marketing summary

1.
As millennials have begun to enter the professional workforce they have brought with them a set of priorities
and experiences that lead them to a much less static and more individual lifestyle than has ever been seen
before. These young professionals are very quickly growing in number and purchasing power, and will soon be
not only the most populous generation in history, but also the largest economic force.
The highly varied and individualistic lifestyles of this market segment have yet to be adequately addressed
by the furniture market even though millennials make up a large and growing portion of all households
buying furniture. Young urban professionals buy furniture from IKEA, but find it extremely frustrated
trying to put it together. As they become financially stable, they are outgrowing their throw-away IKEA
furniture and going online in search of quality, stylish home goods that adapt to their maturing lives.
Through user-centered design methodology, a focus on innovative material solutions and manufacturing
processes, and a commitment to environmentally responsible practices Modern Nomad Furniture will
deliver on the unmet demands of this massive and growing market as they build their lives.
Positioning statement:
Target Market:
Our key consumer demographic consists of young professionals age 25 to 35 living in urban settings.
Young professionals are living less static lives and desire flexibility in products they buy. Similarly they
shy away from purchases that tie them down; more young people are renting homes and buying vehicles
than the reverse. As a result of this lifestyle, young professionals are increasingly shopping online rather
than in stores for speed and convenience. Our market desires products that reflect individuality of style,
while being responsibly sourced.
Addressable Market:
For young professionals who struggle to find stylish furniture that is easy to assemble and still
reasonably priced, our lounge chair is part of a furniture line that caters to those who have an on-
the-go lifestyle without sacrificing quality for price.

2.
The furniture market is worth $34 billion and its online sales account for $9.5 billion. The industry saw a
considerable 13% increase between 2013 and 2014. According to Furniture/Today’s 2015 Consumer
Buying trends survey, millennials account for 37% of all households buying furniture and spend close
to $27 billion annually, the largest share of any generation. (Source: Furniture today 2014)
From 2012 to 2014, millennials have increased their spending on furniture and bedding by 142.1% which
is the largest increase among all generations. Modern Nomad will directly compete for these consumers
with companies producing self-assembly and flat-packed furniture.
Marketing Strategy:
• To reach our target market we will utilize a Kickstarter campaign, print/online magazine
advertisements, and social media platforms
• Modern Nomad will maintain a website that will be easy for consumers to navigate
• As an incentive, we will offer free specially designed koozies as a reward to Kickstarter lenders and
to our first 50 customers
• Clients we interviewed expressed social media to be the primary way they found out about new
products and considered it to be the ideal platform for us to advertise on
• Marketing media costs will come from design and creation of the website and maintaining
Preview
of
Modern
Nomad’s
website
We have big dreams for Modern Nomad and with the flat pack nature of our products and
the scalable product line we will essentially be able to provide you with your entire living
room in one box.