Gsas269 Consumer Psychology Final Group Project Assignment ✓ Solved

Gsas269 Consumer Psychologyfinal Group Projectassignment

All works must be original, and plagiarism is regarded as fail. Quote all sources of information. Assignments must fulfill the school’s requirements. Students should bear the responsibility if real company data are cited; otherwise, the company name can be disguised.

The school guarantees information of individual assignments will not be disclosed to the public.

Objectives: What you have learned in consumer psychology, your intellectual capability, creativity, ability to integrate, and skills in marketing management. A professional and comprehensive marketing plan which is ready to use.

Assignments that are handed in late will incur a penalty of 10% deduction of marks available for every day that it remains not submitted. Presentation minutes (maximum) including Q&A session, academic references, and business references are required. The report should follow APA format, double line spacing, font size 12, and include a cover page with your full name, student ID, date of submission, course code, and name.

Written Report: Assume you are the Head of Marketing Communication in the company. Form a team of 4 – 5 students. Select a company or a brand for a new marketing plan (which may last for about 1 year) and explain how you want to design your strategic marketing plan by understanding consumer behavior. The budget is CAD 60,000.

Report Content Examples (1): Situation Analysis, SWOT Analysis, Segmentation, Targeting and Positioning Analysis, Customer Analysis.

Report Content Examples (2): Marketing Objectives and Strategies, Communication Tactics, Action Plan/ Timetable/ Schedule, Budget Planning, Evaluation & Assessment.

Marking Criteria: Understanding of the issue 10%, Soundness of strategy 20%, Creativity & Strategic Relevance 20%, Competence in Q&A 20%, Team Cooperation 10%, Individual Performance 20%.

Total Assessment: Oral Presentation 100%.

Common Problems of the Plan: Unclear strategy, not result-oriented, need to have a good understanding of the consumer (e.g., value, relationship, marketplace, motivation, and culture’s influence), no estimation of competitors' possible actions, too aggressive topic selection, incomplete information search, not an integrated report, poor presentation and team spirit.

One of the goals of this final project is to understand the consumer decision process and see its utility to a marketing manager.

Questions to think about:

1. Decision Making Unit: What segment did he/she belong to? Who was the buyer and who were the users? What role did others play in the purchase decision process?
2. Information Search: What was the influence of mass media in the decision process? What was the role of the internet in information search?
3. Purchase Motivation: What problems did the product/service solve? What functions would it facilitate? What attributes seemed important?
4. Characterize the Decision: Was it a first-time decision or a repeat purchase? Was it a careful or a casual decision? Was the amount of deliberation appropriate to the decision? How many alternatives were evaluated? Why those? Why were other alternatives rejected?
5. Place of Purchase: Which came first – where to buy or what to buy? Where was the product bought? Main reason for choice of outlet. What was the role of packaging and product display in the decision process? What risks were seen to modify or postpone the purchase decision?
6. Post Purchase Dissonance: Was there any? What action did the consumer take?

Paper For Above Instructions

In today's highly competitive marketplace, understanding consumer psychology is essential for developing a successful marketing strategy. This report aims to present a comprehensive marketing plan for a selected company, examining consumer decision-making processes and how they influence marketing strategies.

Company Selection

For this marketing plan, we have selected XYZ Tech Inc., a hypothetical technology company that specializes in smart home devices. The company aims to introduce a new smart thermostat that utilizes advanced AI technology to optimize energy consumption and provide personalized user experiences. Our task as the marketing communication team will be to develop a marketing strategy that effectively understands and influences consumer behavior.

Situation Analysis

The first step in our marketing strategy is to conduct a thorough situation analysis. This includes understanding the current market landscape, identifying competitors, and examining market trends. The smart home market has seen significant growth in recent years, fueled by advancements in technology and increased consumer awareness of energy efficiency and eco-friendliness. Competitors such as Nest and Ecobee have established strong brand recognition and consumer loyalty, making it crucial for XYZ Tech Inc. to differentiate its smart thermostat through unique features and value propositions.

SWOT Analysis

Next, we will execute a SWOT analysis to understand the internal and external factors that could affect our marketing strategy:

• Strengths: Innovative technology, brand reputation for quality, and a robust distribution network.
• Weaknesses: Relatively unknown brand in the smart thermostat segment and limited marketing budget.
• Opportunities: Growing trend towards sustainable living and an increasing number of consumers seeking smart home solutions.
• Threats: Established competitors with strong market presence and rapid technological advancements in the smart home industry.

Segmentation, Targeting, and Positioning (STP)

Segmentation is crucial in identifying target audiences. We will use demographic and psychographic segmentation strategies. Our primary target market will include environmentally conscious consumers aged 25-45, typically homeowners interested in home automation and energy savings. Additionally, we will target tech-savvy individuals who prioritize convenience and efficiency in their daily lives.

Positioning our product will focus on the smart thermostat's AI capabilities, emphasizing how it can customize settings based on user habits and preferences, ultimately leading to lower energy costs.

Marketing Objectives and Strategies

Marketing objectives will include achieving a 15% market share within the first year of launch and increasing brand awareness among our target audience. To meet these objectives, we will implement a multi-channel marketing strategy that includes:

• Content Marketing: Creating informative blog posts and videos about energy efficiency and smart home technology.
• Social Media Campaigns: Utilizing platforms like Instagram and Facebook to showcase the smart thermostat's features and benefits.
• Email Marketing: Sending promotional offers to subscribers and existing customers.
• Partnerships: Collaborating with energy companies for co-promotion.

Communication Tactics

The communication tactics will focus on both online and offline channels to reach a wider audience. We will leverage influencer partnerships, educational webinars, and community events to engage consumers and build trust in our brand.

Action Plan and Timetable

Our action plan will outline specific tasks, responsible parties, and timelines to ensure the timely execution of our marketing initiatives. We will create a detailed schedule that spans the year, highlighting key events, campaigns, and milestones.

Budget Planning

Our overall budget for the marketing plan is CAD 60,000. A detailed budget allocation will ensure cost-effectiveness. Allocation areas will include marketing research, content production, social media advertising, and promotional events.

Evaluation and Assessment

Finally, we will implement a systematic evaluation strategy to assess the effectiveness of our marketing plan. Key performance indicators (KPIs) such as website traffic, lead generation, and sales will be tracked to measure our success against established marketing objectives.

Conclusion

This strategic marketing plan for XYZ Tech Inc. seeks to capitalize on the growing smart home market by understanding and addressing consumer needs and preferences. By employing comprehensive market research, effective communication strategies, and targeted marketing efforts, the plan aims to position the new smart thermostat as a leading choice among consumers, driving sales and fostering brand loyalty.

References

• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
• Schiffman, L. G., & Kanuk, L. L. (2014). Consumer Behavior. Pearson.
• Solomon, M. R. (2017). Consumer Behavior: Buying, Having, and Being. Pearson.
• Armstrong, G., & Kotler, P. (2020). Marketing: An Introduction. Pearson.
• McCarthy, E. J. (2019). Basic Marketing: A Managerial Approach. McGraw-Hill.
• Hoyer, W. D., & MacInnis, D. J. (2018). Consumer Behavior. Cengage Learning.
• Blackwell, R. D., Miniard, P. W., & Engel, J. F. (2018). Consumer Behavior. Cengage Learning.
• Grewal, D., & Levy, M. (2018). Marketing. McGraw-Hill.
• Peter, J. P., & Olson, J. C. (2010). Consumer Behavior and the Marketing Strategy. McGraw-Hill.
• Chisnall, P. M. (2015). Marketing Research. McGraw-Hill.