The US Population Data Analysis - Assignment Example

Type Here “Data Analysis” The median age of the population in the region is 34 years, compared to the U.S median age of 35.3 years. However, going deeper into the analysis, we can see that almost 78.5% of the population is above 18 years, whereas in the total U.S data almost 74.3% population is above 18 years. This can highlight to the marketing department that they should try to develop products which appeal to this chunk of the population. As majority of population is 18 years and above, we can generate more sales and more revenues by developing products targeted to this segment. However, this region is poorer than other parts of U.S. This can be seen from the economic characteristics of the population. The average family income in this region is $36,299, whereas in the other parts of the U.S, the average income is $50,046. This again reiterates the point that this region is poorer than other U.S regions and luxuries won’t do well in this region. The products that should be developed for this region should be necessities like food, basic clothing and other necessary household items. Another piece of statistic that shows that luxuries cannot prevail in this region is the fact that almost 25% families are living below poverty lines in the region. The total U.S average below poverty lines is only 9%. This shows that designer goods and luxuries won’t do well in this region. However, this region is at par in terms of education with 24% of the people having bachelor’s degree, which is equal to the U.S national average. In short, this market can be served well if the goods produced for this region are cheap and are less costly. Median Age: The median age is about the same in Chicago and the U.S. This shows that same products can be offered to this region as being offered in the rest of U.S. The median of Chicago 34.1 years, whereas in 35.3 years. This shows the population pattern is more of less very same, and the products that are offered in the entire U.S region can be offered to the region 60616. People over 18 years of age: In Chicago around 79% of the population is above18, whereas the figure reduces to 75% in the entire U.S.A. This can be used by marketing experts when devising the adverts for their product. They should keep in mind to make adverts which are factual because the majority of the population is mature. Here, the information should not be incorrect, because then a lot of people will not buy the firm’s product. Overall, the chunk of population above 18 is quite similar, but in Chicago the share is higher and as a result advertisers should take into account. Family Income: As far as the family income is concerned, it can be seen from the graph that the family income in Chicago is much lower than in other states of America. This shows that all products that are available in other states of America might not do well here. So, we can say that luxurious goods are less likely to do well in Chicago than in other states because the average family income in Chicago is near to $30,000, whereas it is near to $50,000 in other states of America. People below Poverty Line: If we look at the graph, we will know that people living below the poverty line are greater in Chicago than in the rest of America. This again shows that luxurious goods will not do as well as in this state as in other states because here the people are poorer. People below the poverty line in Chicago are around 25%, whereas in U.S.A, people living below the poverty line are only 9%. Thus, we can say that advertisers and product developers will have to products which appeal to poor people such as food items and other necessities, and advertising should not be too lavish otherwise people will think the product is out of their reach. Part 2: A possible business venture that is likely to thrive in this state may be a food store. Since, the people in this state are poorer than other parts of U.S and earn less income than other parts of the U.S, they will consume much of their income on food items and hence a food store or a general store will do well in this state. This business is less likely to do well in Chicago than designer stores or branded items because people do not have much income to spend on luxuries and hence we cannot presume that such business will do well in Chicago. It will also be good if the business tries to pursue cost effective policy. This will increase the market share of the business as people here will be more concerned with the price than quality of the goods. The business can keep prices low by buying in bulk and keeping profit margins as low as possible. If this policy is not pursued, the business may not be successful. Another good business venture that the firm could enter is the transportation business. Since, transportation has become a necessity; it will be a successful business. Again it must be remember that fares should be kept as low as possible, if the business is to be successful. Scenario 1: The unemployment rate in Chicago is 11.3%, which is too high for any area to do well economically. (Yue, 2010). This signifies that there are not very much job opportunities in the state as a result of which people have low income. The programmes they should be offered for education should be Business Administration Courses, so that they can start their own business which will improve the unemployment level of the area. They can be offered degrees like BBA and MBA. Scenario 2: The small malls business is a good idea given the low income of the area. However, these malls should focus on lowering costs. It is also believed that number of credit facilities and opportunities are reduced in the area over the year, so these malls should offer large credit facilities, if they are to be successful. (Barry, 2010) References: Michelle Barry. (2010). Telex Closes Secured Credit Facility. Retrieved on 6 August 2010. http://www.freshnews.com/news/344660/telx-closes-175-million-senior-secured-credit-facility Lorene Yue. (2010). Chicago Unemployment. Retrieved on 6 August 2010. http://www.chicagobusiness.com/apps/pbcs.dll/article?AID=9999200037669 Read More