You are the new marketing manager for a beverage company, May Beverage Company. May Beverage Company has a plethora of beverages under their belt, but they have been refreshing some of the
Competency
Distinguish factors that influence buyer behavior.
Student Success Criteria
View the grading rubric for this deliverable by selecting the This item is graded with a rubric? link, which is located in the Details & Information pane.
Scenario
You are the new marketing manager for a beverage company, May Beverage Company. May Beverage Company has a plethora of beverages under their belt, but they have been refreshing some of their beverages. Theres going to be a team meeting with presentations about what changes were made during the refresh. Your first task given to you from your boss is to create a consumer buyer profile for one of the beverages that has undergone a refresh. You will give the consumer profile in a sales pitch? style presentation in the next team meeting with all of the sales managers to support your idea.
Instructions
In a Microsoft PowerPoint presentation, create a sales pitch discussing the following:
Slide 1- Title slide
Slide 2- Describe the new beverage changes
Slide 3- Explain the importance of creating a consumer buyer profile and its components
Slide 4- Explain the consumer buyer profile for the refreshed beverage
Slide 5- What is the new marketing strategy for the new refreshed beverage based on the consumer buyer profile?
Slide 6- Any additional slides needed to sell your new concept for the refreshed beverage
Slide 7- Conclusion- Asking for the buy in? or support for your concept
Note: Speakers notes are not required for this presentation.
Grader Notes:
Thank you for the submission of Deliverable 2 – Sales Pitch Presentation. You scored a 1 for no pass on Deliverable 2. You scored a 1 because you did not ask for “buy in” on your conclusion slide. Asking for buy in is how you close the deal. I did not see where you did this on your final slide. You do a great job of answering all of the other competency requirements except for asking for buy-in. Can you please resubmit Deliverable 2 and ask for “buy in” on your final slide?
Please the requirements for Slide 7 listed under the instructions.
Slide 7- Conclusion- Asking for the buy in?,
You did not complete Slide 7 as required. Please resubmit.
Create a slide that says buy-in and indicate why May Beverage you buy your product.
I am asking you to ask for buy-in? and you to create a slide asking for buy-in. You are the one presenting the sales pitch. For example, this step is all about confidence. It should be a natural progression from your conversation, so that asking for purchase is the next logical step. Make your prospects feel as confident about your solution as you are. It’s your job to guide your prospect through every stage of the buying process. You can find more information on . (Use this website as a reference only!)
Criterion Feedback
You need to ask for buy-in.
Grader Notes:
Thank you for the submission of Deliverable 2 – Sales Pitch Presentation. You scored a 1 for no pass on Deliverable 2. You scored a 1 because you did not ask for “buy in” on your conclusion slide. Asking for buy in is how you close the deal. I did not see where you did this on your final slide. You do a great job of answering all of the other competency requirements except for asking for buy-in. Can you please resubmit Deliverable 2 and ask for “buy in” on your final slide?
Please the requirements for Slide 7 listed under the instructions.
Slide 7- Conclusion- Asking for the buy in?,
You did not complete Slide 7 as required. Please resubmit.
Create a slide that says buy-in and indicate why May Beverage you buy your product.
I am asking you to ask for buy-in? and you to create a slide asking for buy-in. You are the one presenting the sales pitch. For example, this step is all about confidence. It should be a natural progression from your conversation, so that asking for purchase is the next logical step. Make your prospects feel as confident about your solution as you are. It’s your job to guide your prospect through every stage of the buying process. You can find more information on . (Use this website as a reference only!)
Criterion Feedback
You need to ask for buy-in.
Module 02 Consumer-based Marketing Strategies
Consumer Buying Behavior
We are all consumers who buy things daily according to our needs. With increasing competition among companies producing the same services and goods, knowing the consumer is necessary to remain competitive. Consumer behavior is the buying behavior of consumers based on the factors and characteristics of the individual. Since everything revolves around the customer, it is essential to know their buying behavior to persuade them to make a purchase. The marketing strategy is the plan used to turn prospective consumers into paying consumers. By researching and understanding the factors that influence the customer, companies can develop strategies to help meet company and consumer needs.
When completing research, ask questions such as:
Who is our customer?
Why do customers buy what they buy?
What factors can influence customer purchases?
Five Stages of Consumer Buying Process
There are five stages in the consumer buying process. This process is what consumers go through when they are in the market to make a purchase. Note: If consumers are loyal to particular brands, they may bypass the second and third stages in the buying process. However, if the products price or availability changes, then the buyer may go through all five stages.
Interactive –
Marketing Strategies for Buying Behavior
Marketing introduces and promotes products and services to prospective consumers. Studying the buying behavior patterns of consumers helps marketers understand the buying selection process. Here are some marketing strategies that are used to influence consumer purchasing behavior:
Engage with prospective consumers online and offline: In todays digital world, everyone is using multiple devices and platforms to stay connected. Consumers have become more skeptical of businesses and are cautious when purchasing products. By engaging with the prospective consumer, on multiple platforms, conversations can be started about the brand. The conversation will show the human side of the brand and inspire the consumers to make purchases.
Understand the needs of your prospective consumer: To deliver a marketing message that resonates with potential consumers, companies need to understand their wants. It is ok to ask the consumers what they want. Sending emails or using social media platforms are great tools to use when asking directly.
Trustworthiness and likability: A beautifully designed website has the power to influence consumers to purchase products from a particular company. Therefore, the use of color, font size, art, and design should be well thought out.
