Niche Interiors-Business Plan Institutional Affiliation Niche Interiors-Business Plan Marketing Analysis The Interior Design Industry The interior design industry has witnessed tremendous growth over the last decades. This is particularly so in Canada, where the industry has grown tremendously in the past few years…
Instead, a house should look as charming as possible. This is achievable by seeking the services of interior designers. Service Canada (2013) report indicates that, last year alone, residential interior designers based in the greater Ontario region generated about $5 million in sales. According to the report, Oakville generated 80% of all the sales generated in the greater Ontario region last year. Economists predict a possibility of the residential interior design market in the greater Ontario region registering at least 10% increase in sale revenue. The increase is attributable to the strengthening of Canada’s economy coupled with the increase in the number of homeowners in the greater Ontario region. Niche Interiors intends to capitalize on this projected increase in demand for the services of interior designers. The firm also positions itself to take advantage of the changes in the interior design market, and expects to become a household brand in Ontario and the country at large. In addition, the firm also aims to capitalize on every little opportunity to become a profitable entity in the interior design industry in Ontario and its environs. Market Trend The market for interior design is huge and continues to grow. Canada’s interior design market is estimated to worth over $7 billion annually (Service Canada, 2013). At the same time, experts predict the market to grow significantly in the coming years. The growth of the interior design industry is attributable mainly to the increase in commercial, residential and hotel spaces (Winchip, 2012). The growth is also attributable to the increase in baby boomers that needs bigger houses capable of accommodating a large family. This is creating a huge demand for new residential houses in the major cities in the country. In addition, the growth is due to the increase in population in the major cities. In fact, the population of Canada’s major cities is projected to increase significantly in the coming years. This implies that additional residential houses will have to be built to accommodate the rising population. This offers market for interior designers in the country. Research also indicates that the market for interior design is likely to grow due to the increasing demand from the existing residential houses that require beautification. Currently, major towns such as Ontario, Toronto and Hamilton experiences huge demand for interior designers for the existing homes, according to Tangaz (2006). This increase in demand certainly offers a good opportunity for Niche Interiors. Target Market The first segments that Niche Interiors intends to serve are the new home constructions. Oakville is one of the fastest growing towns in Ontario. As such, new residential buildings are increasingly coming up to accommodate the rising population. These residential buildings will ultimately require the services of interior designers to do the finishing by creating beauty and ambience in the house. As such, Niche Interiors has positioned itself to compete with other interior design firms in Ontario for the interior design opportunities linked with new residential home constructions that are coming up in the area. The firm also intends to work as a contracted consulting with architectures in strategic planning, lighting, master planning, and carpet and floor design. Niche Interiors also target to design the interiors of existing resident ...
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