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) <br /> ) <br /> STEP 4. WHO LIVES IN'1'.11.N., TRADE AREA? <br /> Explanation <br /> Commonly,a market analysis will look at two areas of demographics: <br /> • an analysis of the basic population characteristics,or demographics,such as numbers of <br /> people,age and income of the trade area and competing market areas;and <br /> • an analysis of demographics over time(is the population growing or declining,becoming <br /> older or younger,richer or poorer?). <br /> Retailers and developers will want to know how the trade area compares to nearby cities,the <br /> county,the surrounding region,and the state,and so the team needs to compile the figures for <br /> each. The team should compare area demographics in several ways, especially if there are <br /> negative factors,like declining population.The team may find that although some factors are <br /> negative,in others the trade area outperforms the region. <br /> These forms will help the team compile the basic demographic facts about the trade area,listed <br /> below.Note that each market area is unique and the team may have to customize the forms to <br /> . fit their needs. <br /> • population and household size <br /> • sex <br /> • income <br /> • age <br /> • education <br /> • race/ethnicity <br /> • housing <br /> • employment <br /> 7 <br /> To Do: <br /> Fill in the following forms using Census data and local updates, if available.The team should <br /> 7 find a volunteer with experience using Census data to help with this section, such as the <br /> city/county manager or planner,or marketing or economic development staff from a local bank <br /> 7 or utility.The forms in this section include: <br /> • Demographic Profile of the Trade Area <br /> • Demographic Comparison of Market Areas <br /> • Demographic Trends <br /> • Demographic Trends Comparison <br /> J • <br /> STEP BY STEP MARKET ANALYSIS-13 <br />