Foot-in-the-door technique: This tactic is used to get a consumer to a more significant request by first getting them to agree to a smaller request. Companies influence consumers behavior by first asking for something small. The consumer is then more likely to feel compelled to act on the larger request.
24/7 available for consumers: Companies should always strive to deliver the best customer service experience. By being available 24/7, companies can respond quickly to consumers.
Some Promotional Techniques
Promotional techniques are those put in place to entice the target consumer to make a purchase or try the product or service. The promotions are put in place for a specific purpose for a short period. There are numerous promotional techniques that businesses use to bring in business.
Advertising is used to promote a service or a product to consumers.
Sales promotion is put in place to get the customer to make an immediate action, such as making a purchase. Examples are product samples, coupons, and raffles.
Publicity is a strategically planned effort to communicate information about the company and its activities.
Social media promotion is the use of different platforms to advertise or promote the product or service. For example, the sponsored ads that are seen on Instagram, Twitter, and Facebook.
Understanding the potential buyer behavior is essential when launching new products and services. Research allows companies to successfully reach the intended target audience as well as gain new consumers and ultimately turn them into loyal consumers. The strategies discussed will help influence consumer behavior and get the consumers to purchase your product over the competitors.
Consumer Buyer Behavior Profile
The more a business knows about their perfect customer, the better they can understand what it is they are looking for in the marketplace. It also helps the business understand how to price, design, promote, and distribute the product. Time and resources should be invested in creating a consumer buyer behavior profile for your business. The customer profile is based on a set of factors deemed valuable based on market research. The first step is segmenting the market to understand each consumer group.
Market Segments
There are four market segments:
Demographic ? Gender, age, income, education, and ethnicity
Psychographic ? Attitudes, lifestyles, values, personality traits and motivations
Behavioral ? Loyalty, occasion, usage, and benefits sought
Geographic ? City, county, climate, country, and location
Once the market is segmented, the next step is to target those customers who are more likely to purchase the product or service the business is selling. A well-defined target market allows businesses to concentrate their marketing budget on those who will make purchases. Marketing and branding messages are centered around those consumers who will bring the business the most money.
Creating a Customer Buyer Persona
Businesses can create a customer persona that details the exact characteristics their consumers possess. A customer persona is not the same as the target market, in that the target market incorporates the elements that show what different groups of people have in common. In contrast, the customer persona looks for those factors that are different. It also gives businesses a deeper understanding of consumer needs and how to solve them. Not all consumers are the same; therefore, having two to three customer personas is ideal. When creating the customer persona, it needs to be based on the research of real customers and not assumptions. Research can be done by asking questions, conducting surveys, and exit interviews.
When creating your customer buyer persona, use this step-by-step process:
Interactive –
Heres a list of specific questions to ask when interviewing consumers to help build the profile:
How old are you?
Are you married?
Do you have children?
What challenges do you face?
Where do you live?
Which social media platforms do you use?
What are your goals?
What are your interests?
What is your profession?
How do you decide to spend your money?
Now that the ideal customer has been created, do not let the persona sit on the shelf; review this information every 6-12 months as consumers needs and wants change. Other factors may also change the profile of the consumer, such as changes in income (increase or decrease) and education.
A consumer buyer behavior profile encourages businesses to think about how messages need to be crafted to reach specific customers that will purchase the product or service. Once the market has been segmented, the next step is to create a consumer profile that will help to craft the messages that will best resonate with the customers. Research is vital in the development of the consumer profile for companies to understand buying behaviors better.
References
Ferrell, O. C., Hartline, M., & Hochstein, B. W. (2021). Marketing Strategy (8th ed.). Cengage Learning US.
Boone, L. (2022). Promotional mix (marketing). Salem Press Encyclopedia.
Wienclaw, R. A. (2021). Promotional Policies. Salem Press Encyclopedia
Voyer, P. A., & Bussiere, D. (2018). Clicks, Cookies, and Commerce: Understanding Online Service Customers by Using Big Data Journey Mapping to Develop Customer Personas. AMA Winter Educators Conference Proceedings, 29, K-6-K-7.
KORZENIOWSKI, P. (2020). Personas Become Key to Successful Marketing: Customer profiles can help reach buyers with precision, but it takes effort. CRM Magazine, 24(2), 28?31.
Taylor, D. (2017, August 25). Buyer personas can help you understand customer perceptions. Central Penn Business Journal, 33(33), 12.
Deliverable 2 Assignment:
Competency
Distinguish factors that influence buyer behavior.
Student Success Criteria
View the grading rubric for this deliverable by selecting the This item is graded with a rubric? link, which is located in the Details & Information pane.
Scenario
You are the new marketing manager for a beverage company, May Beverage Company. May Beverage Company has a plethora of beverages under their belt, but they have been refreshing some of their beverages. Theres going to be a team meeting with presentations about what changes were made during the refresh. Your first task given to you from your boss is to create a consumer buyer profile for one of the beverages that has undergone a refresh. You will give the consumer profile in a sales pitch? style presentation in the next team meeting with all of the sales managers to support your idea.
Instructions
In a Microsoft PowerPoint presentation, create a sales pitch discussing the following:
Slide 1- Title slide
Slide 2- Describe the new beverage changes
Slide 3- Explain the importance of creating a consumer buyer profile and its components
Slide 4- Explain the consumer buyer profile for the refreshed beverage
Slide 5- What is the new marketing strategy for the new refreshed beverage based on the consumer buyer profile?
Slide 6- Any additional slides needed to sell your new concept for the refreshed beverage
Slide 7- Conclusion- Asking for the buy in? or support for your concept
Note: Speakers notes are not required for this presentation.
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