18 Jun HOW DO CONSUMERS GO ABOUT SHOP
HOW DO CONSUMERS GO ABOUT SHOPPING FOR THIS PRODUCT?
September 20, 2018Posted by: kajo No Comments
Task A- Group Assignment: 40%
This assignment is designed to encourage students to explore the impact of buyer behaviour on marketing strategy through the examination of an actual product category. Working in groups, you are required to demonstrate the application of buyer behaviour concepts at various stages of an organisation’s marketing planning process. The discussion of concepts will help you to achieve a deeper level of learning. The application of the concepts will prepare you for discussion and use of these concepts in other marketing subjects and in the world of work.
The final report is due in Week 12.
What do we need to do?
Select a specific product (good or service) that has been introduced to the market in the last two three years; is of interest to the group and the group considers successful. It is recommended you choose a specific product within a product category, i.e. imported beers – e.g. Heineken or Boutique beers – e.g. Mountain Goat beer. Ensure there is availability of secondary information before you start. You are not to access primary data. – based on Singapore market
Select another brand (close competitor) which is competing with your brand which could serve as a substitute in the same market. You can choose any brand as the main competitor. The rule of three years does not apply to the main competitor.
Suggested Format
The assignment will be structured within a marketing mix framework, exploring internal Chapter 8 – 11, external Chapter 12 – 16 and decision-making influences Chapter 3 – 7 and involves a detailed and in depth analysis of the primary target market.
Students will be given a detailed scoring sheet as a feedback mechanism.
The report will culminate in an evaluation of the marketing strategies employed.
Acquire following background information in terms of-
Start with Table of Contents; do not need to include an executive summary and an introduction
Market – Section 1 200 words
– 200 words in a table format
– start with a short paragraph to introduce the brand; followed by a table; for the main brand; do not need to cover any information about the competitors
1.1. Size of market, market share, market position, depth and breadth of product range, company’s principal product (or products) in terms of features and benefits, positioning of the product, product life cycle stage. – You do not need to cover all these points above; only some relevant points
Competitors – Section 2 200 words
2.1Number of direct = main competitor that you will compare with the main brand in the following part of the report / indirect (another competitor; can be any brand that consumers might consider buying) competitors, size of competitors, positioning as low cost, niche players
Start with a small paragraph to introduce these two competitors; followed by a table (point form) (to compare the 4Ps (a brief description only)
Somersby Somersby
Product e.g. brand image, product attributes in general e.g. brand image, product attributes in general
Price e.g. pricing strategy e.g. pricing strategy
Promotion e.g. advertising, sales promotion and online marketing etc. e.g. advertising, sales promotion and online marketing etc.
Place e.g. online and store retailing e.g. online and store retailing
Identification of Target Market(s): Section 3 200 Words
For each of the two products (chosen e.g. Toshiba and competitor LG) identify-
3.1 Will be written for the chosen brand – Toshiba and LGWho is (are) the primary (i.e. current) target market(s) for this product? Describe these segments in terms of:
-demographics: e.g., subculture, social class, family life cycle stage, age, gender, occupation, education etc.
-psychographic: personality, AIOs, (activities, interest, opinions – Ch. 12) = lifestyle and/or lifestyle such as VALS2 or geodemographics, etc,
-behavioural: benefits sought, deal proneness, heavy usage, etc.
Start with a small paragraph; followed by a table (point form); you need to identify TWO current target segments that the chosen brand and the main competitor is targeting
Toshiba LG
Current segment 1 Current segment 2 Current segment 1 Current segment 2
Demographics Age; gender; incomeE.g. women, housewives, 25 – 40 years, middle class E.g. women, working, 25 – 40 years, middle class Could be very similar to Toshiba
Psychographics How they live – lifestyle (AIO)= e.g. convenient lifestyle
Behavioural Benefits they are looking for – e.g. Latest technology, energy saving e.g. favourable attitude toward Korean brand, cheaper (Benefits)
3.2 Are there any potential market segments you would recommend for this product? Describe these segments as above.
This section may be depicted in a table
You need to identify ONE potential market segment for e.g. chosen brand Toshiba and main competitor LG; follow
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