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Part 1 – Consumer Behavior: How People Make Buying Decisions

Learning Outcomes

Model of Consumer Behavior: Environmental factors. Student can use the model of consumer behavior to identify those environmental factors most likely to affect the consumer decision making for a specific product or service.

Model of Consumer Behavior: Consumer factors. Student can reference the model of consumer behavior to identify the consumer factors most likely to affect the decision making for a specific product or service.

Role of Involvement in purchase decisions. Student can identify the role of consumer involvement applicable to a specific product or service offering and how that level of involvement affects the type of decision making.

Consumer decision-making process. Student can identify how marketing strategy can influence each of the steps in the consumer decision-making process.

Directions

  1. Consumer Behavior Model: Environmental factors. Refer to the week’s readings and the model of consumer behavior and identify two of the most important environmental factors you think are relevant to the customers of your product or service offering. Explain your choices.
  2. Consumer Behavior Model: Consumer factors. Refer to this week’s readings and the model of consumer behavior and identify the three most important consumer factors you think are relevant to the customers of your product or service offering. Explain your choices.
  3. Role of involvement in consumer decision-making. Identify the level of involvement a customer of your product or service might use to make a purchase/no purchase decision. Then, discuss which type of buying behavior is most consistent with that level of involvement.
  4. Consumer decision-making process. Go through the six steps of the purchase process outlined in the readings and identify where marketing can influence each of the six steps. For example, if a consumer just identified a need for your product in step one, then the company can advertise how your product fills that need. Or, if a consumer purchased your product, the consumer can be called and asked about their satisfaction with the product and if there is any dissatisfaction steps can be taken to ensure the customer satisfaction. Be sure to be more specific with respect to your product or service than this example.

Part 2 – Market Segmentation, Targeting, and Positioning

Learning Outcomes

  1. Segmentation. Students can use the segmentation characteristics to identify and describe market segments
  2. Target Market. Students can identify a usable market segment to be a target market
  3. Target-market strategy. Students can determine an appropriate target-market strategy.
  4. Positioning. Students can develop and interpret a perceptual map.

Directions

  1. Segmentation. Using the various criteria of the segmentation bases described in the week’s readings and in Table 4.1, identify at least two distinct market segments for your product or service. Each market segment description must include at least three (more if needed) of the characteristics from amongst any of the four bases categories, e.g. one from demographic variables, one or two from psychographic variables, and one from behavioral variables, or a similar scheme. Be sure to explain your choices based on what customer need the product or service offering can fill for each segment.
  2. Target market. Select one of the market segments you described in (1) above as the one you believe is or can be the most profitable for your product or service offering and explain why you feel they can represent growth for the company. Refer to the six criteria for an attractive market segment as described in course content under ‘Selecting Target Markets’. Name your target market so you can use this name throughout all of your remaining writing assignments. Your name should be descriptive of the segments’ characteristics like ‘savvy young shoppers’ or ‘educated baby boomers’, or ‘urban hipsters’, or the like. The goal is for your faculty member to get a mental image of your target market for the remainder of the semester.
  3. Target market strategy. Should the company focus all their resources on this new target market (concentrated marketing) or should they continue to pursue both the new and the existing target market as well as other market segments (multi-segment marketing)? Alternatively, is the market so saturated might they be more successful by focusing solely on an even more narrow market segment, perhaps an even narrower version (niche marketing) of your selected target market, as their best chance for growth? What is your reasoning?
  4. Positioning. Draw yourself a perceptual map as illustrated in the week’s readings or use the websites noted in the directions. Be sure to pick two criteria that are important to your new target market for your two axes, perhaps two of the criteria you used in Week 1 in your competitive analysis. Map at least the two major competitors you noted in the previous writing assignment and add any others that you may have discovered since then. Describe what the perceptual map is telling you regarding how each product is perceived in the minds of the new target market you described above. You may have to make a series of educated guesses for some of the data points. Ideally, you want to find uncontested space. If your product overlaps with a competing offering discuss whether or not your product or service should try for an ‘uncontested’ space on the map and ‘reposition’ itself; or if it should keep the same position and compete head on with the other product. (You will have a chance to make changes to the product, the pricing and the distribution to change the product’s positioning and find uncontested space in the coming weeks).

You will want to use marketing references for explaining the concepts and other references for the product or service

General Submission Requirements