Premium Essay

Business Essentials Assignment

In: Business and Management

Submitted By msalmohaya
Words 877
Pages 4
What are the different ways to segment a consumer market? Does it make sense to use more than one segmentation variable? Why or why not? (Please provide actual examples)

Market segmentation is dividing a market into groups of consumers. Segmentation in consumer markets is based on 4 major categories:

1- Geography: Segmenting by country, region, city or other geographic basis.
2- Demography: Segmenting based on population characteristics i.e. age, occupation, and marital status.
3- Psychographics: Segmenting by understanding the consumer’s lifestyle and interests.
4- Behavior: Segmenting consumers based on their relationship with the product. For example: loyal to the brand or brand switchers.

It does make sense to use more than one segmentation variable so companies can increase their sales and market share. Example: When a car manufacturer develops several lines of cars. One that appeals to certain income levels and another one that targets people with a higher income. (Volkswagen, Audi & Porsche)

Describe the four elements of the marketing mix. What role does each element play in delivering value to customers? (Please provide actual examples)

1- Product: The actual product or service you’re offering and how they differentiate from your competitors. This includes the packaging and customer service.
2- Price: The amount the customer is willing to pay. It’s important to understand how much your customer values your product and set a price accordingly. You should also take note of your competitors and how they’re pricing their products.
3- Place: Where and how the product will be available to your customers. As a business, you should pick the right location to make it easy for customers to buy your products.
4- Promotion: The activities businesses do to make their products known to the customer.

Example: Tim Horton’s products are…...

Similar Documents

Premium Essay

Business School Assignment

...Course: Diploma in Business Studies (DBS) Module: SBUS1006D Developing Academic Competencies Essay Title: “Reflection on your learning in Semester 1” Submitted by Wayne Kenny Student Number: 11271868 Lecturer: Oonagh Sweeney Submission Date: 16th March 2012 Word count: 1,544 Introduction Learning is further developing the skills and knowledge you have already bringing with it the opportunity to acquire new skills and gain more knowledge. The way in which one person learns can differ from one to the next as we experienced in semester 1. When we got together as a class to discuss how we prepared for assignments and exams we discovered many different approaches, the student’s opinions of what was best practice varied from student to student. Part A Learning Style This was the first time I had looked at different learning styles as thought to define them in a group or category i.e. Visual, Auditory, Reading & Writing and Kinaesthetic learners. I wasn’t sure what category I fell into and if known was going to even benefit me in anyway. In order to understand the first exercise I needed to do was reflect on my prior learning experience of semester 1 to help me understand my own preferred learning style. It became clear as to why this exercise was beneficial to me as a student; I started to understand what style suited me best and as equally important what style I didn’t using when learning. The definition of a......

Words: 1557 - Pages: 7

Premium Essay

Business Assignment

...e\ An Assignment On Corporate Governance and Firm Performance: A Conceptual Review on Bangladesh Perspective Course Code: FIN-5211 Submitted To: Masrick Hasan Mehedi Lecturer Department of Finance Jagannath University, Dhaka Submitted By: Mohammad Faisal Hossain ID: 07882719 On behalf of Group-7 MBA, 2nd Batch Department of Finance Jagannath University, Dhaka Date of submission: 12th January, 2014 Members of Group-7 |Serial |Name |ID No | |1 |Mohammad Faisal Hossain |M110203037 | |2 |Md. Arif Billah |M110203032 | |3 |Zahidul Islam |M110203003 | |4 |Atikur Rahman Chowdhury |M110203025 | |5 |Sankar Kumar Roy |M110203040 | |6 ......

