Researching 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.

· Step 1: Complete Your Skills Gap Analysis: N/A

· Step 2: Attend Meeting with ACME

· Step 3: Review Marketing Information on Consumer Buying Behavior

· Step 4: Conduct a Consumer Buying Behavior Study

· Step 5: Complete Your Value Proposition

· 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.

· 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 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.”

Calendar Invite: Startup Meeting with ACME

Client Name:

Meeting Organizer: Jillian Best

Attendees: You, Erik Knops, Tarek Fahmy

Click to attend the ACME meeting

After the meeting, proceed to Step 3 to enhance your knowledge about concepts relevant to ACME’s request.

ACME Meeting

Client Name: ACME

Industry: Appliances

Product Line: Automatic washing machines

Customers: Automatic washing machine buyers in the United States, United Kingdom, and Germany

Competitors:

  1. Whirlpool (including Maytag, KitchenAid, Jenn-Air, Amana Indesit, Bauknecht, Ignis; among others). Whirlpool is the leading producer of home appliances worldwide.
  2. Electrolux (including Frigidaire, Gibson, Philco, Kelvinator, Zanussi, AEG, White Westinghouse; among many others) Electrolux is the second leading producer of home appliances worldwide.
  3. Haier (including GE Appliances, Fischer, Aqua; among others).

“Thank you for meeting with us today,” Tarek says. “Market intelligence has shown that our major competitors—Whirlpool, Electrolux, and Haier—are all developing new efficient automatic washing machines. These new machines have attractive designs, use less electricity and water, are durable, and are available in different colors. In addition, these washing machines are competitively priced for the features that they have.”

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 buying habits of automatic washing machine customers in our three main markets: the United States, Germany, and the United Kingdom. We also need to know if there’s an unmet demand for such efficient washing machines 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 automatic washing machine buyers in those markets; as well as the demographics of those buyers such age and gender. The customer requirements for each of those markets are quite different. For example, washing machines in Europe are usually 5 kg capacity front loaders that heat their own water, while Americans prefer larger top loaders that take hot water from the home’s water heater.”

Finally, Tarek remarks, “In addition, we need to know where those customers buy their automatic washing machines 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 automatic washing machine 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 companies!”

You know that to give Erik and Tarek the most in-depth report, you will need to conduct an analysis of the automatic washing machine 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

Required Readings

Chapters 2 & 13 (see attachment)

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

http://ezproxy.umgc.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1581263&site=eds-live&scope=site&profile=edsebook

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

Step 4: Conduct a Consumer Buying Behavior Study

I would like you to conduct an analysis of the consumers in our main markets. Your analysis should consider both current and potential product users and should address the following questions:

  1. What needs are being met by the product purchase? What are the benefits to the consumers? Make sure that you differentiate between features and benefits; go beyond manifest motives and consider latent motives.
  2. Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?
  3. Where are the products sold, and what are the distribution channels?
  4. How often are the products purchased? Is there seasonality to sales?

Deliverable: I need you to produce a six-page preliminary consumer buying behavior report (excluding cover page, reference list, tables, graphs, and exhibits) explaining your findings on consumer needs, wants, and preferences in these markets. Make sure that your report is specific to consumers of ACME’s potential product and not to consumers in general.

Support your work with the course readings and at least two scholarly sources and eight reliable nonscholarly sources, such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, the Financial Times, the Wall Street Journal, and the Harvard Business Review. All sources need to be cited using APA formatting, both within the text and in the reference list. The report should be organized using headings and subheadings to improve its readability.

Expecting your best efforts on this,

Tarek

Then proceed to the next step, where you will create a value proposition.

Step 5: Complete Your Value Proposition

Submit a one-page value proposition to Erik.

I wanted to clarify that a customer-focused value proposition explains the reason why a customer purchases a product or uses a service (i.e., the value that a company delivers to its customers).

Deliverable: Based on your research of consumer needs in our main markets, describe your value proposition, or the benefits that ACME and its potential new product would provide to customers. Remember, a value proposition is essentially the promise that is made to the customer. Also provide a half-page recommendation to ACME on whether or not to manufacture that product.

Support your work with the course readings, scholarly sources, and reliable non scholarly sources, such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, the Financial Times, the Wall Street Journal, and the Harvard Business Review. All sources need to be cited using APA formatting, both within the text and in the reference list. The value proposition should be organized using headings and subheadings to improve its readability.

In the next step you will finalize your consumer buying behavior report and write an executive summary.

Step 6: Complete Your Final Consumer Buying Behavior Report

Deliverable: Combine the first two deliverables into a single report after making any necessary corrections and edit them to ensure that there is clear flow of ideas from one section to the other. In addition, include a one-page executive summary that highlights the most important findings of the report, as well as your recommendation as a consultant at the end of the report. APA style should be applied to in-text citations and in the reference list.

Your final report to Erik should be eight to nine pages, excluding cover page, executive summary, the reference list, and appendices. Any graphs, tables, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.

Step 7: Submit Your Work

Submit .Take note of the recommended delivery dates and file-naming protocols in the table below:

Recommended Project Delivery

Step

Deliverable

File-naming protocol

Step 1

N/A

N/A

Step 4

Preliminary consumer buying behavior report

lastname_PrelimBuyingBehavior_date.docx

Step 5

Value proposition and recommendation

lastname_ValueProposition _date.docx

Step 6

Final consumer buying behavior report

lastname_FinalBuyingBehavior_date.docx

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Benefits of our college essay writing service

  • 80+ disciplines

    Buy an essay in any subject you find difficult—we’ll have a specialist in it ready

  • 4-hour deadlines

    Ask for help with your most urgent short tasks—we can complete them in 4 hours!

  • Free revision

    Get your paper revised for free if it doesn’t meet your instructions.

  • 24/7 support

    Contact us anytime if you need help with your essay

  • Custom formatting

    APA, MLA, Chicago—we can use any formatting style you need.

  • Plagiarism check

    Get a paper that’s fully original and checked for plagiarism

What the numbers say?

  • 527
    writers active
  • 9.5 out of 10
    current average quality score
  • 98.40%
    of orders delivered on time
error: