PART I
- The four primary factors that affect consumer buying decisions are cultural, social, individual and psychological. Search online for four separate advertisements. For each ad, decide which factor(s) the company is marketing to and try to determine their target market for that advertisement. As part of your assignment, you must provide the link to the advertisement. Clearly support your answer with data from the textbook and other resources. You may also use articles found in the LIRN library. Please visit the Academic Resource Center for instructions on how to use LIRN. Your response to each advertisement should be at least one to two paragraphs in length.
PART II: Marketing Plan Development (Continued)
Directions: For this course, you will be developing a marketing plan for a new product (or service). Each week, you will develop a different part of the marketing plan. The marketing plan will become your final project.
You will need to access the Module 5 Homework Assignment Template in order to complete this assignment. The Module 5 Homework Assignment Template appears on the Homework Assignment Introduction page in iBoard.
Continue analyzing and developing a marketing plan for the same product that you selected in Module 1. For this week’s assignment, you will be discussing the potential customers for your product.
You will first write an essay that is at least two pages in length and describes the decision-making process and consumer behavior of your potential customers. Please discuss whether your product would be suitable for a business market. Please ensure that you include at least two references to the textbook. You may also use other reference materials from the LIRN library. Please visit the Academic Resource Center for instructions on how to use LIRN.
Please be sure that you address the following topics:
- Describe the five components of the consumer decision making process of your potential customers and explain how they would decide to buy your product.
- Describe the consumer’s level of involvement in purchasing your product.
- Assess the four primary factors that affect your potential consumer’s decision to buy your product. Try to put yourself in the position of your customer and explain how your customer will decide to buy your product.
- Analyze whether your product would be suitable for a business market. Explain why or why not. If so, describe which category of customer you consider as a potential purchaser of your product (producers, resellers, governments, or institutions).
- If you decide that the product might be suitable for a business market, describe the buying behavior of that market. If the product is not suitable, discuss the reasons that a business would not want to purchase your product.
- If your product is suitable for a business market, would you use relationship marketing or form a strategic alliance?
