Personal Financial Planning - 4532 Words

Personal Financial Planning Executive Summary Further to our recent discussions, the following is a detailed analysis of your current financial position and recommended action plan for achieving your stated financial goals. Key findings are summarized below and detailed supporting financials are provided in Appendices I thru VI. As at March 31, 2011, your total net worth/equity is estimated at $22,090. In reviewing the details of your assets and liabilities, with all other personal assets fully leveraged, this net worth is comprised primarily of the value of your household contents. While these household items are valued at a replacement cost of $25,000 on the family balance sheet, these items could not be sold for this amount to†¦show more content†¦Other assumptions include: o The TDS ratio prior to the second mortgage well exceeded the 40% threshold, which is why RBC or similar large banks would not extend any further credit to the Chang family o Combined balances owing on the credit cards and line of credit (e.g. Other Debts) were an estimated $55,000; this included the amount for the renovations of $10,000; the balance was reduced to $20,000 in February 2011 with the funds received from the second mortgage o Cash Outflows for payments for Other Debt were an estimated $850 each month prior to securing the second mortgage (i.e, April/10 to February/11) o Chang family funded the cash shortfall each month by using credit cards and their line of credit Assets †¢ Cash and Investments - current balances in TD chequing account and mutual fund investments of $1,000 respectively o Given their current financial situation, this family would have only a minimum amount of liquid assets; if they had anything substantial they would have used it to pay down a portion of their outstanding debt †¢ RRSP, RESP, Company Pension Plan – nil o As noted above, given the family’s current financial position, they have not had the cash flow for any investment for retirement or children’s education fund †¢ Car – asset of $12,000 o Reflects current market value for a 2007 Honda Accord purchased 2Show MoreRelatedPersonal Financial Planning1579 Words   |  7 PagesADM 3445 (FR01B) Personal Financial Planning Course Outline Instructor: E. Otuteye Term: Winter 2012 Office: SH 362 Day(s): W Phone: 506 458-7354 Time: 7:00-9:50pm Email: otuteye@unb.ca Classroom: SH 161 Office hours: Th, F 2:00 – 3:00; by appointment; also, usually available immediately after class. COURSE OBJECTIVE AND DESCRIPTION: The objective of this course is to introduce students to 1. the fundamental principles of financial decision-making; and Read MorePersonal Financial Planning : Retirement Planning Essay914 Words   |  4 PagesPersonal Financial Planning - Retirement Planning By Aaron Lau | Submitted On February 19, 2010 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Advances in medical science have resulted in people living longer. ThisRead MoreWhat Is Personal Financial Planning?946 Words   |  4 PagesWhat is Personal financial planning? Personal financial planning is the process of managing your money to achieve personal economic satisfaction (McGraw-Hill, 2010). Did you know that financial decisions affect people and their living situations due to age, their income, health and household size (McGraw-Hill, 2010)? Well, that is why financial planning plays a major part in society today. When trying to obtain a balanced lifestyle you have to follow the Personal financial planning process: figureRead MorePersonal Finance Planning : The Financial Management999 Words   |  4 PagesPersonal Finance Planning Introduction Personal Finance is the financial management which an person or a family unit performs to spending plan, spare, and invest fiscal assets over time, considering different monetary risks and future life events (Salohalla, 2011). Like many people, you have seeks and dreams and life objectives after yourself and your crew. These might incorporate purchasing a home or business, putting something aside for school instruction for your youngsters, taking a fantasyRead MorePersonal Financial Planning Assignment 16789 Words   |  28 Pages Daniel age 51 Three kids – Patty (6), Kobe (9) and Gordon (12). They have come to you for advice on how to manage their risk. They have provided you with the following information about their family. Maria and Daniel both work in the financial services industry, which is how they initially met. Daniel was working as a Sales Representative for a mutual fund company and Maria was his Inside Sales Associate. They continue to work for the same firm; however, Daniel is now VP of sales earningRead MorePersonal Financial Goals And Objectives Essay1044 Words   |  5 PagesFinancial Plan is a written financial goal with define action plans that will help you to achieve such goals. Planning is important to set deliberate actions that will guide you in reaching your goals. It is even necessary when you are further from the set goal. When it comes to money, most individuals would love to manage their personal finances so that they achieve maximum satisfaction from each available currency. To achieve this goal, you must first identify the financial goals and set prioritiesRead MoreLocker Room Talk969 Words   |  4 Pagesan ethical dilemma for CPA Albert Gable who has performed personal financial planning for Larry and Susan Wilson. The Wilson’s, in their discussions with Mr. Gable regarding their personal finances, mentioned that in the past they have had marriage problems but have worked through the problems and are not seeking a divorce. Gable and the Wilson’s became personal friends due to the relationship built during their personal financial planning. Mr. Gable also performs the annual audit for one of theRead MoreFp101 Week 1 Dq Answers1559 Words   |  7 PagesOne DQ 1   Post a 150- to 300-word response to the following discussion question by clicking on Reply:   Refer to Figure 1-1 of Personal Finance. List the five steps in the personal financial planning process. Share one or two questions you may ask yourself when you are in Step 1.   According to Figure 1-1 of Personal Finance, the five steps in the personal financial planning process are: Step 1 – Analyze your current finances, Step 2 – Develop goals, Step 3 – Identify and evaluate strategiesRead MoreWeek 1 Personal Finance Plan Worksheet998 Words   |  4 PagesPhoenix Material Personal Financial Planning Worksheet Directions Based on your readings and discussions in class this week, answer the following multiple choice questions. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called b. personal financial planning. 2. Which of the following is not one of the five major steps of the financial planning process? c. collect and organize your financial information 3Read MorePersonal Finance : Using Accounting Principles Of Paying For Or Financing A Life And A Way Of Living808 Words   |  4 Pagesknow that â€Å"personal finance is the process of paying for or financing a life and a way of living.† That said, we also know that using accounting principles to manage our personal finances will likely yield great success in one’s tracking and planning, financially, in the long run. Understanding the sources (incomes) and uses (expenses) of funds, and the budget deficit/surplus that results, are core accounting measures to consider in short and long term personal financial planning. Also, grasping

A Comprehensive Analysis Behind The Law And Ethics Of The...

