Marketing: Target Market Analysis and Recommendations

This article provides a detailed analysis of the target market for Silver wood flooring in Toronto and offers recommendations for enhancing marketing strategies. It discusses demographic and psychographic segmentation, consumer behavior, psychological and socio-cultural influences, situational influences, positioning, consumer profile, perpetual map, researching the consumers, and recommendations. The target consumers for the company are female, married, new companies, and other immigrants with an annual income greater than $100,000. The article concludes with the importance of effective marketing and promotion strategies to compete with competitors.

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Marketing
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Table of Contents
Introduction......................................................................................................................................2
Segmentation...................................................................................................................................2
Customer Behavior..........................................................................................................................2
Psychological influences..............................................................................................................3
Socio-cultural influences..............................................................................................................3
Situational influences...................................................................................................................3
Positioning.......................................................................................................................................4
Consumer Profile.........................................................................................................................4
Perpetual Map..............................................................................................................................5
Researching the consumers..............................................................................................................5
Recommendations............................................................................................................................6
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

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Introduction
Silver wood flooring is one of the small companies in Toronto that was created in the
year 2005 as resource for premier designer as well as architects. The company has been deal as
the trusted suppliers to lead condominium developers which include Amexon, Tridel as well as
Minto development. The company also deals as the finest custom home builders as well as world
renowned designer firms (Silver wood flooring, 2019).
In the following part there will be detailed analysis of the target market of the company in
which they are deal with and the manner they can able to enhance its marketing services to target
its consumers more efficiently and effectively.
Segmentation
Demographic
The population of Canada is perhaps the most diverse among the modern Western
countries as well as such tendency is also expected to endure in the future. The increment in the
wave of immigrates is also influencing the profile of the consumers as well as its shopping
habits. The consumer require place to stay that enhance the demand of property in the country.
The household income is more than $30000 and the ranges of age that exist in the city are 25-55
with a median age of 40. Therefore, the targeted consumers for the company are female, married,
new companies as well as other immigrants who attended college with an annual income grander
than $100,000. The series of age that company targets is consumers are 35-55 years (White,
Bilodeau & Nevitte, 2015).

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Psychograph
The growing population of Canadian also created great impact on the demand of the
consumers. The purchasing power of the consumers is high in such city. The consumers are
seeking for new and innovative designs that help in maintain its self-esteem among the
consumers. Therefore, the company majorly targets its consumers who are planning to open its
business or outlet in the city as well as it also targets the consumers who are seeking for the
house to stay. The increase in number of population in the city created an opportunity to the
company to target such consumers (Preko & Kwami, 2015).
Customer Behavior
Silver wood flooring offers variety of services to make their home beautiful and unique.
Therefore, the consumers of Silver wood flooring are majorly high and middle class people who
are seeking for new places along with the people who manage outlets, professional youngsters,
and boomers in transition as well as home builders. They are the main consumers of the
company whom they serve variety of product to them in en effective and efficient manner
(Echchakoui, 2016). The factors that influence the behavior of consumers are explained in below
points:
Psychological influences
Boomers in Transition are majorly ranging from 45-55 years that is working through an
optimistic and deliberate life changeover. They majorly changes its home through edifice or
poignant or restoration due to the reason of unfilled nest condition, sequestration plans with
overall economizing needs. They majorly spend in decorating the homes.

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Professional Youngsters are majorly couple between the ages of 25-35 that establish their
first adult household. They majorly seek to enjoy their homes as well as communicate successful
image and message to their contemporaries.
Home builders: the person hat involved in the home-based edifice method is usually
ranging in between age 40 to 56 and they are main consumers for Silver wood flooring (Moon,
Yoon & Han, 2017).
Socio-cultural influences
The living standard in Canada is one of the uppermost in the sphere. The consumers of
Canada are more assertive about the sustainability of their occupations as well as he economy in
general. The people in Canada majorly demand for high quality product or facilities and also
after sales buyer support. The country has richest person in the world that enhances its
purchasing power. Moreover, the most of the people are immigrants in the country that enhance
the demand of house in an effective manner.
Situational influences
It is the temporary condition that affects how the consumers behave according to the
situation. Therefore, different situations are explained in below points:
 Physical surroundings: Silver wood flooring is situated in the well settled market where
any consumer can easily visit such place in an efficient manner.
 Social Surroundings: the people have great purchasing power that enhance the demand of
quality product that need to be maintain by the company

