The zip code used for this study is 20724. This is located in Maryland. The region is made up of a population of 16,691 who are mostly adults with of median age of 35 year. The top quartile of wealthy individual seems to have kids and the average income per annum for the population is quite stable at $87,200. Contrary, the middle income level consumers barely have kids despite the average income and expenditure levels being high. Most of these people are involved in white collar jobs which justifies the high income level and few kids and only those who feel wealthy enough will go ahead to have children. In general this region in Maryland is more of a white collar so most probably has built city blocks and roads.
The most common segments for the Zip Code chosen are executive Suites which comprise of upper middle age middle income individuals without kids. The second segment is known as home sweet home that still are middle income individuals. The third are movers and shakers, senior citizens with accumulated wealth and no kids. This is because they are mainly entrepreneurs focusing on their businesses. Others are probably working at senior level management positions. The winners circle and young influential forms the last segment. The winners circle represents the middle aged wealthy individuals while the young influential are predominantly college graduates, mostly extroverts and surviving on middle income. The dominant segment is the home sweet home and as illustrated, individuals in this bracket mostly do not have kids. They spend close to two thirds of their annual income on expenditure in household items.
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The home sweet home segment market environmental force is widely dictated by a different lifestyle that allows them spend most of their time in purchase of exercise equipment’s in order to keep fit and also using pets as source of companionship rather than having kids of their own. As previously mentioned the average age for this segment is below 55 years and over half to two thirds of their annual income will be used in purchase of trendy commodities in the market. The fact that most the home sweet homes have TV sets leads to them mostly paying attention to advertisements and thus leading to greater consumer demands from this segment. This segment is present in this area code because of the relatively high white collar jobs in the zip code and knowing that they have closely over ten years of work experience after college their remuneration is quite high as compared to the young influential. They are able to settle down with small families and have a single kid.
In addition as mentioned in the site, according to their middle class income they predominantly purchase electronic equipment namely, TV sets connected to satellite dishes. They also purchase exercise equipment for purposes of keeping fit and healthy. The home sweet homes seem to enjoy a fashioned lifestyle which makes them an easy target for marketers. This is because once a fashion product has been created that matches to this segment it is highly unlikely that the supply of that specific fashioned commodity will outstrip its demand. Their income falls within and even above the medium income of $53,000, which makes them better targets for consumer spending and shopping.
In conclusion, the Prizm segment proves to be obviously valid as compared to any other market analysis tool. From my own judgment and analysis, the numbers from the site support my arguments throughout the site visual interpretations. The home sweet home has the largest population in consumer spending as contrasted with other segments.
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- Wedel, M., & Kamakura, W. (2002). Market segmentation. Amsterdam: North-Holland.
- Dutta, K. (2012). Brand management: Principles and practices. New Delhi: Oxford University Press.
