MT 450 Marketing Management_ Unit 4 Assignment_
.docx
keyboard_arrow_up
School
Purdue Global University *
*We aren’t endorsed by this school
Course
450
Subject
Marketing
Date
Jan 9, 2024
Type
docx
Pages
11
Uploaded by kmahler1980
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.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
Among the identified 7P’s of marketing, which do you think are the three most appropriate marketing mix in a sari-sari store business, and why? Justify your answer by citing examples.
arrow_forward
discuss potential target market of food panda and marketing mix of food panda? ( in brief )
arrow_forward
Complete the following for a marketing plan:
Summarize the marketing for the V Fusion + Energy product line.
• Propose the product, branding, and packaging strategy.
•Explained how you will differentiate against the competition, and explained how the firm may expand upon its product line in the future.
• Develop a distribution strategy for the product. What retail outlets will sell your new product? How will you manage the supply chain?
• Develop pricing and promotional strategy. How will it focus on the target market?
• Analyze Integrated Marketing Communications. How will it provide clarity and consistency across multiple mediums to maximize the communicative impact?
arrow_forward
Current Marketing Mix (4Ps) for WALMART
Product Strategy
Briefly describe your product or service. Consider:
· Where is it in the product life cycle
· What level of quality and consistency does the offering have?
· What features does it have?
arrow_forward
CLO #1 - Identify, define, and describe key marketing components, product life cycle, 3Cs and 4Ps and corresponding marketing strategies.
CLO #2 - Recommend solutions to marketing problems using appropriate concepts, principles, analytical techniques, and theories.
CLO #4 - Summarize the relevance and application of concepts, principles, and theories used in marketing to contemporary events and global markets and evaluate marketing decisions.
arrow_forward
This is the basic Marketing Plan in Business please relate to Tourism Destination.
• Define your target audience: Determine who your ideal customer is by analyzing demographic information such as
age, gender, income, and location.
• Conduct market research: Conduct research on your industry, competitors, and market trends. This will help you
identify opportunities and challenges and determine how to position your brand.
• Set goals and objectives: Determine what you want to achieve with your marketing plan, such as increasing sales or
building brand awareness.
• Develop a unique value proposition: Develop a clear and compelling message that differentiates your brand from
competitors and resonates with your target audience.
Determine your marketing mix: Decide which marketing channels and tactics will best reach your target audience,
such as social media, email marketing, or advertising.
• Create a budget: Determine how much you are willing to spend on marketing and allocate resources…
arrow_forward
Task 10The subject of MarketingMark the statement or statements below that are correct:
According to Baines et al __________
Select one or more options:
Is pricing of the organization's products primarily a task for other functions at the company than the one that works with marketing, such as. the company's finance function
Is marketing synonymous with sales
If the development of new products is something that marketers should not get involved in, it is a task that other functions at the company do better
Is communication and advertising marketers most important task
Marketing is about creating value for customers, society and stakeholders
Should one sometimes try to deceive the consumer
arrow_forward
Specify the dimensions and detail yourself as a
target market for a selected product. Use 4Ps
and SWOT analysis.
arrow_forward
1) In details explain who is dutch lady UHL full cream milk target market.
2) How does the price of the product compare to the prices of the similar products like nedo and Alasika milk in the category?
3) What consumer need dutch lady milk satisfy
arrow_forward
There are factors that determine which areas of market research should be prioritised in purchasing and supply. Explain any three factors and give relevant examples in relation to Tiger Brands.
arrow_forward
3. How are you going to use ESC grid to develop marketing strategies? Illustrate if needed. Explain
arrow_forward
Table: Factors causing the decline in sales
Factors
% Contribution
Delayed deliveries
15%
Lack of delivery personnel
8%
Inaccurate sales orders
25%
Wrong deliveries
32%
Delayed invoicing
6%
Pilferage
7%
Expired items
7%
a. Following the Pareto Principle, what are the vital factors or main contributors to the decline in sales? Show your Pareto Chart and indicate or label the vital factors or contributors to the problem.
