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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.
- Winter '09