Interior Views is a retail home decorator fabrics and complementary home accessories and services concept that is now in its third year. This destination store offers the advantages of providing fabrics specifically designed for home decorator use in fabric widths of 54 inches and greater. Over 900 fabrics are available on the floor at any time with more than 3,000 sample fabrics for custom "cut" orders. Customers see, touch, feel, and take the fabric to their home as they work through their purchase decision. Market research indicates a specific and growing need in the area for the products and services Interior Views offers in the market it serves. The market strategy will be based on a cost effective approach to reach this clearly defined target market. The three-phase approach will utilize resources to create awareness of the store and encourage customers to benefit from the convenience and services it offers. Interior Views will focus on its selection, accessibility of product, design services, and competitive pricing. The marketing objective is to actively support continued growth and profitability through effective implementation of the strategy.
2.0 Situation Analysis
Interior Views is a retail store heading into its third year of operation. The store has been well received, and marketing is now critical to its continued success and future profitability. The store offers the most extensive selection of in-stock decorator fabrics as well as a resource for special ordered fabrics. The basic market need is to offer a good selection of decorator fabrics at reasonable prices, for the "do-it-yourself" and the "buy-it-yourself" customers, through a personalized retail store that offers excellent service, design assistance, and inspiration for people to redecorate their homes. 2.1 Market Summary
We possess good information about our market and know a great deal about the common attributes of our most prized and loyal customers. We will leverage this information to better understand who we serve, their specific needs, and how we can better communicate with them. Target Markets
2.1.1 Market Demographics
The profile of the Interior Views customer consists of the following geographic, demographic, psychographic, and behavior factors: Geographics
·Our immediate geographic market is the Boise area, with a population of 168,300. ·A 50-mile geographic area is in need of our products and services. ·The total targeted area population is estimated at 568,800. Demographics
·Have children, but not necessarily at home.
·Have attended college.
·A combined annual income in excess of $50,000.
·Age range of 35 to 55 years, with a median age of 42.
·Owns their home, townhouse and/or condominium valued at over $125,000. ·If they work out of the home, it's by choice in a professional/business setting. ·Belong to one or more business, social and/or athletic organizations, which may include: oDowntown Athletic Club.
oBoise Country Club.
oJunior League of Boise.
oAmerican Business Women's Association.
We know the following regarding the profile of the typical resident of Boise: ·67% have lived in Boise for 7 years or more.
·23% are between the ages of 35 and 44.
·40% have completed some college.
·24% are managers, professionals and/or owners of a business. ·53% are married.
·65% have no children living at home.
·56% own their residence.
·The appearance of her home is a priority.
·Entertaining and showing her home is important.
·She perceives herself as creative, tasteful and able, but seeks validation and support regarding her decorating ideas and choices. ·She reads one or more of the following magazines:
oMartha Stewart Living.