Words: 1046 - Pages: 5

Premium Essay

Review Assignment Business Ethics

...Responsibility in an Age of Global Problems Review Assignment Make a summary of the author’s main contentions This study starts with the point of view that classic ethics are failing when they are confronted with many global problems. Compared to other periods of time, the world is able to connect nowadays. Because of the possibilities of the media, nearly ever person has qualitatively and quantitatively choices. The author emphasizes that we don’t choose to be global citizens; she claims that the world’s people are global citizens. People would choose the way of living with the media. The human nature is the basis for the philosophical morality. The concept of virtue, which was defined by Aristotle and other philosophers is basing on the philosophical morality. They underline that people fulfill their potential by using their intellect and will. „Excellent“ would not be given by nature, people have to put afford in work to achieve this status. Besides, other philosophers characterized mortality apart from particular human talents and functions. For examples Kant refers to rationality or Hume choose rationality as criterion. Other authors also claim natural right as the source of ethics. In all of these described concepts, ethics are based on essential human experience and our notions of ethical goodness are intrinsically bound up with our self-definition. At the macro level, ethics deduce from the essential nature like social beings. Through social connections......

Words: 954 - Pages: 4

Premium Essay

Understand the Essential Elements of a Valid Contract in a Business Context

...formation and operation of business contracts. You are encouraged to explore the content of these agreements and then develop skills relating to the practical application of business contracts, including offer, acceptance, intention, consideration and capacity. As a newly appointed human resources officer for an organisation called SimoSito (a software development company), your line manager has asked you to prepare a report with supportive examples of contacts for the organisation covering different types of contracts that the organisation can use or adopt. You will produce an individual written report for this assignment. The report should be approximately 2000 words and presented in formal report style. Assessment 1: ELEMENTS OF A VALID CONTRACT IN A BUSINESS CONTEXT Assessment Period: 6 weeks Learning Outcome: LO1 Understand the essential elements of a valid contract in a business context Assessment Criteria 1.1 explain the importance of the essential elements required for the formation of a valid contract 1.2 discuss the impact of different types of contract 1.3 analyse terms in contracts with reference to their meaning and effect TASK BRIEF Task 1: This task addresses LO1- 1.1/1.2/1.3 Produce a report that can be used to explore the types of business contracts, their terms, their meaning, their effects, and their impacts on a business. Support your report with examples of such contracts. There are a variety of business contracts available to......

Words: 308 - Pages: 2

Premium Essay

Business Ethics Is Essential for the Modern Corporation

...Business Ethics is Essential for the Modern Corporation In order to build a harmonious society, an individual should restrict his or her behavior by a certain moral standard. Similarly, ethics is extremely crucial in the business field. Basically, business ethics are ethical judgments related to what is right or wrong in business practice (Joseph, 2013). Specifically, a corporation should consider the influence of their operation in a society because the decision of a corporation to act ethically or unethically will influence the whole society positively or negatively. There is no doubt that pursuing maximized profits is a constant goal for every company. However, seeking the most profit should not be the only goal for business; benefiting society should also be considered. In other words, a company should have the awareness of a certain social responsibility to regulate its behavior which might endanger the public good and promote the development of society. Corporate Social Responsibility (CSR) refers to the ethical responsibilities of a modern corporation with its positive impacts on the environment, customers, employees, communities and society are considered a guiding principle for a sustainable and moral company in a market (Kotler & Keller, 2009). Indeed, the importance of CSR has been noticed by an increasing number of companies. Generally, working as a moral business can enable companies to attract and maintain customers, employees and investors. In the long......

Words: 1700 - Pages: 7

Premium Essay

Business Law Assignment

...Business law assignment Business Law Assignment Common law and stare decisis Common law is all that law that is made by judges. It is initiated by citizens when they file cases in courts. Stare decisis is a term used in the common law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in business, this is a principle that can assure a business person of the ruling of a case that is similar to the previous. Rulings in business cases are hence made predictable. Bailment It is where a person delivers his personals to someone else for safety keeping. Bailor is the one delivering property while the one receiving is the bailee. It involves delivery of goods to somebody else in trust creating a contract either express or implied. The bailee must be willing to possess the property physically but is not entitled to use it. In business transactions, the bailee has both the duty of care and responsibility to re-deliver the property. Statute of frauds This is a requirement that certain contracts like sale of goods that exceeds a certain value, land sale or a guarantee of debt be made in writing and then signed to prevent perjury and fraud. Two sophisticated business corporations may enter into a joint venture say of about 10 years. There are different negotiations that they engage in and one party promises that it will join the negotiations in time. In case the party fails......

