Assignment 2: Business Environment And Marketing Rese 057645

Assignment 2 Business Environment And Marketing Researchusing Thewate

Assignment 2: Business Environment and Marketing Research Using the Waters Bottling Company in Module 1 , continue to build the Marketing Plan Sections for the product you have selected/ invented/ created. Complete the following in MS Word: Be concise but complete in your analysis of each plan element. Your employer wants to know you have left nothing out in your analysis. This assignment represents Section 2 of the Marketing Plan. Use the Marketing Plan guide to identify the sections of the Marketing Plan and the marketing elements contained therein.

This assignment will focus on Section 2 – Marketing Research & Target marketing ( Module 2 ). Section 2 – Market Research & Targeting (Module 2) Market Research Research Methods & Data Mining Market Research Process Consumer Behavior B2C vs. B2B Consumer Decision Making Process Factors Affecting B2C and B2B consumer behavior Market Segmentation Market Segmentation Concepts Segmentation Process Segmentation Strategies Target Marketing Relate all responses using the WBC scenario and the product you have selected to market in Module 1 . Create a 4- to 6-page Word document for your Marketing Plan sections. Apply a standard business writing style using the Market Planning Guide sections as your (headers/ sub heads/ bullets) to your work. Be sure to cite your work in the APA format. Use the following file-naming convention: LastnameFirstInitial_M2_A2.doc . For example, if your name is John Smith, your document will be named SmithJ_M2_A2.doc. Submit your Word Document to the M2: Assignment 2 Dropbox by , June 21, 2015 .

Assignment 2 Grading Criteria

  • Determine the type of research method you will employ.
  • Discuss the relevance of Data Mining in this research.
  • Identify the steps in the Marketing Research Process you will execute.
  • Discuss the Buyer Behaviors driving the B2C and B2B markets.
  • Outline the Consumer Decision Making Process for the WBC product you have identified in Module 1.
  • Discuss the factors that are affecting the B2C and B2B consumer behaviors.
  • Compare the various Market Segmentation Concepts, which could be used to identify a potential market niche.
  • Explain the Segmentation process and potential Segmentation Strategies for the WBC product.
  • Make a logical selection of the best target segment after careful consideration.
  • Writing components: Demonstrated understanding of readings, interpreting concepts, making connections, and distinguishing between fact and opinion. Presented a structured report free of spelling and grammatical errors, and applied current writing standards for editorial style, expression of ideas, and format of text, citations, and references.

Total: 100

Paper For Above instruction

In this paper, I will develop the second section of a comprehensive marketing plan for Waters Bottling Company (WBC), focusing on market research and target marketing strategies. Building upon the previous module’s product selection, this section will detail the research methods, consumer behaviors, market segmentation approaches, and target niche identification relevant to the WBC scenario. This research-based approach ensures a thorough understanding of the market environment, consumer decision dynamics, and appropriate segmentation strategies that inform effective targeting.

Research Method and Data Mining Relevance

The research method selected for analyzing WBC’s market is primarily qualitative through secondary data analysis supplemented by quantitative surveys. This mixed-method approach allows comprehensive insights into consumer preferences, market trends, and industry benchmarks. Data mining is particularly relevant in this context as it facilitates the extraction of useful patterns from large datasets, such as consumer purchase histories and demographic information. By applying data mining techniques, WBC can identify emerging trends, segment customers more accurately, and personalize marketing efforts to enhance customer engagement and retention (Jarke et al., 2019).

Marketing Research Process Steps

The process involves several strategic steps: defining the research problem, developing the research plan, collecting relevant data, analyzing data, and presenting findings. For WBC, initial steps include confirming consumer preferences for bottled water types and identifying key purchasing drivers. Data collection involves customer surveys and industry reports. Data analysis employs statistical tools and data mining to uncover insights, followed by strategic recommendations aligned with market needs and opportunities (Malhotra & Birks, 2020).

Consumer Behavior in B2C and B2B Markets

Consumer behaviors in B2C markets are primarily driven by health consciousness, convenience, brand loyalty, and environmental concerns. In contrast, B2B purchasing decisions focus on product quality, cost efficiency, supplier reliability, and corporate sustainability policies. Understanding these distinct behaviors helps WBC craft targeted marketing messages and develop B2B relationships that emphasize product benefits aligned with business needs (Blackwell et al., 2021).

Consumer Decision-Making Process for WBC Product

The consumer decision process for bottled water involves recognizing a need for hydration or health benefits, researching options, evaluating brands based on taste, health claims, and pricing, and making the purchase decision. Post-purchase behaviors include brand satisfaction and loyalty development. For WBC, emphasizing purity certifications, eco-friendly packaging, and health benefits can strengthen consumer decision-making favorably (Kotler & Keller, 2016).

Factors Affecting Consumer Behaviors

Factors influencing B2C behaviors include demographic variables, lifestyle, and environmental awareness. For B2B customers, factors include procurement policies, supply chain stability, and corporate social responsibility. Competitive pricing, product differentiation, and effective communication of sustainability efforts significantly influence consumer preferences and buying patterns (Solomon et al., 2019).

Market Segmentation Concepts and Approaches

Market segmentation concepts involve dividing the broader market into identifiable groups based on demographics, psychographics, geographic location, and behavioral patterns. These methods help define niche markets with specific needs. For WBC, geographically targeted segments with health-conscious lifestyles or eco-friendly preferences are promising markets. Segmenting based on purchasing behavior and values enables tailored marketing strategies (Wedel & Kamakura, 2018).

Segmentation Process and Strategies

The segmentation process begins with market analysis, identifying variables for segmentation, developing profiles for each segment, and evaluating segment potential. Strategies may include differentiated marketing, targeting segments such as environmentally conscious consumers with sustainable packaging or health-focused consumers with fortified water products. Both mass marketing and niche marketing strategies can be employed depending on segment attractiveness (Lovelock & Wirtz, 2016).

Target Segment Selection

After considering segment size, growth potential, and alignment with WBC’s core strengths, the most suitable target segment is health-conscious, environmentally aware consumers aged 25-45. This demographic demonstrates increasing demand for sustainable bottled water with added health benefits, making it a profitable niche with significant growth prospects.

Conclusion

Developing an effective marketing research and targeting strategy requires integrating detailed data analysis, consumer insights, and segmentation approaches. For Waters Bottling Company, focusing on health-conscious and environmentally aware consumers enables tailored marketing efforts that resonate with current market trends and consumer values. Employing rigorous research methods, leveraging data mining, and selecting appropriate segments will position WBC effectively within competitive bottled water markets, fostering sustainable growth and customer loyalty.

References

  • Blackwell, R., Miniard, P., & Engel, J. (2021). Consumer Behavior. Cengage Learning.
  • Jarke, M., Vassiliadis, P., & Zait, M. (2019). Data Mining and Knowledge Discovery: Practical Machine Learning Tools and Techniques. Springer.
  • Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
  • Lovelock, C., & Wirtz, J. (2016). Services Marketing: People, Technology, Strategy. Pearson.
  • Malhotra, N. K., & Birks, D. F. (2020). Marketing Research: An Applied Approach. Pearson.
  • Solomon, M. R., Bamossy, G. J., Askegaard, S., & Hogg, M. K. (2019). Consumer Behavior: A European Perspective. Pearson.
  • Wedel, M., & Kamakura, W. A. (2018). Market Segmentation: Conceptual and Methodological Foundations. Springer.

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