a) Market Demographics
Lilac Revival consists of the following geographic, demographic, psychographic and behavioral factors:
• Our geographic market is within the Louisville area, within Anchorage, Middletown and St Matthews
• A 30 mile geographic area is our projection of our products and services
• Have children, not necessarily at home
• A combined annual income in excess of $50,000
• Age range between 35-55 years
• Owns their own home, townhouse and/or condo
• The home and how it looks is important
• Loves to entertain at her home
• Creative and great style
• She reads one or more of the following magazines: o Country Living o Country Home o House Beautiful o Traditional…show more content… • Customer Design Services: Employees have a design background to enhance the knowledge for the customer. This enables customers to benefit from suggestions regarding the selection of their furniture and related products in a manner to implement their design.
• Competitive Pricing: All products will be competitively priced in comparison to stores in Louisville, Kentucky market and other sales such as catalogs.
c) Market Trends
The home furniture and décor market, considered to include household goods, art, bedding, tables, chairs and bed frames, accounts for 50% of all home décor and furniture output. Ove the next few years the industry is expected to have a steady increase.
The industry is driven by the number of household developments and renovations which are expected to continually climb. This is due primarily to the solid growth in the number of single-parent and non-family households. This growth also comes from older generations needing bigger houses to put up with growing and extended families and people are buying homes rather than renting.
The “do-it-yourself” market continues to grow and closely matches the professional home-improvement market. DIY market growth is credited to an increased presence of products, the personal satisfaction experienced, and the cost savings customers realize. A percentage of the DIY market is the “buy-it-yourself” market. Consumers are buying the product and arranging for someone else to do the restoration and