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Formatting

Formatting. Use a variety of resources, including textbooks, websites, news articles etc Textbooks are still de-rigor, so have several textbooks at your disposal Do not cite wikipedia as an academic reference!

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Formatting

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  1. Formatting Use a variety of resources, including textbooks, websites, news articles etc Textbooks are still de-rigor, so have several textbooks at your disposal Do not cite wikipediaas an academic reference! Form a framework of your assignments and begin to fill in the blanks. Adjust as needed.

  2. The Question Again Consumer Behaviour Individual Assignment (40%) Students are required to develop a Consumer Behaviour Report to be submitted to the Managing Director of a Brand & Product/Model line of your choice that outlines the key consumer behaviour related issues facing the company. The Report will cover the following areas: • 1. Situation Analysis of the Company & Product • 2. Selected Target Market Profile • 3. Description of Target Market Decision Making Process • 4. 2 Personal & 2 Social Influences on Buying Behaviour: (e.g. Culture, Friends) • 5. 2 Psychological Influences on Buying Behaviour: (e.g. Motivation, Learning, Attitudes) • 6. 4 Marketing Strategy Recommendations: (e.g. Build Brand Identity, Develop Positioning, Marketing Mix etc...) • Your Report should be about 2500 words not including Appendixes and Referencing. You will be required to provide a minimum of 5 in-text references as part of your written report.

  3. 1. Situation Analysis • Steps: • 1. Introduce the company & its background (Singapore-based, real company) • 2. Perform a brief Environmental analysis (PEST/Porter’s 5 forces/SWOT) • 3. Describe the marketed Products/Services provided: Its Benefits or USP, indicate its Competitive Position in the market

  4. 2. Target Market Profile • Steps: • 1. Identify a current/potential market segment (group of customers) targeted by the company, its products and/or services • 2. List out their characteristics in terms of Demographic (personal), Psychographic (personality) & Behavioral (benefits sought) variables • Hint: Profile of target market could include: buying power and willingness to purchase product.

  5. 3. Target Market DMP • Steps: • 1. Based on your selected target market segment, describe the consumer decision making process (DMP) for a consumer(can be first time) of the product/service. • Basically, IMAGINE logically how a first time buyer for the brand might go through the 5 steps Decision Making Process, would they eventually choose your brand/model or not?

  6. 3. Target Market DMP • Decision Making Process 5 Steps include: • 1. Problem/Need Recognition • 2. Information Search • 3. Evaluation of Alternatives • 4. Store selection & Purchase Decision • 5. Post-purchase behavior: Cognitive dissonance

  7. 3. Target Market DMP • 3. Discuss the DMP process(5 steps) that the target consumers are likely to move through when buying this product (especially for the first timer) • Note: Detail each step the consumer goes through and indicate specific criteria (e.g. Sufficiency in information, Budget, Brand recognition, Size etc) that needs to be met in order for these buyers to move to the next stage.

  8. 3. Target Market DMP • ADDITIONAL TIPS: Consider the following in your discussion and other information relevant to the DMP: • What triggers problem recognition? • What needs are consumers seeking to satisfy? • What types of information are they likely to search for and where, what form does this information need to take? • What evaluative criteria are likely to be used to make the decision? (e.g. Price, Product Features, Brand Name) • How is the product purchased and would this impact on the final choice (credit, cash etc…)? • Is store choice likely to effect the decision in any way? (if applicable) • Would you expect there to be any decision loops where customers return to a previous stage and why does this occur? • Are there positive or negative post-purchase issues that consumers will experience? (If yes, what are the causes?)

  9. 4 & 5. Personal, Social & Psychological Influences • Based on stage 3, where the consumer decision process of the target market segment was explained and justified, you are now required to examine the impact of a few important influencing factors on the process. • Identify Personal/Social (2) & (2) Psychological (2) influences on the decision-making process • Discuss in detail how these factors impact on the decision process for your selected brand/product and the target market segment. • (Examples: cultural influence, learning, social class-status, reference groups; friends & family, motivation; opinion leadership; tri-component attitude model, etc)

  10. 6. Marketing Strategy Recommendations • Recommendations • Finally, you are required to provide FOUR recommendations for the marketers of this product in terms of improving marketing strategy and activities • It can include the 4Ps, branding, positioning recommendations (anything sensible) • For example: • Using a complimentary session at the Gym to accelerate purchase decision, Using well-trained sales staff to provide information professionally to facilitate positive memory retention (aka learning)

  11. The End! Any questions???

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