A Comprehensive Analysis behind the Law and Ethics of the Shelf Life Extension Program Background Within the last two decades, the United States has witnessed a dramatic increase in bioterrorism, including Sarin gas attacks in Tokyo, the anthrax attacks post-September 11th (Bodas, et al., 2012). To prepare for a potential bioterrorism attack, or large-scale national emergency, large supplies of pharmaceuticals and medical supplies are stockpiled (Lyon, Taylor, Porter, Prasanna, Hussain, 2006). This stockpiling of medical supplies is a crucial aspect of the Medical Readiness Strategic Plan, established under the Department of Defense Health Affairs and the Military Medical Departments (Lyon, Taylor, Porter, Prasanna, Hussain, 2006) MORE Contrariwise to national preparedness, preserving large quantities of medical supplies and medications can be costly, and frequent replacement of resources due to manufacturer shelf-life expiration dates has proven to be a great challenge. Historical Perspective In 1981, the United States Military began stockpiling large quantities of critical pharmaceuticals and medical supplies (Khan, et al., 2014). Following an audit of the stockpile in 1985, the Government Accountability Office found that $9 million of medications were about to reach their labeled expiration date, and would need to be discarded (Khan, et al., 2014). This audit exposed the extraordinary costs associated with the replacement of expired medications, and in an effort toShow MoreRelatedProject Management15109 Words   |  61 Pagesbeen the initiation and growth of a large number of new programs projects in every field like Since the 1950s the development agenda has been agriculture, irrigation, industry, community characterized by projects and programs aimed at improving the quality of life of beneficiary communities, development and social welfare etc.. The principle be it in physical or qualitative terms. Despite significant aims and objectives of all these programs have been inputs of human and financial resources, manyRead MoreKellogg Annual Report50191 Words   |  201 PagesDePenDAble 11 Leadership Financials/Form 10-K Brands and Trademarks 1 Selected Financial Data 12 Financial Statements 27 â„ ¢ strength of the â„ ¢ Table of ConTenTs 4 Financial Highlights 6 Letter to Shareowners Management’s Discussion Analysis 13 Notes to Financial Statements 31 Shareowner Information and â„ ¢ PeRFoRmAnCe â„ ¢ FoR moRe thAn A CentuRy, Kellogg Company has been dedicated to producing great-tasting, high-quality, nutritious foods that consumers around the worldRead MoreLibrary Management204752 Words   |  820 PagesThe LIS Education and Human Resource Utilization Policy . . . . . . . . . . . . . . . . . . . . . 213 The Organizational Framework for Staffing . . . . . . . . . 216 Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219 Job Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 Job Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 Recruitment and Hiring . . . . . . . . . . . . . . . . . . . . . . . . 224 Filling Vacant PositionsRead MoreHeineken Swot Analysis10783 Words   |  44 Pagesand Porter five force analyze the threats as well as opportunities of Heineken in suppliers, buyers, competitors, substitutes and new entrant. OT factors in SWOT analysis also use to define in chapter 1 for threats and opportunities of the company. Chapter 2 describes strengths and weaknesses in the company operation through the analysis of internal environment such as company resources, organizational structure and culture. The resources with include tangible, intangible, management capability andRead MoreMarketing Management130471 Words   |  522 PagesIntroduction 2. Learning Objectives 3. Marketing Management 3.1. Evolution of marketing management 3.2. The Role of Marketing 3.3. Marketing concepts 3.4. The Marketing Mix (The 4 P s Of Marketing) 3.5. Corporate Social Responsibility (CSR) and Ethics in Marketing 4. Have you understood type questions 5. Summary 6. Exercises 7. References 1. 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Reflective Essay on the Impact of Globalization - Free Sample

Question: Explain the impact of globalisation on your own life and your country. It must be written in a reflective manner. Consider how modernisation and growth has affected your consumption behaviour, your thoughts, and have you seen evidences of changes that have been taking place in your country. Are You Getting Buried Under the Overwhelming Academic Pressure? Get the Much-Needed Essay Help from our Professionals and Secure High Grades Answer: The theoretical definition of Globalization defines globalization as integration of several nations and economies for the purpose of trade, foreign investments and capital migration. The opening up of the economies of several nations, for free trade purposes, supported with technological advancement of the twenty first century were the key supporters for the sudden spurt of Globalization in this modern age (Carr Chen, 2001). The concept of Globalization is also commonly referred as globality, which refers to a boundary less, highly connected market place; such a market place which is neither distinguished by time zones, not the national borders of several countries (Pologeorgis, 2012). Globalization evolved as a necessity for several business organizations to reach out to larger consumer base spread across several parts of the world. The Facilitation of global communications and social economic, technological, environmental and political revolutions developed this phenomenon. The impacts of Globalization are commonly observed on the Personalities, character, lifestyle and behavioral traits of Individuals living in a globalised society. The globalization has in fact impacted every aspect of personal life of individuals, who are part of both developed as well as developing nations (Broda and Weinstein, 2006). Ones own life of an individual thriving in the twenty first century gets highly influenced in terms of vibrant exposure to divergent cultures, tastes and preferences, languages, religious ethos, etc. The intensity of this impact however, differs from person to person depending upon several demographic traits that bring the individuals closer to an international exposure. The demographic aspects may range from income level of the individual, age of the individual, the location of the individual, his nature of work, interests, etc. The Individuals belonging to developed nations are observed to be highly influenced by the impacts of globalization, in comp arison to their counterparts belonging to poorer or underdeveloped countries (Mackay, 2000). The reason for this observation is pretty simple. The individuals belonging to the under developed countries are deprived of conducive environment, including the technological support and infrastructure, which makes them deprived to take the benefits of globalization. There have been several studies conducted on the pros and cons of globalization in terms of adding values or difficulties in ones own lives. The shaping of online social communities is one of the most interesting positive impacts of globalization on human life (Tisdell and Sen, 2004). This has lead to several instances of development of greater cultural understanding among the people, irrespective of the differences between them. Sharing of New Ideas, knowledge and new methods of working world wide, even in remotest part of the globe are the literal benefits of globalization to human life. The Globalization has also resulted in increased employment opportunities to the individuals across the globe. The national borders are no more the limits for individuals to search for their dream job (Thomas, 2000). Globalization has also facilitated changing of gender roles and securing womens place in a work place, especially in the developing countries. The trend of having more skill intensive jobs, over mere qualifications, is also a positive impact of globalization. Many of the educational systems across the world are also preparing themselves to deliver industry ready candidates with globally accepted skills (Jackson and Andrews, 1999). The phenomenon of Globalization has also brought in several difficulties in individuals lives along with positive impacts. The ill effects of the intensified competition across the globe, like increased job insecurity, increase in human trafficking are few of them. The world economies have been increasingly integrated through the internet and mobile phones. Outsourcing of work to different countries, especially having cheap labor is another problem face by individuals belonging to the developed nations (Wade, 2003). The programmers, accountants, scientist and editors belonging to these nations have limited job opportunities due to outsourcing of these jobs to cheaper locations like the Asian countries. The abundance of information has also resulted in to several privacy issues for individuals that ride on this globalization wave (Milanovic, 2003). The Globalization has also severely impacted the Business models and Functionalities of several Business Organizations that employ these individual, giving them an opportunity to increase their exposure to the other parts of the world. The Proliferation of the Fast food restaurants McDonalds across the globe, by adapting the menus and offerings to suit the local tastes in the respective countries is the result of Globalization (Olivero, 2011). The Goods and services deployed by these businesses have achieved more easiness and speed in terms of transporting them to different parts of the world. Several of the Business corporations have achieved the ease and flexibility of setting up its business operations in desired locations across the globe. These minor reflections on the business level, results in consequent impacts on the country level. The diminishing possibility of probable tiffs between these exporting and importing countries is a major social advantage that nations enjoy, due to globalization (Broda and Weinstein, 2006). The increasing trade interdependence among the several nations has made this possible. The decreased communication barriers have enabled the government of the nations to solve the environmental problems like climatic changes, cross boundary pollution, etc. through discussions with each other (Mackay, 2000). Overall a spirit of multiculturalism has been fostered in the nations as the residing population of the nation has free individual access to cultural diversity. The Globalization has also benefited the nations to attract more international tourist, by enabling increased tourism development, trigged due to the opening up of the economies (Milanovic, 2003). These nations are also getting opportunity to participate in the world financial system, and attracting huge foreign investments in the nation. The investment avenues for the nations in terms of its treasury operations have also benefited largely. The Globalization has also observed to give some negative impact at the country level. The budding small scale industries that are run by nascent entrepreneurs are suddenly exposed to intense international competition. As a result, many of the local industries in developing regions have become unsheltered and are taken over by the foreign multinationals (Milanovic, 2003). Several of the researchers have also compared this phenomenon of globalization, to be similar to the concept of Capitalism, as described by Sir Adam Smith. In both the situation, the gap between the poor and richer (individuals and well as nations) is widening resulting in to inequalities and poverty for the already poor nation (Wade, 2003). The increased amount of the Trans border information flow has also increased responsibility of effectively managing communication satellites and wireless networks to protect the critical data from information leaks and data thefts. The growing amount of cultural diffusion in the nation is also unhealthy for maintaining the age old traditions and customs of the land that are quickly modernizing and westernizing with the advent of globalization (Jackson and Andrews, 1999). The local communities of nations, especially in case of the developing nations, are aspiring to adapt ideas, product, practices and technologies with the western influence, leading to slowing fading of their own customs and practices of their land. To conclude with, Globalization is a dual edge sword that has both positive and negative impacts on the individual level as well as national level. The Globalization has necessarily increased economic prosperity and opportunities in several developing nations, but has also deprived several qualified professionals from developed countries, thanks to its Outsourcing phenomenon. Overall the Globalization has facilitated sharing of resources, information and skills for the development and progress of the entire global economy. References 1. Broda, C. and Weinstein, D.E. ,2006, Globalization and the gains from variety, Quarterly Journal of Economics, 121, 541-576. 2. Carr, M. Chen, M. A., 2001.How global trade and investment impact on the working poor,International Labor Organization. 3. Friedman, Thomas L., 2007, The World Is Flat: A Brief History of the Twenty-First Century, Polirom Publishing House, Bucharest (Economy and Society Collection). 4. Mackay, 2000, The globalization of culture, in A Globalizing World? Culture, Economics and Politics, D. Held, ed.,London, Routledge/Open University Press. 5. Milanovic, B., 2003, The Two Faces Of Globalization: Against Globalization as we Know it, Development and Comp Systems, Economics Working Paper Archive at WUSTL No. 0303007. 6. J. Jackson and D.L. Andrews, 1999, Between and beyond the global and the local, International Review for the Sociology of Sport, vol. 34, No. 1, pp. 31-42. 7. Thomas, F., 2000, One Market under God. London: Seeker Warburg. 8. Tisdell, C.A. and Sen. R.K., 2004, An overview of economic globalization: Its momentum and its consequences examined. Pp3-25. 9. Wade, R., 2003, Is Globalization Reducing Poverty and Inequality?, Development Research Center: London.

