Assessment 1: Consumer Behavior & Marketing Strategy:
Assignment: Students are required to develop a Consumer Behavior Report to be submitted to the Managing Director of a luxury Brand and Production line of your choice to outline the key issues facing the company in terms of consumer behavior issues in about 2500 words.
Requirement: The Report should cover the following areas:
1. Situation Analysis of the Company
2. Target Market Description
3. Target Market Decision Making Process
4. Two Social Influences on Buying Behavior
5. Two Psychobgical Influences on Buying Behavior
6. Two Personal Influences on Buying Behavior
7. Four Marketing Strategy Recommendations.
Report layout:
1. Introduce the company & its background (preferably Singapore-based, real company)
2. Perform a brief SWOT/Environmental analysis (PEST/Porter's 5 forces)
3. Describe the marketed Products/Services provided: Its ‘Benefits', Competitive Position in the market etc
1. Identify a current/potential market segment (group of customers) targeted by the company, its products and/or services
2. List out their characteristics in terms of Demographic (personal), Psychographic (personality) & Behavioral (benefits sought) variables
Hint: Profile of target market could include: buying power and willingness to purchase product.
Decision Making Process 5 Stages includes:
0. Situational Influences: Out-of-stock, New Stage in life, Interest in new products/complimentary products, social, Marketer & Market Initiated
1. Problem/Need Recognition
2. Information Search
3. Evaluation of Alternatives
4. Store selection & Purchase Decision
5. Post-purchase behavior: Cognitive dissonance
so outline how long you would expect each stage to take and what specific criteria (e.g. Sufficiency in information, Budget, Brand recognition, Size etc) would need to be met in order for these buyers to move to the next stage.