Eflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding. 

Also, provide a graduate-level response to each of the following questions:

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.
2. Discuss how you might 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?

 

In order for the business to prosper, it is often necessary that the target customers are decided by the product that is being created. The product to be competitive on the market depends on where we put the product and to whom we are targeting the product to be sold. Without such segmentation, it is impossible for any product to place it on the market at random, no matter how best the product is. The price of the product is another very crucial aspect. The price of the product should be kept in mind at the same time as the product is launched on the market. Not many goods are suitable for all types of consumers. Segmentation of potential consumers and target markets is therefore very important for a product to be successful. In this case, where my friend is launching a new product, I would evaluate the business environment and where the product should be put so that it is well received by customers. Since quality is not compromised, prices would also have to be held a little higher compared to cheaper goods, as the cost of producing the product will also be high. As prices are high, some consumers may be cautious about purchasing as they will have a budget constraint. So by means of this analysis, we can come to a conclusion as to who will be able to afford to pay for the product and where the product should be put for the affected customers.

People who visit the parks can be regular visitors or occasional visitors who visit the park at a special event. If there is no entry book that can be used to record visitors' information, it would be a difficult job to find out about the segmentation of visitors. This can be overcome by forming a team and taking care of the details presented by the visitor. This can be used as an efficient way of segmenting park visitors. There may be different bases for the segmentation such as age, income, schooling, lifestyle and similar factors. Among these, age and lifestyle can be seen as important factors in segmentation. There could be a better likelihood of seeing a lot of elderly people in the park, because they will actually visit the park every day. This trend can also be seen in children as they can come to the park for play and exercise. Young people and teens will also visit the park on a regular basis. The chances of working people visiting the park appear to be smaller because they are involved in a number of other sports and office jobs. So these people are going to visit the park on the weekend. As a result, children and elderly people would be regular visitors to the park relative to other adults. Young people who are safe can also visit the park often in the morning. In the evening, kids will visit the park.