is going to hurt. My erotic diary Review Essay Example

is going to hurt. My erotic diary Review Paper Essay on is going to hurt. My erotic diary Again decided to rewrite the review, although such is not intended to (at least in this book). First of all, it was one of my first reviews. I had just came to the site. To surprise and please his idea. His eyes lit up, his hands itch and started to write. It turned out that here we have adopted some style as reviews and communication. Accordingly, whether Im not so written. either did not understand me I do not like to leave behind a misunderstanding. Although, perhaps, completely get rid of it is not Secondly, but the second will be later However, unlike first experience of rewriting (and again on the same author an occasion for a frank paranoid), now Im not at all sure that it would be better But of course I hope would otherwise not write We will write a custom essay sample on is going to hurt. My erotic diary Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on is going to hurt. My erotic diary Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on is going to hurt. My erotic diary Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Why do I actually. generally I attached to this NeRobkoy? For what Spearbreaker? As always, the answer is simpler than it may seem. These books read recently and is very fresh in the memory. Many books that really liked me, I just did not find the time to write a review of the spirit the details have weathered out of my head And you want. I want to write to the Magus, collectors, re-write on I Will Fear No Evil, Krongauz, Panova Well it is thinking out loud As I think it is clear from the above, the literature Nerobkoy (tired already put two uppercase letters). I have to the best read books do not carry. But waste not think so. I am glad that at one time, stumbled on it. And, actually, I would like here and now to try to argue their thoughts regarding the book Will it hurt  » Once again I want to say that abstract -. Not the book. Even I will not go into it. First of all, this is a book about BDSM. And this is its main advantage. This is the dark side of society. About it do not write, do not tell. And if you write and say it is not serious, with a sneer, with a bunch of stamps and a very superficial way. What is of BDSM, or power exchange, or a theme, I will not describe here. This is already done on a very good level: Who cares read In my opinion, BDSM this is a product of civilization.. As with all its products, it is ambiguous. But this will still have to live. Such as homosexuality. However, if homosexuality is already recognized de jure is not condemned, then BDSM the situation is different. In Moscow, as in any large city, has a BDSM subculture. It is clear that society is closed, and the majority of ordinary people are not particularly aware of it. That is probably for the best. Less attention less noise. Unlike the aggressive and pokazushnyh gay parades, BDSMschiki prefer not to shine let society distracted by other problems:) But this situation has a negative side reflect the real-life BDSM masmedia finds. And if we talk specifically about the books that they are almost there. I mean the modern Russian-language literature. And do not mean the Internet literature, and literature that it is often impossible to name Of course there are the classic Venus in Furs, the works of de Sade But, hand on heart, to read them almost impossible. They are boring, endlessly behind the times, wrote a very peculiar language, to say the least In this situation, ie on the bezrybe any normal book on the topic Topics (intentional tautology), good by the fact that there 🙂 It is obvious that people from distant subjects, such arguments did not act, but rather the contrary effect. And that shows clearly, that same discussion, which is the second reason for writing this stai. I have written elsewhere that some jokes agree with some not at all, but to argue row life is not enough. However, some phrases just yet hunger for answers. It is the people amused glossary at the end of the book Whats so funny? This is absolutely real dictionary. It is likely that it is used by many of your friends and colleagues, except that you do not say:) In any group of people united by common interests, born jargon over time its completely natural. The author simply endured it in the jargon of his book. I think of this book only wins I will take out a couple of phrases that most clearly demonstrate the degree of misunderstanding, if you like: . When a man says he is ready for anything, it means that he is ready to meet you orally. and All people are different and love all different too.  » too funny? is not it? is not it the reality? The words all have the same, but meaning different Like love Very often, she says.. do with me whatever you want! Very often, he says, Ill do whatever you ask for you! And that they are on C IOM REALLY have in mind such thoughts rarely come into the brain addled endorphins Usually, it ends as usual and it is not a stylistic error -?.. Is life Everyone gives what may. and gets back no more But! But what if you meet someone who wants more from you? what are you really ready to go on about your passion? and to what it can lead. .. It is very scary to go through. Or just forward far enough. We all love to do hurt each other, and look at the response (and in the forums of this site, by the way, this is especially noticeable). BDSM in our blood, but not all are aware of this, and realizing recognize Thats what this book and I was interested to read it It truly describes this aspect of the life of Moscow society. With all the ins and outs, without embellishment. Some of the characters I knew, or at least I thought so. It also added the book points. As a result, it seems to me that those who criticize the book, just do not understand what it is. Because it is not in the subject. And it does not show off and affectation, but a statement of fact. And I do not really recommend this book to most. You will not find there what I saw. You will see the vulgarity, bl TBO, stylistic imperfection story wretchedness yes anything, except that you may find interesting. And those who really interested in my recommendations, in fact, they do not need too. They are for themselves and so everything is already decided:)

Demand Estimation Regression Analysis Essay Example

Demand Estimation: Regression Analysis Paper Demand Estimation: Regression Analysis, Elasticity, Forecasting Decisions Angel 991 Introduction It would be impossible for any business to survive if there were no demand for their product. Therefore, one of the most important attributes of managerial economics Is demand estimation. Demand estimation Is an Important tool because It helps the managers to estimate demand using a scientific method known as Econometrics. It is essential for a manager to be able to determine the appropriate variables of demand function, according to the textbook, Managerial Economics Applications: Strategies and Tactics, by James Michigan, R. Charles Moyer and Frederick Harris (2014), Effective decision making eventually requires the quantitative measurement of economic relationships (p. 100). Thus, when the variables of demand function are understood, it will be easier for management to make forecasting decisions with fewer errors. In this paper, demand estimation will be done through a regression analysis. This analysis will examine the elements that management should look at when determining demand for a product such as: price, competitors price, customer income, advertising and the cost of microwave ovens. When price elasticity of demand s elastic, the company should lower prices. When price elasticity of demand is inelastic, the firm should increase prices. When price elasticity of demand is unit elastic, changing the price will not change total revenue, since price and quantity will generally change in lock step with each other. For the scenario present in this paper, the price elasticity of this product is -. 008 which means a 1 percent increase in price of the product causes quantity demanded to drop by -8 percent; therefore, the demand of the product is relatively inelastic. According to Arthur Sullivan, Steven We will write a custom essay sample on Demand Estimation: Regression Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Demand Estimation: Regression Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Demand Estimation: Regression Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Suffering and Stephen Perez (2012), authors of the textbook, Survey of Economics: Principles, Applications and Tools, If the elasticity number is large, it means that the demand forth product is very elastic, or very responsive to changes in price. In contrast, a small number indicates that the demand for a product is very inelastic (p. 82). Thus, an increase in price may not have a huge impact to the customers. Next, the competitors price elasticity for this product is 0. 05 which means if price of competitor product increases by 1 percent, then quantity demanded of this product also increases by percent. Hence, this product is relatively inelastic to a competitors price and the company will not have much concern about the competitor because their pricing will not have any major effect on its own sales. In addition, income- elasticity is 1. 08 which means a 1 percent rise in the average income in the area. This will boost the quantity demanded of this product by 108 percent. This means that this product is relatively inelastic and the company will not have to concern itself too much with their consumer income when considering the pricing strategy. Also, annuity demanded will not be affected too much even if income increases or decreases. Furthermore, the adverting elasticity for this product is 0. 08. This will require a 1 percent increase in advertising expenses with increases in quantity demanded of only 8 percent; so, demand is relatively inelastic to advertising. Therefore the company should not increase the price because it could drive away customers. Lastly, microwave elasticity is . 05; therefore, the demand of the product is relatively inelastic. Thus, an increase in price will not have a huge impact on the customers willingness to buy microwavable foods. And so, in the long-term the Recommend Whether You Believe That this Firm Should or Should Not Cut Its Price to Increase Its Market Share. A price slash would increase quantity demanded because the products price elasticity is negative. However, the level of elasticity is a less than one. Revenue is maximized when the magnitude of elasticity is one. Therefore, a decrease in price will increase quantity demanded, and this will lead to a loss of sales. As the demand equation points out, demand of the low- calorie food can change due to a change in consumer income, price of competitor product and price of related goods (microwave oven). The change can also come as a result of change in consumer preference (like awareness towards low-calorie food). Supply of the product can change due to change in number of suppliers of the product, technological advances in the production and other factors like change in availability of labor and raw-material which directly affect production costs. In the regression equation, the Arsenals percent which is explained while 15 percent is unexplained and the T-stats is plus or minus two and in the equation it is 2. 5. The F- stats is weak because it is 4. 88 and the higher the number the better. Indicate the Crucial Factors that Could Cause Rightward Shifts and Leftward Shifts of the Demand and Supply Curves. A rightward shift of demand curve could be caused by an increase in consumer income, a decrease in price of complementary product like microwave ovens, an increase in population or increased preference for the product like awareness towards low-calorie food. In fact, An Increase (or Decrease) in Demand refers to a shift in the entire demand curve. Whenever there is a change in any factor increasing the demand for a good, aside from the price of the good itself, the demand curve shifts to the right and there has been an increase in demand (Manama, 2012) A leftward shift of demand curve can be caused by a drop in consumer income or secession, increase in price of complementary product like microwave ovens; moreover, An Increase (or Decrease) in Supply refers to a shift in the entire supply curve. Whenever there is a change in any factor that increases the supply of a good, other than a change in the goods price, the supply curve shifts to the right, yielding an increase in supply (Manama, 2012) A rightward shift of supply curve can be caused by technology advances in food processing, increased availability of cheap labor and raw material, increased tax cuts and government subsidies etc. A leftward shift can e caused due to a decrease in availability / increase in price of labor, raw materials and increased taxes. References Manama, N. G. (2012). Essentials of economics. (6th De. , up. 22-23). Mason, OH: South- Western Coinage Learning. Michigan,J. R. , Moyer, R. C. , Harris, F. H. Debt. (2014). Managerial economics: applications, strategies and tactics (13th De. ). Stamford, CT: Coinage Learning. Sullivan, A. , Suffering, S. , Perez, S. (2012). Survey of economics: principles, applications, and tools (5th De. ). Upper Saddle River, NJ: Pearson-Prentice Hall.

