Consumer Decision-Making Process
Your final project will entail an analysis of a consumer product of your choice, inclusive of marketing strategies and marketing communication content used, its target market, and the decision – making process used by consumers. Your final project should include the following parts: Part A. Introduction. Mission Statement/Identify Objectives of Campaign/Vision/who founded the company/very brief historical sketch of the company/description of the company’s current status. SWOT analysis. Describe the product/brand or service in terms of features, attributes, and benefits as well as anything else that is important to note (unique product design) Has the product gone through any improvements? Briefly include 2 notable happenings related to sales, profits, or annual revenue. Revenue model – how the company makes money. What is the company’s value proposition? Include a major competitor and a minor competitor. Part B. Identification of target markets and internal influences. Describe markets and primary target market in terms of demographics, psychographics, and or buyer behaviour. Are there any potential secondary target markets that you would recommend for this product? Describe these segments in terms of demographics and how they would be segmented. Does the product/brand/or service satisfy different needs or wants? Is the product suited for different or distinct personality types or lifestyles? Part C. Consumer Concepts/Consumer Decision-Making. What do consumers use this product, brand, or service for? How involved are they, in your opinion? (use research to support this question) Use, and choose concepts that were used throughout the semester such as motivation, perception, lifestyles, knowledge, cultural, attitudes, problem recognition (What problem does it solve?), information search, learning, conditioning, etc. Connect to at least 5 concepts. Incorporate them into your paper. Social media presence related to the company’s Twitter posts, consumer reviews, or other social media to support consumer concepts, themes, or processes. Part D. Marketing strategies and marketing communications analysis used by the company that sells the brand, product, or service/recommendations for company 1. Name at least two marketing strategies, or communications media strategies used that may have contributed towards helping a consumer decide to buy this product, brand, or service. Make recommendations that are the result of all the research above. State why you believe these recommendations will increase the number of consumers buying this product in the future. If the company already has a plan for increasing consumer usage, state the plan and why you think it will work, or not. If no changes are suggested on any of the information you found in your research, then explain why the company’s consumer strategies will be “spot on” in future growth. Part E. Conclusion. Your thoughts and final synopsis of what you researched. What concepts, models, theories, processes or themes from Consumer Behavior might be used to enhance, or change, this brand, product, or service? Choose, and name, at least one, and state how you feel it could change, or, enhance consumer buyer behaviour.