Reference no: EM131888809

Assignment 1: Analysis and Research

In this module, you have been introduced to the field of consumer behaviour and the impact of the digital revolution on consumer behaviour. You have also explored the basic research tools used for studying consumer behaviour and discussed the basic elements of marketing strategy. You will now apply your knowledge to practical marketing situations.

Instructions: Section 1: Choosing a Product or Product Category.

Pick a product to research throughout the course. You should look ahead through all the modules to see whether your choice is suitable to complete later assignments. You will need to check with your Open Learning Faculty Member to determine if the product is suitable. You should select an existing product that is widely available and well-known consumer good.

Create a 1-page summary (approximately 250 words) about your proposed product. Include in the summary the product name, product category, sources for finding relevant information, and why you want to study this particular product or brand. Provide brief background information about your chosen product.

Note: Stuck for ideas? One suggestion is to scan the popular business press. One excellent article that you may find helpful is "Luxury for the Masses," appearing in Harvard Business Review, 81(4) (April 2003) (accessible through the article databases at TRU library).

Section 2: Consumer Research and Trends

Segmentation and targeting is an important aspect of consumer behaviour. In this section, you will analyze the trends in demand for your product and define market segments, targeting, and positioning, which will provide some insights into what would motivate potential customers to choose your product offering).

• Conduct a secondary research by summarizingtwo or three relevant articles discussing trends in demand for your product. You may research TRU electronic library resources, consumer reports, trade journals, and/or demographic information about your chosen product. You may also refer to Figures 2-2 and Figure 2-3 of your textbook. Remember to provide the references for the articles/resources to which you refer.

• Perform a small focus group, or a few in-depth interviews, of potential users of your product. You may consider using two different ethnic groups.

• Using your own experiences, secondary researches, and exploratory research methods (interviews or direct observations), profile the primary market segment(s) for your product. Referring to the segmentation bases on page 55 of the textbook, develop a segmentation approach for the market of your product and provide rationale for why this approach is a good one. You may refer to the Rich Market Profile

Questions. Concentrate on the first 2 questions: (a) What do they want to buy, and (b) Who are they?

• Provide insights into targeting and positioning of the product.

• Make an estimate of the size of the target market for your product. Identify the market size, growth, and trends within the given market.

Use business data published by Statistics Canada (www.statcan.gc.ca), Chamber of Commerce, and other relevant statistical data. Explain how you arrived at your answer and state any assumptions you have made and why.

Section 3: Use of Internet

• The Internet can "inform" a consumer when making purchase decisions. What might a typical consumer do online when considering making a purchase of your chosen product?

• Identify the marketing opportunities that the digital revolution offers marketers of your product.

Section 4: Comparative Analysis

In this section, you will carry out a comparative analysis. Choose a competitive brand of your chosen product. For example, if your chosen product is a digital camera made by Sony you may choose one competitor such as Kodak, Canon, or Nikon.

Assess the two companies' marketing approaches by comparing and contrasting the two brands' target markets and corresponding strategies (not the products).

Completion Guidelines: Submit your assignment by uploading it in the Assignments area in Blackboard. Be sure to save your assignment as a Word document and name it: MKTG3471_Lastname_Assign1.

Reminders before submitting assignment:

• Did you put your name and student number on the front page of the document?

• Did you complete all of the required elements?

• Did you use information and terminology learned in this course?

• Did you support your statements with specific examples?

• Did you cite references, using correct APA referencing format?

• Did you ensure that there are no spelling mistakes?

• Is your report grammatically correct, clear, and well organized?