consumer buying behavior research
Step 2: Attend Meeting with ACME
· Read the ACME meeting document to know what was discussed.
Step 3: Review Marketing Information on Consumer Buying Behavior
· Read all attached step 3 documents to answer questions in step 4.
· As you read through the following 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’ll also benefit from a keen understanding of digital marketing, 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
As previously mentioned, 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:
· What needs are being met by the product purchase? What are the benefits to the consumers? Make sure that you differentiate between features and benefits; go beyond manifest motives and consider latent motives.
· Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?
· Where are the products sold, and what are the distribution channels?
· How often are the products purchased? Is there seasonality to sales?
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.
Step 5: Complete Your Value Proposition
· 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: (complete this part separate from step 2-4) 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.