Market Analysis Summary
The initial market for VS is Seattle, Washington. With its growing population of moderate to high income professionals, Seattle provides an ideal market. It is also one of the fastest growing areas in the country, with a continually expanding consumer base. Another advantage to the Seattle market is the high level of travel to the area, especially among professionals. This also increases our possible consumer base.
VS aims to provide health and spa services to those seeking physical and mental well being. Women between the ages of 18 and 70 are the vast market, with an emphasis on professional women in their mid twenties through their mid fifties. Also, women battling or recovering from a serious injury or illness are another specific target market. For men, professionals concerned about their appearance are our main market. They are often in their late twenties through their mid forties. We target anyone who is searching for a natural method to heal body and soul, regardless of age or income.
4.1 Market Segmentation
Our market segmentation is specific to two target groups. Our first target market is the corporate workers of Seattle. We have chosen these people, ranging from early twenties to mid forties, because they are in stressful jobs and could use relaxation and exercise. They also have the financial opportunity to regularly treat themselves to a facial or massage. Often in the working world it is necessary to look healthy and fit, therefore, we offer exercise facilities to keep people fit and happy.
The second group we target is people either recovering from an injury or people who have a condition which needs special attention. We wanted to create a safe environment where people feel comfortable and get the attention they need with out feeling ostracized or sick. We offer special classes, massage, and homeopathic opportunities for people with specific needs.
The chart and table below outline the target markets we have chosen; however, for simplicity’s sake, we break our market into two segments: Women and Other. We firmly believe that women would take advantage of our services more often than men would.
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4.2 Target Market Segment Strategy
We have designed several ways to receive positive attention and publicity for our first year. We plan to open on Mother’s day, offering people a tour of the facilities, facials, manicures, and brunch. People will be allowed to purchase tickets for $20 each and will be offered special benefits and packages.
To continue customer awareness, we have created a monthly newsletter, highlighting monthly specials and other events that are important to the company.
4.3 Market Needs
Our market’s needs are simple: people want to look and feel good. We aim to please people who want this. It has been determined that our target markets are also interested in social issues such as the environment and community. These ideals provide VS with a competitive edge because we are committed not only to the needs of the community, but it’s concerns as well.
Our indirect competition includes salons, health clubs, and spas in the Seattle area. Because VS is a full-service salon, there is no direct competition.