IV. Customer Analysis
[Company Name] will serve the residents of [company location] and the immediately surrounding areas.
The area residents we serve are affluent and are expected to spend more on art pieces per capita than the national averages.
The precise demographics of the town in which our retail location resides is as follows:
| Springdale | Wyndham | |
|---|---|---|
| Total Population | 26,097 | 10,725 |
| Square Miles | 6.89 | 3.96 |
| Population Density | 3,789.20 | 2,710.80 |
| Population Male | 48.04% | 48.84% |
| Population Female | 51.96% | 51.16% |
| Target Population by Age Group | ||
| Age 18-24 | 3.68% | 3.52% |
| Age 25-34 | 5.22% | 4.50% |
| Age 35-44 | 13.80% | 13.91% |
| Age 45-54 | 18.09% | 18.22% |
| Target Population by Income | ||
| Income $50,000 to $74,999 | 11.16% | 6.00% |
| Income $75,000 to $99,999 | 10.91% | 4.41% |
| Income $100,000 to $124,999 | 9.07% | 6.40% |
| Income $125,000 to $149,999 | 9.95% | 8.02% |
| Income $150,000 to $199,999 | 12.20% | 11.11% |
| Income $200,000 and Over | 32.48% | 54.99% |
Customer Segmentation
We will primarily target the following three customer segments:
- Couples Residing In Area: The art gallery will attract both young couples decorating and furnishing their first home and older couples replacing decorative items or outfitting a second home.
- Professionals Residing in Area: Art enthusiasts who are willing to spend money on artworks are mostly professionals with great art appreciation.They are expected to be interested in the high quality sense offered with our products.
- Tourists: Tourists visiting the area will be interested in locally made art pieces rather than looking at furniture they could purchase anywhere. [Company Name] will become a tourist destination due to its large showroom of local artworks.
