Strayer University Market Segmentation Discussion

Help with discussion questions and responed. Answer the questions completely. Part 1. From the video, answer the following:Determine the most viable target market for Pinkberry using all the bases of segmentation to describe the customer profile. Provide a rationale for your answer.Describe each level of Maslow’s Hierarchy of Needs. Which level describes you the most when making purchases. Provide a rationale for your answer and use an example to highlight the level.Search the Strayer University Library or Internet for an article that supports your level of purchasing based on Maslow’s theory and post the link in your discussion, using SWS formatting, for everyone to read.1A-Debbie CarolynMarket segmentation is an essential marketing method. According to Tynan and Drayton (1987, p. 301), “It is a decision-making tool for the marketing manager in the crucial tasks of selecting a target market for a given product and designing an appropriate marketing mix.” The process market segmentation is the priority of target segments based on the analysis of customer needs and the comparative attractiveness of different customer segments. Kotler (2016, p. 69) suggests that “A consumer’s buying behavior is influenced by cultural, social, and personal factors.” Pinkberry, who is a frozen yogurt company, was at first just a store in West Hollywood, CA. There were no frills, no website, only one store, and no photos of the business. Their brand lived in the store by word of mouth only. Once their hired a branding firm or person, Pinkberry was able to bring the people who loved the brand together by creating something like a fan club called Pinkberry Groupie, as well as using the press and social media to get people interested in and excited about the brand. They even worked on the design of the store and logo, created a tag line to make it modernized with color to communicate what the product is about and also makes an emotional connection between the brand and its target market. Pinkberry’s main focus was on frozen yogurt with a focal point on health and flavor. Pinikberry designed a program to appeal to a specific existing segment. Pinkberry also probably considered variables such as age, sex, lifestyle, and the many types of customers that may buy their brand, as well as the channels or means by which customers and the company can connect with each other. Since Pinkberry is a frozen yogurt company and they focus on health, the most viable target market for Pinkberry would be the young generation (youth, teens, young adults) and health-conscious individuals. There has to be a specific market that a product appeals too. It would be uncommon to predict all consumers behave in the same way to a market offering, even if the consumer shares familiar attitudes or opinions of a product’s components or traits (Dickson & Ginter, 1987). Since Pinkberry has linked their customers with specific market segments, they have become an untouchable brand in the frozen yogurt business. Kenny (2019) suggests that successful companies or corporations know precisely who their target consumers or clients are. Describe each level of Maslow’s Hierarchy of Needs. Which level describes you the most when making purchases. Provide a rationale for your answer and use an example to highlight the level. Maslow’s Hierarchy of Needs was introduced in a 1943 article. This article sought to demonstrate a unified viewpoint on human motivation. At the bottom level of Maslow’s ladder is Physiological needs which are a desire for food, drink, warmth, rest, and other primary needs. Safety and Security is the next level up which is the desire for security, stability, protection from fear, order, and control in one’s life. Belongingness and Love needs are the third level up and refer to affection, love, trust, intimacy, acceptance, social, and interpersonal relationships. Self-Esteem needs are the fourth level and are respect, recognition, desires for achievement, adequacy, competence, strength and freedom. At the top is Self-Actualization needs which are fulfilling oneself by maximum uses of skills and abilities; realization of one’s potential, seeking personal growth and peak experience and creative activities (Berl, Williamson, and Powell, 1984, p. 33). These hierarchy of needs offer a theory of motivation that seeks to oppose some existing theories in psychology and management; especially in management where it seems to speak to changing values and standards regarding the nature of management in business. According to McLeod (2020), “Every person is capable and has the desire to move up the hierarchy toward a level of self-actualization.” When making purchases, the needs level that best describes me is Self-Esteem because when I make purchases, especially for clothing, I have the feeling of freedom, strength, and accomplishment. When I make a purchase I feel confident in how I will look in the particular apparel as well as a feeling of adequacy in the shape, design, and taste of the apparel that will look good on me. “At the highest level the product and the customer become one…Through the product, the customer discovers the full extent of his or her need” (Smith, 1983, p. 50). For example, I purchased a dress about two weeks ago, and it made me feel satisfied, self-assured and courageous in the dress and it was a specialty dress, one of a kind. My Self-Esteem level of Maslow’s Hierarchy was satisfied and fulfilled. 1B-Demographic –West Hollywood California It is considered one of the most prominent gay villages in the United States. Over 1/3 of the community identify gay, lesbian, bisexual, or transgender. 36% of the population are married and less than 6% have children under 18 years old. The racial makeup of the city is 86.4% White, 6.4% African American, and 7.2% from other races. Half the population have degrees or other professional education. 