Free Essays on Legalizing The Magic Herb

Marijuana has been around since the beginning of time and it’s been used safely by people of all different types of cultures. Legalizing marijuana would not only better the country but could also help people in difficult medical situations. Marijuana is a commonly used name for a â€Å"drug† made from the dried leaves and flowering tops of a hemp plant. The Latin name for marijuana is Cannabis sativa. People can smoke, chew, or eat marijuana for its intoxicating effects. The flowering tops of the Cannabis plant let out a sticky resin that has in it the active ingredient of marijuana, known as tetrahydrocannabinol, commonly THC. It first became noticed in the United States in the 1960`s. Soon it became the second most popular drug after alcohol, and its popularity raised all through the end of the millennium, mostly among younger Americans. The pot that people smoke today is much more potent then the stuff people were smoking in the 1960’s and 1970’s. Most countries consider marijuana an illegal substance, but other countries differ on how they prosecute the use and possession of marijuana. Some countries only give small fines to pay, while others giver worse punishments, as well as imprisonment. If we legalize marijuana, we reduce the black market and the violence associated with the sale of marijuana. If it were legal, no one would have to sneak around trying to sell and or get it. People would not fight over it or kill over it if it was as available as cigarettes or alcohol. I believe gang fights would decrease and there would be less deaths in more urban areas. This would weaken organized crime a lot. The government could tax the sale of marijuana and use this income to lower the national debt. The government seams to tax everything. If marijuana was legal, why not tax it, also? The taxes could help lessen the nation debt of the United States so we can put that money to better use. There would also be a decrease in money s... Free Essays on Legalizing The Magic Herb Free Essays on Legalizing The Magic Herb Marijuana has been around since the beginning of time and it’s been used safely by people of all different types of cultures. Legalizing marijuana would not only better the country but could also help people in difficult medical situations. Marijuana is a commonly used name for a â€Å"drug† made from the dried leaves and flowering tops of a hemp plant. The Latin name for marijuana is Cannabis sativa. People can smoke, chew, or eat marijuana for its intoxicating effects. The flowering tops of the Cannabis plant let out a sticky resin that has in it the active ingredient of marijuana, known as tetrahydrocannabinol, commonly THC. It first became noticed in the United States in the 1960`s. Soon it became the second most popular drug after alcohol, and its popularity raised all through the end of the millennium, mostly among younger Americans. The pot that people smoke today is much more potent then the stuff people were smoking in the 1960’s and 1970’s. Most countries consider marijuana an illegal substance, but other countries differ on how they prosecute the use and possession of marijuana. Some countries only give small fines to pay, while others giver worse punishments, as well as imprisonment. If we legalize marijuana, we reduce the black market and the violence associated with the sale of marijuana. If it were legal, no one would have to sneak around trying to sell and or get it. People would not fight over it or kill over it if it was as available as cigarettes or alcohol. I believe gang fights would decrease and there would be less deaths in more urban areas. This would weaken organized crime a lot. The government could tax the sale of marijuana and use this income to lower the national debt. The government seams to tax everything. If marijuana was legal, why not tax it, also? The taxes could help lessen the nation debt of the United States so we can put that money to better use. There would also be a decrease in money s...

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An Analysis Social Media Media Essay

An Analysis Social Media Media Essay We have witnessed lots of changes in the communication field over the past few years. Different types of communication media have been emerging and making their way into the market and have made the communication needs of the customers cheaper owing to competition. Internet is one of those things that contributed to the revolutionary changes in the recent times. There have been many changes and different stages of evolution in the said field even with the use of internet. Different methods and technologies have been evolving to use the internet in a better way. Social networking is one of those that have and have been making the internet exciting by the day. The latest buzz Social Networking added to make users more interactive with their friends (Ivanauskas, 2009). Social Networking sites like Facebook, Orkut, MySpace, and Twitter are already in to the market and making their presence felt by having lot of members join their networks and communicate with their friends and buddy list through their websites. The above mentioned social networking websites have bridged a lot of gap between friends who are priory difficult to stay in touch. They also have many users friendly and value added features such as sharing media and playing online games etc. The increasing demand for these websites meant the marketing companies have started focussing on these websites to attract the unique customer groups these websites represent. The latest buzz in marketing that reaches customer directly has been social networking. Aim: Main aim of this dissertation is to know how the social networking influences the current generation through the extensive utilisation of social networking for marketing purposes and evaluating the social networking sites as a medium of advertisement. Objectives: To study the effect of social networking websites on the current generation. Researching latest marketing strategies of business by using Internet Technologies including social networking sites Conducting a consumer survey about the usefulness and effectiveness of advertisements in social media networks. Context: First online community created was SixDegrees.com in the year 1997. And it used allow users to create their own profile and make them available to their friend by adding to their friends list (Adrian, 2008). The first ever social networking website however did not stand the tide of time and was closed due to reasons which are out of scope of this dissertation. The time spent by the netizens on the social networking sites is increasing by the day and the recent studies only go on to show the same. The community websites hold major part of Internet traffic and it increased 230% since from 2007 (Diana, 2010). The time spent on the internet increased by around 65% by the users in UK from 2007 to 2010 (Burrows, 2010). The statistics also show that the average age of the users of the social networking sites is predominantly low like in the 20 to 30 and 30 to 40 groups due to various reasons. (Michael, 2008) The projections also indicate a billion users for the social networking sites by the end of 2012. The increasing strength of these websites makes the marketing departments rethink their marketing strategies. After going through lots of articles and statistics related to online communities, it has been observed that the latest market trend was revolving around these networking sites and making most of this to their business advantage. Acknowledging the fact that teenagers do spend a lot of time online, it would be interesting to take advantage of this new trend and utilize it for the classroom more specific to the teaching and learning process. (Pingdom, 2010) Experts predict that between 2007 and 2011, U.S. ad spending on social networks will grow 180% from $900 million to $2.5 billion, as illustrated below in Figure II, which is attributable to increased revenue projections of the popular social networking site Facebook and increased spending on niche social networks (Zarina, 2009). It is indeed surprising to observe the share of internet marketing in the youth related companies. Modern marketing companies started making tools to make use of this trend and the same can be observed by studying these websites. In fact many companies adopted marketing in social networking websites as their major outlet of advertising and publicity. (RedBridge, 2008; MLC, 2008) The companies are also undergoing a major change technologically like adopting technologies such as web 2.0 to use the marketing space and opportunity in the modern websites such as Facebook, twitter etc which are mentioned above. According to Bakardjieva (2004), technologies of communication media were instrumental factors in building up successful communities that exists today. The increasing demand for the online communities and social networking websites is making new companies enter the arena. The investments of major IT companies in the already existing social networking websites (Google invested $900 million in MySpace and Microsoft $240 millions in Facebook) goes on to show the obvious which is the potential of these sites for the future (Ivanauskas, 2009). The investment is looked upon not as a business opportunity but rather as a marketing venue for these big companies to promote their already existing products. Companies on the other hand besides grabbing big opportunities such as above also are not missing out on being on the user side of these websites and being part of the plan when it comes to their target population. Almost everyone these days seem to have their presence in almost all the social networking sites which are most common in those respective regions. An account in Facebook, MySpace and Twitter seem to be the most common thing to most companies to reach out to customers on a direct basis. The customers are rising their doubts and the interaction is what is making the use of these websites so unique compared to other marketing strategies (Grunert, 2009). The above unique facts about the social networking and the new trends of marketing that are starting to spread making use of the same made the choice easier. It was decided that the area has lot of scope for research. Literature Review: According to Linda Peters (1998), the Web presents a fundamentally different environment both as a medium and as a market from traditional communication channels perspective. Itcreates the Marketspace a virtual realm where products and services exist as digital information and can be delivered through information-based channels (Rayport and Svikola, 1994). The companies and consumers quickly adopted the new concept of the new interactive world for their own benefits. These interactive channels allowed companies to reach new markets or have a grater influence in the existing oneà ¢Ã¢â€š ¬Ã… ¸s (i.e. example media companies transferred their news papers in order reach new audiences) and