Consumer behavior Analysis and Research

Consumer behavior Analysis and Research.

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You are introduced to the field of consumer behaviour and the impact of the digital revolution on consumer behaviour. explored the basic research tools used for studying consumer behaviour and discussed the basic elements of marketing strategy

1: Analysis and Research

In this module, you have been introduced to the field of consumer behaviour and the impact of the digital revolution on consumer behaviour. You have also explored the basic research tools used for studying consumer behaviour and discussed the basic elements of marketing strategy. You will now apply your knowledge to practical marketing situations.

Assignment 1 is organized in four sections; this contributes 10% towards your final grade. Each of the four sections carries the marks as stated, for a total 100 marks. While this assignment is only worth 10% of your final grade, the effort you put into it will pay off to a much greater extent in the final project.

Note

Assignments 2 and 3 have more comprehensive activities, which are worth more marks than assignments 1 and 4.

Instructions

In this assignment, you will investigate your chosen product in the context of consumer behaviour and the implications of developing successful marketing strategies. Keep in mind that your Integrative Report is a report that will summarize your research analysis, conclusions, and recommendations. Follow the specific instructions to each part of the assignment and complete all sections appropriately.

Prepare a 10–12-page, doubled-spaced report containing the following answers.

Section 1: Choosing a Product or Product Category (10 marks)

Pick a product to research throughout the course. You should look ahead through all the modules to see whether your choice is suitable to complete later assignments. You will need to check with your Open Learning Faculty Member to determine if the product is suitable. You should select an existing product that is widely available and well-known consumer good.

Create a 1-page summary (approximately 250 words) about your proposed product. Include in the summary the product name, product category, sources for finding relevant information, and why you want to study this particular product or brand. Provide brief background information about your chosen product.

Section 2: Consumer Research and Trends (50 marks)

Segmentation and targeting is an important aspect of consumer behaviour. In this section, you will analyze the trends in demand for your product and define market segments, targeting, and positioning, which will provide some insights into what would motivate potential customers to choose your product offering).

•Conduct a secondary research by summarizing two or three relevant articles discussing trends in demand for your product. You may research TRU electronic library resources, consumer reports, trade journals, and/or demographic information about your chosen product. You may also refer to Figures 2-2 and Figure 2-3 of your textbook. Remember to provide the references for the articles/resources to which you refer.

•Perform a small focus group, or a few in-depth interviews, of potential users of your product. You may consider using two different ethnic groups.

•Using your own experiences, secondary researches, and exploratory research methods (interviews or direct observations), profile the primary market segment(s) for your product. Referring to the segmentation bases on page 55 of the textbook, develop a segmentation approach for the market of your product and provide rationale for why this approach is a good one. You may refer to the Rich Market Profile Questions. Concentrate on the first 2 questions: (a) What do they want to buy, and (b) Who are they?

•Provide insights into targeting and positioning of the product.

•Make an estimate of the size of the target market for your product. Identify the market size, growth, and trends within the given market. Use business data published by Statistics Canada (www.statcan.gc.ca), Chamber of Commerce, and other relevant statistical data. Explain how you arrived at your answer and state any assumptions you have made and why.

Section 3: Use of Internet (20 marks)

•The Internet can “inform” a consumer when making purchase decisions. What might a typical consumer do online when considering making a purchase of your chosen product?

•Identify the marketing opportunities that the digital revolution offers marketers of your product.

Section 4: Comparative Analysis (20 marks)

In this section, you will carry out a comparative analysis. Choose a competitive brand of your chosen product. For example, if your chosen product is a digital camera made by Sony you may choose one competitor such as Kodak, Canon, or Nikon.

Assess the two companies’ marketing approaches by comparing and contrasting the two brands’ target markets and corresponding strategies (not the products).

Choosing a product for this course

You are expected to choose a product that you will focus on in your assignments and Integrative Report. Some activities and the module assignments will make reference to your chosen product. You must choose a product that is purchased infrequently not habitually, such as a digital camera, plasma TV, car, hand-held computer, or exotic holiday.

Required Resources

These are the resources you will need to work through this module:

Advertising Age. [Website]: www.adage.com

Brier, N. R., et al. (Oct 2004). Zero-in heroes. American Demographics, 26(8), 36–45.

Ettenberg, E. (Oct 2003). Broadband branding is here. Marketing Magazine, 108(34), 8–8.

Optional Reading

Daniels, C. (May 2004). Shopping mosaic. Marketing Magazine, 109(18), 13–15.

Marketing Magazine. [Website]: www.marketingmag.ca

References

Caplin, J. (Aug 2005). Confessions of a compulsive shopper. Money, 34(8), 104–108.