Assessing Consumer ESSAYing Behavior

Assessing Consumer Buying Behavior

Project 1: Researching Consumer Buying Behavior Start Here

Introduction

For this project, you will need to have a solid understanding of your client’s consumers in order to develop, evaluate, and implement effective marketing strategies. Complete all seven steps in this project:

· Step 1: Complete Your Skills Gap Analysis

· Step 2: Attend Meeting with ACME

Assessing Consumer Buying Behavior

· Step 3: Review Marketing Information on Consumer Buying Behavior

· Step 4: Conduct a Consumer Buying Behavior Study

· Step 5: Complete Your Value Proposition

Assessing Consumer Buying Behavior

· Step 6: Complete Your Final Consumer Buying Behavior Report

· Step 7: Submit Your Work

Competencies

Your work will be evaluated using the competencies listed below.

· 1.1: Organize document or presentation clearly in a manner that promotes understanding and meets the requirements of the assignment.

· 1.3: Provide sufficient, correctly cited support that substantiates the writer’s ideas.

· 1.6: Follow conventions of Standard Written English.

· 2.1: Identify and clearly explain the issue, question, or problem under critical consideration.

· 2.5: Develop well-reasoned ideas, conclusions or decisions, checking them against relevant criteria and benchmarks.

· 6.1: Identify the general (external) environment in which an organization operates and discuss the implications for enterprise success.

·Assessing Consumer Buying Behavior

6.2: Evaluate strategic implications for domestic and international markets of an organization’s industry.

· 6.4: Develop and recommend strategies for an organization’s sustainable competitive advantage.

· 12.2: Analyze marketing information.

· Step 1: Complete Your Skills Gap Analysis
· INBOX: 1 New Message
· From: Denna Chartreuse, HR Specialist, MCS

· To: You

· Greetings,

Assessing Consumer Buying Behavior

· We are asking all MCS employees to complete a skills gap analysis.

· Use this skills gap analysis instrument to self-evaluate your knowledge and skills before beginning your assignment. Select the Project 1 worksheet in the bottom left of the file to complete this step.

· When you have completed your self-evaluation, use the text box at the bottom of the worksheet to write a reflection of 400–500 words describing two to three gaps you will work to reduce, why you selected them, and the activities you will pursue to develop your selected competencies.

· Thank you for your attention to this request,

· Denna

I will upload the Skills Gap

Step 2: Attend Meeting with ACME

Monday morning, you meet with Jillian in her office. “We are so glad that you have come back to help us grow at Maryland Creative Solutions,” Jillian says. “As you know, with shifting markets, I have decided to reposition the company to focus more on clients with branding and digital strategy consulting needs. I feel that your long-term knowledge of our company and global mindset are perfect for leading the way on some of our new projects.

“To get you started, we have just signed on with ACME. I would like you to meet with their leadership: Tarek Fahmy, the company’s head of new-product innovation, and ACME’s CEO, Erik Knops, to finalize the details of their request. Again, it is a pleasure to be working with you. I am really looking forward to seeing your creative approaches in our partnerships.”

Course Resource

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Assessing Consumer Buying Behavior

ACME Meeting

Corporate logo for Maryland Creative Solutions. A lightbulb with colors of state flag inside.

Client Name: ACME

Industry: Appliances

Product Line: Smart televisions

Consumers: United States, United Kingdom, and Germany smart TV buyers

Competitors: 1. Samsung

2. LG

3. Vizio

“Thank you for meeting with us today,” Tarek says. “Market intelligence has shown that our major competitors—Samsung, LG, and Vizio—are all developing new smart televisions. These new televisions have attractive designs, are efficient, durable, and are available in different sizes. In addition, these televisions are competitively priced, and sell between $800-$1,400 dollars each.”