the consumers had an opportunity to save time and money by communicating, looking for information or buying product and services online. The concept of interactivity has been extensively researched in advertising and marketing literature and was summarized by Johnson (Johnson et al, 2006) According to Liu Shrum (2002) emergence of new media (Internet), brought new models of interactivity: user-to-user and user-to-message. Contemplating about user-to-user interactivity Ha and James (1998) suggested that the more communication in a computer-mediated environment resembles interpersonal communication, the more interactive the communication isà ¢Ã¢â€š ¬-. Steuer (1992) defined users-to-message interaction as follows: à ¢Ã¢â€š ¬Ã¢â‚¬ ¢the extent to which users can participate in modifying the form and content of a mediated environment in real timeà ¢Ã¢â€š ¬-. Lee (2005) summarized the main components of online interactivity Commercial online services and the introduction of the Web have created the potential for a mass interactive dialogue between exchange parties (Peters, 1998). The world have witnessed the evolution of a universal interconnected network of audio, video, and electronic text communications that blurred the distinction between interpersonal and mass communication and between public and private communication (Neuman, 2003). The new market space changed the behavior of the people and the communication models. The shift is then from a one (firm)-to-many (consumers) model of communication to the many-to-many model where contribution to the medium and the message may come from both directions (Hoffman and Novak, 1996). Chaffey (Dave Chaffey et al., 2007) argues that such kind of communications allows mass customization and personalization and the messages send trough Internet can be targeted more effectively. Moreover, the Web is changing the traditional marketing communications concepts as t he consumers can go all the way from awareness to interest to desire to action (AIDA Framework), all within the same medium and within the same session (Economist, 2008a). Andrew L. Shapiro (1999) argues that the emergence of new, digital technologies signals ia a potentially radical shift of who is in control of information, experience and resources. One of the key features of the new electronic communication media is the ability of consumers to control both contact and content (Peters, 1998). Sohn and Lackenby (2002) suggest that individuals participation in social communication processes is the crucial factor for increasing the perceived interactivity of the Internet (citied in Stafford and Ronald, 2005). Moreover, according to Normann and Ramirez (1994) the consumers become co-producers, because the value is constantly created in interaction with many different players, including consumers, suppliers, employees and managers. As a result, marketers are losing control over the communication messages their trying to deliver to their consumers. According to Gatarski and Lundkvist (1998) when communication, in the meaning of sharing information, meets i nteractivity, it creates not simple massages but forms two-way conversations. These conversations can be applied in production as implementation of mutual ideas (consumers and producersà ¢Ã¢â€š ¬Ã… ¸) in order to create new enjoyable products or services. 2.1 Introduction to changing media and communications landscape The last century was a gold age for the media development. The new technologies as Telephone, Radio and Television have changed peopleà ¢Ã¢â€š ¬Ã… ¸s lives forever. The new ways of communications have been successfully adopted and become a norm. The last decade of the century brought the new innovative technology Internet. As predicted by Newman (1991) Internet: Altered the meaning of geographic distance. Allowed the huge increase in the volume of communication. Provided the possibility of increasing the speed of communication. Provided opportunities for interactive communication. Allowed forms of communication that was previously separate to overlap and interconnect. Grieco and Holmes (1999) (citied in Combe et al, 2003) identifies three powerful features of Internet: 1. Disintermediation or the removal of brokers by allowing direct communication across spatial and sociometric distance; 2. Asynchronicyty of the removal of temporality as a barrier to communications; 3. Oculacy or the ability to communicate messages through images. According to Hermeking (2006) The global spread of modern technology, including information and communication technology (ICT), is commonly regarded both as an indicator of the postmodern era of globalization and as the very precondition for that era of intensive worldwide interactions of people and exchanges of goods, services, information, and capital. Hoffman (Hoffman et al., 1995) argues that the popularity of the WWW as a commercial medium (in contrast to other networks on the Internet) is due to its ability to facilitate global sharing of information and resources, and its potential to provide an efficient channel for advertising, marketing, and even direct distribution of certain goods and information services. In the recent years Internet witnessed amazing growth, according to Internet Consumption Report (Soumukil, 2008) the 21% (1,407,724,920) of the world population (6,676,120,288) are internet consumers. Most of them live in well developed regions as North America where internet penetration is as high as (73.1%), Australia (57.0%) and Europe (47.7%). Peters (1998) suggest that no other technological innovation has captured the imagination of users with the speed and impact of the Internet (Graph 1). According to Linda Peters (1998), the Web presents a fundamentally different environment both as a medium and as a market from traditional communication channels perspective. It creates the Marketspace a virtual realm where products and services exist as digital information and can be delivered through information-based channels (Rayport and Svikola, 1994). The companies and consumers quickly adopted the new concept of the new interactive world for their own benefits. These interactive channels allowed companies to reach new markets or have a grater influence in the existing oneà ¢Ã¢â€š ¬Ã… ¸s (i.e. example media companies transferred their news papers in order reach new audiences) and the consumers had an opportunity to save time and money by communicating, looking for information or buying product and services online. The concept of interactivity has been extensively researched in advertising and marketing literature and was summarized by Johnson (Johnson et al, 2006) (Appendix 1.1). According to Liu Shrum (2002) emergence of new media (Internet), brought new models of interactivity: user-to-user and user-to-message. Contemplating about user-to-user interactivity Ha and James (1998) suggested that the more communication in a computer-mediated environment resembles interpersonal communication, the more interactive the communication isà ¢Ã¢â€š ¬-. Steuer (1992) defined users-to-message interaction as follows: à ¢Ã¢â€š ¬Ã¢â‚¬ ¢the extent to which users can participate in modifying the form and content of a mediated environment in real timeà ¢Ã¢â€š ¬-. Lee (2005) summarized the main components of online interactivity (Table 1). Commercial online services and the introduction of the Web have created the potential for a mass interactive dialogue between exchange parties (Peters, 1998). The world have witnessed the evolution of a universal interconnected network of audio, video, and electronic text communications that blurred the distinction between interpersonal and mass communication and between public and private communication (Neuman, 2003). The new market space changed the behavior of the people and the communication models. The shift is then from a one (firm)-to-many (consumers) model of communication to the many-to-many model where contribution to the medium and the message may come from both directions (Hoffman and Novak, 1996). Chaffey (Dave Chaffey et al., 2007) argues that such kind of communications allows mass customization and personalization and the messages send trough Internet can be targeted more effectively. Moreover, the Web is changing the traditional marketing communications concepts as t he consumers can go all the way from awareness to interest to desire to action (AIDA Framework), all within the same medium and within the same session (Economist, 2008a). Peters (1998) suggests four main changes in communication model compare the new and old media: 1. Communication style tend to have little or no time lag between the giving, receiving and responding aspects of communication between the parties. 2. Social presence or perceived personalness, the feeling that communication exchanges are sociable, warm, personal, sensitive and active. 3. Control of contact Early research into the willingness of consumers to utilize technology in shopping behavior concludes that the ability to control the pace and presentation of product information has the strongest influence on willingness to engage in computer-mediated marketing activity (Carson et al., 1996). 4. Content The content can be customised either by users or by senders. Where users are able to control the content, or presentation, of the message it is said to be interactive. Andrew L. Shapiro (1999) argues that the emergence of new, digital technologies signals ia a potentially radical shift of who is in control of information, experience and resources. One of the key features of the new electronic communication media is the ability of consumers to control both contact and content (Peters, 1998). Sohn and Lackenby (2002) suggest that individualà ¢Ã¢â€š ¬Ã… ¸s participation in social communication processes is the crucial factor for increasing the perceived interactivity of the Internet (citied in Stafford and Ronald, 2005). Moreover, according to constantly created in interaction with many different players, including consumers, suppliers, employees and managers. As a result, marketers are losing control over the communication messages their trying to deliver to their consumers. According to Gatarski and Lundkvist (1998) when communication, in the meaning of sharing information, meets interactivity, it creates not simple massages but forms two-way conve rsations. These conversations can be applied in production as implementation of mutual ideas (consumerà ¢Ã¢â€š ¬Ã… ¸s and producersà ¢Ã¢â€š ¬Ã… ¸) in order to create new enjoyable products or services. 