Question

You've got a friend who is an entrepreneur. She is making the best software for conducting online classes that the world has ever seen. She is certain that everyone will like her new product, you suggest her segmentation plan for this but she thinks your idea about segmentation is not necessary. How can you convince her and help her with her business?​

Answer 1

Answer:

Hope it helps

Explanation:

Regardless of the quality of the product, a startup would need to point out its potential customers or its market segmentation since a product could not meet all requirements from different groups of customers. Mostly, a best product will not be offered at a cheap price. Hence, there would be a group of customers who cannot afford that product due to their limited income. Because of that, a startup should analyze the market needs carefully and locate its market segmentation based on the product's characteristics and its pricing policy. Otherwise, its product would serve a small segmentation, which will not generate sufficient fund to cover the expenses in operation and production.

To locate an appropriate market segment, the product marker will need to analyze which segments will require the product's characteristics to fulfill the segment's need. After that, the willingness of customers to purchase the product will need to be examined in terms of customer's purchasing behavior and level of income. If customers in a specific segment are not willing to pay an extra money for the product, it is a wrong market segment for the firm.

Answer 2

Concept: To convince the friend to understand the market segment before launching her product.

Given: A case study and we need to give our opinion

Find: The main areas to be considered before launching a new product in market.

Solution: We can convince our friend by informing them about various factors that need to be considered before launching a new innovative products in market.

• At first we need to understand our market segment and then make a segmentation plan.
• Second we need to unde the competitors and how to present ourselves better than other competitors.In the case, we know that our friend is launching a new software for online classes but how different is our products from the others.
• Are we making a better product by making a new unique product or we would just be another option.
• We need to think about the price of our product by understanding the market segment whether the customers would be Able to buy our product or not.

Hence, we need to inform our friend about the market segments

Hence, we need to inform our friend about the market segments#SPJ3