Senior Apartment (Target Market)
The senior apartment opened an apartment with full services in Vancouver Canada. This could amplify the revenues to 3.4 billion dollars every twelve months because it also targets grownups and charges more for the full services. The senior apartment became extremely busy in that it opens a new apartment that focuses on old people having in mind that baby boomers get older. In early years, the apartment developed the most of its apartments for the baby boomers. The biggest attraction and the backbone of the apartment is the old people as they pay more for the full services. By constantly coming up with new-flagged fully serviced apartment, senior apartment wishes to have the government as its main competitor.
Target market
Customers are people who change money for organization’s goods or services. Senior apartment has targeted old people as the main customers since the baby boomers are getting older. This has changed more in this current decade than before since it has turned to a more wide-ranging market. The senior apartment now concentrates on overall family, targeting different groups ranging from children to the elderly. Services such as the happy meal for children and Egg Mc Muffin for the elderly make it satisfy all its consumers across the board.
Senior apartment also realized the fast-changing world and the need of having more services than the government to retain more customers. This is because there are groups that demand better services translating to higher prices than the government who have fewer services. This was an opportunity that senior apartment responded to without hesitation and introduced better services for the old. The new apartment introduced by senior apartment was more or less the same like the real thing; it tasted served the same community and under the same government but offered more for its target group. The senior apartment however mostly targets the working and middle class groups respectively. Old people are more likely to pop in a fully serviced apartment and feel no pinch of paying more for the services.
We believe that senior apartment program for improving on profits is consistent. The compensation received by senior apartment executives is based both on the individual and company performance. The apartment is keen to giving quality services to both young and the old who in this case are the target market. The programs at senior apartment intend to trigger off and retain high sales and grades of executive teams, which is the key factor to their future success.
The apartment should continue to monitor their programs due to the high competition in the market nationally especially from the government. Dominance and more profits is what the apartment is seeking to have. Senior apartment is confident in its programs for motivating the executive that in turn help them maintain continuing the company’s sustainable growth. Nothing will stop them from giving more services at a higher price including the government, which is the main competitor.
Competitor
Competitors are parties that compete with others for resources and services. From the research findings, senior apartment has one major competitor in the housing industry. Throughout the research, government apartments are the only competitors, as many people prefer their services for the purposes of trust issues. Both apartments compete directly and indirectly and prices and trust are the few examples of indirect competitive forces (John, 2008, p76).
Direct competitors are the firms that produce and offer the same products and services as senior apartments. This is where we came up with one main direct competitor again being the government apartment. It operates in almost the same regions as senior apartments and has low services as it has fewer services but because it is a governmental holding, old people opt to live there. Wendy’s and Hardees come in the second and third position respectively.
SWOT Analysis
Strengths
Weaknesses
1. The senior apartments intends to give more services and new apartment
2. Senior apartment has in the past given better services and being a government competitor is a big plus.
3. They are a national housing company operating in Vancouver Canada
4. They intend to open new apartment in a market dominated by the government apartment
1. They have higher prices than the government.
2. A majority of old people prefer the government apartment as they trust them more
3. They do not concentrate much on making money from baby boomers who they believe are getting older.
1. They should provide similar apartments for baby boomers but at lower prices
2. The introduction fully serviced apartment will give them more profits
3. Provides more services that cater for the old
1. They make impact to baby boomers, which is the right way since the children grow up knowing senior apartments is the best but costly.
2. The baby boomers getting older
3. The major competitor is the government apartment
4. The government has apartments that are lower in terms of prices and this requires the senior apartment to improve and work hard on the services
5. More people trust the government apartment especially the target market
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