Authors: Doug Harrison, Jim Taylor, Stephen Kraus
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| The New Elite |
ISBN-13: 9780814400487
Topic: Business & Economics, Marketing
Format: Hardcover
Language: English
Publication Year: 2008
Language: English
Publication Year: 2008
REVIEW:
This thought-provoking, stereotype-challenging business guide illuminates the values, buying habits, and lifestyle choices of the wealthiest Americans, focusing on both the top one percent and the top five percent. Combining extensive market research data with marketing expertise, the authors tell business leaders how to first deeply understand the market--in part by learning to differentiate five distinct types of wealthy Americans--and then create a more targeted marketing strategy to reach them.
This book is ok if you are trying to target the top 1000 wealthiest people in America, not very motivating. I wonder if targeting wealthy individuals by zip code would be more effective.
Most interesting is the research into what the wealthy are like compared to the beliefs of marketers. Marketers believe only about half of the very wealthy are married; the truth is that 83% are. And while fully 48% of the wealthy consider luxury items such as expensive watches and cars as a "waste of money" (page 19), marketers think only 18% of the very wealthy would agree.
Also, about 36% grew up in either poverty or lower middle class circumstances. Both the wealthy and the children of the wealthy believe strongly in hard work, in school and later. And they like to shop at places like Walmart and Target. The very wealthy named Ralph Lauren and MAC cosmetics as among their favorite brands, brands which are available in most malls.
Also, about 36% grew up in either poverty or lower middle class circumstances. Both the wealthy and the children of the wealthy believe strongly in hard work, in school and later. And they like to shop at places like Walmart and Target. The very wealthy named Ralph Lauren and MAC cosmetics as among their favorite brands, brands which are available in most malls.
About the Authors
The authors (all of the strategic marketing consulting and research services firm The Harrison Group) summarize their marketing research into the lifestyles of the rich and not-necessarily-famous, profiling the characteristics of America's wealthy, those individuals in the top 1 percent of the economic spectrum. They examine mind-sets and lifestyles, attitudes and values; and saving, investment, and consumption patterns and preferences.
The most interest stat is 83% of the richest 1% are married.their legal advantages to being married It may not be for just the love of marrege.
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