Market Segmentation helps businesses to identify its potential and the consumer tastes and preferences and gives an overall outline about what kind of population to target and who all can become potential customers for the company. After conducting our segmentation analysis we were able to find the targeted marketed for Craft Trade and they were the middle class and high class people with good amount of disposable income in their pockets. Price was the main parameter on which we formulated the price parity of the products which are being sold and found them apt for middle class homes and high class people who want to give an artistic feel to their houses and prefers quality art and craft.
Consumer behavior plays a very significant role while implementing and adopting the targeting strategy for the business. We took into consideration our target markets which were middle class and high class people with good amount of disposable income.
Targeting of middle class people was quite tough and the enterprise targeted by also providing them an option of delivering handicraft products at their door steps which was a luring factor and attracted the buyers form the middle class segment.
High Class people are very hard to manipulate and convert as they don’t go buy things by seeing advertisements and neither do they rely on Marketing Jargons and Bluffs therefore we tried to keep it very simple and didn’t ask any of the celebrities to promote us rather we used our young team to come up with creative advertisements and also used our artisans and Craftsmen as the face of the company in advertisements. We also gave an option of customized handicrafts to people wherein they will have to send in the designs and features of the product they desire and tell us the material to be used in the particular handcrafted product and we will make customized handicrafts for them.
Craft Trade will be positioned as a one stop solution which will cater to the needs of handicraft lovers by providing them handicrafts from all over the country at affordable and minimum prices by cutting down on the margins.
Our E-Commerce portal will showcase and feature various kinds of handicrafts made up of different materials and the handicraft products will be delivered at the door steps of the consumers thus saving their time and money.