2.2 Social media and Web 2.0 2.2.1 Social media The real power of people can be noticed in the new revolutionized media channel social media. According to Mayfield (2008) social media is best understood as a group of new kinds of online media, which share most or all of the following characteristics: Participation Engagement: social media encourages contributions and feedback from everyone who is interested. It blurs the line between media and audience. Openness: most social media services are open to feedback and participation. They encourage voting, comments and the sharing of information. There are rarely any barriers to accessing and making use of content password-protected content is frowned on. Conversation: whereas traditional media is about à ¢Ã¢â€š ¬Ã… ¾broadcastà ¢Ã¢â€š ¬Ã… ¸ (content transmitted or distributed to an audience) social media is better seen as a two-way conversation. Community: social media allows communities to form quickly and communicate effectively. Communities share common interests, such as a lov e of photography, a political issue or a favourite TV show. Connectedness: Most kinds of social media thrive on their connectedness, making use of links to other sites, resources and people Drury (2008) suggests that when analyzing social media marketers too often concentrates on the media factor, when social element is the key, because marketing within social media is about building a relationship and conversation with the audience, where the simple message delivery is changed by ongoing exchange of perceptions and ideas between company and the consumer. Haven (2008) suggests that social media key elements are not entirely new as features of sharing, connecting, opining, broadcasting and creating has been long in our lives, but there are several characteristics of new technologies and behaviors that set them apart from the past: Reach Historically, audiences for the common person have been limited: a tribe, family, friends, neighbors, or the local community. Todays technologies pr ovide scale and enable anyone to reach a global audience. Accessibility The means of production for most media used to lie in the hands of enterprises with unlimited resources (financial or human). Todays technologies for media creation are available to anyone at little or no cost. Usability The means of production typically required specialized skills and training, both technically and creatively. Todays technologies simplify those processes, or in some cases reinvent them, so anyone can create and operate the means of production. Transparency People, especially Americans, historically kept personal information to themselves and had a general distrust of authority (enterprises, government, etc.). Today, people are willing to share anything about themselves (interests, location, family situations, health condition, etc.) in a public venue, and todays technologies make that both possible and purposeful. Recency When people did have the means of production and distribution in the past (albeit limited), the time lag between communications was typically long (days, weeks, or even months). It was a limitation of the technology or system in which it operated. Todays technologies enable instantaneous responses and dialog where only the participant determines the delay in response. The interactivity gains a new meaning when it is applied through Web 2.0 platforms and Social media channels as dialogue between consumer and company becomes much more active and interactive. As summarized in the media landscape analysis the past decade was all about two-way communicationà ¢Ã¢â€š ¬Ã… ¸s and interactionà ¢Ã¢â€š ¬Ã… ¸s models. Most of the marketing academics (Kotler, 2003; Pettit and Brassington, 2005) recognized the importance of creating two-way marketing channels between consumer and company for brand building, CRM, sales (and etc). Social media, itself, does not change this idea, but redefines interactivity and takes it to another level. Armano (2008a) argues that social media goes beyond the interactive marketing which is facilitated by computer-human interaction, and introduces human-to-human interaction enabled by technology (Appendix 2.1). The main difference is that the companies instead of pushing the content (i.e. automated e-mailà ¢Ã¢â€š ¬Ã… ¸s) through online channels empower people to engage and interact with other people and produce new content about the company (blogging, commenting, social networking and etc.). Free production of content and voluntary distribution is the key elements of the social media. Meadows-Klue (2008) suggests that in social media marketing engagement replaces interruption; diversity and self-expression replace conformism and unity; the media of the masses replace mass media; granular insights and rich data replaces generalization and conversations in marketing replace control. Another major change from the marketing perspective is the shift from persuasion to influence. Past decades marketing practitioners were using the communication mix in order to attack consumers with pervasive messages to make them buy goods and services offered, but in the age where 25 percent of search results on Google for the worldà ¢Ã¢â€š ¬Ã… ¸s 20 largest brands links to consumer-generated content (Nielsen Buzz Metrics, 2007 ), to do this is too late, not practical or impossible, as the messages are already floating out there. According to Mitchell (2008) this process is facilitated by the change of information flows from top down (B2C) to bottom up (C2B) what redefines marketing environment as marketers do not own the message anymore (Figure 2.2, Apendix 2.2). Armano (2008) suggests that people can be divided in different grouping according their strength as the massagers (Apedix 2.3) The User Generated Content (UGC) can become influential message of the consumer to the consumer (C2C) about the company and therefore should be carefully monitored. In fact, the content is the new message in social media channels. According to Eikelmann (Eikelmann et al, 2008) the best marketers can do in this environment is to try to engage with the consumers through social media in order influence these messages. Drury (2008) suggests that instead of sending simple messages, marketers should provide the content which would be relevant for consumers and would generate conversations among them. Therefore, influence will become a standard measurement in Marketing 2.0 (Dowdell, 2008). As blogger and social media strategist Douma (2008) put it: The age of persuasion is over. Welcome to the age of influence. Marketers are forced to look for alternative communication strategies to market in the social media environment, because advertising clutter, growing advertising literacy and changing consumer behaviour drives down the return on investment (Biegel, 2008; Constantinides and Fountain, 2008). These strategies have to consider the increasing fragmentation in the markets. 2.2.2 Web 2.0 Social media and Web 2.0 are two terms which are often used interchangeably in the marketing literature, even though they are not entirely the same. From the marketing perspective, the Web 2.0 should be perceived as the new tools for the marketing communication mix and facilitator and enabler of social media. The Web 2.0 term was introduced by Tim Oà ¢Ã¢â€š ¬Ã… ¸Reilly in 2004, it has originated from talks about social software and the communities surrounding these applications. According Tim Oà ¢Ã¢â€š ¬Ã… ¸Reilly (Tim Oà ¢Ã¢â€š ¬Ã… ¸Reilly, 2007) the companies that survived the dotcom boom had something in common; these companies realized that the Web is much more useful for delivering service than being used just as a platform for packaged products (i.e. software). Constantinides and Fountain (2008) defined Web 2.0 as follows: à ¢Ã¢â€š ¬Ã¢â‚¬ ¢Web 2.0 is a collection of open-source, interactive and user-controlled online applications expanding the experiences, knowledge and mar ket power of the users as participants in business and social processes. Web 2.0 applications support the creation of informal users networks facilitating the flow of ideas and knowledge by allowing the efficient generation, dissemination, sharing and editing / refining of informational content . Hoegg (Hoegg et al, 2005) suggests that Web 2.0 is the philosophy of mutually maximizing collective intelligence and added value for each participant by formalized and dynamic information sharing and creationà ¢Ã¢â€š ¬-. Both definitions share similar concepts of maximizing the collective intelligence, self-regulating community, network effect, transparency of the information creation and sharing process, but the key element in these terms is the user. From technological perspective, there are not many changes in the Web 2.0 compared to Web 1.0 applications; the real value is created by people not only using this social software but participating in the creation process of it (by creating and editing the new content or even in some cases modifying the application itself). According to Constantinides and Fountain (2008), the key innovative elements typifying this new family of web applications can be summarized as three main principles: 1. Focus on simple, service-based open-source solutions in the form of online applications. 2. Continuous and incremental application development requiring the participation and interaction of users in new ways: not only à ¢Ã¢â€š ¬-consumingbut also contributing, reviewing and editing content. 3. New service-based business models and new opportunities for reaching small individual customers with low-volume products. As Web 2.0 applications are still in the development stage, the grouping of them varies according to the purpose and field of the research. Hoegg (Hoegg et al, 2005) groups web 2.0 applications according the services they provide (Figure 2.4). Tim Oà ¢Ã¢â€š ¬Ã… ¸Reilly (2005) argues that Web 2.0 doesnt have a hard boundary, but rather, a gravitational core which could be visualized as a set of principles and practices that tie together a veritable solar system of sites that demonstrate some or all of those principles, at a varying distance from that core (Appendix 2.4). Therefore it is difficult to classify the Web 2.0 into the precise groupings, because the applications are interrelated and most of the time a few Web 2.0 features works on one platform. The mixture of Web 2.0 applications working under one site are known as Mash-ups. According to Mayfield (2008) à ¢Ã¢â€š ¬Ã¢â‚¬ ¢this combination of two or more pieces of content (or software, or websites) is one of the phenomena in social media that make it at once so exciting, fast-moving and sometimes bewilderingà ¢Ã¢â€š ¬-. But even more important feature of Web 2.0 applications is the adaptability in the different platforms. Social applications are becoming more and more popular on mobile devices (Phones, iPods (via podcasts)). In fact, according to BBC News (2008) one of the reasons the Internet usage on the mobile devices is increasing Web 2.0 applications. According to Drury (2008) social media applications has an ability to bring Head (Professional) and Tail (UGC) content together in all the formats (audio, video , text). As more and more professionally edited websites incorporates social media content some companies (i.e. Joost) are trying to apply Web 2.0 principals (live participation) for even bigger media platforms as TV. These applications are being tested in the Internet TV and in the near future have a good chance to redefine TV experience completely. All theses changes open new opportunities