FAMILY
BACKGROUND
Family Furniture was established in 1953 by Sy Sokol and Patrick O’Reilly to pent up housing Demands after World War 2. The firm was renowned for an inviting store appearance, good service, extensive collection and moderate prices. The firm occupies a large warehouse and shipping facility along with an 80,000 square foot store. It dealt with the business of Exclusive Furniture Material.
COMPETITORS
Local Departmental Stores
Pottery Bern and Crate & Barrel
Mass marketers Like Wal-Mart
Internet Buying by most of the customers to whom the products were shipped in directly to their homes.
CHANGING MARKET SCENARIO
Majority of the companies customers are in the Age bar of 45+
There is low unemployment in the market
Lack of young consumers, which can then become the potential business for the company by offering the products and services for the youth
TARGET AUDIENCE
Middle to higher income families above 45 age
Specially targeted to the married women who make the maximum purchase related decisions
CHALLENGES
According to a survey conducted 50% of the people are single
There was a problem in targeting to the female customers and hence was calling for Brand Repositioning
No- No- No Ad campaigns that were promoted by the competitors in order to attract the consumers towards their products by giving very flexible discount schemes
The changing habits of the consumers wherein most of the decisions were then impulsive in nature
There was a lot of influence of the SALE Promotions on the behaviour of the consumers and big retail giants like Walmart were taking the benefits from this. RESEARCH STUDY AND FINDINGS
Three components were considered in the research survey- 1)
Secondary Research 2)
Focus Groups 3)
Questionnaire from 100 consumers The main aim was to know the needs of the untargeted consumers. The parameters on which the research was conducted are: 1.
Need Recognition 2.
Family Furniture was established in 1953 by Sy Sokol and Patrick O’Reilly to pent up housing Demands after World War 2. The firm was renowned for an inviting store appearance, good service, extensive collection and moderate prices. The firm occupies a large warehouse and shipping facility along with an 80,000 square foot store. It dealt with the business of Exclusive Furniture Material.
COMPETITORS
Local Departmental Stores
Pottery Bern and Crate & Barrel
Mass marketers Like Wal-Mart
Internet Buying by most of the customers to whom the products were shipped in directly to their homes.
CHANGING MARKET SCENARIO
Majority of the companies customers are in the Age bar of 45+
There is low unemployment in the market
Lack of young consumers, which can then become the potential business for the company by offering the products and services for the youth
TARGET AUDIENCE
Middle to higher income families above 45 age
Specially targeted to the married women who make the maximum purchase related decisions
CHALLENGES
According to a survey conducted 50% of the people are single
There was a problem in targeting to the female customers and hence was calling for Brand Repositioning
No- No- No Ad campaigns that were promoted by the competitors in order to attract the consumers towards their products by giving very flexible discount schemes
The changing habits of the consumers wherein most of the decisions were then impulsive in nature
There was a lot of influence of the SALE Promotions on the behaviour of the consumers and big retail giants like Walmart were taking the benefits from this. RESEARCH STUDY AND FINDINGS
Three components were considered in the research survey- 1)
Secondary Research 2)
Focus Groups 3)
Questionnaire from 100 consumers The main aim was to know the needs of the untargeted consumers. The parameters on which the research was conducted are: 1.
Need Recognition 2.