IV. Customer Analysis
This Section's Contents
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Demographic Profile of Target Market
[Company Name] will serve the residents of [company location] and its surrounding areas.
The area it will serve is populated mostly by moderate to affluent people; as a result, they have the means to pay for higher quality service.
The precise demographics of the town in which the retail location resides is as follows:
| Wilmette | Winnetka | |
|---|---|---|
| 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
The Company will primarily target the following three customer segments:
- Couples: This group is most likely to buy jewelry products for each other. For instance, engaged couples will need rings and other wedding jewelry. Married couples often buy jewelry products for their beloved on many occasions like Valentine’s Day, birthdays, anniversaries.
- High Income Adults: The company’s third group comprises adults who buy jewelry for their kids, family, friends, or themselves. They are usually settled in their lives and can afford expensive products.
