5.TARGET MARKET The target market was identified through a process of demographic research, beginning with statistics for the 31401 zip code of our flagship location. This data was obtained using Nielsen’s PRIZM zip code lookup and the U.S. Census Bureau’s Amerrican Community Survey. Using this information and knowledge of the area and of the Prospector Co. brand, we identified demographic characteristics of likely local customers.
U.S. Census Bureau American Community Survey Demographic & Housing Estimates for 2009-2013 Average household size: 2.1 Males: 47.1% Females: 52.9% Percentage of family households: 32.2% Percentage of households with unmarried partners: 6.7% Racial distribution: White: 42.32% Black: 49.99% Hispanic or Latino: 4.51% Other: 3.06% For population 25 years and over: High school degree or higher: 81.6% Bachelor’s degree or higher: 34.4% Graduate or professional degree: 12.1% Unemployed: 10.3%
Those characteristics were: Single 20’S or early 30’s High school or college eductaion (likely current college students) Lower income White Male Urban Prospector Co. products are also sold by retailers in 25 states across the country, (as well as in Hong Kong, Japan, Australia, and the United Kingdom,) and online through the Prospector website and those of other retailers. These retailers include large, nation-wide chains like Barney’s New York and J.Crew. specialty men’s chains like STAG and Rudy’s Barbershop, and local boutiques. Therefore the qualities of the target market should not be limited to the Savannah area. To determine characteristics of likely customers nationwide, we used Nielsen’s PRIZM segement tool to identify 10 market segments with attributes replated to or overlapping with the characteristics we described above.
04 Young Digerati 06 Winner’s Circle 12 Brite Lites, Lil’ City 16 Bohemian Mix 22 Young Influentials 24 Up and Comers 31 Urban Achievers 35 Boomtown Singles 44 New Beginnings 47 City Startups
The 10 chosen segments together represent the widest likely reaches of Prospector Co.’s customer base. The target market is a combination of the demographic characteristics from all of the segments that we thought best described a likely Prospecto Co. customer. The customer profiles represent the variety of and around our target market, and include aspects of the larger market described by the segments.
OUR TARGET MARKET Age range from early 20’s to mid 40’s (Millenials and Generation X.) Yearly household income ranging from around $20,000 to $150,000. Mostly men, but we offer some products for women. Urban, suburban, or second city. Renters or young homeowners. Work in creative fields. Singles, couples, and young families. College and some graduate school education. Ethnicity is White, Hispanic, and Mix (but we plan to expand into the African-American market, as stated in phase 2.)