ipl-logo

Explain How Slower Population Growth Will Affect Business In Your Local Community

756 Words4 Pages

Chapter 3. Question 14. Discuss how slower population growth will affect business in your local community.
The less people there are the more competition a business leader faces as there could be less demand for their product. With fewer customers there is a chance that a business could reach its maximum growth and cannot expand. There is a chance that the business could go out of business because there is not enough revenue to cover the cost of operations because of fewer customers.
Chapter 4. Question 2. Explain what market segmentation is.
A marketer must finds the needs of the customers find a find a generic market and a broad market and narrow this down and then select either a single target market, multiple target markets or a combined target market and find out where they can make a profit depending on what market they select to meet the customers’ needs. …show more content…

Question 7. Identify the determining dimension or dimensions that explain why you bought the specific brand that you did in your most recent purchase of, a. soft drink, b. shampoo, c. shirt or blouse and (d) larger, more expensive item, such as a bicycle, camera, or boat. Try to express the determining dimension(s) in terms of your own personal characteristics rather than the product’s characteristics. Estimate what share of the market would probably be motivated by the same determining dimension(s).
a. soft drink - Taste 80%, costs 10%, ease of use 5%, calories 3%, easy to locate 2%.
b. shampoo – Performance 70%, brand15%, costs10%, easy to locate 5%.
c. shirt or blouse – Style 75%, brand10%, costs 10%, easy to locate 5%.
d. bicycle – Quality 75%, Performance 20%, brand 5%.
Marketing Plan Coach

Show More
Related

Est1 Task 4

816 Words | 4 Pages

The segmentation process allows Company X to understand the changing needs of each demographic. Emerging opportunities can be easily identified in potential markets. To address retail customers within different industries accordingly Company X must develop an effective demographic segmentation strategy. The customer segments of Company X will be a diversified group. The groups are broken down into two main categories which are individuals and businesses.

Read More

A Rhetorical Analysis Of Sprite By Lebron James

1039 Words | 5 Pages

Market segmentation is the process by which companies divide a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known

Read More

Modern Tech Executive Summary

672 Words | 3 Pages

Target Markets Target market 1: Large retailors or stand-alone retail divisions of large corporations that have extensive broker, dealer, and distributor networks with vast advertising capabilities. Example: An industry leader such as Home Depot, they distribute products to numerous general contractors who act as home appliances dealers for their clients. Customizing our calendars so they coincide with Home Depots high profit seasons like Christmas for product drop.

Read More

Comprehensive Cannabis Business Plan Paper

600 Words | 3 Pages

Also, assess the regulatory requirements. Your target market segments should be identified and evaluated for purchasing habits, needs, and preferences. Also, consider the size of your market, its growth potential, and regional variations to guide your marketing strategy. 4. Business Organization and Management

Read More

Mkt 421 Week 4 P's Of Marketing

1745 Words | 7 Pages

Marketing is particularly about the advertising and marketing and promoting the items or offerings to the company's customers. This potential that marketing includes everything that has to do with coming up with a preferred provider or product for potential customers. A company’s key purpose is to

Read More

Diversity's Role In The Rise Of New York After American Revolution

245 Words | 1 Pages

A population increase

Read More

Btec Business Level 3 Unit 5 P4

1809 Words | 8 Pages

Because of this, B2B marketers need to focus on building a relationship with its business prospects and taking into account the buyer's specific

Read More

2.1 Explain The Characteristics Of Business Markets

1791 Words | 8 Pages

Understanding Business Markets 1.1 – Explain the characteristics of different business markets. They’re many different types of customer you can sell your products too but the main business markets can be broken down into these 5 categories: business to business market - Industrial market - professional services and Financial services - Government - High Street The business to business market is when one business simply sells it’s products to another meanwhile the industrial market consists of companies transacting business in hard goods such as machinery, materials, vehicles and supplies. Professional services include the delivery of business needs such as marketing, information technology, management consulting and payroll whereas financial

Read More

George Rogers Taylor Urban Growth Summary

824 Words | 4 Pages

There was a small urban population reduction of 7.26% to 7.19% although miniscule it is a decline nonetheless. This decline can be attributed too

Read More

United Airlines Market Segmentation

1027 Words | 5 Pages

Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.

Read More

Problems Of Shrinking The Population In The United States

322 Words | 2 Pages

By shrinking the population, people's lives change. Most family sizes shrink, which causes children to grow up in a family where they have a hard time relating to people. The extended family decreases, which means that a families overall culture may not be as rich or important. Shrinking populations and troubling

Read More

Marketing Segmentation Of Mercedes Benz

916 Words | 4 Pages

Market are segmented in order to make it easier for businesses to target these segments according to the features and habits they exhibit. These segments must be definable, specific, profitable, and is has room to grow. The following outlines the segmentation for the market of Mercedes Benz broken down into demographic, behavioral and psychographic segmentation. Demographic Segmentation: Markets can be segmented by geography where the business would market its offering towards individuals living in a certain area.

Read More

Mcdonald's Market Segmentation

1402 Words | 6 Pages

According to TrackMaven, market segmentation is the process of dividing the market of potential customers into groups, or segments, based on different features. The created segment consists of consumers who will respond to the same marketing strategy and who share the nature of the same interests, needs, or locations. McDonald uses demographic segmentation as their main types of market segmentation. According to Sakshi Natani (2016), McDonald in Malaysia used mainly demographic segmentation, which divided in age, income, family-life cycle and social class.

Read More

Market Segmentation Of Carrefour

1304 Words | 6 Pages

Carrefour had to segment their customers because they had different needs, behaviors, and preferences; therefore, it was difficult for the company to meet every consumer’s personal characteristics (Wedel and Kamakura 2012, p. 6). Carrefour also had to segment their customers because they needed to come up with a marketing mix that will help the firm meet the needs its customers in their target market. Market segmentation refers to the division of a market into segments that are identifiable and similar. These segments refer to a group of people or organizations that have one or more features in common, which prompts to have same product tastes and needs. According to Wedel and Kamakura (2012, p. 6-7), market segmentation is important because it helps the organization to use their resources efficiently and make better strategic decisions.

Read More

Dutch Lady Market Segmentation

1004 Words | 5 Pages

1. MARKAT SEGMENTATION Market segmentation is a strategy that is generally used by a company to identify and define the target customers, and provide the supporting data for the marketing plan elements. There are five types of market segmentation which are demographic segmentation, geographic segmentation, psychographic segmentation, benefits segmentation and volume segmentation. • Demographic Segmentation Demographic segmentation is market segmentation according to age, family size, religion, race, gender, income and education. By using this segmentation, a company can categorize the needs of consumers more easily and target its consumers more accurately because demographics can segmented into several markets.

Read More

More about Explain How Slower Population Growth Will Affect Business In Your Local Community

Related Topics

Open Document