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Posted: January 15th, 2023

CONSUMER BUYING BEHAVIOR REPORT

THE ASSIGNMENT MUST BE 2700 WORDS. APA.

ASSIGNMENT: CONSUMER BUYING BEHAVIOR REPORT: 2700 WORDS:

For this project, you will need to have a solid understanding of your client’s consumers as a consultant in order to develop, evaluate, and implement effective marketing strategies.

Client Name: ACME

Industry: Appliances

Product Line: Smart televisions

Consumers: United States, United Kingdom, and Germany smart TV buyers

Competitors: Samsung, LG, and Vizio

You will act as a CONSULTANT to help ACME COMPANY to conduct a consumer buying behavior analysis in its markets [THREE MARKET COUNTRIES ARE PROVIDED] in order to decide on whether or not to launch a new product.

ASSIGNMENT INSTRUCTIONS:

As the chosen consultant, you have met with the company’s leadership: Tarek Fahmy, the company’s head of new-product innovation, and ACME’s CEO, Erik Knops, and they have given you the following details of their request. THE DETAILS ARE WHAT THE REPORT WILL ENTAIL:

In Summary:

1. Market intelligence has shown that our major competitors—Samsung, LG, and Vizio—are all developing new smart televisions. These new televisions have attractive designs, are efficient, durable, and are available in different sizes. In addition, these televisions are competitively priced, and sell between $800-$1,400 dollars each.

2. As such, 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 smart TV customers buying habits in our three main markets: The United States, Germany, and the United Kingdom. We also need to know if there’s an unmet demand for these TVs in those markets.

3. We need to take into consideration the different needs and preferences of smart TV buyers in those markets; as well as the demographics of those buyers such age and gender. The customer requirements for each of those markets may be quite different.

4. We need to know where those customers buy their smart TVs from, and if there is any seasonal variation in sales.

5. We want you to research the smart TV buyers’ needs and preferences for those three markets, and provide us with a customer buying behavior report. Remember, the report should focus on the customers, and not on the competitors!

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 under the discussion of each country market:

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.

Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?

Where are the products sold, and what are the distribution channels?

How often are the products purchased? Is there seasonality to sales?

Deliverable: I need you to produce a 2700 words 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. Each country should be discussed in at least 900 words with its own headings and subheadings. Make sure that your report is specific to consumers of ACME’s potential product in the three countries, and not to consumers in general.

Support your work with the course readings and at least five (5) scholarly sources and twelve (12)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 UMGC Library databases, such as Hoover’s, Statista, and ABI/INFORM. The report should be organized using headings and subheadings to improve its readability.

REQUIRED TEXTBOOKS:

A. Lancaster, G., & Massingham, L. (2018). Essentials of marketing management (2nd ed.). Routledge

http://ezproxy.umgc.edu/login?url=https://search.ebscohost.com/login.aspx?
—direct=true&db=nlebk&AN=1581263&site=eds-live&scope=site&profile=edsebook

B. Ferrara, M. H. (2013). Handbook of global marketing. Gale.

Consumer Buying Behavior Report: ACME Smart Televisions

Introduction

ACME, a company in the appliances industry, is considering entering the smart television market. The company has gathered market intelligence showing that major competitors Samsung, LG, and Vizio are all developing new smart televisions with attractive designs, efficiency, durability, and competitive pricing. In order to make a decision on whether to enter the market, ACME has formed a cross-functional product development team to research the smart TV customers’ buying habits in the company’s three main markets: The United States, Germany, and the United Kingdom. The goal of this report is to analyze the consumer needs, wants, and preferences in these markets and provide a preliminary consumer buying behavior report.

United States Market Analysis

Needs and Benefits

Smart TVs in the United States are primarily purchased to meet the need for entertainment and convenience. The benefits of owning a smart TV include access to streaming services such as Netflix and Hulu, the ability to connect to the internet, and the convenience of controlling the TV with a remote or a voice assistant. In addition to the functional benefits, smart TVs also provide aesthetic benefits, such as a sleek design and a larger screen size.

Involvement in the Purchase Process

In the United States, the purchase process for a smart TV involves multiple individuals. The influencers in the process include family members and friends, as well as online reviews and advertisements. The buyers are typically the head of the household or the individual responsible for managing the household’s finances. The end users are typically all members of the household.

Distribution Channels and Seasonality

Smart TVs in the United States are sold primarily through big-box retailers such as Best Buy and Walmart, as well as through e-commerce sites such as Amazon. There is a noticeable increase in sales during the holiday season, specifically leading up to Black Friday and Christmas.

Germany Market Analysis

Needs and Benefits

In Germany, the primary need met by the purchase of a smart TV is the desire for a high-quality viewing experience. The benefits of owning a smart TV include access to a wide range of channels and streaming services, as well as the ability to connect to the internet and control the TV with a remote or a voice assistant. Smart TVs in Germany also offer energy efficiency as a benefit.

Involvement in the Purchase Process

In Germany, the purchase process for a smart TV is typically led by the head of the household, who conducts research and makes the final decision. Influencers in the process include friends and family, as well as online reviews. The end users are typically all members of the household.

Distribution Channels and Seasonality

Smart TVs in Germany are sold through a variety of channels, including electronics stores, department stores, and online retailers. There is a noticeable increase in sales during the holiday season, specifically leading up to Christmas.

United Kingdom Market Analysis

Needs and Benefits

In the United Kingdom, the primary need met by the purchase of a smart TV is the desire for a high-quality viewing experience. The benefits of owning a smart TV include access to a wide range of channels and streaming services, as well as the ability to connect to the internet and control the TV with a remote or a voice assistant. Smart TVs in the United Kingdom also offer energy efficiency as a benefit.

Involvement in the Purchase Process

In the United Kingdom, the purchase process for a smart TV is typically led by the head of the household, who conducts research and makes the final decision. Influencers in the process include friends and family, as well as online reviews. The end users are typically all members of the household.

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