Discussion Question Chapter 3: Purpose and Benefits of Segmentation with students

In order for a product or service to adhere to the market, the organization or person needs to make sure they have researched the market and did their homework as to what is expected to succeed and compete with other competitors. Services and technology are changing often, so with this the market too will change often. So the organization needs to be flexible and versatile in order to fit in and maintain afloat when the market changes taste or directions. When a business takes a product to market, whether it’s a basic commodity like corn or a highly engineered offering like a digital camera, the company must make the product itself compelling and also field a workforce capable of producing it at an attractive price.

To be sure, neither job is easy to do well; enormous amounts of management attention and academic research have been devoted to these challenges. But delivering a service entails something else as well: the management of customers, who are not simply consumers of the service but can also be integral to its production. And because customers’ involvement as producers can wreak havoc on costs, service companies must also develop creative ways to fund their distinctive advantages.

2nd students discussion

In order for an organization's market not to fail there are some things they can do. Market failure can be caused by a lack of knowledge and research. I would say let information and knowledge be your bestfriend so yes do your research. I've been in many different fields and have worked under many different supervisors so being a great leader and not just saying what you want done but being front and center shows you care not only about the business but your employees as well. Making sure all standard procedures are being complied with.

The market can be tough and with stiff competition. Organizations need to market their business in a manner where they stay relevant to the consumers. One thing that will keep your customers coming back is making an effort to make a connection with your consumers. You want to manage your cash flow. If you are just starting out in your business the last thing you want to do is go in debt. Before any of this is done the first thing you want to do is make a business plan.