Project 1: Researching Consumer Buying Behavior Step 1: Complete Your Skills Gap Analysis
INBOX: 1 New Message
We are asking all MCS employees to complete a skills gap analysis.
Use this skills gap analysis instrument to self-evaluate your knowledge and skills before beginning your assignment. Select the Project 1 worksheet in the bottom left of the file to complete this step.
When you have completed your self-evaluation, use the text box at the bottom of the worksheet to write a reflection of 400–500 words describing two to three gaps you will work to reduce, why you selected them, and the activities you will pursue to develop your selected competencies.
Thank you for your attention to this request,
Submit your preliminary skills gap analysis to the submission dropbox located in the final step of this project. In the next step, you will start to review the basics of marketing and consumer buying behavior.
Project 1: Researching Consumer Buying Behavior Step 2: Attend Meeting with ACME
Monday morning, you meet with Jillian in her office. “We are so glad that you have come back to help us grow at Maryland Creative Solutions,” Jillian says. “As you know, with shifting markets, I have decided to reposition the company to focus more on clients with branding and digital strategy consulting needs. I feel that your long-term knowledge of our company and global mindset are perfect for leading the way on some of our new projects.
“To get you started, we have just signed on with ACME. I would like you to meet with their leadership: Tarek Fahmy, the company’s head of new-product innovation, and ACME’s CEO, Erik Knops, to finalize the details of their request. Again, it is a pleasure to be working with you. I am really looking forward to seeing your creative approaches in our partnerships.”
Calendar Invite: Startup Meeting with ACME
Meeting Organizer: Jillian Best
Attendees: You, Erik Knops, Tarek Fahmy
After the meeting, proceed to Step 3 to enhance your knowledge about concepts relevant to ACME’s request.
Project 1: Researching Consumer Buying Behavior Step 3: Review Marketing Information on Consumer Buying Behavior
As you read through the following materials, begin to think about how this information will apply to the report you will prepare for Erik and Tarek. To successfully complete the report, you’ll need an understanding of marketing. You’ll also benefit from a keen understanding of digital marketing, consumer buying behavior, and evaluating business attractiveness.
As you conduct your analysis of ACME’s consumer environment, remember that there are two types of market research: primary and secondary research. Both types of research are required in real-life, and each of them has its pros and cons. However, for this Project, only secondary research is required.
Finally, to fully understand ACME’s position, read about offerings—what a company provides its customers, be it a product, a service, or a mix of both. Also consider the differences between a product and a service. You know that a product can be more than just a physical good, it can be a service attached to a physical product, a “pure” service, an idea, a place, an organization, or even a person.
After you have read these materials, proceed to the next step, where you will begin your analysis of the specified consumer markets
Project 1: Researching Consumer Buying Behavior Step 4: Conduct a Consumer Buying Behavior Study
INBOX: 1 New Message
From: Tarek Fahmy, Head of New Product Innovation, ACME
How are things going?
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:
1. 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.
2. Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?
3. Where are the products sold, and what are the distribution channels?
4. How often are the products purchased? Is there seasonality to sales?
Deliverable: By the end of Week 1, I need you to produce a six-page 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. Make sure that your report is specific to consumers of ACME’s potential product and not to consumers in general.
Support your work with the course readings and at least two scholarly sources and eight 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 UMUC Library databases, such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list. The report should be organized using headings and subheadings to improve its readability.
Expecting your best efforts on this,
Submit your report to the dropbox located in the final step of this project. Then proceed to the next step, where you will create a value proposition.
Project 1: Researching Consumer Buying Behavior Step 5: Complete Your Value Proposition
Early in Week 2, submit a one-page value proposition to Erik.
INBOX: 1 New Message
From: Erik Knops, CEO, ACME
Just a quick note,
I wanted to clarify that a customer-focused value proposition explains the reason why a customer purchases a product or uses a service (i.e., the value that a company delivers to its customers).
Deliverable: Based on your research of consumer needs in our main markets, describe your value proposition, or the benefits that ACME and its potential new product would provide to customers. Remember, a value proposition is essentially the promise that is made to the customer. Also provide a half-page recommendation to ACME on whether or not to manufacture that product.
Support your work with the course readings, scholarly sources, and 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 UMUC Library databases, such as Hoover’s. All sources need to be cited using APA formatting, both within the text and in the reference list. The value proposition should be organized using headings and subheadings to improve its readability.
I know these are tight turnarounds, but I have no doubt you’ll knock this out,
Submit your report to the dropbox located in the final step of this project. In the next step you will finalize your consumer buying behavior report and write an executive summary.
Project 1: Researching Consumer Buying Behavior Step 6: Complete Your Final Consumer Buying Behavior Report
Deliverable: By the end of Week 2, combine the first two deliverables into a single report after making any necessary corrections and edit them to ensure that there is clear flow of ideas from one section to the other. In addition, prepare a one-page executive summary (following the cover page) that highlights the most important findings of the report. APA style should be applied to in-text citations and in the reference list.
Your final report to Erik should be eight to nine pages, excluding cover page, executive summary, the reference list, and appendices. Any graphs, tables, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.
Submit your report to the dropbox located in the final step of this project.
Project 1: Researching Consumer Buying Behavior Step 7: Submit Your Work
By the end of Week 2, submit your final consumer buying behavior report to the dropbox below. Take note of the recommended delivery dates and file-naming protocols in the table below:
|Recommended Project Delivery|
|Step||Submission Week||Deliverable||File-naming protocol/Submission instructions|
|Step 1||Week 1||Skills gap analysis||lastname_MBA640Week1SkillsGap_date.docx|
|Step 4||Week 1||Preliminary consumer buying behavior report||lastname_PrelimBuyingBehavior_date.docx|
|Step 5||Week 2||Value proposition and recommendation||lastname_ValueProposition _date.docx|
|Step 6||Week 2||Final consumer buying behavior report||lastname_FinalBuyingBehavior_date.docx|
Check Your Evaluation Criteria
Before you submit your assignment, review the competencies below, which your instructor will use to evaluate your work. A good practice would be to use each competency as a self-check to confirm you have incorporated all of them. To view the complete grading rubric, click My Tools, select Assignments from the drop-down menu, and then click the project title.
· 1.1: Organize document or presentation clearly in a manner that promotes understanding and meets the requirements of the assignment.
· 1.3: Provide sufficient, correctly cited support that substantiates the writer’s ideas.
· 1.6: Follow conventions of Standard Written English.
· 2.1: Identify and clearly explain the issue, question, or problem under critical consideration.
· 2.5: Develop well-reasoned ideas, conclusions or decisions, checking them against relevant criteria and benchmarks.
· 6.1: Identify the general (external) environment in which an organization operates and discuss the implications for enterprise success.
· 6.2: Evaluate strategic implications for domestic and international markets of an organization’s industry.
· 6.4: Develop and recommend strategies for an organization’s sustainable competitive advantage.
· 12.2: Analyze marketing information.