Assignment 2 frank berko sir latest

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School

Algoma University *

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Course

301

Subject

Business

Date

Apr 3, 2024

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docx

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Uploaded by SargentFog19998

Name – Nikhil Student id – A00177149 Assignment -2 To - Frank berko

1. Say you've got a friend who is an entrepreneur. She's making the best software, wine, or whatever, that the world has ever seen. She is certain that everyone will like her new product, so she thinks your idea about segmentation is not necessary. How can you convince her and help her with her business? Solution: We might persuade her by outlining many guidelines that one should adhere to before to releasing a product. Studying market segmentation and plan first. The second step is to identify rivals and outperform them in the market. Recognising the product's distinctiveness, its cost, and whether or not buyers wouldcan afford it or not. Customer feedback that can help the product be improved. Describe the Advantages of Industry Segmentation: Give an explanation of market segmentation and its benefits first. Emphasise that understanding different consumer groups' needs and preferences is the aim, not alienating potential customers. Stress how effective segmentation may lead to increased revenue and improved customer satisfaction. Give Examples from the Real World: Describe the achievements of businesses that have benefited from market segmentation.Case studies and examples may demonstrate how a one-size-fits-all approach usually falls short of meeting the specific needs of various clientele groups. Help and Assist: Encourage your friend to seek out further segmentation-related knowledge. Promote pertinent articles, books, and online courses. In order to gain guidance and insights, she can also collaborate with marketing specialists that have experience with segmentation. Highlight customization: Explain why, in today's consumer-focused market, customisation is crucial. By dividing markets, it may be possible to give customers a more customised experience that increases advocacy and loyalty. Explore the Risks of Ignoring Division: Lastly, make sure she understands the potential repercussions of ignoring market segmentation. A one-size-fits-all approach might lead to poor results, missed opportunities, and perhaps the failure of an amazing product. 2. What variables would be useful to segment visitors to your city's public aquarium?

Solution: The visitor's age Knowing the target group's age range aids in narrowing. Visitors' income level: If the target market is not able to afford the product, the money invested on it will either be worthwhile or not. For instance, the cost of an aquarium ticket Awareness of aquariums: Being aware of how well-informed the target market is about the product. How much people know about aquariums and what interests them. Examine the patterns of visits to the aquarium's website and social media accounts to find tech- savvy patrons and sell to them on digital channels. By incorporating data obtained from these attributes, the public aquarium may create targeted marketing efforts, customised educational programmes, and improve the overall visitor experience, thereby increasing visitor satisfaction and the aquarium's long-term success. 3. How might you obtain data to segment visitors to your city's public parks, by day of week and time of day? What would you expect to find? Solution: The optimal times to open the parks will be determined by the time and day of the data collecting. When individuals like to visit parks, what age group finds parks more enjoyable, what kinds of activities people love doing in parks, and what specific times they prefer to do these things How to Get Data: Park attendance records are the most straightforward source of information when it comes to how to get data. Automated systems like turnstiles, ticket sales (if applicable), and entrance counts can be used to collect this data. Questionnaires & Surveys: Use surveys or questionnaires to find out more about Park visitors' attendance habits, including the day and time of their visits. This might provide qualitative insights. Wi-Fi or Mobile App Data: You can find out how many people are use the park's mobile app or Wi-Fi at different times of day. This might provide information on how visitors behave. Obtaining Data:

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Weekend vs. Weekday Trends: Due to the fact that more individuals have more free time on the weekends, weekend attendance in parks is likely higher than weekday attendance. Seasonal variations: Depending on the weather and amount of daylight, individuals may visit at different times of the day. For example, during the summer, more individuals would visit in the afternoon. Comparing the morning, afternoon, and evening: Visitors to parks may adhere to different schedules over the day. For instance, there could be runners and dog walkers in the morning, families in the afternoon, and people just wanting to relax in the evening. Special Events: You may observe rises in attendance on specific days due to park events, holidays, or activities. The park administration may utilise this information to make well-informed decisions concerning marketing campaigns, maintenance schedules, personnel levels, and event scheduling. For example, if you find that weekday mornings are quieter, you may utilise that time for maintenance duties and promote evening activities to attract more patrons. Understanding the daily and hourly trends of park visitors might enhance both the overall quality of park experience and the allocation of resources.

4. Who do you suppose is the ideal customer segment to target for donations to: a) American Cancer Society? b) Your university? c) World Relief Fund The answer is that they ought to get the majority of donations because they provide services for natural catastrophes, tragedies, and the needs of people everywhere. They are hence the ideal client to receive donations from. A "World Relief Fund" can refer to any of several organisations, initiatives, or funds that aim to provide aid and support to countries, individuals, or communities that are coping with humanitarian crises, RUNNING HEAD TITLE (SHORTENED) 6 disasters, or calamities on a worldwide basis. These organisations often focus on themes including disaster assistance, healthcare, education, poverty reduction, and humanitarian aid. They might handle issues like famine, natural disasters, conflict, crises involving public health, and more. A few of the UN-affiliated relief groups that are in charge of aiding people worldwide include the World Food Programme (WFP), the United Nations High Commissioner for Refugees, and the United Nations International Children's Emergency Fund. The International Red Cross and Red Crescent Movement: This movement, which is composed of several organisations including the International Committee of the Red Cross (ICRC) and other national Red Cross and Red Crescent societies, provides humanitarian relief during times of war and disaster. Physicians Without Borders : This nonprofit organisation helps those in need by sending medical supplies to places affected by natural disasters all around the world.Keep in mind that the World Relief Fund or organisation you are referring to may change, so be sure to be clear about the initiative or organisation you are interested in. Contributing to and supporting these humanitarian efforts may have a significant impact on addressing global issues and helping those in need.

Assignment 2 frank berko sir latest

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