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Project 1: Researching Consumer Buying Behavior Start Here

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Introduction

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. You have two weeks to finish and should aim to complete all seven steps in this project by the end of Week 2 of the course:

· Step 1: Complete Your Skills Gap Analysis

· Step 2: Attend Meeting with ACME

· Step 3: Review Marketing Information on Consumer Buying Behavior

· Step 4: Conduct a Consumer Buying Behavior Study

· Step 5: Complete Your Value Proposition

· Step 6: Complete Your Final Consumer Buying Behavior Report

· Step 7: Submit Your Work

If you have any questions, ask your instructor. To get started, click Step 1: Complete Your Skills Gap Analysis.

Competencies

Your work will be evaluated using the competencies listed below.

· 1.1: Organize document or presentation clearly in a manner that promotes understanding and meets the requirements of the assignment.

· 1.3: Provide sufficient, correctly cited support that substantiates the writer's ideas.

· 1.6: Follow conventions of Standard Written English.

· 2.1: Identify and clearly explain the issue, question, or problem under critical consideration.

· 2.5: Develop well-reasoned ideas, conclusions or decisions, checking them against relevant criteria and benchmarks.

· 6.1: Identify the general (external) environment in which an organization operates and discuss the implications for enterprise success.

· 6.2: Evaluate strategic implications for domestic and international markets of an organization's industry.

· 6.4: Develop and recommend strategies for an organization's sustainable competitive advantage.

· 12.2: Analyze marketing information.

· Step 1: Complete Your Skills Gap Analysis

· INBOX: 1 New Message

· From: Denna Chartreuse, HR Specialist, MCS

· To: You

· Greetings,

· We are asking all MCS employees to complete a skills gap analysis.

· Use this  skills gap analysis instrument  to self-evaluate your knowledge and skills before beginning your assignment. Select the Project 1 worksheet in the bottom left of the file to complete this step.

· When you have completed your self-evaluation, use the text box at the bottom of the worksheet to write a reflection of 400–500 words describing two to three gaps you will work to reduce, why you selected them, and the activities you will pursue to develop your selected competencies.

· Thank you for your attention to this request,

· Denna

·

· Submit your preliminary skills gap analysis to the submission dropbox located in the final step of this project. In the next step, you will start to review the basics of marketing and consumer buying behavior.      

· 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.

· Step 3: Review Marketing Information on Consumer Buying Behavior

· Required Readings

· Chapters 2 & 13

· Lancaster, G., & Massingham, L. (2018).  Essentials of marketing management (2nd ed.). Routledge

· http://ezproxy.umgc.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1581263&site=eds-live&scope=site&profile=edsebook

· 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

INBOX: 1 New Message

From: Tarek Fahmy, Head of New Product Innovation, ACME

To: You

How are things going?

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 under the discussion of each country:

 

1. Identify key trends and preferences among customers in these markets.

2. Discuss any cultural or regional factors that may influence buying habits. 

3. Based on your research findings, identify potential areas of unmet demand in these markets.

4. Discuss why these areas represent opportunities for ACME.

5. Provide strategic recommendations for ACME to capitalize on the identified unmet demand. 

6. Discuss potential challenges ACME may face and suggest ways to overcome them.

Deliverable: By the end of Week 1, I need you to produce a nine-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. Each country should be discussed in at least three pages with its own headings and subheadings. Make sure that your report is specific to consumers of ACME’s potential product in the three countries, and not to consumers in general.

Support your work with the course readings and at least four scholarly sources and 12 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, as well as the UMGC Library databases, such as Hoover's, Statista, and ABI/INFORM. 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,

Tarek

 

Follow the instructions in the final step of this project to submit your report to the Assignments folder. Then proceed to the next step, where you will create a value proposition.