Researching Consumer Buying Behavior Step 6: Complete Your Final Consumer Buying Behavior Report Deliverable: By the end of
Project 1: Researching Consumer Buying Behavior
Step 6: Complete Your Final Consumer Buying Behavior Report
Deliverable: By the end of Week 2, 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.
Submit your report to the Assignments folder.
Project 1: Researching Consumer Buying Behavior 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."
ACME Meeting
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?
Project 1: Researching Consumer Buying Behavior Step 3: Review Marketing Information on Consumer Buying Behavior
Required Readings
Chapters 2 & 13
Lancaster, G., & Massingham, L. (2018). Essentials of marketing management (2nd ed.). Routledge
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.
Project 1: Researching Consumer Buying Behavior Step 4: Conduct a Consumer Buying Behavior Study
INBOX: 1 New Message
From: Tarek Fahmy, Head of New Product Innovation, ACME
To: You
How are things going?
As previously mentioned, 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: By the end of Week 1, 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, as well as the UMGC Library databases, such as Hoover's and ABI/INFORM. 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
Project 1: Researching Consumer Buying Behavior Step 5: Complete Your Value Proposition
Early in Week 2, submit a one-page value proposition to Erik.
INBOX: 1 New Message
From: Erik Knops, CEO, ACME
To: You
Just a quick note,
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 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, as well as the UMGC Library databases, such as Hoover’s. 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.
I know these are tight turnarounds, but I have no doubt you'll knock this out,
Erik
Project 1: Researching Consumer Buying Behavior Step 6: Complete Your Final Consumer Buying Behavior Report
Deliverable: By the end of Week 2, 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.
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