Online E-Business Target Market & Competition
Identify Target Market
The target market for the online business is the Do-it-Yourself Arts and Crafts supplies industry, the "Hobby Craft Industry."
Psychology of Target Market (Analysis)
The Hobby Craft market grew 11% in 2011, despite overall stagnation in consumer spending in the same year. (SEC Form S-1, p. 1). The recent expansion of the hobby craft industry has been caused by the recent economic downturn as well as demographic changes in the market. Hobby crafts were previously the exclusive domain of middle-aged and older women. However, young adults, male and female, have taken up hobby crafts such as knitting because of political movements emphasizing sustainable production as well as pop culture trends celebrating, in an ironic manner, vintage or handmade goods with character over mass-produced goods.
The hobby craft market is traditionally perceived as a leisure industry, with the hobby aspect being the main driver of consumer behavior. Hobbyists form the core of the crafts supplies market. Although they are typically restricted to one particular craft, they are likely to experiment as they acquire new skills in their hobby and require depth and variety within the narrow range of supplies that they use. Hobbyists typically possess some skill in making crafts and experience in finding and purchasing the supplies they need.
As a result of the recent economic downturn, the hobby craft market has been enhanced by consumers wishing to save money on desired goods that they would usually purchase from a retailer. Such consumers would substitute self-made crafts for non-necessity or luxury items such as hats, scarves, or jewelry. As they make crafts more out of economic necessity than a natural interest in the craft, they typically...
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