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 Reason of consumers purchase: the consumer purchases such product to satisfy its basic
need. The demand of houses increase after the age of 25 that created demand of such
product in the market more efficiently.
 Mood of consumers: the mood of consumers changes with time, in the age of 50 they
plan to renovate their house to make it new moreover, after age of 25, the people plan to
get married such moods enhance the demand of houses that indirectly enhance the
demand of floorings (Bernardi, Carlucci, Cornaro & Bohne, 2017)

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Positioning
Consumer Profile
Demographics
 Mid 90’s
 Couple
 Educated and well settled
 One Son ( Married)
 Toronto, Canada
Psychographics
 Active healthy Lifestyle
 Likes to Save Money
 Well Settled Personality
Buying Habits
 Doesn’t rush to make purchase
decisions
 Have great purchasing power
 Spend time on searching new things
 Heavy mobile user

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Mr. Richard and Mrs. Richard
Work as Director- Retail Goods
Income- $110000
 Makes Purchase weekly
Persona Type
 Enjoy the community around the
product
 Influenced by emotion
 Slow to make decision of purchasing.

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Perpetual Map
Silver wood flooring
Savoia Canad
Alliance Floor Source
Allan Rug Company
Edgewood Matting Limited
Anka Flooring
Low Price
High Price
Low Quality
High Quality

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Therefore, Silver wood flooring provides its services at low price to their consumers with
delivering high quality. The main competitor of Silver wood flooring is Savoia Canada due to the
reason it also offer low price product to its consumers to make them feel satisfied. Alliance Floor
Source and Allan Rug Company have settled up its goodwill in the market efficiently that also
give competition to the company to the certain extent. However, Edgewood Matting Limited and
Anka Flooring failed to provide quality products and services to its consumers.
Researching the consumers
Survey is one of the effective research tools that the company can use to better
understand the target market taste and preferences with respect of their product or services.
Survey is defined as the research tool that is majorly used to collect the data from pre-
defined group of respondents to gain the information as well as insights on various topics of
interest. The survey can be done through buy respondents, emails, embed survey in website, API,
SMS as well as QuestionPro App. The main reason for selecting such method is due to reason,
such method provide accurate information about the opinion of public that can easy and quick to
analyze. The people will also able to easily participate in such method and it also includes great
branding exercise (Moser & Kalton, 2017).
Recommendations
There are certain recommendations that are provided to the company to grow and
compete its competitors more effectively and efficiently such are explained in below points:
 The company should promote its business through social media due to the reason it is one
of the best manner to reach out maximum number of consumers in limited period of time

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 It is required for the company to expand its business by opening small outlets in different
area of Toronto to cove maximum number of consumers
 The company can diversify its business by providing interior designing services to earn
maximum revenue from the market (Datta, Ailawadi & Van Heerde, 2017).
Conclusion
From the above analysis it can be concluded that managing business in the competitive
market create biggest challenge for the business. One of the small company Silver wood flooring
also manage its business in the competitive market. Canada is one of the rich cities where the
demand of houses is increases that created an opportunity for the company to target its
consumers more efficiently. The main consumers are professional youngsters, and boomers in
transition as well as home builders. However, the company also faced biggest challenge from
Savoia Canada therefore; it is required for the company to adopted effective marketing and
promotion strategies to compete its competitors more efficiently and effectively.

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References
Bernardi, E., Carlucci, S., Cornaro, C., & Bohne, R. (2017). An analysis of the most adopted
rating systems for assessing the environmental impact of buildings. Sustainability, 9(7),
1226.
Datta, H., Ailawadi, K. L., & Van Heerde, H. J. (2017). How well does consumer-based brand
equity align with sales-based brand equity and marketing-mix response?. Journal of
Marketing, 81(3), 1-20.
Echchakoui, S. (2016). Relationship between sales force reputation and customer behavior: Role
of experiential value added by sales force. Journal of Retailing and Consumer
Services, 28, 54-66.
Moon, H., Yoon, H. J., & Han, H. (2017). The effect of airport atmospherics on satisfaction and
behavioral intentions: Testing the moderating role of perceived safety. Journal of Travel
& Tourism Marketing, 34(6), 749-763.
Moser, C. A., & Kalton, G. (2017). Survey methods in social investigation. London: Routledge.
Preko, A., & Kwami, S. K. (2015). The Influence of Psychographic Variables on the Theory of
Exit, Voice, and Loyalty of Customer Complaints Behaviour in Banks. Journal of
Competitiveness, 7(4).
Silver wood flooring. (2019). About Us. Retrieved from: https://www.silverwoodflooring.com/
White, S., Bilodeau, A., & Nevitte, N. (2015). Earning their support: feelings towards Canada
among recent immigrants. Ethnic and Racial Studies, 38(2), 292-308.

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