What market segment from this study do you belong to and why?
After looking at the market segments in the study, I concluded that I belong to the accumulator segment. This is simply because as a young person I am very passionate about making as many savings as I can so that I can be self-reliant. Accumulating money into my account would help me in various activities such as upkeep.
I need to accumulate the little I get and I can only do this by ensuring that I minimise my expenditure and maximise my income (Bessler & Schneck, 2016). For instance, the extra money I receive from my parents I can save it little by little thus accumulating it for future use.
Looking for cheap accommodation which is well-positioned and giving me the value, I need and support for my aim. This also helps me access my school faster and in a cheap way that does not require the use of extra cost to get to the school.
Do you think consumers in these market segments are likely to purchase other sharing economy services such as Uber or Lyft? Why?
Many customers would not want to use extra costs on things like fare and travel to their different places of interest. I do not think that they will purchase other sharing economy services like Uber or lift.
This is because the market segment will be a very good assist in helping the customers to locate a position which more convenient for them and whereby, they can save their time and money to get to their destinations. This is going to enable them to save a lot of capital that would be used as a travel fee.
Finding a convenient place to live that’s close to the places of business or other activities is one of the drivers of success. Customers enjoy the benefits they get from such a market segment because they mutually benefit from the services received.
Provide another example of a sharing economy service. For instance, students sharing class notes for a fee
The sharing economy is a very good economic model as the costs are kept very low as the middle man is not involved. This model reduces the barriers which could exist and the users tend to have access to more favours as they evade things such as interests or overcharging (Kramer, 2010).
Asking a friend to lend you his car to travel outside the town is an example of a sharing economy as you will only have to fuel the car and would not depend on a taxi or hire care which could be a little bit expensive. This is because the friend will not charge you for using the car but you will only have to fuel it.
As compared to the means of transport whereby they charge a travel fee for the fuel being used and the time is taken to travel. You can use the friend’s car to travel anywhere out of the time without time limitation or fear of being late to catch a flight or a bus.
Envision a company (it doesn’t have to be real) and list its market segments.
Folk Inc. The company uses market segments such as geographic, behavioural and psycho-graphic market segments. Under the geographic segment, the company looks at the region and the density of its customers (Justice, 2018). The company also uses the behavioural segment whereby it looks at variables such as the loyalty of the customers, their user status and their personality.
Under the psycho-graphic segment, the company looks at variables such as the lifestyle of the customers as well as their social classes. These market segments have assisted Folk Inc.
Company to serve its customers more efficiently by looking at the different needs and prevalence of each customer. The positioning of the company allows the customers to enjoy the communication services offered by the company.
Bessler, W., & Schneck, C. (2016). Securities Market Design and Stock Market Segments for Small Company Shares: Empirical Evidence from Initial Public Offerings in Germany. Zeitschrift für Bankrecht und Bankwirtschaft, 28(6). DOI:10.15375/zbb-2016-0604
Justice, S. (2018). Legal Liability Company Based On Sharing Economy to Service And Consumer Providers. doi:10.31228/osf.io/9u4vt
Kramer, M. (2010). Customer Service Company and Product Update 1Q2010. DOI:10.1571/pu06-17-10cc