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Researching Consumer Buying Behavior
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Transcript
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. You have two weeks to finish and should aim to complete all
seven steps in this project by the end of Week 2 of the course:
Step 1: Complete Your Skills Gap Analysis
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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
If you have any questions, ask your instructor. To get started, click Step 1:
Complete Your Skills Gap Analysis.
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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.
Complete Your Skills Gap Analysis
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INBOX: 1 New Message
From: Denna Chartreuse, HR Specialist, MCS
To: You
Greetings,
We are asking all MCS employees to complete a skills gap
analysis.
Use this skills gap analysis instrument
(https://leocontent.umgc.edu/content/dam/learningresources/course-content/mba/mba640/ms-word-and-excelbinaries/Skillls_Gap_Analysis_Instrument_MBA%20640.xlsb?
ou=1213097)
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
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Submit your preliminary skills gap analysis to the submission dropbox
located in the final step of this project. In the next step, you will start to
review the basics of marketing and consumer buying behavior.
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 newproduct 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
(https://leocontent.umgc.edu/content/dam/permalink/2ed51
4bd-7835-43ca-9057-cf01ec7b6092.html?ou=1213097)
After the meeting, proceed to Step 3 to enhance your knowledge about
concepts relevant to ACME’s request.
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Review Marketing Information on
Consumer Buying Behavior
Required Readings
Chapters 2 & 13
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=edslive&scope=site&profile=edsebook (http://ezproxy.umgc.edu/login?
url=https://search.ebscohost.com/login.aspx?
direct=true&db=nlebk&AN=1581263&site=edslive&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
(https://leocontent.umgc.edu/content/umuc/tgs/mba/mba640/2242/learni
ng-topic-list/marketing.html?ou=1213097) . You will also benefit from a
keen understanding of consumer buying behavior
(https://leocontent.umgc.edu/content/umuc/tgs/mba/mba640/2242/learni
ng-topic-list/consumer-buying-behavior.html?ou=1213097) , and
evaluating business attractiveness
(https://leocontent.umgc.edu/content/umuc/tgs/mba/mba640/2242/learni
ng-topic-list/evaluating-businessattractiveness.html?ou=1213097)
As you conduct your analysis of ACME’s consumer environment, remember
that there are two types of market research: primary and secondary research
(https://leocontent.umgc.edu/content/scor/uncurated/mba/2218mba640/learning-topic-list/primary-and-secondaryresearch.html?
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ou=1213097) . 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
(https://leocontent.umgc.edu/content/scor/uncurated/mba/2218mba640/learning-topic-list/offerings.html?ou=1213097) —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
(https://leocontent.umgc.edu/content/scor/uncurated/mba/2218mba640/learning-topic-list/differences-betweenaproductandaservice.html?
ou=1213097) . 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
Conduct a Consumer Buying
Behavior Study
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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 under the discussion
of each country:
1. Identify key trends and preferences among customers in
these markets.
2. Discuss any cultural or regional factors that may
influence buying habits.
3. Based on your research findings, identify potential areas
of unmet demand in these markets.
4. Discuss why these areas represent opportunities for
ACME.
5. Provide strategic recommendations for ACME to
capitalize on the identified unmet demand.
6. Discuss potential challenges ACME may face and suggest
ways to overcome them.
Deliverable: By the end of Week 1, I need you to produce a
nine-page preliminary consumer buying behavior report
(excluding cover page, reference list, tables, graphs, and
exhibits) explaining your findings on consumer needs, wants,
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and preferences in these markets. Each country should be
discussed in at least three pages with its own headings and
subheadings. Make sure that your report is specific to
consumers of ACME’s potential product in the three
countries, and not to consumers in general.
Support your work with the course readings and at least four
scholarly sources and 12 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, Statista, 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
Follow the instructions in the final step of this project to submit your report
to the Assignments folder. Then proceed to the next step, where you will
create a value proposition.
Complete Your Value Proposition
Early in Week 2, submit a one-page value proposition to Erik.
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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
(https://leocontent.umgc.edu/content/scor/uncurated/mba/2
218-mba640/learning-topic-list/value-proposition.html?
ou=1213097)
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 in one page 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, Statista, and
ABI/INFORM. All sources need to be cited using APA
formatting, both within the text and in the reference list. The
value proposition should be discussed by country, and
organized using headings and subheadings to improve its
readability.
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I know these are tight turnarounds, but I have no doubt you’ll
knock this out,
Erik
Submit your report to the Assignments folder. In the next step you will
finalize your consumer buying behavior report and write an executive
summary.
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 one-page recommendation
as a consultant at the end of the report. APA style should be applied to intext citations and in the reference list.
Your final report to Erik should be 11 – 12 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 oneinch 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.
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Submit Your Work
By the end of Week 2, submit your final consumer buying behavior report to
the Assignments folder. Take note of the recommended delivery dates and
file-naming protocols in the table below:
Recommended Project Delivery
Step
Submission
Week
Deliverable
File-naming protocol/Submiss
instructions
Step
1
Week 1
Skills gap
analysis
lastname_MBA640Week1SkillsGap_dat
Step
4
Week 1
Preliminary
consumer
buying behavior
report
lastname_PrelimBuyingBehavior_date
Step
5
Week 2
Value
proposition and
recommendation
lastname_ValueProposition _date.do
Step
6
Week 2
Final consumer
buying behavior
report
lastname_FinalBuyingBehavior_date.
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Check Your Evaluation Criteria
Before you submit your assignment, review the competencies
below, which your instructor will use to evaluate your work. A
good practice would be to use each competency as a selfcheck to confirm you have incorporated all of them. To view
the complete grading rubric, click My Tools, select
Assignments from the drop-down menu, and then click the
project title.
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.
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Take Action
Submit your assignment to your instructor for review and
feedback.
Follow these steps to access the assignment:
Click My Tools in the top navigation bar.
Click Assignments.
Select the relevant assignment.
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