Markets are Made
Household Income and Density Presentation
The link above examines the two main ingredients of retail markets — the income of the households likely to shop in “your market” and the number of households that can be encouraged to make that choice.
Two other presentations are posted in this research blog that attempt to develop this point they are: Overview of Retail Spending that reviews the potential of small area by possible spending and Malcolm X Presentation that begins to outline the geography of the market.
These presentations will be developed and improved upon as information is gathered. To be informed of updates once a month register to the site and develop your options for participation.
Background
Markets are made of “demographics” - the social characteristics and vital statistics of a population within a geographic area. Following each decennial census (every 10 years) the “micro-marketing” wars begin as major retailers attempt to find new customers and their preferences. These preferences are derived based on income and household composition. The products sought by a high percentage of households with children or older persons will differ considerably.
The current work on this can be found by clicking the 2010 census logo as follows:
If you came back, you know how internet search engines and sites like this can build data sets with every entry. Twitter generates data continuously, traffic cameras digitally count cars, scanners record purchases, RFID’s signal the presence of packages and equipment, and internet sites capture and store mouse clicks. Collectively, our society is assembling data of its behaviors in very large amounts. As a system, it is self-measuring in increasingly broad scope.
What will be useful to you? What are your questions. Have a peak at the American Fact Finder website. It leads to useful overviews and other sites within the system such as:
Subscribe to this site’s posts as information and post comments. We will mine information from sources such as this that will work to find answers to the question above. What will be useful to you?
Ask questions relevant to your business. Example
What is the size of my market area?
How much money will this community spend on Pizza in a year?