S customers classied according to the value sets

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Unformatted text preview: d. Some 22 percent of adults in the county are college graduates, and the median household income is $26,000. All of this information was available for free at the U.S. Census Bureau website. Know Your Customers Aside from just counting the customers, you also want to know what they need, what they want, and what makes them buy. The more you know about them, the better. For individuals as customers, you probably want to know their average age, income levels, family size, media preferences, buying patterns, and as much else as you can find out that relates to your business. If you can, you want to divide them into groups according to useful classifications, such as income, age, buying habits, social behavior, values, or whatever other factors are important. For the shoe store example, shoe size is good, but you might also want activity preferences and even — if you can find it — psychographics. Psychographics divides customers into cultural groups, value groups, social sets, motivator sets, or other interesting categories that might be useful for classifying customers. For example, in literature intended for potential retailers, First Colony Mall of Sugarland, Texas, describes its local area psychographics as including: • 25% Kid & Cul-de-Sacs (upscale suburban families, affluent) • 5.4% Winner’s Circle (suburban executives, wealthy) • 19.2% Boomers and Babies (young white-collar suburban, upper middle income) • 7% Country Squires (elite ex-urban, wealthy). Going into more detail, it calls the Kids & Cul-de-Sacs group “a noisy medley of bikes, dogs, carpools, rock music and sports.” The Winner’s Circle customers are “well-educated, mobile, executives and professionals with teen-aged families. Big producers, prolific spenders, and global travelers.” The Country Squires are “where the wealthy have escaped urban stress to live in rustic luxury. No. 4 in affluence, big bucks in the boondocks.” 10.4 HURDLE: THE BOOK ON BUSINESS PLANNING SRI Consulting-Business Intelligence (former...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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