This assignment is designed to encourage students to explore the impact of buyer behaviour on marketing strategy through the examination of an actual product category. Working in groups, you are required to demonstrate the application of buyer 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. The final report is due in Week 12. What do we need to do? Select a specific product (good or service) that has been introduced to the market in the last two years; is of interest to the group and the group considers successful. It is recommended you choose a specific product within a product category, i.e. Imported beers – eg. Heineken or Boutique beers – eg Mountain Goat beer. Ensure there is availability of secondary information before you start. You are not to access primary data. Select another brand which is competing with your brand which could serve as a substitute in the same market. Suggested Format The assignment will be structured within a marketing mix framework, exploring internal, external and decision-making influences and involves a detailed and in depth analysis of the primary target market. Students will be given a detailed scoring sheet as a feedback mechanism. The report will culminate in an evaluation of the marketing strategies employed. Ac Acquire following background information in terms of:
1. Market 1.1 Size of market, market share, market position, depth and breadth of product range, company’s principal product (or products) in terms of features and benefits, positioning of the product, product life cycle stage.
2. Competitors 2.1 Number of direct / indirect competitors, size of competitors, positioning as low cost, niche players 3. Identification of Target Market(s): For each of the two products (chosen and competitor) identify- 3.1 Who is (are) the primary target market(s) for this product? Describe these segments in terms of: demographics: e.g., subculture, social class, family life cycle stage, psychographic: personality, AIOs, and/or lifestyle such as VALS2 or geodemographics, etc, behavioural: benefits sought, deal proneness, heavy usage, etc. 3.2 Are there any potential market segments you would recommend for this product? Describe these segments as above. This section may be depicted in a table