attractive target market (Ice Cream) is to find a market that’s large enough for the proposed business but is yet small enough to avoid attracting larger competitors? Assessing the attractiveness of a target market is tougher than assessing the attractiveness of an entire industry. Often, considerable ingenuity must be employed to find information to assess the attractiveness of a specific target market.

attractive target market (Ice Cream) is to find a market that’s large enough for the proposed business but is yet small enough to avoid attracting larger competitors? Assessing the attractiveness of a target market is tougher than assessing the attractiveness of an entire industry. Often, considerable ingenuity must be employed to find information to assess the attractiveness of a specific target market.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Give an example about Marketing/ Business event that is currently happening. And then elaborate.
Suppose you decide (as did Steve Jobs and Mark Zuckerberg) to start a company. Your product is a software platform that integrates a wide range of media devices, including laptop computers, desktop computers, digital video recorders, and cell phones. Your initial market is the student body at your university. Once you have established your company and set up procedures for operating it, you plan to expand to other colleges in the area and eventually to go nationwide. At some point, hopefully sooner rather than later, you plan to go public with an IPO and then to buy a yacht and take off for the South Pacific to indulge in your passion for underwater photography. With these issues in mind, you need to answer for yourself, and potential investors, the following questions. 8. Briefly describe the use of stock options in a compensation plan. What are some potential problems with stock options as a form of compensation?
Design a Marketing Information System for an organisation of your choice. Select the components of the System that in your opinion are the most desirable for the organisation you have selected.
Assuming you are the marketing executive for a major international airline flying in/out of Sydney. Your airline has 4 classes of passengers: first class, business class, premium economy class and economy class. Describe the market for the first class, business class, premium economy and economy class seats (i.e. who are the people who would likely to fly first, business and economy class). How do we know? Give reasons to support your answer.
Disruptors are focused on a particular innovative technology or process in everything from mobile payments to insurance. they have been attacking some of the most profitable elements of the financial services value chain. This has been particularly damaging to the incumbents who have historically subsidized important but less profitable service offerings. Identify an existing and real life example on how a specific financial disruptor have affected a certain industry/company. How did the certain industry/company have mitigated the damaging effect of the Financial Disruptor?
Explain in Details, using the literature below, and give a practical example about the following: Business research process. LITERATURE: The research process or methodology is the approach to the entire study — it is the master plan. It is the blueprint for achieving research objectives. Irrespective of the research being conducted, the business research process comprises the following: Problem definition Raise hypotheses, which are educated guesses to research questions. Select independent and dependent variables and operationalize them. Select relevant research design(s). Select appropriate sampling method(s). Select appropriate measurement scale(s). Select data collection method(s). Select appropriate methods of data analysis. Interpret and report findings. Implement research findings.
Keep in mind that you are acting in the role of the Strategic Management Consultant, whose job is to recommend based on your knowledge and expertise, suitable and appropriate recommendations to Management. Be convincing, use supporting examples of where your recommendations have been used before. Justify, Justify, Justify! Scenario: Maria is considering operating a local business in the beauty and cosmetology sector in the island of Trinidad. She has completed research into the operations of similar businesses locally and intends to market and sell her products initially at the local level, with the possibility of extending at the regional level in the near future. Maria understands that to shape the business’s overall strategy there are various strategic drivers both internally and externally which must be considered and wants expert advice on these drivers relevant to her business. She is also struggling with deciding on the best structure for the organization, as well as the…
The SWOT is Select one: a. A business strategy used to summarise the key components of the company strategic environments b. A business or strategic planning technique used to outsource the key components of the company strategic environments. c. A business or strategic planning technique used to summarise the key components of the company strategic environments d. A business or strategic planning technique used to select the key resources of the company strategic environments.
For this question, you are an owner of an oil company in Saudi Arabia. For the question below, use this information to answer. 1a. Using your specific international market or site for your business, explain the basic appeal of the chosen market or site. Considering factors such as market size, growth potential, and cultural considerations. Discuss the role of national factors in shaping the appeal of the chosen location. 1b. Describe at least three common methods you will use to conduct primary market research in the context of your international business.Include examples of surveys, interviews, focus groups, or observational research.
Review the following section from the article we previously covered, Experimenting in the Entrepreneurial VentureLinks to an external site. from the Harvard Business Publishing Coursepack. Minimum Viable Product MVP, section 2.3, step 3, pages 8-13. Look at your Business Model Canvas Map. Do you have a minimum viable product? If so, can you refine it more? If you don’t have one, what product would you like to provide to potential customers? If you have not already, decide on a minimum viable product for your business and write about it in a document (at least 50 words). Consider the following prompts when writing about your product: What is your minimum viable product? Why did you choose this product? What kind of reaction do you believe you will have from your customers?
A retail chain is considering expanding into a new market. What factors should they consider before making this decision, and how can they determine if the new market is a good fit for their business?
Why do firms fail in attracting top talents? Discuss the most common errors that occurs in attracting the top talents? Use relevant examples to support your arguments.