YA.SI.GA.MO.MA.GE will focus on the provision of interior design and renovation services to homeowners around the country. At the same time, the company will specifically target two particular markets, which will be homeowners with existing property and homeowners whose property is only in construction. Essentially, YA.SI.GA.MO.MA.GE will mainly provide services to people wishing to renovate the house they own and individuals who require an interior design for their newly-built house.
The primary target market of YA.SI.GA.MO.MA.GE will be homeowners who have a house that already has a design, but they wish to renew it and make it different. In terms of demographics, the primary market can be described as people aged between 30 and 55. In terms of income, the primary market group will be people with an average yearly salary of $50 to $100 thousand. Due to the fact that the quality of interior design offered by YA.SI.GA.MO.MA.GE will be high, the company’s services will have above-average prices. Therefore, the target market individuals will need to have enough resources to purchase YA.SI.GA.MO.MA.GE’s renovation design services. The primary target market will also be families with children living in any part of the country and having their businesses or holding top positions. The first reason why this market was chosen is that it constitutes a large group of people. The second reason is that people belonging to the aforementioned demographic, adults over 30 years old, tend to have more resources (1). Finally, by choosing to provide services to people across the country, the company can get more orders.
The secondary target market for the company is people who are only building their houses and thus need an interior design for them. In terms of demographics, the secondary market will be people in their 20s and 30s, essentially, younger adults who are only buying their first home. Speaking of the income of the secondary target group, the average annual salary for clients will be around $30 to $70 thousand. YA.SI.GA.MO.MA.GE’s services for new homeowners will be less expensive because people who have already invested in the construction may not have much money left to spend on the design. Additionally, the market will be young couples living in any region of the country and working for international companies. The first reason why the market was chosen was due to the fact that younger people who buy property for the first time always want a modern-looking interior design. Secondly, people with the aforementioned salary can afford to hire an interior design agency. Finally, younger people working for international companies are more exposed to modern trends, including in architecture, and tend to earn relatively high salaries.
The country in which the company is planning to start its operations has a limited supply of interior design studios. Moreover, the existing offerings tend to have old-fashioned designs which look outdated by modern standards. At the same time, people belonging to the primary and secondary markets have a demand for modern and trendy designs which are unique. Therefore, YA.SI.GA.MO.MA.GE can address the demand and use it as an opportunity to offer quality solutions for interior design.
YA.SI.GA.MO.MA.GE is a company focusing on two markets, namely, people needing a renovation and individuals requiring a design for their newly-built property. YA.SI.GA.MO.MA.GE will address the demand for modern-looking interior designs which are absent in the market. Additionally, the company renovation services will be more expensive than those provided to people who recently finished construction since the latter usually have limited resources.
Source
Wolfgang Fengler, 2021, The Silver Economy Is Coming of Age: A Look at The Growing Spending Power of Seniors, Brookings, Web.