Words: 2476 - Pages: 10

Premium Essay

Business Assignment

...Framework 9 4.2 Competitor Analysis – Offerings and Communication 9 4.3 Completive Advantage 10 5 Campaign Development 11 5.1 Competitive Consumer Benefit Statement 11 5.2 Message Strategy Statement 11 5.3 Message Strategy Approach 11 6.0 Media Strategy and Testing 12 6.1 Company Contacts 12 6.2 Customer Contacts 12 6.3 Intrinsic Contacts 12 6.4 Unexpected Contact 13 7.0 Reference 14 1.0 Message Review 1.1 Current Message Strategy Coca-Cola Company, the giant in world-wild beverages market, mainly uses the concept planned messages. More details, they use the advertising and public relationship spread their brand image, as well as the related information. In 2011, they built strong momentum toward their 2020 goal of doubling their business over the course of this decade. Since then, “Inspire creativity, passion, optimism and fun” is their main tagline (Coca-Cola, 2011.). In addition, they did many activities to help coordinated with it, they have made “share a coke” summer campaign to help board the image. In the traditional one-way communication approach, the company with its dominant hue spreads an enthusiastic and vivid image to consumers. Using young idols as advertising spokesperson, from singers to athletes, Coca-Cola use this method not only made its brand more famous, but also enhanced its sales volume. In addition, from the 5th of March, Coca-Cola launched “The big 100,000 Cash Splash” campaign to make consumers more involved in other products in the......

Words: 2690 - Pages: 11

Free Essay

Why Csr Is Essential in the Real World of Business

...[pic] Published on GreenBiz.com (http://www.greenbiz.com) [pic] Why CSR is Essential in the Real World of Business By Thomas Lyon Created 2010-09-20 03:30 In a recent op-ed piece in The Wall Street Journal, my colleague Professor Aneel Karnani explained why he thinks corporate social responsibility (CSR) is at best irrelevant and probably socially damaging. The heart of his argument lies in the assumption of a neat separation between markets and politics. In this idealized world, politics can be counted on to deliver the regulations needed to rein in corporate greed and malfeasance. Then corporations can safely be left in the hands of managers whose sole interest is maximizing profits. I have a lot of sympathy for this perspective. If politics really worked as advertised, it would make perfect sense to leave social issues to the deliberation of our elected officials. The problem with this perspective is that government failure is just as common as market failure. Certainly markets can fail because there are too few firms, consumers have inadequate information, or because pollution affects innocent bystanders who do not even buy the product that is polluting their air or water. But government can fail, too, sometimes because it is just too big and bloated to deliver what it promises. Often, government fails because of the vigorous lobbying efforts of special interest groups. Sometimes these groups extract special favors that protect them from foreign......

Words: 914 - Pages: 4

Premium Essay

An Assignment on Business Statistics

...An assignment on Business statistics Submitted To: Nurun Nahar Department of Business Administration Northern University of Bangladesh Submitted By: Section: A Name | ID | Md. Ariful Islam | BBA120104462 | Md. Faruk Hossen | BBA11034268 | Md. Emran Hossen | BBA110304312 | Md. Mizanur Rahman | BBA11034254 | Date of submission: 17th September 2013 Definitions of statistics Singular sense Statistics can be defined in two sense i.e. singular and plural. In singular sense it may be defined as the various methods and techniques for attaining and analyzing the numerical information. Different economists have different view about statistics. According to Boddingtons Statistics is, “the science of estimates and probabilities”. The techniques and method means the collection of data, organization, presentation, analysis and interpretation of numerical data: Plural sense a plural sense, statistics means the aggregates of numerical facts collected systematically. The most popular and acceptable definition is given by Horace and Secrist. According to them, “Statistics means the aggregate of face affected to a market extent by multiplicity of course, numerically expressed, enumerated or estimated according to reasonable standard of accuracy collected in a systematic manner for pre-determined purpose and placed in relation to each other.” Definitions by A.L. Bowley: Statistics are numerical statement of facts in any department of enquiry placed in relation to each......

