The Pottery Table
Market Analysis Summary
The city of Monroe has a population of 120,000 residents. Over the past four years there has been significant growth in participation in the city’s park arts program.
The groups that have been most supportive of the program are youths and seniors. Approximately 20% (24,000) of the population are active seniors who participate in numerous programs around the city. Youths, under the age of ten, represent 35% of the city’s population.
Recently, due to budget cuts, the arts program has been discontinued. The Pottery Table is positioned to attract the patrons of the discontinued arts program. The Pottery Table will establish a programs specifically targeting seniors, young children, and new mothers.
4.1 Market Segmentation
The Pottery Table will focus on three customer groups:
- Seniors;
- Youth (ages 3 – 10);
- New mothers.
| Market Analysis | |||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
| Potential Customers | Growth | CAGR | |||||
| Seniors | 12% | 34,000 | 38,080 | 42,650 | 47,768 | 53,500 | 12.00% |
| Youths (ages 3-10) | 10% | 42,000 | 46,200 | 50,820 | 55,902 | 61,492 | 10.00% |
| New Mothers | 5% | 10,000 | 10,500 | 11,025 | 11,576 | 12,155 | 5.00% |
| Total | 10.27% | 86,000 | 94,780 | 104,495 | 115,246 | 127,147 | 10.27% |
4.2 Target Market Segment Strategy
The target market strategy for The Pottery Table is as follows:
- Seniors: This is an important group for morning and early afternoon studio time. Active seniors are members of community senior organizations and clubs. The Pottery Table can market directly to these groups in order to attract seniors.
- Youth (ages 3 – 10): The Pottery Table will focus on bringing pre-schoolers in during the morning and early afternoon and school-aged children during the late afternoon.
- New Mothers: The Pottery Table believes that marketing to new mothers is the best way to build future customers. The new mother’s program will focus on creating pottery that will celebrate the new baby.
4.3 Service Business Analysis
The Pottery Table is a do-it-yourself craft business where customers create their own unique piece of pottery.
There has been a number of successful do-it-yourself businesses that focus on the joy of the creative process. Currently, in Monroe, there is only one existing pottery store that offers the same service. The Kiln Room is located on the south side of town, in the commercial district. Its focus is the more serious pottery customer.
The Pottery Table’s focus is more entertainment than education. The key is how the customer feels about the experience rather than the pottery. Repeat business, as well as referrals, are crucial to the success of a craft business.
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