Hint: know the vital few %
b. What are the vital factors or vital contributors to the problem?
c. If the sales and marketing manager wants to reduce the impact of vital factors or contributors by 70%, what will be a good GOAL Statement to improve his sales problem?
Hint: Use SMART GOAL
arrow_forward
Describe the kind market segment in this example. Explain.
arrow_forward
Identify the 4Ps(Place, promotion, product, price) marketing mix of company Dairy Queen. Don't just give me the definitions, list and describe them for the company Dairy Queen. All content must be paraphrased. Use references from 2018-2021 and cite them. I included an example for the company Kobo.( I need it for Dairy Queen all 4ps). THIS IS NOT AN ESSAY ugh. I really need help with this. Plz help me.
arrow_forward
Q 1. How do marketers classify products? Q 2. How can companies combine products to create strong co-brands or ingredient brands? Q 3. How can companies use packaging, labelling, warranties, and guarantees as marketing tools?
arrow_forward
Among the identified 7P's of marketing, which are the most appropriate marketing mix in a sari sari store business and why. Justify your answer by citing examples
arrow_forward
1.Grocery chains such as Abdullah Al-Othaim Markets track consumers’ purchasing habits through store loyalty cards like Iktisab. These cards collect purchasing data and build consumer profiles. How can grocers like Abdullah Al-Othaim Markets use these data to create value for the firm and consumers? (Minimum 150 words)
2.Identify a specific brand of your choice from the local market that has developed a high level of brand equity. What specific aspects of that brand establish its brand equity? Critically examine based on the concepts discussed in Chapter-11. (Minimum 150 words)
3.Coupons and rebates benefit different distribution channel members. Which would you prefer if you were a manufacturer, a retailer, and a consumer and why? Explain based on the concepts discussed in Chapter-15. ) (Minimum 150 words)
4.Some argue that retailers can be eliminated from the distribution channel because they only add costs to the final product without creating any…
arrow_forward
Please answer this Simple question
arrow_forward
finalize your marketing plan for the V Fusion + Energy product line.
Develop your distribution strategy for the product. What retail outlets will sell your new product? How will you manage your supply chain?
arrow_forward
3. Describe marketing mix decisions (product, distribution, promotional, pricing) faced bythe marketer and apply the marketing mix decisions to a real-world product or service.
arrow_forward
Critically analyse single sourcing and multiple sourcing.Analyse and explain the reason to use single sourcing and use multiple sourcing. Recommend delegated sourcing. Support your answer with examples.
arrow_forward
How does CRM software facilitate the management of customer relationships, and what are some popular CRM software solutions in the market?
arrow_forward
Discuss the purpose of STP and use an example of discuss this using a product of service of your choice
Product:
Segmentation:
Targeting:
Positioning:
arrow_forward
Please do not give solution in image formate thanku
choosen product acer laptop:
Propose three strategic recommendations to address previously identified weak alignment OR ways to strengthen the strong alignment. You must incorporate recent scholarly literature to justify your proposed recommendations. These recommendations should not include pricing, quality, manufacturing, or operational improvements
arrow_forward
Explain formulating a profit driven strategy as on the image below.
arrow_forward
M12
arrow_forward
1 Explain the concept of brand loyalty and Woolworths approach to increasing
brand loyalty.
2 Explain Woolworths leadership role in the distribution channel. (4)
3 Identify three criteria Woolworths could use for market segmentation. Justify
your choices.
arrow_forward
Explain the Objectives of Tactical marketing plan (TMP)
arrow_forward
What can be the segmentation strategy of a stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking?
How can a geographic segmentation method and a benefit segmentation method benefit a stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking?
What external data can I use to support the claim that the consumers living within regions with hot climate will buy the stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking and that sales will be higher in summer?
Using the differentiated targeting strategy, how can we target the home cooks and professional chef segments to buy the stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking?