Words: 631 - Pages: 3

Premium Essay

Chapter-2-Business-Communication-Essentials-6e

...Business Communication Essentials, 6e (Bovee/Thill) Chapter 2 Mastering Team Skills and Interpersonal Communication 1) Teams are at the core of ________ management, which is the effort to involve employees in the company's decision-making process. A) autocratic B) participative C) top-down D) personnel E) laissez-faire Answer: B Explanation: B) Teams are often at the core of participative management, the effort to involve employees in the company's decision making. Classification: Conceptual LO: 1 Difficulty: Easy Learning Outcome: Describe best practices in team and interpersonal communication 2) Teams can increase performance levels by ________. A) pooling experience B) discouraging consensus C) encouraging groupthink D) duplicating effort E) promoting hidden agendas Answer: A Explanation: A) By pooling the experience of several individuals, a team has access to more information in the decision-making process. Classification: Conceptual LO: 1 Difficulty: Easy Learning Outcome: Describe best practices in team and interpersonal communication 3) Simon has just launched a startup and has big ideas for the company. He assembles a large team of people from different backgrounds who have the skills he needs to get the job done. Simon's brother criticizes this, saying that such a large team will result in too much conflict, because the different team members will all have individual approaches to a problem. Which of the following......

Words: 11548 - Pages: 47

Free Essay

Business Assignment

...structure of Penicillin G. The sulfur and nitrogen of the five-membered thiazolidine ring are shown in yellow and blue respectively. The image shows that the thiazolidine ring and fused four-membered β-lactam are not in the same plane. The term "penam" is used to describe the common core skeleton of a member of the penicillins. This core has the molecular formula R-C9H11N2O4S, where R is the variable side chain that differentiates the penicillins from one another. The penam core has a molecular weight of 243 g/mol, with larger penicillins having molecular weights near 450—for example, cloxacillin has a molecular weight of 436 g/mol. The key structural feature of the penicillins is the four-membered β-lactam ring; this structural moiety is essential for penicillin's antibacterial activity. The β-lactam ring is itself fused to a five-membered thiazolidine ring. The fusion of these two rings causes the β-lactam ring to be more reactive than monocyclic β-lactams because the two fused rings distort the β-lactam amide bond and therefore remove the resonance stabilisation normally found in these chemical bonds.[10] Biosynthesis Penicillin G biosynthesis Overall, there are three main and important steps to the biosynthesis of penicillin G (benzylpenicillin). * The first step is the condensation of three amino acids—L-α-aminoadipic acid, L-cysteine, L-valine into a tripeptide.[11][12][13] Before condensing into the tripeptide, the amino acid L-valine must undergo......

Words: 13076 - Pages: 53

Premium Essay

Business Communication Essentials

...Business Communication Essentials, 6e (Bovee/Thill) Chapter 2 Mastering Team Skills and Interpersonal Communication 1) Teams are at the core of ________ management, which is the effort to involve employees in the company's decision-making process. A) autocratic B) participative C) top-down D) personnel E) laissez-faire Answer: B Explanation: B) Teams are often at the core of participative management, the effort to involve employees in the company's decision making. Classification: Conceptual LO: 1 Difficulty: Easy Learning Outcome: Describe best practices in team and interpersonal communication 2) Teams can increase performance levels by ________. A) pooling experience B) discouraging consensus C) encouraging groupthink D) duplicating effort E) promoting hidden agendas Answer: A Explanation: A) By pooling the experience of several individuals, a team has access to more information in the decision-making process. Classification: Conceptual LO: 1 Difficulty: Easy Learning Outcome: Describe best practices in team and interpersonal communication 3) Simon has just launched a startup and has big ideas for the company. He assembles a large team of people from different backgrounds who have the skills he needs to get the job done. Simon's brother criticizes this, saying that such a large team will result in too much conflict, because the different team members will all have individual approaches to a problem. Which of the following......

