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Word Problem #2011
Two page memo with Venn Diagram
Market segmentation is known as the process of dividing up a market for goods or services into smaller groups. For example, a market may be segmented into geographics (location), demographics (income, age, gender, etc.), and psychographics (personality, lifestyle, values, etc.).
After running various advertisements, you have received the statistics from each market segmentation. A total of 1,800 ads were run to try and reach the various segments. The following lists the breakdown of each:
680 for a geographic location
500 based on demographics
440 based on psychographics
385 based on both geographic and demographics
245 based on both geographic and psychographics
325 based on both demographics and psychographics
245 based on all three segments
Write a memo to your boss that displays the data graphically in a Venn diagram. Also, describe example scenarios listed below by first constructing them in set notation (use the addition principle to show the union values) and then give the actual values. Then, construct a table to summarize the data.
Ads that were run either for geographics or demographics
Ads that were not run for geographics
Ads that were run for geographics and psychographics but not for demographics
Ads that were not run for any of these segments (e.g., behavioral basis)
Ads that were not run for geographics but were run for demographics
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