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Consumer Behavior on Marketing Strategy Assignment | Top Universities

Learning Objectives Assessed: This assignment assesses Learning Objectives 1, 3, 4 and 6 Graduate Outcomes supported: Work-ready Global in outlook and competence Environmentally aware and responsible Culturally and socially aware Active and lifelong learners Innovative Details: This assignment is designed to encourage students to explore the impact of consumer behaviour on marketing strategy through the examination of an actual product/ service category.

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As a group, you are required to demonstrate the application of consumer behaviour concepts at various stages of an organisation’s marketing planning process. The discussion of concepts will help you to achieve a deeper level of learning. The application of the concepts will prepare you for discussion and use of these concepts in other marketing subjects and in the world of work. Suggested Format The assignment will be structured within a marketing mix framework, exploring internal-external and decision-making influences and involve a detailed and in-depth analysis of the primary target market. The report will culminate in an evaluation of the marketing strategies employed. Please note, this report will require you to conduct secondary research. Ensure that you draw on additional resources, such as industry reports from IBIS World, academic journals and marketing practitioner resources to supplement your analysis. Consult the Library staff if you require assistance for this. Students will be fully briefed in class and the written assignment will take the form of the following information: A detailed brief of the assignment This brief will be discussed in Session 5 of the semester. The Review Report will require your work presented in a report format (including the use of subheadings where appropriate) utilising Harvard Referencing as per the College of Business requirements. Points to consider You must also demonstrate an understanding of the consumption behaviour of your target market within a particular context. The focus is on understanding consumer behaviour. This is where academic references will allow you to understand what drives/ influences the consumption behaviour of a particular segment. For example, if chose Gen Y as a viable segment, you may not find specific information relating the context (ie Australian Tourism industry), however, it is the drivers influencing consumption behaviour (learning, motivation needs, goals. lifestyle) that is of relevance to you.

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Do not include slabs of theory per se. The theory should only be included to support your line of argument. Remember there is no right or wrong answer here. Your report is the outcome of secondary research that should be logically linked to all sections in the report and which shows evidence of external research (both industry-based reports, websites and academic references). Assessment Details Where do I start? NB. The following information is also summarised in the brief document above. Suggested Format Market: the size of the market, key trends and product life cycle Competitors: direct and indirect competitors, size of competitors, positioning of key competitors Product positioning: how is the product positioned in the marketplace to appeal to the target Target Market Segmentation and Persona Development Identify three segments. You may allocate identities/ names to each segment. You can segment the market by using bases such as geographic, demographic, psychographic, behavioural or benefits sought. These can be used individually or in combination. 4 a. Are there any potential market segments you would recommend for this service that are currently not being catered for? Describe these segments as above. Step 2: From your analysis select of ONE target segment and create an in-depth persona of the consumer that typifies this target market. Identify and justify the selection of the persona you have constructed and provided an in-depth profile of the consumer that typifies this target market. Based on the profiled consumer from the persona identified in question 4, you are to focus only on this segment to complete the following section of the report. 5. Decision making process; involvement and perceived risk 5.1 Need recognition: actual state and desired state 5.2 Information search: prepurchase search, internal search, consideration set and external search 5.3 Evaluation of alternatives: criteria for evaluation of alternatives, types of value, evaluation processes, product categorisation and criteria selection 5.4 Choice: decision rules and retail outlet selection 5.5 Post-purchase: How likely is post-purchase behaviour likely to occur? If so, how can it be reduced? 6. Internal Influences 6.1 Needs and Motives: How readily is the service positioned to satisfy different needs or motives? What needs are being met? (e.g Maslow’s Hierarchy of Needs) 6.2 Perception: What are the strategic implications of the process of perception for marketers? 6.3 Learning: Given the profile of your target segment, which application of learning theories would be most relevant to use in promotion? eg; reasoning versus operant conditioning 7. External Influences 7.1 Group and Interpersonal Influence: Who are the reference group(s) that may influence this segment? Identify the potential group influence(s) such groups may exert on this segment 7.2 Role of Situational Influences; how can marketers capture these contextual effects to influence consumption behaviour 7.3 Culture and Subculture: What core values does this target market uphold? (Refer to Schwartz 10 core values), Are the values upheld in the society consistent with the consumption of this service? Does the product appeal to a specific adopter category? 8. Marketing Strategy On the basis of your research provides four key recommendations to the marketer of your product on the basis of your analysis. The recommendations may be explored within a marketing mix framework (4P’s) and how the marketing efforts can uphold the positioning of this product in the mind of consumers within the identified segment. 9. Conclusion A succinct overview highlighting the main findings. Get Marketing homework help today

 

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