Words: 11550 - Pages: 47

Free Essay

Business Assignment

...someone else and taking home a nice salary and fringe benefits for the stress of running a new kind of business that may or may not succeed? (8 marks) Meg Whitman would choose the stress of running a different kind of business that might or might not worked out rather than her previous comfortable, stable and high paid job maybe because she don’t want to get controlled while doing her own work. People nowadays prefer more personal space or freedom so that they would feel comfortable while working. She doesn’t want to get controlled by the managers or her bosses. She might also get bored for doing the same work every day, repeating the same thing over and over again that’s why she would think to try doing or running something new and she wanted to change a new working environment. She also want to have her own working time compared to company’s fixed working schedule so that she can have more time to spend with her family, or extra entertainment time rather than keep working in the office. By joining eBay, she can arrange her own working timetable. She might also like to challenge herself so she is willing to accept the challenges and quit her current job for new challenges. Although running a new kind of business has huge risks and also a lot of new challenges, but she can at least do what she want and show what she can do. By running a new business, she also get to interact with different kind of people and becoming more socialize so I guess this is......

Words: 1036 - Pages: 5

Premium Essay

Business Assignment

... Fundamentals of Effective Communication in the Workplace Astrona Kyles Francis (Frank) Hatstat, JD, MBA Intro to Business November 8, 2015 Working for a company period consist of great communication. There should be a great communication between the employees, to the supervisors, then to the managers, the CEOs and owners. I worked for Aarons for over three years and they had the best communication I have ever experienced in working for any company. There was always a mass email that went out to all the employees when there was a change or an update with the company. It was always things that will keep us informed on the latest and newest products. I worked in an office where it was only three customer services representatives, which included me, two warehouse workers and a boat load of technicians. I had a supervisor who was over four different locations and only visited our office maybe once a week. She had a manager and so on and so on when it comes to the higher power. Even though we didn’t see our supervisor as much she always kept some line of communication. She was very nice and informative. When I had a problem or a question, and she wasn’t at the office, she always found a way to answer it, quick and efficient might I add. I had her work email, work phone, as well as her cell phone as a means of contact. She will have us in competition with the other stores to make sure we made our weekly and monthly goals. She told us about the prizes and bonuses we......

Words: 628 - Pages: 3

Premium Essay

Business Assignment

...Business Studies Assignment: By Lateesha M. Year 11. Article 1: “ DICK Smith has issued a spray at the private equity firm that floated the electronics store he founded, which is now in voluntary administration. The outspoken entrepreneur said the previous owner, Anchorage Capital Partners, had “a lot of explaining to do” over its $520 million IPO, which he argued was drastically overvalued. And he called on those who benefited to step up and guarantee customers the money they are owed for deposits, gift cards and undelivered goods. “They most certainly should be refunded,” Mr Smith told news.com.au. “Some of the people who made a fortune out of the recent float, they should pay back those people who’ve put down deposits. “The company could not possibly afford to be that indebted, or have that value on the market.” Anchorage bought Dick Smith Electronics from Woolworths for $94 million in 2012, then floated it for $520 million just 15 months later. With the troubled retailer now in administration, customers left out of pocket by Dick Smith’s meltdown have been lumped together with all its other unsecured creditors. This means they are unlikely to recoup the full amount of what’s owed to them. Dick Smith’s bankers have appointed Ferrier Hodgson as receiver, which plans to put the business on the market. In a blow to customers, Ferrier Hodgson this morning released a statement confirming that it would not honour outstanding gift vouchers or refund deposits......

Words: 4806 - Pages: 20