Using Consumer Behavior Principles to Develop a Consumer Behavior Exploratory Research Survey (20 slides)

Background Consumer behavior research can be very expensive and time consuming. How do companies decide/justify spending money on research? Many large companies that regularly conduct research begin with a very small exploratory project that is often done with the expertise that is already staffed in the Marketing Department. Once this is done and if it’s found you need a national sample then, you can pitch the CFO for the money needed to go forward. You have been put in the position of conducting the exploratory research to find if you need to hire an expensive outside Consumer Behavior Research firm to take the research to the next level. You have been assigned a brand/product item for your first consumer behavior research project (brand assigned at random by Professor). Complete sections one and three based on secondary data collected through outside research. Cover Slide: Include name of student, Professor and the brand that is being covered. (Slide 1) Section 1: Background A) Give some introductory information about your product/brand. Include the current status of the four P’s. Not needed is historic information (company beginnings, etc.). Only current data is needed here. (This should be covered in slides 2-5, one slide for each area of the Market Mix) B) Research and discuss the brands target market: demographics (slide 6) also include the geographics, psychographics and any behavior-based segmenting variables (label them by base) (slide 7) typical decision-making aspects (How would the target go through the Consumer Decision Process? Where in the Consumer Decision Process does there seem to be issues?) (slide 8) identify one market segment that you will discuss as a target market using segmenting variables discussed above. (slide 9) Section 2: Consumer Influences Identify and analyze three of the most relevant aspects of consumer influences that are relevant when marketing this brand. Provide reasoning why you believe the influence is relevant. (Each Consumer Influence should be it's own slide 10-12) Examples of what might be included: Attitude Perception Learning/Memory/Consumer Information Processing Motivation Emotion Personality External Influences: family culture social class reference groups situation generation any other external influences. Section 3: Marketing Strategy (Identify current issues that may need consumer behavior research). Outline at least SIX questions for each of the three Consumer Influences (from SECTION 2) relating to the brand being explored (relating directly to Consumer Behavior internal and or external factors). Each group of questions must have at least 6 closed-ended questions which explore the dimension in detail. For each question, give an explanation as to why it needs to be asked. State the question and then give the reasoning. Be sure to organize by paragraph. DO NOT question using marketing terms or concepts (ex. What are your perceptions of the brand?). Qualifying questions (demographic or otherwise) are not included in the required number but you can ask these to get the correct sample for your survey. (Slides 13-18) Examples of areas that pair nicely with the Consumer Influences include: advertising consumer decision process (be specific which stage) public relations and publicity sponsorship cross promotion product distribution (specific retailer, shelving, etc.) product placement alternative media pricing sales activities customer service packaging brand name, brand images, brand personality figures or celebrity endorsers Section 4: Present and Survey Respondents A) Complete a Consumer Behavior Survey with at least 20 questions using the questions created in Section 3. The breakdown of the questions should be 18 closed-ended questions and 2 open-ended questions. Be sure that the closed-ended questions are numerically scaled questions (horizontal scales presented, adjectives are numerically represented and the presentation is horizontal for the scale offering the + choices from left to right. Here is an example: The taste of Coca-cola is important when choosing this brand to purchase: Very Likely +3 +2 +1 0 -1 -2 -3 Not Very Likely B) Collect survey results from at least 10 respondents that would be a part of the main target segment discussed in section 1. In this section, tell how you implemented the instrument (survey) whether is be in person (paper), internet or social media (which one). Also comment on how the subjects were recruited to take the survey. Did you offer any incentive? Were there difficulties in doing this? What was your response rate (number of surveys mailed/posted vs. what was turned in or taken, if applicable). (Slide 19 and 20 should represent a copy of the finished look of the survey, the one that was given to the respondents) Section 5: Analyze Finding/Conclusion Analyze your findings from the survey, including a minimum of one table. Discuss how your findings (even though they are from a very small sample) could be the basis for a larger research project to be conducted by the brand. A copy of the survey itself and your resulting data must be included in your presentation (results can be in table form). Last, make your recommendation if there needs to be a larger study conducted or not (and why). Identify and recommend which type of research approach should be done (Positivist or Interpretivist) and why. (Slides 21+) Submission Requirements Your final project must be submitted as follows: PowerPoint presentation format. No fewer than 20 slides organized by topic (do not use "notes" on the bottom of the slide) Typed, double-spaced, in 16-18-point Times New Roman Prepared using an acceptable college-level style guide such as APA, MLA, or UMUC's Guide to Writing and Research; all of these guides can be found in the virtual UMUC library Presented in such a way that the reader can clearly understand your logic and conclusions. Organize using the slide outline given in the assignment. Posted in your Assignments folder not later than midnight on the due date for this assignment, according to the syllabus Use required headings Citations (end/foot notes) within text is required as well as a references slide (Use APA) at the end of the paper Cover page and references slide are required and included in the slide number. Keep text analysis in the business tradition of a 3rd person voice (no I, me or my, we, or you, etc). DO NOT use portions of a another project (typically Principles of Marketing 350) to plug into any of the requirements for this project. The two projects are very different.