13 Jun Consumer Behavior
Determine a new market for an existing product and submit your concept in the form of a 17-slide Microsoft PowerPoint presentation.
Creatively meeting the needs of customers is an important aspect of any businesses. Finding new customers for an existing product is one variable that can make a company successful. This assessment provides an opportunity for you to put consumer behavior theories into practice using a real-life example.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Assess the role the customers assume to acquire, consume, and dispose of products and services.
- Assess a company’s strategy to market a product, based on customer behavior concepts.
- Competency 2: Analyze consumer behavior.
- Examine a market segmentation and potential customers for the use of a product.
- Competency 3: Assess the managerial application of customer behavior concepts.
- Analyze strategies and concepts that influence consumer behavior.
- Develop a strategy to market an existing product to a new market segment and customer.
Every company should attract new customers to existing products as well as create entirely new products. To that end, marketers hope to create products as ubiquitous as the iPod, or as recognizable as an Oreo. By understanding consumer behavior, marketers can meet that challenge and provide answers to consumers’ needs and wants while also generating a profit.
Determine a new market for an existing product and submit your concept in the form of a 17-slide Microsoft PowerPoint presentation.
Once you have selected a product, create a presentation that completes the following:
- Describe the product or service you selected.
- Examine and describe the market segmentation information. This includes the demographics and psychographics of the existing customers for this product.
- Assess ways the product would have to be adapted to meet the needs of the new customers.
- Describe the demographic profile of the new customers.
- Describe the new market segment you plan to reach.
- Develop a strategy for pricing this item to attract this new clientele.
Your presentation should comply with the following format and style requirements.
Length: 17 PowerPoint slides.
Style: The text portion of the presentation must follow APA guidelines. These style guidelines do not necessarily apply to charts, diagrams, or tables.
References: You must use proper APA style and formatting when citing and creating references for your sources. Include a complete list of references, including books, Web sites, articles, and other resources.
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