Describe the four major bases of consumer segmentation.
What will be an ideal response?
The market can be divided by demographics, which includes characteristics such as age, income, gender, family size and education. You can divide markets geographically by location and also by market size, population movements and customer convenience. Using psychology through psychographic segmentation looks at lifestyle factors such as activities, interests and opinions to effectively segment the marketplace. Lastly, behavioral segmentation that looks at how consumers behave and act towards a product is another method that can be used.
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Your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model. Which of the following represents buyer power in the soft drink industry?
A. Pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases. B. Vitamin water, fruit juice, coffee are all beverage options available to consumers. C. Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store. D. Zevia Natural Diet Soda begins selling directly over the Internet.
What factors affect the risk of business firms?
Having come to class late, the teacher marked me absent
What will be an ideal response?
Explain how social media have changed how firms communicate with their customers relative to traditional forms of marketing products.
What will be an ideal response?