There are many factors that could affect consumer tastes such as
Consumer tastes impacts demand for many things and the factors will
be marketing and these elements are advertising, marketing may
change consumer tastes you may see a decrease in demand and the
probability that customers may move to a new product or new service
is dependent on 3 areas and the consumers intention to change and
the price and performance of the new product and the substitution
and this must be a main reason for, culture, advertising, and
Income and wealth and substitute products may be an opportunity or
threat, depending on when you a lot of the change, however, If you
are good at it, you can produce the new product and if you’re
behind the change curve. in terms of a customer profile, we call it
a customer avatar so you have a
product and you have or you have a service and there's a customer
that would want to buy who is a customer what is its the customer's
name what is
their age gender marital status do they have children what are
their goals and values so you really have to dig deep and better to
better understand who is
your ideal target market and then create a customer avatar so
there's like I said demographic information that you can start with
but
really you also want to get to their challenges their pain points
because you know people have challenges and they want to solve them
and they want to
solve their problems and so you want to address them because it's
important to these are real problems and challenges that people are
having additional things that you could look into it would be
sources of information so what magazines or books or blogs are they
reading are they going to conferences and really just really
understand again what is the pain points frustrations and how does
your product or service address them if you're getting started you
might not always be clear on what the best
the strategy is so in terms of if you're just getting started and
you don't have let's say a customer avatar yet or you don't even
have okay you're just getting
started and you have a business but you don't know you or you're
you just have a new product and you don't have any customers at all
so at this point so the
best way to do that would be to find prospect so people who might
be interested in your product or service and doing and survey them
ask them questions you know what are their challenge like ask some
things like what are you what are their challenges now like how
what are the things that you can see would address of those
challenges there's there a product or service you see out there
that are currently doing that if not you knowwhat would be the
ideal scenario and of course get their demographic information as
well - and then and all the time as you're doing the survey you'll
you'll start to see a pattern so you'll start to see okay this is a
certain pinpoint that they're having so for example in my industry
that Facebook advertising is a pinpoint that people have and they
don't know how to use it so that's one way that I engage with
customers or private clients that I have is that I either teach
them how to do Facebook advertising or I actually do it for them as
it did for you service so survey I would say is the best way to do
it and even if you have and if you're already kind of more advanced
for example and you already have a business and you already have a
product and survey your current customers and better understand why
don't they purchase your product or your service
Fooling customers by shopkeepers (for example)
A firm cheats to the extent of 10 % when buying and selling by using false weights and his or her total gain would be:
Profit % = ((100 + normal profit %) 2100−100)%
= ((100 + 10) 2100−100)
= 21%
who (the typical shopper) is affected by changint a prodcut in lie instead if changing the...
100 words comment on WHO (the typical shopper) this affects - what is the demographic of who will be fooled by this type of price change. Give an example you have seen where the producer changes the price in an unethical way. (Examples can include similar instances of changing packaging, or when you buy a car, charging for "extras" such as rustproofing, or when a cell phone distributor sells you "insurance" on a phone, but does not tell you there...
3 Part D ( newly added) ESP The low represent scenarios of change in typical business. >Circle which of the graphs listed wil ange first by these changes. Ten draw all the cost curves representing typical small business and show graphically how each scenario can affect the overall separately of the producers. Consider (a). (b), (). and (d) costs (a ) Sketchers Shoes: In Feb 2011, the Sketcher's shoe company ran an ad during the Super Bowl showing Kim Kardashian...
estion 29 at yet Swered A Vancouver-based packaging company has created a package made from a renewable resource called palm fibre, which composts in less than 90 days and provides a healthy contribution to soil. In this way, they are able to reach those who are arked out of Flag question Select one: O a. of various ethnic backgrounds O b. eco-conscious O c. wealthy O d. making a routine purchase decision Lestion 30 at yet swered Statistics Canada reports...
Q4. Police in district ABC The police force in the district ABC prepares itself to receive on a typical day, on average 12 reports of car accidents. Other cases are resolved without police being involved. On a typical day, there are 40 cases of car accidents (reported or not) What is the probability that individuals report their car accident to the police on a typical day? (2 a- points) b- What is the variability (Standard deviation) that police should expect...
David is a local barber who operates his own mobile barber business in the Canarsie area of Brooklyn. The total fixed costs for running the company car and David's wages are S3,200 per month. The price for a haircut is $18 with a variable cost of $6.75 per cut. In a typical month, David makes 365 cuts. Due to his success, other mobile barbers are entering the market with lower prices, so David is considering a 5% price reduction ....
Multiple Choice Questions 1. A company makes and sells product A and B. Twice as many units of product B are made and sold as that of product A. Each unit of product A makes a contribution of $10 and each unit of product B makes a contribution of $4. Fixed costs are $90,000. What is the total number of units which must be made and sold to make a profit of $45,000? A B C D 7500 22,500 15,000...
Multiple Choice Questions A company makes and sells product A and B. Twice as many units of product B are made and sold as that of product A. Each unit of product A makes a contribution of $10 and each unit of product B makes a contribution of $4. Fixed costs are $90,000. What is the total number of units which must be made and sold to make a profit of $45,000? A 7500 B 22,500 C 15,000 D 16875...
CASE 5 PANTRY MARKETS Pantry Markets is a medium-sized southeastern grocery chain head- quartered in Tampa, Florida. Sales for the chain have been growing at an average rate of 20% per annum; the chain opened four new stores last year. Although Mr. Carl Royal, president of Pantry Markets, is modest about his achievements, the grocery chain has been increas ingly recognized as a strong competitor in several markets. "In a nutshell," Mr. Royal says, "our marketing strategy over the years...
Pitch: The pitch was prepared by doing an online research browsing through various international travel sites, the search was predominantly related to kind of services offered by airlines, hotels and travel agents to support the international travelers which include both business and leisure travelers. The negative is that the industry is changing constantly so we had to update our pitch at regular intervals. There are many new facilities for the international traveler and value-added services added every day. To keep...
In the recent years, Bharat Point Corporation has emerged as a very successful merchandiser of contemporary fashion apparel for men and women. The company publishes a high quality catalogue that it sends to prospective customers, who then place order by mail or by using a toll-free telephone number. The customer base consists principally of young working couples. Children are not included as potential customers. The young working couples also receive catalogue from competitive firms such as ABC Ltd., etc. Though...