for integrated marketing campaigns, where marketers are enabled to reach larger audiences of consumers at all their touch points with mediated world at one-stop shop. Blogs and blogging Web Logs (commonly knows as Blogs), according to Tredinnick (2006), are arguably the oldest Web 2.0 applications and have been in the web space since mid 1990à ¢Ã¢â€š ¬Ã… ¸s. Constantinides and Fountain (2008) states that it is the most know and fastest-growing category of Web 2.0 applications. According to McCann report (2008), 184 million people World Wide have started a blog and 346 million read blogs, which means that 77% of active Internet users read blogs. Furthermore, 17.8 m have read a blog and around 4.3 m have created their own blog in the UK (McCann, 2008). The most recent Technorati research (2008) confirms this phenomenon as they tracked blogs in 81 languages from 66 countries around the world, it suggest that blogging have made a major influence on media ecosystem as bloggers are collectively creating almost one million posts every day and have representation in all top-10 web site lists across all key categories. In general a Blog is a Web site, usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video where entries are commonly displayed in reverse-chronological order and has permalinks (Daily Blog Tips, 2008), but Pomerantz and Stutzman (2006) argues that for every blog author and consumer, the precise understanding of a blogà ¢Ã¢â€š ¬Ã… ¸s use is different, therefore it is difficult to define its true meaning. Dearstyne (2005) summarized the definitions and blogging opportunities provided by major companies: à ¢Ã¢â€š ¬Ã¢â‚¬ ¢Microsoft defines blogs as frequently updated personal web journals that can dramatically help both small and large companies communicate their product messages. They increase peoples ability to share ideas and information exponentiallv, and on a worldwide scale. Accenture says blogs are an interactive website that allows the owner to publish ideas and information. Users can read and evaluate material and add new content, creating a conver sation that spans lime zones and continents. Research Design and methodology: We are left with mainly two options for the way and approach for gathering the research data- primary and secondary in the broadest sense. The primary research methodology involves direct interaction with the subjects where as the secondary research involves collection of data from sources such as literature, magazines etc. While the primary research methodology is more current, it includes interviews, questionnaires, targeted groups, personal interviews etc which is a time taking and tedious process. There needs to be a trade off regarding the extent of primary research data to be included in the research. The main empirical study will be carried out based on the primary data which was collected as per the study requirements. Based on the requirement and research find

Segmentation of Mercedes

Table of Contents 1. 0 Situation Analysis/Current Marketing Mix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 1. 1 Current Product†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 1. 2 Current Pricing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 1. 3 Current Distribution†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 1. 4 Current Promotion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 2. 0 Segmentation Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 2. 1 Defining and Explaining Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 2. 2 Explaining Three Benefits of Mercedes-Benz Brand from using Segmentation †¦Ã¢â‚¬ ¦7 3. Target Market Identification†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 3. 1 Geographic Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 3. 2 Demographic Segmentation†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 3. 3 Psychographic Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 3. 4 Behavioral Segmentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. 0 Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20 Surname 3 1. 0 Situation Analysis/Current Marketing Mix 1. 1 Current Product Being a highly reputable brand globally, Mercedes-Benz has successfully penetrated in Singapore market.Presently, Mercedes-Benz C class has swiftly penetrated in the Singaporean luxury car market due to the prestige associated with the brand. Being a consumer product, Mercedes Class C has been characterized by high performance that accurately meets personal needs for active individuals through the superior brand name. Over the years, Mercedes Benz brand name has won global recognition, contributing to its popularity in Singaporean market. The various sub-models of Mercedes Benz Class C including C230, C240, C320 and C350 among others offer consumers with various luxurious services, besides mere travelling.It is important to note that, the ability of a core product to offer credible and other beneficial characteristics besides the core product utility enhances its propensity to acquire popularity among consumers1. In this regard, Mercedes Class C has been considered as of high quality level, having sophisticated features to enhance driving experiences, stylish in nature and having strong brand name. In Singapore luxury car market, it has been rep orted that 70% of customers enquiring about car are much interested in Mercedes Benz Class C. This is an indication that, much of their time is spent looking on the stylish nature of the product2.It has been observed that, most of these consumers looking for Mercedes Benz Class C don’t easily opt for other brands until they get it some other times when it is available. This is evidenced by the selling slogan of the product â€Å"Drive and Seek,† which aims at assuring the consumers ultimate performance of the product. More so, the prestigious nature of Mercedes Class C can be considered as a unique feature that has contributed to its popularity in Singapore. It has been observed that, Mercedes Benz Class C is multi-purpose, since it is still used in sports as well as for private outdoor traveling.It is vital to note that, the ability of a product to offer consumers with additional benefits besides the basic uses contributes to its popularity among consumers. By having more additional benefits than its 1 Richard, Semenik and Gary, Bamossy, Principles of Marketing: A Global Perspective (New York: Prentice Hall, 2005), 68. 2 Beng, Chua. Life is not Complete without Shopping: Consumption Culture in Singapore, (Singapore: Singapore University Press, 2003), 72. Surname 4 core competitors like BMW, Mercedes Benz Class C has penetrated well in Singaporean markets. 1. 2 Current PricingThe luxury car market in Singapore is an oligopoly competitive market, since there are few luxury car brands in the market. Being a superior brand in the market, Mercedes-Benz C-Class has efficiently penetrated in the Singapore market. This has been observed in the way this brand highly demanded, despite its high prices. Particularly, Mercedes Benz Class C pricing strategy is valuebased, considering the way consumers of this product have not been sensitive to the high prices for this product. It has also been observed that, increase in prices for Mercedes Benz Class C does n ot affect consumer demand.This is evidenced when prices for Mercedes Benz Class C 350 increased from ? 32580 in the year 2006 to ? 33130 in the year 2007, the total demand for the product remained undisturbed, constituting of about 30% of luxury demand in Singapore3. This shows how the superiority of the brand is not affected by price changes, since consumers have are highly loyal to the brand, despite competitors using various tactics to market their products. Customer loyalty for Mercedes Benz Class C is demonstrated in the way consumers in Singapore maintain the demand for the brand, despite its competitors lowering their prices.For instance, BMW is one of the core rivals of Mercedes Benz, whose tendency of reducing prices has not affected the demand for Mercedes Benz Class C. Particularly, the year 2007 saw BMW lower the prices of its luxury car models in Singapore in order to win more customers, a strategy which did not affect the demand for Mercedes Benz Class C4. This is an i ndication that, consumers tend to perceive the value of Mercedes Benz as being far much higher than the money they pay for.As a result, high level of customer loyalty has been prevalent for Mercedes Benz Class C in Singapore as a result of the outstanding features and prestigious nature of the luxury car brand. Considering that Mercedes Benz Class C is sophistically manufactured using highly costly resources, the strategy adopted by the brand in pricing the product is effective. Though Mercedes-Benz C-Class is an expensive car, its value among the consumers has made it acquire loyalty among the customers. 1. 3 Current Distribution 3 Leslie, Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 36. Dennis, Adler, Mercedes Benz: First Gear, (London: Motorbooks, 2008), 46. Surname 5 Mercedes C-Class has been distributed using a variety of channels in Singapore. With some buyers opting for online orders, there are various selling points of the luxury car in Singapore. Among the various destination points for Mercedes Benz Class C includes the major attraction points in the island like Ion Sky, and Marina Bay Sand among others. More so, Mercedes Benz Class C has been distributed in Singapore through major exhibitions in the island like the Singapore Showroom, Titanic exhibition, MBS Countdown, and Elephant Parade among others.This has facilitated the distribution of the luxury cars to the people where they can view it and make purchases5. By having various points of sale for this product, high volume of sales has been experienced in this brand, since consumers find it easier to contact the sellers directly. Since customers are able to visit the show rooms and explore the vehicles directly, direct interactions between the brand’s representatives have facilitated brand popularity among the people of Singapore.Since Mercedes Benz Class C products are produced in Singapore, most of the sellers are company’s r epresentatives who act as sales agents. This makes the customers lack the opportunity of interacting directly with the manufacturers of the brand. With the advancement of e-commerce, many customers in Singapore have adopted online purchasing strategy for the Mercedes Benz Class C cars. Through online stores, Mercedes Company has been able to substantial customer base in Singapore6. Being a well developed country, many people use computers, making it easier for them to make most of their purchases online.Through the adoption of web video with interactive agent thriller as well as the company’s website, consumers have been able to know the products. After making online purchases the cars are shipped to the customers through the port of Singapore which handles various products from Europe and other parts of the world. Through the use of a blend of physical selling points and online marketing strategy, Mercedes Company has been able to distribute Mercedes Benz Class C cars to man y consumers in Singapore. 