Personal : I

Personal : I

Age & Life cycle
1. Psychological life-cycle stages
  1. Definition: Passages and transformation in life's journey.
  2. 5 distinct stages
    1. 1. Youth Segment
      1. Less than 21 years old
        Example: Students in eduation
    2. 2. Getting started
      1. 18 - 35 years old
        First car, credit card, loan, marriage, child, degree, housing, insurance
        Example: New job holders earning some salary
    3. 3. Builders
      1. 35 - 55 years old
        Peak earning years
        Example: After many job promotions earning high salary.
    4. 4. Accummulators
      1. 55 - 62 years old
        Worry about saving for retirement and wise investment
        Example: Earn, spend less and keep savings in bank. Invest in bonds.
    5. 5. Preservers
      1. More than 62 years old
        Maximize retirement income
        Example: Retired with CPF, dividents from investment earning.
2. Things affecting consumption
  1. Family life-cycle & number, age & gender of people in household
    1. Example : Smaller family have more spending power over larger families.
Occupation and Economic Situtation
1. Product Choice
  1. Affected by income & savings
  2. 1. Blue collar worker
    1. Regular Grocery store - Giant & FairPrice
    2. Sport Brands - Nike, Adidas, Puma & Decathlon
    3. Clothing Brands - Uniqlo, Under Amour,
  3. 2. Company CEO's purchases
    1. Cold Storage, High-End Hotel Restaurants,
  4. 3. Lawyers purchases
    1. Cold Storage, High-End Hotel Restaurants,
  5. 4. Teachers purchases
    1. Mall retail & Mall Restaurants

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