Marketing Project
Client Name:Â ACME
Industry: Apparel
Product Line: Designer jeans
Customers: North American (US and Canada) and European (Germany and UK) jeans buyers
Competitors:Â Â Â Â 1. Polo Ralph Lauren
                           2. Tommy Hilfiger
                          3. Nautica
“Thank you for meeting with us today,” Tarek says. “Market intelligence has shown that our major competitors—Polo Ralph Lauren, Tommy Hilfiger, and Nautica—are all developing new designer jeans. These new designer jeans have attractive designs and elastic fabric, and withstand wear and tear. These jeans are priced well above commonly known brands such as Levi’s and Wrangler, but also well below top designer jeans such as Hugo Boss.”
Tarek looks to you: “As ACME is debating whether to enter this market, we need you to participate in a new cross-functional product development team that will research the customer jeans buying habits in our three main markets: North America, Germany, and the UK. We also need to know if there’s an unmet demand for such jeans in those markets,” he says. Erik Knops, ACME’s CEO, nods his head in agreement.
Tarek continues, “We need to take into consideration the different needs and preferences of jeans buyers in those markets; as well as the demographics of those jeans buyers, such as age and gender. The customer requirements for each of those markets are quite different.”
Finally, Tarek remarks, “In addition, we need to know how these customers wash their jeans and whether they dry clean them in order to decide on the type of fabric to use.”
Erik nods his head again, smiles, and adds, “Tarek and I want you to research the jeans buyers’ needs and preferences for those three markets and provide us with a customer buying behavior report in two weeks. Remember, the report should focus in the customers, and not the companies!”
You know that to give Erik and Tarek the most in-depth report, you will need to conduct an analysis of the jeans buyers in those markets. Each market has to be discussed and analyzed separately under its own headings and subheadings (three different discussions and analyses). In addition, you have to create a value proposition for ACME’s proposed product. The value proposition should be specific to ACME’s proposed new product. What value do customers see in the proposed product and what would compel them to buy it?
Project 1: Researching Consumer Buying Behavior
Step 3: Review Marketing Information on Consumer Buying Behavior
As you read through the following materials, begin to think about how this information will apply to the report you will prepare for Erik and Tarek. To successfully complete the report, you’ll need an understanding of marketing. You’ll also benefit from a keen understanding of digital marketing, consumer buying behavior, and evaluating business attractiveness.
As you conduct your analysis of ACME’s consumer environment, remember that there are two types of market research: primary and secondary research. Both types of research are required in real-life, and each of them has its pros and cons. However, for this Project, only secondary research is required.
Finally, to fully understand ACME’s position, read about offerings—what a company provides its customers, be it a product, a service, or a mix of both. Also consider the differences between a product and a service. You know that a product can be more than just a physical good, it can be a service attached to a physical product, a “pure” service, an idea, a place, an organization, or even a person.
After you have read these materials, proceed to the next step, where you will begin your analysis of the specified consumer markets.
How are things going?
As previously mentioned, I would like you to conduct an analysis of the consumers in our main markets. Your analysis should consider both current and potential product users and should address the following questions:
1.What needs are being met by the product purchase? What are the benefits to the consumers? Make sure that you differentiate between features and benefits; go beyond manifest motives and consider latent motives.
2.Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?
3.Where are the products sold, and what are the distribution channels?
4.How often are the products purchased? Is there seasonality to sales?
Deliverable: By the end of Week 1, I need you to produce a six-page preliminary consumer buying behavior report (excluding cover page, reference list, tables, graphs, and exhibits) explaining your findings on consumer needs, wants, and preferences in these markets. Make sure that your report is specific to consumers of ACME’s potential product and not to consumers in general.
Support your work with the course readings and at least two scholarly sources and eight reliable nonscholarly sources, such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, the Financial Times, the Wall Street Journal, and the Harvard Business Review, as well as the UMUC Library databases, such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list. The report should be organized using headings and subheadings to improve its readability.
Deliverable: Based on your research of consumer needs in our main markets, describe your value proposition, or the benefits that ACME and its potential new product would provide to customers. Remember, a value proposition is essentially the promise that is made to the customer. Also provide a half-page recommendation to ACME on whether or not to manufacture that product.
Support your work with the course readings, scholarly sources, and reliable nonscholarly sources, such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, the Financial Times, the Wall Street Journal, and the Harvard Business Review, as well as the UMUC Library databases, such as Hoover’s. All sources need to be cited using APA formatting, both within the text and in the reference list. The value proposition should be organized using headings and subheadings to improve its readability.
Deliverable: By the end of Week 2, combine the first two deliverables into a single report after making any necessary corrections and edit them to ensure that there is clear flow of ideas from one section to the other. In addition, prepare a one-page executive summary (following the cover page) that highlights the most important findings of the report. APA style should be applied to in-text citations and in the reference list.
Your final report to Erik should be eight to nine pages, excluding cover page, executive summary, the reference list, and appendices. Any graphs, tables, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.
Submit your report to the dropbox located in the final step of this project.
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