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Define consumer benefit, market segment and market size of a theatre (for a real ) - Case Study Example

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Running head: CONSUMER BENEFIT, MARKET SEGMENT, AND MARKET SIZE OF A THEATRE Consumer Benefit, Market Segment, and Market Size of a Theatre Insert Name Insert Grade Course Insert 06 September 2011 Consumer Benefit, Market Segment, and Market Size of a Theatre Consumer benefit is the value offered to the consumers by the products and services being sold to them by Hopgood theatre…
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Define consumer benefit, market segment and market size of a theatre (for a real case)
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Download file to see previous pages Consumer Benefit Consumers of a particular product seek to identify products that would benefit them and satisfy their needs through knowledge of product attributes, which include brand image, brand perceptions, brand personalities, and brand characteristics (Whaling and Michigan State University, 2007). Consumers are constantly seeking products that would satisfy their unlimited needs with the maximum outcome benefit they can get from the product. The outcomes however vary from satisfaction of needs to getting solutions to particular problems and reduction if not elimination of frustrations. The attributes of a product are meaningless to a consumer if the outcome benefit they are seeking cannot be achieved from purchase of the product. The outcome benefit that the consumers are seeking to benefit from usually carries the rational and emotional component. The purchaser may at times not be the end user of the product but still goes ahead to seek a product that will help him or her achieve price and solution benefit. Hopgood have regular customers such as the local council and other companies who hire rooms for meetings and training of their staff. The company representatives responsible for hiring focus on the outcome benefit to their end users rather than just hiring a room. Market segmentation is basically based on the product benefit, and customer characteristics relation. Customers with specific needs and characteristics seek to benefit from specific products that match their situations (Evans, O'Malley, Maurice, and Patterson, 2004, pg 179). The functional benefits that consumers of Hopgood theatre achieve from their products are measured in terms of time and place with which the product is available, the duration that the services last and the prices with which the products are purchased. The shows being offered by Hopgood may be repeated in other theatres in other countries and the prices are normally the same although Hopgood may charge slightly higher in venues located in the cities as compared to regional venues. Purchasers of goods achieve higher degree benefit with lower prices as compared to products with slightly higher prices although the venue of the shows levels up the price factor. Shows of its own kind are desired by many consumers of Hopgood considering the fact that the shows may not be repeated elsewhere. A variety of shows offered are highly appreciated by Hopgood product purchasers who have the opportunity of choosing from a list all current shows with prices charged for each show that is available on their website. Psychological benefit is also an important outcome that customers of Hopgood seek for when purchasing a product. This benefit enables the purchaser to achieve a pleasant feeling of acquired value for money and self worth. Customers seek to purchase goods that will enable them achieve the highest level of psychological satisfaction to build their own self-esteem and boost value for the products. The outcome is the benefit of the products they use and consume to satisfy their needs. Market Segment Market segment focuses on particular customer characteristics that differentiate one group of customers from another group. Customer profile is the determining factor that differentiates market segments of Hopgood theatr ...Download file to see next pagesRead More
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