Explain Media Richness Theory and Given an Example of a Rich

question 17

Essay

Explain media richness theory and given an example of a rich medium and a lean medium.

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Definitions:

Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing strategies.

Law Of Experience

Suggests that with increased experience or production, companies can reduce costs and improve efficiency, often referred to as the learning curve.

Unit Costs

The expenditure a business faces for the production, storage, and selling of an individual unit of a given product or service.

Experience Curve

A concept suggesting that the more experience a company gains in producing a product or service, the lower the costs associated with it due to efficiencies.