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Homework #3 – Due October 3rd

Learning your Prey

Goal:  The goal of this assignment is to better understand markets and consumer behavior.  This assignment has five (5) parts.  I advise that you complete the parts in order (i.e. part 1, then 2, etc…).  You must complete all five (5) parts to receive full credit.

Part I:

Customer Assignment HelpYour ability to find and collect relevant and accurate data is critical to successfully researching your market.  Therefore, the objective of part I is tofamiliarize yourself with a few secondary sources of information.  Please go to BB and open the file “Marketing Strategy Research Support”.  This document contains a list of secondary resources that may be beneficial to collecting market/consumer data.  Please read through this document and list at least three(3)resources that could help with collecting consumer data (B2C) ORthree (3) resources that could help with collecting business data (B2B).  Then, briefly describe what kind of data/information the sources provide (make a list of what’s available) and make a step-by-step description of how to access it.  This should be completed in a word file.

Helpful Hint:  You may try calling these resources.  Many have individuals that can tell you what kinds of data they have and how you can access it.

Part II:
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Now that you know where you can find data about your market, it’s time to better understand who your market entails.  Thus, the objective of part II is to “define” all five (5) levels of the market for your product.  If you need assistance with defining your market, both pg. 48 of your textbook and the Chap. 3 slides posted on BB provide examples.  It is also important to note that you may want to modify your definitions as you continue to learn more about your market/consumer – it’s normal.

Part III:            With clearly defined markets, you can now begin researching the consumers/buyers in your market.  Hence, the objective of part III is to conduct research on your newly defined markets.  Begin by analyzing your consumer as it relates to each individual stage of the Buying Process, as discussed in class.  In your word file, create a heading for each stage of the buying process and under each stage, provide at least three (3) things about your consumer related to that stage.  Don’t forget to cite your sources.

Part IV.

With a better understanding of your consumers buying process, you can now begin to analyze the multiple factors that influence this process.  The objective of part IV is to analyze some of these factors.  Please select at least five (5) factors (i.e. Maslow’s needs, involvement, demographics, family life-cycle, etc.)- these can be found throughout the Chap. 3 slides – and summarize what your research/data says about how these factors influence the buying process.  This summary should be based on research, not your own opinion.  So don’t forget to provide at least 1 cite for each factor.

Part V.

Now that you have a FANTASTIC start on your consumer analysis, it is time to think strategically about this data/research.  The objective of part IV is to highlight “strategic insights” about your buyer that you can use to your advantage.  So scan through your consumer research and bullet point at least five (5) “strategic insights” about your buyer and discuss how your M-Plan will use these insights to your advantage.

Part VI. Extra Credit (worth 5 points and will be added to a homework grade)

You have just finished a “boat load” of research about your buyer.  However, all of this research was from secondary sources.  Primary research is also important to developing a successful M-Plan.  As a result, the objective of part VI is to develop a “customer survey” designed to collect information about your consumers that is critical to developing your marketing mix (4 P’s).  In other words, develop a survey that is focused on collecting information about the 4 P’s.  This survey should include at minimum 15 questions (and at least 3 questions for each P).  Please indicate which question is for which P.

Submit: Parts I-V will be completed on a word document.  Please organize your work, proofread, and separate all parts by a page break.  Print this document.  If you elect to complete the extra credit (part VI), please print and attach to the assignment.  Bring the completed homework to class on Tuesday October 3rd. DO NOT EMAIL me this assignment.  Only hard copies will be accepted.

Any questions contact Dr. Hall immediately! Jhall26@ju.edu

Maddox Smith

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