A market segment is a subgroup of people or organizations that have one or more characteristics in common that cause them to have the same product needs. Everyone needs water to drink, but does everyone need bottled water? For companies to successfully reach their precise customer, they need to divide a market into similar and identifiable segments through market segmentation.
The main reason companies divide markets into identifiable groups is so that the marketing team can create a custom marketing mix for the specific group. For example, Farmer Joseph realized early on that not everyone would purchase his expensive organic produce. He did not want to exhaust his financial budget by advertising to the masses. Instead, he identified his target market and created a specific marketing plan to communicate effectively with his prime customers.
His target market consisted of females age 18-65, with an income of $50,000+, who have healthy eating habits and who are concerned about pesticides. His plan consisted of ad placement in local women's magazines, newspapers and also email blasts to a list that he formulated with age and income specifics. Lastly, he advertised with a local gym about his healthy produce. Marketers have numerous choices in how they can segment a market.
If the farmer had planned on targeting everyone, then the type of segmentation would have been called no market segmentation. The opposite type of segmentation would be if he decided to target based on every individual factor available. This would be called a fully segmented market. Other choices include segmenting just by gender, income, lifestyle, ethnicity, family life cycle, age group, or even a combination-type.
Companies will not survive if the marketing strategy is dependent upon targeting an entire mass market. The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions.
Answer:
Being a team leader is a huge responsibility towards the organization and team members as well. Changes in an organization are common but few people or team members are not able to accept the change and productivity decreases, so being a team leader following steps can be adopted to raise their urgency levels:
- Add some incentive criteria that will motivate key employees as well for more productivity.
- Have a interaction session to know the issues regarding changes and convincing members about the positive effects of changes.
- Team leader required to be harsh sometime, so one can impose some strict rules or targets for productivity.
- Team leader can create such working environment that will motivate other members to work with fresh minds that will affect the productivity.
Team leader can choose any of the ways to raise the urgency level of team members.
Answer:
C. 25.5%
Explanation:
Net operating cashflow = (250,000 - 100,000) = 150,000; This is a recurring cashflow; the PMT
Cost of equipment; the PV = 400,000
Next, calculate the rate of return using Net operating cashflow per year and the equipment cost. You can do this with a financial calculator;
N =5
PMT = 150,000
FV = 0
PV = -400,000
then CPT I/Y = 25.41%
Therefore the return is closest to 25.5%
eHarmony claims to be the world's most trusted online dating website. Its appeal is to satisfy consumers' <u>love and belonging</u> needs in Maslow's hierarchy of needs.
<h3>What is Maslow's Hierarchy of Needs?</h3>
This refers to a pyramid develoed by Abraham Maslow that spells out the various kinds of needs of man in the order in which they are likely to be satisfied.
Other sections on the pyramid are:
- Physiological needs
- Safety needs
- Self Esteem
- Self-Actualization
See the link below for more about Abraham Maslow's Hierarchy of needs:
brainly.com/question/1785981
Answer:
Henrietta
The amount that Henrietta can deduct in the current year for investigating these two businesses is:
= $83,800.
Explanation:
a) Data and Calculations:
Investigation cost for expanding the chain into the Northeast = $32,000
Investigation cost for expanding the chain into another location= $51,800
Total investigation costs = $83,800
b) According to the IRS, for the investigation costs to be deductible, they "must be both ordinary and necessary." "Ordinary" refers to common or acceptable expense in the Hotel industry, while "necessary" means the expense helps Henrietta's business in its pursuit of earning income (which a business expansion does). Therefore, the total investigation cost is deductible.
