IV. Customer Analysis
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Demographic Profile of Target Market
[Company Name] will serve the community residents of [location] and its surrounding areas.
[Company Name] is a progressive community that overwhelmingly voted for the legalization of cannabis in their region. Therefore, this community is eager to buy edibles and other cannabis products from local businesses. The community primarily consists of middle-class workers who are in need of products that can help them relax or cope with pain after a long day of work.
A demographic profile of the area is as follows:
|Target Population by Age Group|
|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%|
We will primarily target the following three customer segments:
- Millennials: Millennials are the most eager to buy edible products. Though the popularity of these products is rising among other generations, it is clear that millennials will make up a significant portion of our customer demographic. And with a median age of 35 years, it is clear that millennials make up a substantial portion of the population of [location].
- Gen Z: Gen Z is the second most likely generation to use edibles or cannabis products frequently. Though much of the generation is still underage, those that have reached adulthood are likely to buy edibles often. [Location] has a sizable population of young adults that will be eager to visit our shop.
- People With Chronic Pain: The greatest benefit of edibles is that they can help bring relief to people who live with chronic pain. We will market our products as additional options to find relief in addition to their doctor-prescribed treatment. Since there are many hardworking residents in [Location], we expect many of them will be looking for natural remedies to treat their pain.