MT 450 Marketing Management_ Unit 4 Assignment_

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Jan 9, 2024

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Purdue Global University MT450-01 Marketing Management Unit-3&4 Assignment 1/06/2024 Market Research to Identify Opportunities
2 Conducting market research is an essential process for finding potential business prospects and market opportunities. It entails analyzing the market dynamics and identifying places where there is a lack or unfulfilled demand. By thoroughly analyzing market data and conducting extensive research, product teams can identify possible opportunities that are in line with their fundamental product strategy. Investigate three consumer characteristics: cultural, social, and personal factors influencing consumer buying behavior for Lee's products. Three of the most important aspects influencing customer purchasing behavior are cultural, social, and personal factors. Businesses can better satisfy the demands of their target audience by customizing their marketing strategy based on their awareness of these aspects. In this instance, "cultural factors" refer to the shared norms, practices, and assumptions of a certain group of people. Culture, subculture, socioeconomic status, and gender are all examples of such influences. Lee's business aims to fulfill individuals' cultural needs. The corporation does not employ tactics aimed at attracting clients through offers and advertising initiatives. Instead, it upholds the principles and values of the customer. This incentivizes a customer to make frequent purchases from the brand. When other people's opinions matter to a consumer, we say that social factors are at play. Things like social roles, reference groups, and family and friends can play a role. Lee’s flowers have gained popularity by being covered media on tv, in magazines, blogs, and podcasts. It offers a stunning aesthetic to both present and potential customers. Customers love Lee's business since it meets all their requirements. These factors could influence consumer buying behavior for Lee’s products.
3 Individual traits are what we call "personal factors" when discussing what influences people to buy certain products. Some examples of such variables are one's age, level of education, money, profession, personality, and their way of life. Customers are more likely to be repeat customers because of these factors. The organization treats each client's objective, background, interests, and expectations with the highest level of respect. Investigate how the four consumer psychological factors: motivation, perception, emotions, and memory influence consumer buying behavior for Lee's Artificial Flowers. Individuals' motivation, personality, and emotion exert a substantial influence on marketing strategies and customers' decision-making process. To have a deeper understanding of customer purchase behaviors, it is essential to comprehend these three aspects. Motivation can be described as a stimulating force that brings significance and intention to specific actions. Put simply, it is regarded as the mechanisms that initiate specific behaviors. It can offer a rationale for the behavior of customers. One of the motivation factors for Lee’s Flowers customers would be that people purchase their products as gifts. Another would be that customers are using Lee’s products with their home furnishing décor. Perception has a significant influence on the processing of information and the decision- making process of customers. The initial stage involves the client's access to marketing stimuli, while the concluding stage pertains to interpretation. The perception factor for Lee’s Flowers is their offering of lifelike artificial flowers that possess both visual and smell resemblance to real flowers. Emotions refer to intense and involuntary sensations This is the result of satisfying one's needs. The company's products are distinguished by their exceptional quality and unique characteristics, eliciting a positive emotional reaction. Hence, eliciting a potent emotional
4 response in marketing can effectively influence consumers and simultaneously enhance brand loyalty. Memory also impacts consumer purchasing behavior. Consumers frequently depend on their prior encounters with a product or brand to inform their future buying choices. Lee’s Flowers can focus on making their products of good quality and memorable to make customers want to continue purchasing their products. They could make it easy for customers to review previous purchase history to be able to purchase products again and again that they love and adore. Illustrate the five-stage model of the consumer buying process as a diagram for Lee's Artificial Flowers. It is very important to understand the five-stage model of the consumer buying process The foundation lies in comprehending the complete client purchasing journey. It is crucial to understand the various phases that shoppers undergo during their retail trip and devise strategies to succeed as they progress from one stage to another. The diagram representing the consumer buying process for Lee's Artificial Flowers would consist of the five-stage model: Identify the problem : If you suffer from any health difficulties triggered by live plants or flowers, artificial flowers are a suitable solution for you. Your visitors can freely appreciate your flower arrangements or plants without any concerns of becoming ill because of allergy reactions. Information search : The consumer is looking for a business that sells artificial flowers that have a smell that lasts for an extended period. Evaluation of alternatives: The company offers buyers a one-of-a-kind product that guarantees customers get their money's worth.
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