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Market segment will give me a firm idea if my products and services are actually needed and the type of community who would be interested in purchasing what I have to offer. However, my customers are more

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Market Segmentation Market segment will give me a firm idea if my products and services are actually needed and the type of community who would be interested in purchasing what I have to offer. However, my customers are more than a group of people depending on which I hope to sell to, by examining my research results I will be able to filter my one large group into segments depending on similarities between the groups. It will help me to decide where exactly is my profitability income coming from. On planning my segment I would like to collect quantitative data and qualitative data information in order to find out what exactly I'm looking forward There are several important reasons why businesses should attempt to segment the market it is given in detail below: Customer needs differ. Creating separate offers for each segment makes sense and provides customers with a better solution. Customers have different disposable income. They are, therefore, different in how sensitive they are to price. By segmenting markets, businesses can raise average prices and subsequently enhance profits Market segmentation can build sales. ...read more.


manager Head teacher Surveyor C1 Lower-middle Supervisory Junior managerial Junior administrative Bank clerk Nurse Teacher C2 Skilled working Skilled manual workers Joiner Welder Foremen D Working Semi-skilled Unskilled Driver Postman E Lowest subsistence level Low [aid Unemployed Casual worker State pensioner Like this table shows different types of job classification and division of life styles I could attempt to a more appropriate way targeting towards particular groups. A Specific product would be advertised to groups such as B, C1 and C2 because it would be affordable to them so therefore my aim is to target accordingly to the socio-economic grouping table I would aim for upper social class people were its most likely to sell to. Members of each group have similar priorities, which influence their wants and needs. My business will be located somewhere on a busy road away from my competitors as possible or any other similar products or services. I would like a busy and active environment, from this I am more likely to get customers. My business would be suitable for those people who intend to have lunch breaks in the afternoon were they could pop in and see what offers I have on offer. ...read more.


I most likely to receive customers because nowadays people like to keep in touch with the latest technology or mobile phone available and it doesn't matter whether the person is Chinese or French in order to communicate they will need a mobile phone because its nowadays best known technology existing. My analysis supports my results in starting up in business because these types of suggestions and considerations of the overall results show me the exact outcome of what I am expecting from these particular segments. For example the socio-economic grouping table clearly explains what different types of customers are there and therefore I will consider whether which type of customers is most suitable for my type of business. The primary and secondary information that I have gathered up and researched on through questionnaires has given me detail on my potential customers views and opinions on whether certain location, timing, etc should be. This also supports my reasons in setting up in business is how the number of replies that customers take interest in and the number of questions asked by customers. ?? ?? ?? ?? GVNQ Business - Unit 11 Setting Up In Business P3 Adeel Akhtar ...read more.

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