Font Paragraph Question 6: 15 marks Styles Describe the consumer target market featured in your case using the 5 bases studied in this course (demographics, geographics, psychographics, benefits sought and usage rate). In your own words, provide a brief description of the bases (ie. what is demographics) and provide a description of the featured consumer target market from the information provided in your case. (explain your thinking). Describe demographics (1 mark) Describe how the company in your case might segment its market using demographics? (2 mark) Voice Sensitivity Editor Fle Reuse F Fies Chipboard Font Paragraph demographics? (2 mark) T Styles Serudity Edte Reuse les Describe geographics (1 mark) Describe how the company in your case might segment its market using geographics? (2 marks) Page 6 of 12 Focu Files Paragraph Styles V MKTZSET WEE Semily Eder Bee les Mid Term Exam week t Describe psychographics. (1 mark) Describe how the company in your case might segment its market using psychographics? (2 marks) words English (Canada) Accessibity: Good to go B 100% recus Paragraph Describe benefits sought (1 mark) Styles Vice Semitty tatar Reun Describe how the company in your case might segment its market using benefits sought? (2 marks) Describe usage rate. (1 mark) Clyboard Font Paragraph Styles Sentity Describe usage rate (1 mark) Describe how the company in your case might segment its market using usage rate? Page 7 of 12 MK231722 Mid-Term Exam Week 6 (2 marks) Accessity Good to go 100% ENG 413 PM 906 Feet Paragraph Styles TerraCylce-Selling Packaged Worm Waste While on a field trip to Montreal with some university classmates, Tom Szaky visited a friend who was using what is called a vermiculture composter in his kitchen to make homemade plant food from worm poop. Tom was so intrigued by the idea that he talked another friend into joining him to develop a business plan. The basic concept for the company TerraCycle was to take waste, process it, and turn it into a useful product. The original business plan developed by Tom Szaky and his friend Jon Beyer was entered into a business plan contest. Tom and Jon's plan won and, with the first-prize money of $5,000, TerraCycle was started. From this modest starting point. TerraCycle grew into a company with 40 employees and 9 products that achieved $6 million in sales by 2020. Products included concentrated versions of its worm poop fertilizer, as well as a biodegradable Seed Starter and Potting Mix. 39 resin initiate WORM POOK Foo Voice Sensitivity Fles Edder Reuse Fies h C Unde Paste Font A- Paragraph Normal Body Text No Spacing Styles 100 Editing Dictate S The company's products have been rated as the most eco-friendly in North America, and TerraCycle is the only consumer products company in North America to receive the Zerofootprint seal indicating that its products and manufacturing processes have virtually no negative environmental impact. Almost all aspects of TerraCycle's business are as environmentally friendly as possible. The vermiculture composters that store the worms are made from vats retrieved from a landfi Organic waste that would otherwise go to landfills is used to feed the worms. The finished worm poop products are packaged in recycled plastic soft drink bottles. The finished product is packaged in recycled cardboard boxes for shipping. Even the desks, chairs, computers. telephones, cubicles, and other furnishing for the TerraCycle offices are all second-hand. Despite growth in the organic fertilizer market being predicted at over 12% per year in the next 5 years, being an environmentally conscious company does not guarantee business. success. It is often more costly to produce eco-friendly products than synthetic ones, and Tom and Jon want to sell their products at competitive prices to encourage consumers to use them. Most fertilizer products are sold for under $20 in a standard package size. Terra Cycle does not advertise but has benefited from considerable free publicity due to the eco-friendly nature of the business. TerraCycle products can now be found in Walmart Canada and Home Depot Canada. They hope to get products in U.S. Walart and Home Depot stores as well as in Target stores As the gardening and farming industries adjust to pesticide bans in regions like Ontario retailers have been formed in cton sallina manu tunes of fertilizar and nther aarrlening chemical destinate 9 Cipboard fort Paragraph Normal Body Text No Spacing Editing De S As the gardening and farming industries adjust to pesticide bans in regions like Ontario retailers have been forced to stop selling many types of fertilizer and other gardening chemicals. Existing companies like Miracle Gro Introduced new brands, (their's is called "Nature's Care") which often compete directly with existing Miracle Gro products and lower priced CIL brand. TerraCylce consumers are typically young, middle income families who are concerned with synthetic chemicals and suspected health risks for their children from consuming pesticides. Living in suburban homes with yards they are now planting small vegetable gardens. They are an environmentally conscious and ethical consumers. TerraCycle looks forward to the coming year. Their goal is to be the leader in the organic fertilizer market in Canada and expand to the US market. Foo Editur Files LP