton are more than 21 years old.
The examination of the ethnic structure of the city revealed that Hispanic make up the biggest segment of the city’s population ( 56% ) followed by the African Americans that account 42% ad lastly the white residents make up the smallest segment with 3% (Fullerton,2017). White residents are thus the minority while Hispanics are the majority followed by African Americans.
A deeper analysis of the city’s statistics shows that the median of the household income is $42,249 which is lower than the median household income for the state of California which is $61,489 (US Bureau, 2017). The rate of unemployment is also high at 9.8% which indicates that the city is falling behind with regard to unemployment especially because the national rate of unemployment is 7% (Fullerton, 2017). The indicator also demonstrates that Fullerton city is below the national wealth and capital average. This trend could further be examined by looking at the poverty level. The statistics indicate that at least 22% of the residents live below the poverty which is higher than that of the state which is only 16% (US Bureau, 2017). This shows that Fullerton is generally in a worse economic condition compared to the state’s averages and something need to be done.
Recommendations
Having analyzed the demographic and economic data of the city a business recommendation about a feasible business that would also be beneficial to the city is needed. The business would alleviate the poverty and unemployment that is currently facing the residents, and also raise the standards of living of the people of Fullerton for example their per capita and state income.
This report recommends an employment agency whose main objective would be connecting the unemployed people with the local employers leading to a rise in the employment rates in the city. This business recommendation would benefit from the various development programs that will encourage entrepreneurs to come up with small projects. This creates a good opportunity for employment f or the new graduates as well as the other youth in the city.
Business Impact
Setting up an employment agency would imply a rise in the rate of employment in the city. This is because as stated above, the new job opportunities or businesses would require labor services from the youth. In turn, this would increase the salaries of the population which will have a favorable effect on their level of propensity.
Conclusion
This report conducted a gap analysis of Fullerton city with the aim of recommending a viable and feasible business activity. Upon the examination of the economic and demographic data of the city, the study established that the city’s rate of unemployment was high and affected other aspects of the economy such as the propensity of buying. Based on this, the report recommends an employment agency that would connect the upcoming entrepreneurs with the new graduates that are seeking work. The business impact of the business would be a decline of the rate of unemployment and a rise in the propensity levels of the citizens.
References
Fullerton, (2017). Retrieved 12 April 2017, from https://www.cityoffullerton.com
US Bureau, (2017). Population estimates, July 1, 2016, (V2016). (2017). Census.gov. Retrieved 12 April 2017, from https://www.census.gov/quickfacts/table/PST045216/00
US Bureau, (2017). Population estimates, July 1, 2016, (V2016). Census.gov. Retrieved 12 April 2017, from https://www.census.gov/quickfacts/table/PST045216/00
US Bureau, U. (2017). American Community Survey (ACS). Census.gov. Retrieved 12 April 2017, from https://www.census.gov/programs-surveys/acs/
US Bureau, U. (2017). Census.gov. Census.gov. Retrieved 12 April 2017, from https://www.census.gov
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