Business, 24.06.2019 15:20, jc95704816
You and your partner have developed three target market profiles. given your limited capital, you need to evaluate the three markets and choose the best market to target first. baby boomers: born between 1946 and 1964, most of their children have left home, and they are replacing them with pets. about 46% of baby boomer households have at least one pet. boomers have higher than average household income and spend the most on their pets, averaging more than $700 per year. millennials: born between 1977 and 2000, they are becoming independent and have some disposable income. most do not have children, and pet ownership is highest for this group at 58%. this segment is most likely to treat pets as human. household income is still growing; therefore, pet spending is lower for this group, averaging $400 per year. generation z: born after 2000, they are primarily still living in their parents' house. this generation influences their household's pet spending even though they are not generating income. average household pet spending is close to $400. gen z has some disposable income, but most do not hold jobs. this segment is very likely to see pets as human and enjoy spoiling their pets. gen z pet ownership is low at 10%, but factoring in household-owned pets brings overall ownership to 41%. which would be the best target market?
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