Consumer Psychology FInal Project.//Due 13/12/2020

Final Group Project

Assignment Policies

1. All works must be original, and plagiarism is regarded as fail;

2. Quote all sources of information;

3. Assignments must fulfill school’s requirements;

4. Students should bear the responsibility if real company data are cited; otherwise company name can be disguised;

5. The school guarantees information of individual assignment will not be disclosed to public.

Objectives

· What you have learned in consumer psychology

· Your intellectual capability

· Your creativity

· Your ability to integrate

· Your skills in marketing management

· A professional and comprehensive marketing plan which is ready to use

Requirements

Assignments that are handed in late will incur a penalty of 10% deduction of marks available for every day that it remains not submitted.

· Presentation 20 - 25 minutes (maximum) including Q&A session

· Academic references and business references

· APA format

· Double line spacing

· Font size 12

· Cover page with your full name, student ID, date of submission, course code and name.

Written Report

· Assume you are the Head of Marketing Communication in the company

· Form a team of 4 – 5 students

· Select a company or a brand for a new marketing plan (which may last for about 1 year) and explain to us how you want design your strategic marketing plan by understanding the consumer behavior.

· Budget CAD 60,000

Report Content Examples (1)

· Situation Analysis

· SWOT Analysis

· Segmentation, Targeting and Positioning Analysis

· Customer Analysis

Report Content Examples (2)

· Marketing Objectives and Strategies

· Communication Tactics

· Action Plan/ Timetable/ Schedule

· Budget Planning

· Evaluation & Assessment

Marking Criteria

· Understanding of the issue 10%

· Soundness of strategy 20%

· Creativity & Strategic Relevance 20%

· Competence in Q&A 20%

· Team Cooperation 10%

· Individual Performance 20%

Total Assessment

· Oral Presentation 100%

Common Problems of the Plan

· Unclear strategy

· Not result oriented - not ‘real sales and marketing simulation’ - need to have a good understanding of the consumer (E.g. Value, Relationship, Marketplace, Motivation and Culture’s influence, etc.)

· No estimation of competitors possible actions

· Too aggressive especially in topic selection

· Incomplete information search

· Not an integrated report, answer questions only

· Poor presentation and team spirit – need rehearsal and understanding

One of the goals of this final project is to understand the consumer decision process and see its utility to a marketing manager. Questions to think about:

1. Decision making unit

· What segment did he/she belong to?

· Who was the buyer and who were the users?

· What role did others play in the purchase decision process?

2. Information Search

· What was the influence of mass media in the decision process?

· What was the role of internet in information search?

3. Purchase motivation

· What problems did the product/service solve?

· What functions would it facilitate?

· What attributes seemed important?

4. Characterize the decision

· Was it a first-time decision or a repeat purchase?

· Was it a careful or a casual decision?

· Was the amount of deliberation appropriate to the decision?

· How many alternatives were evaluated? Why those?

· Why were other alternatives rejected?

5. Place of purchase

· Which came first – where to buy or what to buy?

· Where was the product bought?

· Main reason for choice of outlet.

· What was the role of packaging and product display in the decision process?

· What risks were seen to modify or postpone the purchase decision?

6. Post Purchase Dissonance

· Was there any?

· What action did the consumer take?