Answer:
Step-by-step explanation:
Q1. Segmentation is the process of dividing a large and heterogeneous market into smaller and more homogeneous groups of consumers with similar needs, wants, or characteristics. The goal of market segmentation is to identify and target specific customer groups that are most likely to buy a particular product or service.
In the case of a university cafeteria, the market can be segmented in several ways, including:
Demographic segmentation: This involves dividing the market based on demographic factors such as age, gender, income, and education level. For example, the university cafeteria could target students aged 18-25 who are enrolled in undergraduate programs.
Psychographic segmentation: This involves dividing the market based on consumers' lifestyles, values, and attitudes. For example, the university cafeteria could target students who are health-conscious and interested in vegan or vegetarian food options.
Behavioural segmentation: This involves dividing the market based on consumers' behaviours and habits. For example, the university cafeteria could target students who have a busy schedule and are looking for quick and convenient meal options.
Geographic segmentation: This involves dividing the market based on consumers' geographic location. For example, the university cafeteria could target students who live on campus or in nearby dormitories.
Once the market has been segmented, the next step is to identify a target market. The target market is the specific group of consumers that the university cafeteria will focus on serving. The target market should be selected based on factors such as size, profitability, and accessibility.
In the case of a university cafeteria, the target market could be undergraduate students aged 18-25 who are health-conscious and interested in vegan or vegetarian food options. This group of students is likely to be a large and profitable market segment, and they are likely to be accessible through targeted marketing efforts such as social media advertising or email campaigns. By focusing on this target market, the university cafeteria can tailor its menu and marketing efforts to meet the needs and preferences of this specific group of customers.
Q2. There are several ways that firms can lower costs for their customers without changing the cedi price that the customer must pay. Some of these methods include:
Cost-sharing: Firms can lower costs for their customers by sharing the cost of production and distribution with other stakeholders, such as suppliers or distributors. By sharing the cost burden, firms can reduce their overall costs and pass on these savings to customers without changing the price.
Economies of scale: Firms can take advantage of economies of scale by producing goods or services in larger quantities, which can lead to lower per-unit costs. By reducing the cost of production, firms can lower costs for customers without changing the cedi price.
Efficient processes: Firms can lower costs by improving their processes and becoming more efficient. For example, reducing waste, improving logistics, and using technology to streamline operations can lead to lower costs for customers.
Bundling: Firms can bundle products or services together to offer customers a better value for their money. For example, a telecommunications company may bundle voice, data, and messaging services together to offer customers a lower overall cost.
Volume discounts: Firms can offer volume discounts to customers who purchase larger quantities of goods or services. By encouraging customers to purchase more, firms can reduce their overall costs and pass on these savings to customers without changing the cedi price.
Overall, by finding ways to reduce costs and improve efficiency, firms can lower costs for their customers without changing the cedi price that the customer must pay. This can help firms to remain competitive in the market while offering customers a better value for their money.