Using the PESTEL analysis, identify and explain the environmental factors that could affect the launch and commercialization of the stainless steel pan with digital…
arrow_forward
A company will apply STP (Segmentation, Targeting, and Positioning) model in order to serve the target consumers and to fulfil customers’ needs and requirements. Assume that you are the marketing manager of Air Asia, EXPLAIN how Air Asia use the STP model to meet customers’ needs. Give examples to support your answer.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning
Related Questions
- Among the identified 7P’s of marketing, which do you think are the three most appropriate marketing mix in a sari-sari store business, and why? Justify your answer by citing examples.arrow_forwarddiscuss potential target market of food panda and marketing mix of food panda? ( in brief )arrow_forwardComplete the following for a marketing plan: Summarize the marketing for the V Fusion + Energy product line. • Propose the product, branding, and packaging strategy. •Explained how you will differentiate against the competition, and explained how the firm may expand upon its product line in the future. • Develop a distribution strategy for the product. What retail outlets will sell your new product? How will you manage the supply chain? • Develop pricing and promotional strategy. How will it focus on the target market? • Analyze Integrated Marketing Communications. How will it provide clarity and consistency across multiple mediums to maximize the communicative impact?arrow_forward
- Current Marketing Mix (4Ps) for WALMART Product Strategy Briefly describe your product or service. Consider: · Where is it in the product life cycle · What level of quality and consistency does the offering have? · What features does it have?arrow_forwardCLO #1 - Identify, define, and describe key marketing components, product life cycle, 3Cs and 4Ps and corresponding marketing strategies. CLO #2 - Recommend solutions to marketing problems using appropriate concepts, principles, analytical techniques, and theories. CLO #4 - Summarize the relevance and application of concepts, principles, and theories used in marketing to contemporary events and global markets and evaluate marketing decisions.arrow_forwardThis is the basic Marketing Plan in Business please relate to Tourism Destination. • Define your target audience: Determine who your ideal customer is by analyzing demographic information such as age, gender, income, and location. • Conduct market research: Conduct research on your industry, competitors, and market trends. This will help you identify opportunities and challenges and determine how to position your brand. • Set goals and objectives: Determine what you want to achieve with your marketing plan, such as increasing sales or building brand awareness. • Develop a unique value proposition: Develop a clear and compelling message that differentiates your brand from competitors and resonates with your target audience. Determine your marketing mix: Decide which marketing channels and tactics will best reach your target audience, such as social media, email marketing, or advertising. • Create a budget: Determine how much you are willing to spend on marketing and allocate resources…arrow_forward
- Task 10The subject of MarketingMark the statement or statements below that are correct: According to Baines et al __________ Select one or more options: Is pricing of the organization's products primarily a task for other functions at the company than the one that works with marketing, such as. the company's finance function Is marketing synonymous with sales If the development of new products is something that marketers should not get involved in, it is a task that other functions at the company do better Is communication and advertising marketers most important task Marketing is about creating value for customers, society and stakeholders Should one sometimes try to deceive the consumerarrow_forwardSpecify the dimensions and detail yourself as a target market for a selected product. Use 4Ps and SWOT analysis.arrow_forward1) In details explain who is dutch lady UHL full cream milk target market. 2) How does the price of the product compare to the prices of the similar products like nedo and Alasika milk in the category? 3) What consumer need dutch lady milk satisfyarrow_forward
- There are factors that determine which areas of market research should be prioritised in purchasing and supply. Explain any three factors and give relevant examples in relation to Tiger Brands.arrow_forward3. How are you going to use ESC grid to develop marketing strategies? Illustrate if needed. Explainarrow_forwardTable: Factors causing the decline in sales Factors % Contribution Delayed deliveries 15% Lack of delivery personnel 8% Inaccurate sales orders 25% Wrong deliveries 32% Delayed invoicing 6% Pilferage 7% Expired items 7% a. Following the Pareto Principle, what are the vital factors or main contributors to the decline in sales? Show your Pareto Chart and indicate or label the vital factors or contributors to the problem. Hint: know the vital few % b. What are the vital factors or vital contributors to the problem? c. If the sales and marketing manager wants to reduce the impact of vital factors or contributors by 70%, what will be a good GOAL Statement to improve his sales problem? Hint: Use SMART GOALarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning