The population of each area, independent of its size, has various needs and purchasing power. Accordingly, it is essential that products and services be available within a locality that will satisfy the public’s requirements. Therefore, if products are necessary for the citizens, people will have a demand for them, which will improve sales and business success. Consequently, in order to identify a suitable type of goods, it is advisable to analyze the characteristics of the population of a particular territory, such as age, income, and ethnicity. This approach will assist in achieving a balance between supply and demand.
Analysis of the Population
The district I received had a zip code of 11229, which means the area of my research is Brooklyn, New York. Brooklyn is located on a very long island, which is named Long Island. The population of this area is 77,719 and the average age of residents is 40.7 years old. At the same time, the median income of people is $74,166.
It is significant to note that the average earnings of the population range from fifty to seventy-five thousand dollars. At the same time, the diagram demonstrates that there are fewer residents who receive more than five hundred thousand dollars.
In the diagram, one can observe that the territory of residents is mostly inhabited by young people or families consisting of two members. According to the graph, a large portion of the population is unmarried and without children. At the same time, the figure indicates that the majority of married couples do not have kids either. Consequently, only about thirty percent of the demographic have children, independent of marital status.
The graph indicates that the majority of the population is over the age of sixty-five. However, the following category of the resident population that is significantly represented in the area is the twenty-five to thirty-four-year-olds. It is interesting to point out that the percentage of children and adolescents in the demographic is small.
The diagram demonstrates that most people are white; the next most numerous race is Asian. It is essential to mention that individuals of the black race are the smallest in the region.
Product and Marketing Strategy
The business that will be popular for the people of this area is bookstores. I chose this product because the main category of the population is the residents older than twenty-five years and over sixty-five years. Thus, middle-aged people will be actively pursuing a career; accordingly, they need literature for self-development and improvement of professional skills. For older individuals, books are an excellent opportunity to continue to progress even in retirement. Considering that most adults do not have kids, they can read books in their free time. Another advantage of opening this business is that the median income of residents enables them to spend money on self-education and enhancement.
In order to sell books, it is essential to promote the bookstore. That is, it is possible to apply channels of advertising, such as television and newspaper announcements. At the same time, the store will suggest reading space and additional services for example coffee and tea. This strategy will encourage residents to purchase books more often and have the opportunity to read them in the space of the bookstore. It should also be mentioned that the price of books in the initial stage will not exceed the average level in the market in order to create a customer base. Competitive advantage of the company will be exactly the space for reading, also through the sale of coffee and tea can be raised the income rate.
It is significant to mention that the product will be targeted at the intended audience, specifically white middle-aged and older individuals. Hence, an analysis of the published book market will be conducted in order to determine which types of literature are most preferred among this category of the population. This strategy will ensure that the proposed product will be in demand; for example, the data from the diagrams indicate that the request for children’s literature will not be. Instead, the variety of professional and fiction literature should be expanded.
However, considering that the business is aimed at older people of retirement age and working persons, the store will have a consultant who will assist in selecting a book quickly and according to the interests of everyone. This way, employees of offices will be capable of purchasing even during their lunch hour. Older individuals will also be informed about new book positions in the bookstore.
Conclusion
Hence, the book business is profitable in this area because of the fact that most of the residents are middle-aged and older. They need literature for self-development or to increase their professional knowledge. Considering that the majority of the population lives alone, books are a perfect alternative to spend their free time. Moreover, the cost of the product will correlate with the earnings of the people. Consequently, the proposed marketing strategy will enable customers to obtain a valuable good and the company to create a successful business.