Introduction
Area code 02108 is located close to the center of Massachusetts, Boston. The area can be described as the Boston, Cambridge, and Quincy area (Nielsen). It falls within Suffolk County and has a total area of 0.14 square miles with no water area (Nielsen). The area has several factors regarding demographic and economic factors to support diverse marketing potentials since these factors can support a variety of businesses.
Demographics of area 02108
In 2014, the area had a population of 4,049 people. The population has increased by 17.5% since 2000 and its annual growth rate is way higher than the average of 4.85% for Massachusetts State and the national average which stands at 11.61% (usa.com). The area has a high population density of 29,554/sq. mile. Massachusetts has an average population density of 630.76/Sq. Mile (usa.com). As such, the area is a strategic place for business and as it can offer an increasing target market to almost any business.
The PRIMZ profiles show that the area code has upper middle age family mix, in terms of the consideration of the American dreams. It is also profiled as upper mid middle age family mix in terms of Bohemian mix. Along money and brains, the population is profiled as “wealthy older family mix”, while the consideration for Urban Elders shows “downscale older who mostly do not have children. Considered under the Young Digerati, the profile falls under the “wealthy Younger family mix” description.
Population distribution
The population distribution regarding age is as follows:
(Nielsen)
The median age is 34.8 years which is lower than the state average of 39.3 years, and this shows a youthful market which could mean its ability and vibrancy to choose hence the need for organized marketing that can offer to satisfy diverse tastes and preferences.
Regarding races and ethnicities, 86.94% of the residents of area code 02108 are white, 5% black, 5% Asian, 2% Hispanic, 0.2% Native American and the rest other mixed races (usa.com).
Education
Education has an impact in influencing the tastes and preferences of consumers as well as knowledge levels on the best products and services different markets have to offer. In line with this area, 01208 offers a highly educated population. Only less than 2% of the people are not high school graduates. 12.87% possess some college or associate degree, 40.48% have at least bachelor’s degree while 41.59% of the entire population have acquired a masters, doctorate or professional degree (usa.com).
Size of Households
The size of households and families have a significant role to play in influencing purchasing decisions and the kinds of product and services that would do well in a given market. There are approximately 2,212 households in area 02108. The average household size is 1.57 people with 64.78% of the households having only one person. 35.22% of the households have 2 or more people. 23.96% of the population lives as married couples raising families averaging at 2.7 people per family. The majority of the people, 72.78% of the people live in nonfamily household settings (usa.com).
Economics of the area
Economically, area code 02108 has experienced increased household incomes which have been growing at a steady rate of 39% and they currently stand at an impressive $99, 187 per annum. The mean household income for Massachusetts State is growing at a rate of 34%, while the national rate averages at 27% (usa.com). The per capita income of people living in Boston, Cambridge, Quincy area is 89, 957 USD, which is more than double the state average of 36,436 USD and thrice the national average at 28, 555 USD (usa.com). The affluence of the economy of the area is also shown by a high mean family income averaging at 293,886 USD while the state average stands at slightly more than a third of this figure with 111, 411 USD (usa.com). As such, the market is ripe for the marketing of premium products to which premium pricing ought to be attached to portend appreciable response from the target market.
Conclusion
The population as well as the economic profile of area code 02108 which covers the Boston Common, Beacon Hill and Downtown sections of Boston Massachusetts show market that is ready for a variety of businesses. The population is large enough, young and growing. This population is also economically empowered and capable of sustaining a business in the long term.
Works Cited
Nielsen. ZIP Code 02108: Web 21 March 2016 https://segmentationsolutions.nielsen.com/mybestsegments/Default.jsp?ID=20&menuOpt ion=ziplookup&pageName=ZIP%2BCode%2BLookup&filterstate=&sortby=segment_co de&prevSegID=CLA.PNE
02108 Zip Code http://www.usa.com/02108-ma.htm
