Project 1: Researching 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
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
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. Youll 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 offeringswhat 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
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:
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?
Deliverable: By the end of Week 1, 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 ACMEs 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, as well as the UMUC Library databases, such as Hoover’s 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,