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4 years ago

What is market segmentation? List the steps in the market segmentation process.

Business

1 answer:

34kurt4 years ago

6 0

Answer:

Market segmentation refers to a term in which there is a division of large markets into the smaller ones and this segregation is based on the customers which are having similar characteristics, wants or needs.

Following are the steps included in the market segmentation process:-

a) Market potential will be forecasted

b) Market share will be estimated

c) Market segments would be chosen

d) Formation of users profile

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The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde

lakkis [162]

Answer:

1.Cost of direct material used =$168000

2.cost of direct labor used =$100000

3.Cost of goods manufactured =$396800

4.cost of goods sold =$422100

5.Gross profit = $577900

6.Under applied factory overhead =$84000

Explanation:

Direct labour= (D/L)

Direct material = (D/M)

Factory overhead =( FOH)

Raw material used = material (open) +purchased -material (end)

= 30000+194000-56000

= 168000.

Entry: Dr work in process 168000

Cr raw material 168000

Manufacturing cost = Raw material used + direct labor cost + factory overhead.

= 168000+100000+(16000+23000+100000) = $407000.

COGM= Manufacturing cost+work in process (open)-work in process (end)

= 407000+9900 - 20100 = $396800.

Applied factory overhead= direct labor * predetermined rate

= 100000*55% = $55000.

entry: Dr work in process 55000

Cr Applied factory overhead 55000.

Cost of goods sold = Cost of goods manufactured + finished goods (open) -finished goods (end).

= 396800+59000-33700 =$422100.

T-account

Raw material Work in process

Dr___________Cr__ __ DR ___________CR

30000-- (open) 9900 ----

194000--- (D/L) 100000 ---

---- 56000 (FOH) 55000 --- 20100

---- bal figure 168000 168000 -- bal fig 312800.

Actual factory overhead = $139000

Applied factory overhead =$<u>55000</u>

Under applied factory overhead = 84000.

Sales = 1000000

Less cost of goods sold = (<u>422100</u>)

Gross profit 577900

6 0

3 years ago

Who is the government attempting to help by enforcing fraud laws?

Naddika [18.5K]

Answer:

B. Consumers

Explanation:

In business, consumers are the most vulnerable groups. Governments have enacted fraud laws to safeguard the rights of consumers. As enterprises seek profits, the laws seek to hold sellers accountable for the products or services they provide.

The laws provide mechanisms for consumers to fight back against abusive business practices. If unchecked, sellers may take advantage of consumers' ignorance and low bargaining power.

8 0

3 years ago

In one paragraph describe the general advantages and drawbacks of the premium pricing strategy.For exapmle, explain where it fal

pishuonlain [190]

Answer:

The main advantage resulting from a premium pricing strategy is the higher profits. Another advantage is that customers that purchase premium products seek higher quality and tend to show higher brand loyalty associated with the status of using premium products. The disadvantages of premium pricing are that it cannot be applied to all products, the marketing efforts tend to be more specific, and therefore, represent a higher percentage of sales, and finally, not everyone is willing to pay premium prices.

6 0

3 years ago

Which of the following is one of the main things to consider when evaluating a business opportunity?

nikitadnepr [17]

<h2>Answer</h2>

D) Customer demand for the product

<h3>Explanation</h3>

For a business opportunity to prosper and grow ahead, it is imperative that the offered product or service has actual demand present. If the demand is present, the sales will be automatically achieved. This will result in higher sales and therefore more generation of profits in the future. Without optimal demand present in the economy, it is not worth putting time and efforts in a business.

7 0

4 years ago

Read 2 more answers

Consider the market for bagels, which is currently at equilibrium, and where Pbagel and Qbagel denote the price and quantity of

UNO [17]

Answer:

please refer to attachment for more explanation

Explanation:

a. a. Since both goods are complementary goods an increase in the price of cream cheese would cause equilibrium price and quantity of bagel to decrease.

b. If the price of the substitute good croissant decreases then the demand for bagel will fall since croissant is obviously cheaper therefore demand curve will shift downward and price and quantity will fall.

c. Lower income of the consumer would make the demand for the inferior good bagel to rise. Demand curve will shift upwards and price and quantity will rise.

7 0

3 years ago