96% of the population is employed. The Median household income of a West Hollywood resident is $67,645.Geographic – West Hollywood is bounded by the city of Beverly Hills on the west, and by neighborhoods of the city of Los Angeles: Hollywood Hills on the north, Hollywood on the east, the Fairfax District on the southeast, and Beverly Grove on the southwest. Sunset Strip runs through West Hollywood. The average temperature in West Hollywood is 81 degrees. Psychographic – West Hollywood attitude is a social, educated, liberal, all inclusive, fun lifestyle. They value education and have good work ethics. They believe in rights for all people and value their city and lifestyle. Behavior – Influencer, Buyer, Benefit Sought Loyal The most viable market for Pinkberry using all the bases of segmentation is Psychographic Segmentation. The person in charge of branding concentrated on the customers values, desires, goals, and interests. Pinkberry introduced a healthy alternative to ice cream and use local farmers to purchase their fruit. They used the all-inclusive approach by producing a website for the “Pinkberry Groupies.” The Pinkberry Groupies are invited to closed events where they are part of the Pinkberry community, creating their special Pinkberry treat, while feeling good for helping local farmers and eating a healthy treat. Pinkberry is not just a yogurt, it is a culture. The geographic location was there, it did not come alive until they added the psychographic piece. Maslow’s Hierarchy of NeedsPhysiological The basic physiological needs are probably fairly apparent—these include the things that are vital to our survival. Some examples of physiological needs include: Food, Water, Breathing, and Homeostasis. In addition to the basic requirements of nutrition, air and temperature regulation, the physiological needs also include such things as shelter and clothing. Maslow also included sexual reproduction in this level of the hierarchy of needs since it is essential to the survival and propagation of the species.Safety So, this need for safety and security contributes largely to behaviors at this level. Some of the basic security and safety needs include: Financial security, Health and wellness, and Safety against accidents and injury. Finding a job, obtaining health insurance and health care, contributing money to a savings account, and moving into a safer neighborhood are all examples of actions motivated by the security and safety needs.Social Needs (Belonging and Love) The social needs in Maslow’s hierarchy include such things as love, acceptance, and belonging. At this level, the need for emotional relationships drives human behavior. Some of the things that satisfy this need include: Friendships, Romantic attachments, Family, Social groups, Community groups, Churches, and religious organizations. In order to avoid problems such as loneliness, depression, and anxiety, it is important for people to feel loved and accepted by other people. Personal relationships with friends, family, and lovers play an important role, as does involvement in other groups that might include religious groups, sports teams, book clubs, and other group activities.Esteem At the fourth level in Maslow’s hierarchy is the need for appreciation and respect. When the needs at the bottom three levels have been satisfied, the esteem needs begin to play a more prominent role in motivating behavior. At this point, it becomes increasingly important to gain the respect and appreciation of others. People have a need to accomplish things and then have their efforts recognized. In addition to the need for feelings of accomplishment and prestige, esteem needs include such things as self-esteem and personal worth.Self-Actualization At the very peak of Maslow’s hierarchy are the self-actualization needs. People are self-aware, concerned with personal growth, less concerned with the opinions of others, and interested in fulfilling their potential. When making purchases, I think self-actualization describes me the most. I believe I have all I need and any shopping I do, besides the grocery store, is based on wants. I know what I have, and I know what I want and there is not anything I can think of that I “REALLY” want and can not afford to purchase. I have worked hard, invested well, and now I think I have developed to the full stature of which I am capable, when it comes to purchase power. I am more concerned with my personal growth than I am with others opinion. ACC part 2-Please respond to the following:Analyze the pros and cons of identifying the potential intangible benefits of investment proposals. What is the outcome if management fails to consider the intangible benefits in a capital budgeting decision? 2A-Tamara—–Intangible benefits are those benefits which cannot be measured or quantified in numbers. Example: Brand awareness, employee morale.Pros of identifying the potential intangible benefits:1. It helps in increasing the customer satisfaction rate. Even though if the investment does not give return as per our requirement but if due to the investment if it raises the customer satisfaction rate then in long term it is a very good deal to make the investment.2. It helps in improving the employee’s motivation. If a business always thinks financially, then it may not survive in long term. It is a saying that if your employees are motivated and happy then your business will reach new heights.3. It helps in creating goodwill of the company.Cons of identifying the potential intangible benefits:1. It would impact the revenue and financials of the company since it does not consider the profitability of the company.2. It is very necessary to understand that the cost incurred for the intangible benefits are worth and would benefit the company in future otherwise it may impact the company on a large scale.3. It often complicates the capital budgeting process because their value can be difficult to quantify.Outcome if management fails to consider intangible benefits:If the management fails to consider intangible benefits then in long term the reputation of the company will reduce, will impact the market share, difficulty in survival of the company as the company only wants to look good in the books and it does nothing good for customer, society, or employees. So, the conclusion is that it is very important to consider intangible benefits in capital budgeting process. 2B-Cicely—–Good morning Professor and classmates,For example, benefits of investment projects would be increased product quality, improved safety, and enhanced employee loyalty. Intangible benefits often complicate the capital budgeting process because their value can be difficult to quantify. Ignoring intangible benefits may result in rejecting projects that would be financially beneficial to the company. I think one step that could be taken, management should ask whether the value of the intangible benefits exceeds the amount by which the net present value of the project is negative. If this is so, then the project should be accepted. Businesses can use the process of elimination to assign quantitative values to intangible benefits after they are achieved. They do this by measuring the gains and subtracting the gains that come from tangible benefits, with the difference representing the value of the intangible benefits.
Strayer University Market Segmentation Discussion