1. Introduce the company & its background (preferably Singapore-based, real company)
2. Perform a brief SWOT/Environmental analysis (PEST/Porter’s 5 forces)
3. Describe the marketed Products/Services provided: Its ‘Benefits’, Competitive Position in the market etc
1. Identify a current/potential market segment (group of customers) targeted by the company, its products and/or services
2. List out their characteristics in terms of Demographic (personal), Psychographic (personality) & Behavioral (benefits sought) variables
Hint: Profile of target market could include: buying power and willingness to purchase product.
Decision Making Process 5 Stages includes:
0. Situational Influences: Out-of-stock, New Stage in life, Interest in new products/complimentary products, social, Marketer & Market Initiated
1. Problem/Need Recognition
2. Information Search
3. Evaluation of Alternatives
4. Store selection & Purchase Decision
5. Post-purchase behavior: Cognitive dissonance
so outline how long you would expect each stage to take and what specific criteria (e.g. Sufficiency in information, Budget, Brand recognition, Size etc) would need to be met in order for these buyers to move to the next stage.
ADDITIONAL TIPS: Consider the following in your discussion and other information relevant to the DMP:
0. Situational Influences: What triggers problem recognition to buy luxury goods?
1. Need Recognition: What needs are consumers seeking to satisfy?
2. Information Search: What types of information are they likely to search for and where, what form does this information need to take?
3. Evaluation of Alternatives: What evaluative criteria are likely to be used to make the decision? (e.g. Price, Product Features, Brand Name)
4. Purchase Decision: How is the product purchased and would this impact on the final choice (credit, cash etc…)?
Is store choice or service delivery likely to effect the decision in any way?
5. Post-Purchase Evaluation: Are there positive or negative post-purchase issues that consumers will experience? (If yes, what are the causes?)
Based on stage 3, where the consumer decision process of the target market segment was explained and justified, you are now required to examine the impact of a few important influencing factors on the process.
Identify Personal (2), Social (2) & Psychological (2-3) influences on the buying decision
Discuss in detail how and where these factors impact on the decision process for your selected product and the target market segment. What implications arise from your analysis?
(Examples: cultural influence, learning, social class-status, reference groups; friends & family, motivation; opinion leadership; tri-component attitude model, etc)
FOUR Marketing Recommendations
Finally, you are required to provide recommendations for the marketers of this product in terms of how they might utilise this information in developing or modifying FOUR current marketing strategies/tactics (4Ps or STDP)
Promotional Recommendations: Using a complimentary session at the an upmarket Gym to accelerate purchase decision, Using well-trained sales staff to provide information professionally to facilitate positive experiential memory retention…