Project 1: Researching Consumer Buying Behavior
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.
Your work will be evaluated using the competencies listed below.
Step 2: 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 new-product 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|
After the meeting, proceed to Step 3 to enhance your knowledge about concepts relevant to ACME’s request.
Client Name: ACME
Product Line: Automatic washing machines
Customers: Automatic washing machine buyers in the United States, United Kingdom, and Germany
1. Whirlpool (including Maytag, KitchenAid, Jenn-Air, Amana Indesit, Bauknecht, Ignis; among others). Whirlpool is the leading producer of home appliances worldwide.
2. Electrolux (including Frigidaire, Gibson, Philco, Kelvinator, Zanussi, AEG, White Westinghouse; among many others) Electrolux is the second leading producer of home appliances worldwide.
3. Haier (including GE Appliances, Fischer, Aqua; among others).
“Thank you for meeting with us today,” Tarek says. “Market intelligence has shown that our major competitors—Whirlpool, Electrolux, and Haier—are all developing new efficient automatic washing machines. These new machines have attractive designs, use less electricity and water, are durable, and are available in different colors. In addition, these washing machines are competitively priced for the features that they have.”
Tarek looks to you: “As ACME is debating whether to enter this market, we need you to participate in a new cross-functional product development team that will research the buying habits of automatic washing machine customers in our three main markets: the United States, Germany, and the United Kingdom. We also need to know if there’s an unmet demand for such efficient washing machines in those markets,” he says. Erik Knops, ACME’s CEO, nods his head in agreement.
Tarek continues, “We need to take into consideration the different needs and preferences of automatic washing machine buyers in those markets; as well as the demographics of those buyers such age and gender. The customer requirements for each of those markets are quite different. For example, washing machines in Europe are usually 5 kg capacity front loaders that heat their own water, while Americans prefer larger top loaders that take hot water from the home’s water heater.”
Finally, Tarek remarks, “In addition, we need to know where those customers buy their automatic washing machines from and if there is any seasonal variation in sales.”
Erik nods his head again, smiles, and adds, “Tarek and I want you to research the automatic washing machine buyers’ needs and preferences for those three markets, and provide us with a customer buying behavior report in two weeks. Remember, the report should focus on the customers, and not on the companies!”
You know that to give Erik and Tarek the most in-depth report, you will need to conduct an analysis of the automatic washing machine buyers in those markets. Each market has to be discussed and analyzed separately under its own headings and subheadings (three different discussions and analyses). In addition, you have to create a value proposition for ACME’s proposed product. The value proposition should be clear and specific to ACME’s proposed new product. What value do customers see in the proposed product and what would compel them to buy it?
Step 3: Review Marketing Information on Consumer Buying Behavior
Chapters 2 & 13 (see attachment)
Lancaster, G., & Massingham, L. (2018). Essentials of marketing management (2nd ed.). Routledge
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. You will also benefit from a keen understanding of consumer buying behavior, and evaluating business attractiveness
As you conduct your analysis of ACME’s consumer environment, remember that there are two types of market research: primary and secondary research. 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—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. 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
Step 4: Conduct a Consumer Buying Behavior Study
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:
Deliverable: I need you to produce a six-page preliminary consumer buying behavior report (excluding cover page, reference list, tables, graphs, and exhibits) explaining your findings on consumer needs, wants, and preferences in these markets. Make sure that your report is specific to consumers of ACME’s potential product and not to consumers in general.
Support your work with the course readings and at least two scholarly sources and eight 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. 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,
Then proceed to the next step, where you will create a value proposition.
Step 5: Complete Your Value Proposition
Submit a one-page value proposition to Erik.
I wanted to clarify that a customer-focused value proposition 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 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 non scholarly 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. All sources need to be cited using APA formatting, both within the text and in the reference list. The value proposition should be organized using headings and subheadings to improve its readability.
In the next step you will finalize your consumer buying behavior report and write an executive summary.
Step 6: Complete Your Final Consumer Buying Behavior Report
Deliverable: 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 recommendation as a consultant at the end of the report. APA style should be applied to in-text citations and in the reference list.
Your final report to Erik should be eight to nine 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 one-inch 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.
Step 7: Submit Your Work
Submit .Take note of the recommended delivery dates and file-naming protocols in the table below:
Recommended Project Delivery
|Step 4||Preliminary consumer buying behavior report||lastname_PrelimBuyingBehavior_date.docx|
|Step 5||Value proposition and recommendation||lastname_ValueProposition _date.docx|
|Step 6||Final consumer buying behavior report||lastname_FinalBuyingBehavior_date.docx|