The Importance Of Vision And Vision Statement

Introduction
Vision and mission statements are some of the first and most important parts/elements that a company should work on. They allow the company to set an appropriate environment for its members to operate on.
For our business, vision and mission statements helped us in setting our main goals and the process that we will follow to achieve them.
The vision statement represents the objectives that a business wants to accomplish in the long-term or mid-term future (“Do you know this term”, n.d). Therefore, all of us sat together to discuss and build our vision statement. We discussed the aim of our business, how it can serve our society and the problems it may solve. Our business will help people to save money by using one of the easiest

In the behavioral segmentation, we will divide the market into four parameters: occasion, benefit, user rates and loyalty. First, the occasion will help us to define when our product can be purchased. The occasion of the purchase of a product can be either a regular occasion, a special occasion or holiday. Concerning our Piggy banks, we have targets that may buy piggy banks for a special occasion because some of our money boxes can be bought as gifts. While another segment of our customers can buy piggy banks regularly, for they will need a new moneybox once they have saved a good amount of money to achieve their goals. Second, the benefit represents the advantages and the value that our customers will receive in return for their purchase. Our customers will benefit from good products’ quality, but also from a good quality of services that will make them happy and satisfied. In addition, our customers will gain a new skill of well controlling their financial resources. Third, the user rates show how much our product is being used by our customers and help us categorize our targets and put them into three different groups (Behavioral Segmentation Definition, n.d). Our customers can either be considered as a heavy user, medium user or light user. Regarding our project, the usage rate of our customers depends on their behavioral characteristics. Yet, our best customers are the heavy users, since they will use the piggy bank at least two or three times a day to put coins or even banknotes in it. Loyalty will help us to identify our returning and first-time customers. Customers’ loyalty will rise as the popularity of our brand increases and will be strengthened by the power of positive word-of-mouth. For example, we will interact with our customers in a personal way, or offer them reductions as a reward for their business. Hence, we will have the