After the market analysis Psalms interiors found out that it would work in the home interior business in their area.They had previously decided that they would concentrate their interior decoration business in a particular area and within a particular group of females. After the market analysis it is of paramount importance that the target market be further divided into segments.
This segmentation of the market will give the business more well defined pockets to work in with the same number of clients. Segmentation of markets are also very helpful in designing personalized products and services for each segment which will cater to the specific needs and requirements of that segment.this leads to increased customer satisfaction thus creating a loyal clientele which will give repeat business to the firm.
Psalms interiors thus divided its market into the following segments;
.The First Timers
.The Moneyed Middles
This group usually consists of people within the ages 28-35. These are usually young professionals who are either working in large firms and drawing handsome salaries or they even have their own business. This group usually has both the partners working and the average income of the household $100000. This is the group that is usually buying a house for the first time and are keen on hiring an interior decorator to give their homes a professional and modern touch. This is usually a group of people who have a successful careers and would like to see their homes reflect the same.The discretionary income of this group is high and increases at the time of a bonus or a raise.This is a group that is willing to spend and is open to new ideas and technology in interior designing.
The First timers
The First timers are again people in the same age group ,but about to start a family for the first time. They may already own a home and may be planning to redecorate or move to larger house to accommodate the new member. In both cases they are eager and willing to spend on the interiors of their house. This group will again lay more importance on the children s nursery or a separate room for the tiny tot.The interior designing and interior decorating will have to be done keeping in view that the place has to be safe for a child.
The Moneyed Middles
This is another target market segment of the interior designing business of Psalms interiors and occupies a pride of place in their interior designing business plan.this group normally falls in the age of 55-65 and this is a group that is retired or is going to retire. This group is going through a phase in life in which it is planning for its post retirement life and hence are willing to spend their money on redoing or remodeling their house to transform it into a comfortable haven for them for the rest of their lives. The the discretionary income for this group is surprisingly high and they may even considering moving and buying a new home just to be closer to their favorite club.This is a very important group for Psalms interiors since it had already found out that 67% of the people of their target group have some sort of a club membership.
This group usually is between the ages of 45-55. This group consists of people who already have one home and are planning to buy a second.whether for use or for vacation.It has already been established that 58% of the target group owns a house and even if a tenth of the group plans to buy a house it means big business since it involves the interior designing for the entire home. This type of business is less in numbers but makes up for it in terms of the volume of business.
another very important target market segment for psalms Interiors is the trendsetters. This group consists of females with memberships to exclusive clubs and organizations and includes woman who are very active on the social scene.This group consists of women between the ages 35-60 years. Most of these women are married and are working or have spouse who are either professionals or in their own business. The annual house hold income exceeds $120000. Since all these women are very active socially and keep entertaining at their homes it is very important for their homes to be always spruced up and up with the latest trends in home decor.This group too has very good disposable income and the woman are the primary decision makers with respect to home decor and they usually have their own ideas which they would like to be assisted in by an interior designer. This group is very important business for Psalms interiors since 68%of their target group have a club membership and 53% are married.
With a clearly defined target market segment,Psalms interior now proposes to customize its services to suit the specific needs of each segment.