1. 4 Current PromotionCurrently, Mercedes Company adopts a variety of promotional platforms for Mercedes Benz Class C in Singapore. These platforms include internet portfolio, traditional print and cinema, which are 5 Paul, Leppert, Doing Business with Singapore: Global Business Series, (Washington, DC: Jain Pub Co. , 2000), 21. 6 Dennis, Adler, Mercedes Benz: First Gear, (London: Motorbooks, 2008), 41. Surname 6 reinforced with corporate social responsibility through integrated marketing communications. There various messages displayed on the promotional platforms for Mercedes Benz Class C which includes â€Å"Drive and Seek†, and â€Å"More Style per Hour†.All these promotional messages are available at the Mercedes Company’s website as core messages of persuading the customers to purchase the product. The message â€Å"Drive & Seek† has been passed on through this media, thus helping in marketing Mercedes Benz Class C. By adop ting this message, the company is guaranteeing its customers about the performance of the product. Online advertisement has been considered as key promotional platform adopted by the Mercedes Company in the sale of Mercedes Benz Class C in Singapore.With about 80 percent of Singapore’s society being able to access the internet at least daily, the use of web video advertisement by Mercedes-Benz has been found quite efficient7. Further, â€Å"More style per hour† is another promotional message adopted in the marketing of Mercedes Benz Class C in Singapore. This message has been widely available in the company’s marketing pamphlets, television ads and company’s websites. This message seeks to convince buyers that they will definitely experience outstanding prestige and stylish drive every time they use the product.With most of the consumers in Singapore being luxurious and prestigious in nature, this message has been found quite useful and accurate in meetin g the psychological needs of Singaporeans. The combination of these promotional messages has enhanced successful penetration of Mercedes Benz Class C in Singapore consumer market, while many consumers who have the product remaining very loyal to it8. 2. 0 Segmentation Theory 2. 1 Defining and Explaining Segmentation Segmentation is basically the identification and establishment of buyer/consumer subsets within a market.Notably, these groups of buyers demonstrate similar behaviors and needs. Despite the extensive and diverse nature of the global market, it should be noted that buyers have different behaviors and needs. With this in mind, marketers or businesses have to match groups of customers who have similar needs and behaviors. A point worthy of consideration is that each segment has 7 Leslie, Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 33. 8 Philip Kotler, Marketing Places, (New York: McGraw Hill Press, 2001), 231. Surname 7 distinct needs and homogeneous characteristics.With this in mind, market stimulus and market intervention are used to address each segment9. Through segmentation, marketers are able to meet the specific needs of the particular customer base, by tailoring the products to meet the needs of such customers. 2. 2 Segmentation in Singapore for Mercedes-Benz Class C The market segmentation in the Singapore consumer market for Mercedes Benz Class C has been very useful in the way the company has been able to position the product more appropriately. The market segment aimed by this product is the middle age-group working class people who are educated.Particularly, Mercedes Benz Class C is meant for individuals who have achieved success in their early live and are having many ambitions in their endeavors. This is evidenced in their marketing messages which seem to concern active and well-up people seeking success in their various endeavors. For instance, ‘Drive & Seek’ is mean t to persuade active and successful individuals to seek more success through driving Mercedes Benz Class C10. With about 80% of the population aging between 18-49 years working, this segment has the potential to offer substantial market opportunity for Mercedes Benz Class C.More so, Mercedes Company targets young and well-up families. This is shown in the way Mercedes Benz Class C is specially tailored to accommodate a family while at various luxurious trips or excursions. As evidenced in the promotional message ‘more style per hour’ it is explicit that the company aims at meeting the needs of a family while traveling. Quite importantly, this segment comprises of large proportion in Singapore with about 48% of the population married, while the rest are children and youths11. As a result, there seems a potential market for this product in Singapore market. . 0 Target Market Identification 3. 1 Geographic Segmentation Singapore is a highly strategic and potential country for luxurious products like Mercedes- Benz C-Class. Precisely, Singapore is a small country which is highly urbanized. Since Mercedes Benz Class C requires flat and smooth terrain for outstanding performance, Singapore can be 9 Johan Arndt, Market Segmentation: Theoretical and Empirical Dimensions (New York: London, 2001), 38. 10 Dennis Adler, Mercedes Benz: First Gear, (London: Motorbooks, 2008), 38. 1 Paul Leppert, Doing Business with Singapore: Global Business Series, (Washington, DC: Jain Pub Co. , 2000), 43. Surname 8 considered as an ultimate geographical region for this product. Precisely, the urbanized nature of Singapore positions it adequately in terms of market for the Mercedes C-Class. Majority of the population being urban dwellers, they have found Mercedes-Benz C-Class very useful in meeting their needs12. It is also important to note that, Singapore is experiences tropical climate; rainy, humid and hot, which makes the country to remain ever green and agriculturally p otential.Though commercial farming is not commonly practiced, the people in Singapore have food security. These are key aspects with reference to the economic stability of the region, makes the region to offer potential purchasing power for luxury products like Mercedes Benz Class C. Besides the ability to buy, the physical environment has made the people of Singapore to associate themselves with superior products like Mercedes Benz Class C to match their conducive geographical features.The gently undulating and lowland terrain of Singapore enhances the need for Mercedes-Benz C-Class which has a high sense of comfort. 3. 2 Demographic Segmentation The demographics of Singapore can be considered as having the potential to offer potential market for luxury products like Mercedes Benz Class C. The population structure constituting many middle-aged people whom most of them are working offers potential market for luxurious cars like Mercedes Benz Class C. More so, about 40% of people liv ing in Singapore city are foreigners who have come to do business and white collar jobs.With about 76% of the people living in Singaporeans aging between 15-64 years, it is evident that most of the population is active, making it efficient for Mercedes Benz Class C which aims at active individuals and young families. Many of these people engage in economic activities which are industrial in nature like financial services provision, chemicals, electronics, construction and entrepot trade. With the population growth rate being estimated to be 1. 56 percent, there seems to be potential market for luxury products like Mercedes Benz Class C in Singapore throughout.It has also been observed that, high level of literacy in the country, which is about 90%, has played significant role in boosting the purchasing power of many Singaporeans. On this basis, it is evident that there is potential market for various segments aimed by Mercedes-Benz C-Class13 in Singapore. 12 Richard Vasil, Governing Singapore: Democracy and National Development (New York: Allen & Unwin, 2000), 96. 13 Leslie Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 41 Surname 9 3. Psychographic Segmentation One of the target segment markets for Mercedes Benz Class C is highly ambitious middleaged working class. The luxurious lifestyle upheld by this group has been found effective when coupled with Mercedes-Benz C-Class as one of their luxury products. With most Singaporeans being active in their lives, they have been found quite suitable for being targeted as ultimate consumers for Mercedes-Benz C-Class. With this group being working, its purchasing power for luxury products like Mercedes-Benz C-Class has been guaranteed.It is also important to note that, the socio-economic status of the target market for Mercedes-Benz C-Class is high income earners who seek performance as their core values. As a result, such individuals would go for outstandingly perf orming products like Mercedes-Benz C-Class in their lives. In Singapore, the largest population consists of middle-aged people with modal age of 37 years. In this regard, it is evident that there is potential market for Mercedes-Benz C-Class for this market segment. The urban lifestyles of the population of Singapore also demonstrate the socioeconomic potential of the Singapore market14.As a result, it has been evident that Singapore population has potential market for the market segment with the psychographics associated with Mercedes Benz Class C luxury cars. 3. 4 Behavioral Segmentation The consumer behavior in Singapore has been demonstrated to be very admirable for the marketing processes of Mercedes-Benz C-Class. Since the brand name itself is globally acknowledged, it has been difficult for individuals who are used to the brand to switch to other luxury cars. Majority of the population are urban dwellers who are characterized with high sense of purchasing foreign and sophisti cated products15.Statistics have shown that, about 80% of Mercedes Benz Class C consumers are loyal to the brand in Singapore. This is evidenced in the way many golf playgrounds, which are associated with high class people, are associated with Mercedes Brand Name. This has been due to the sophistication and prestige associated with the product. Since the target market for this brand are also prestigious and luxuries, it has been hard for them to give up products which seems to embrace their core values like Mercedes Benz Class C16. This has 14 Paul Leppert, Doing Business with Singapore: Global Business Series, (Washington, DC: Jain Pub Co. 2000), 52 15 Richard Vasil, Governing Singapore: Democracy and National Development (New York: Allen & Unwin, 2000), 97. 16 Leslie Butterfield, Enduring Passion: Story of the Mercedes Benz Brand, (New York: Wiley Publishers, 2005), 55 Surname 10 adequately enhanced the potential of the population in purchasing the Mercedes-Benz C-Class. Generally , the high purchasing power of the target market for Mercedes Benz Class C in Singapore has facilitated high degree of loyalty to the product, since this product has been observed to embrace their personal and lifestyle needs.