Tarek looks to you: “As ACME is debating whether to enter this market, we need you to participate in a new cross-functional product development team that will research the smart TV customers buying habits in our three main markets: The United States, Germany, and the U.K. We also need to know if there’s an unmet demand for these TVs in those markets,” he says. Erik Knops, ACME’s CEO, nods his head in agreement.

Tarek continues, “We need to take into consideration the different needs and preferences of smart TV buyers in those markets; as well as the demographics of those buyers such age and gender. The customer requirements for each of those markets may be quite different.”

Finally, Tarek remarks, “In addition, we need to know where those customers buy their smart TVs from, and if there is any seasonal variation in sales.”

Erik nods his head again, smiles, and adds, “Tarek and I want you to research the smart TV buyers’ needs and preferences for those three markets, and provide us with a customer buying behavior report in two weeks. Remember, the report should focus on the customers, and not on the competitors! ”

You know that to give Erik and Tarek the most in-depth report, you will need to conduct an analysis of the smart TVs buyers in those markets. Each market has to be discussed and analyzed separately under its own headings and subheadings (three different discussions and analyses) . In addition, you have to create a value proposition for ACME’s proposed product. The value proposition should be clear and specific to ACME’s proposed new product. What value do customers see in the proposed product and what would compel them to buy it?

Step 3: Review Marketing Information on Consumer Buying Behavior

Assessing Consumer Buying Behavior

Required Readings

Chapters 2 & 13

Lancaster, G., & Massingham, L. (2018). Essentials of marketing management (2nd ed.). Routledge

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As you read through the course materials, begin to think about how this information will apply to the report you will prepare for Erik and Tarek. To successfully complete the report, you’ll need an understanding of marketing . You will also benefit from a keen understanding of consumer buying behavior , and evaluating business attractiveness

As you conduct your analysis of ACME’s consumer environment, remember that there are two types of market research: primary and secondary research . Both types of research are required in real-life, and each of them has its pros and cons. However, for this Project, only secondary research is required.

Finally, to fully understand ACME’s position, read about offerings —what a company provides its customers, be it a product, a service, or a mix of both. Also consider the differences between a product and a service . You know that a product can be more than just a physical good, it can be a service attached to a physical product, a “pure” service, an idea, a place, an organization, or even a person.

After you have read these materials, proceed to the next step, where you will begin your analysis of the specified consumer markets

Marketing

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Definitions

One of the most important functional areas in business is marketing, as it deals with customers more than any other function. Companies such as Google, Swiss Bank, Deutsche Bank, Gucci, Airbus, Apple, McDonalds, and Toyota have a passion for understanding their customers and satisfying their needs in “well-defined target markets” (Kotler & Armstrong, 2014, p. 4). Basically, marketing is a managerial and social function through which companies and consumers create and exchange value.

The American Marketing Association (AMA) defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (AMA, 2013, para. 1).

Assessing Consumer Buying Behavior

Kotler and Armstrong (2014) define marketing as the “process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return” (p. 5).

On the other hand, Kotler and Keller (2015) define marketing management as the science and art of selecting target markets, and the practice of acquiring, maintaining, and growing customers through the creation, delivery, and communication of superior customer value—all while maintaining profitability.

Remember, marketing is not selling; selling is just a component of marketing!

The Marketing Process

Selecting a product or a service to develop is a demanding process that requires cross-functional teams to research, select, develop, and launch new products. In addition, the company needs to evaluate the attractiveness of a new business. Sometimes the company may seek external help to develop a new product, as it may lack the necessary technical expertise, market knowledge, or resources, or may simply want to spread the financial risk involved (i.e., open innovation, or innovation using strategic alliances.)

The marketing process involves five steps (Kotler & Armstrong, 2014, p. 5):

1. understanding the marketplace and consumer needs and wants

2. designing a consumer-driven marketing strategy

3. constructing an integrated marketing program that delivers superior value

4. building profitable relationships and creating consumer satisfaction

5. capturing value from customers to create profits and customer equity

To effectively engage in the marketing process, a business needs to understand the following elements:

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