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Cultural Symbolism And An

Entrepreneurial Brand-Indian
Context

Group 11
Neha 033
Venkateshwar 055
Aditi Aggarwal 064
Manish Kurrey 086
Taneha Verma 121
Mansing Hembram

INSPACE Furniture

Bangalore based shop


Turnover of 7.5 million dollar
Brand Image?
Marketing Strategy?

Furniture as Cultural Symbol

Lifestyle
Self concept
Shared meaning
Material Success
Traditional , Contemporary and
Modern look.

Indian Market Segments


Aspirers 1900-4300 USD
Seekers - 4300-11,000 USD
Strivers - 11,000-22,000 USD

Phases of Furniture Market


Post Independence British Taste
Sixties to Ninties Cinematic
Influence
Post Ninties Value based ,Aesthetics
with Trickle Down effect.

Visual Hedonism
Status symbol
Marriage gift Love and care
Progressive lifestyle

Furniture Industry -India


Rs 470 Billion Market
CAGR 10% 2012
Domestic player- Nilkamal, Godrej &
Boyce, Bombay Dyeing ,Hind ware
home, Furniturewalla
International Player IKEA and Muji

Inspace Target Segment


Urban Young Married Couples-High
Involvement , Age 27-36 yrs.USD
6500-20,000 annually , Expressive.
Urban Unmarried Youth-High
Discretionary Spending , Age -20-27
yrs.USD 5,000-11,000 annually
,future transition to married life.

Urban Unmarried Segment Cultural


Dimension

Visual Hedonism 4.271


Accomplishment 3.829
Lifestyle Item 3.814
Expression of Taste 3.800

Urban Married Segment Cultural


Dimension

Visual Hedonism 4.200


Lifestyle Item 4.000
Expression of Taste 3.829
Lovable Possessions 3.614

Lifestyle Statement Unmarried


Segment

Superior Quality-Long lasting 4.25


Dont hesitate to spend money 4.25
Social Media platforms 4.25
Watching movie is fun 3.95

Lifestyle Statement Married


Segment

Reading books and magazine 4.27


Dont hesitate to spend money 3.93
Social Media platforms 3.87
Superior Quality Long Lasting 3.80

Marketing strategy
Product- Elegant Innovative Design,
Sophistication, High QualityAccreditation, Luxury Item Brand ,
Highly Comfortable.
Price High prices Premium products
2000 USD to 5000 USD
Place:- Exclusive store
Promotion :- Social media , Word of
mouth, Own website