BB Project Guidelines (Part One)
- 1. Buyer Behavior MKTG 1052 PROJECT GUIDELINES (Part One) 1 BB Guidelines (Part One) copyright of BBAdvisor
- 2. r The equirement: Instruction (as per Interpretation/ what needs to be guidelines) done: Overall: This assignment is designed to The key here is application encourage students to explore You should not turn your report into the following: the impact of buyer behaviour on marketing strategy through the long and unnecessary descriptions of marketing examination of an actual product strategies; you must maintain the balance between category. Working in groups, you BB and marketing should not write extensive are required to demonstrate the paragraphs describing a theory/theories in detail; application of buyer behaviour this is not an essay on BB concepts at various stages of an organisation’s marketing planning process. The discussion Read in particular those sections in the different of concepts will help you to chapters that touch on “implications for achieve a deeper level of marketing strategy” – this is one of the learning. The application of the outstanding features of the book selected by RMIT concepts will prepare you for for this course. The more you are able to apply discussion and use of these relevant BB concepts to marketing strategies, the concepts in other marketing better your grade. subjects and in the world of work. 2 BB Guidelines (Part One) copyright of BBAdvisor
- 3. Selection of the product: Instruction (as per Interpretation/ what needs to be guidelines) done: Select a specific product (good or service) that has Try not to choose a revolutionary new product that has been introduced to the market not yet caught on in adoption. Make sure you understand in the last two years; is of the difference between product and brand! interest to the group and the Current examples might be tablet PC, new versions of group considers successful. It soft drinks, new car categories such as ‘cross-over’ and is recommended you choose so many others. a specific product within a product category, i.e. Imported beers – eg. Heineken or Boutique beers – eg Mountain Goat beer. Ensure there is availability of secondary information before you start. You are not to access primary This ‘other’ brand that you select must be done carefully data. because the angle in this project is to demonstrate Select another brand which differences in marketing strategies. If you choose a is competing with your brand competitor brand that is perceived similarly, then you will which could serve as a not have much to write about in terms of contrasting their substitute in the same market. marketing strategies. 3 BB Guidelines (Part One) copyright of BBAdvisor
- 4. 1. Markets and 2.Competition: Instruction (as per Interpretation/ what needs to be guidelines) done: Market: For market data: Try to use library 1.1 Size of market, market databases like Factiva or GMID to get share, market position, secondary data about the brand. depth and breadth of product range, Where possible show tables and charts company’s principal (pie or trend charts) product (or products) in terms of features and benefits, positioning of the product, product life Competitors: Think through carefully who cycle stage, are the direct and indirect competitors. On 2. Competitors what basis do they compete- similar or Number of direct / different? Draw a positioning map to show indirect the different competitors; upon what bases competitors, size of competitors, are the competitors positioned differently? positioning as low cost, niche players 4 BB Guidelines (Part One) copyright of BBAdvisor
- 5. 3. Identification of Target Markets: Instruction (as per Interpretation/ what needs to be guidelines) done: For each of the two products Straightforward listing of segmentation (chosen and competitor) variables- BUT make sure your description identify- of each of the three areas FIT specifically to 3.1 Who is (are) the primary the product category you have selected. Do target market(s) for this NOT copy long lists of segmentation product? Describe these segments in terms of: variables that have no bearing or -demographics: e.g., connection to the product or brand! subculture, social class, family life cycle stage, -psychographic: Segmentation bases such as personality, AIOs, and/or demographics, psychographic and lifestyle such as VALS2 behavioral variables are possible or geodemographics, ‘predictive’ variables that determine who are etc, -behavioural: benefits the likely target markets sought, deal proneness, heavy usage, etc. 5 BB Guidelines (Part One) copyright of BBAdvisor
- 6. 3. Identification of Target Markets: Instruction (as per Interpretation/ what needs to be guidelines) done: Potential market segments means segments 3.2 Are there any that are not currently using your product but potential market can be considered for the near future. segments you would recommend for this Examples: product? Describe these segments as -iPad tablet currently used by managers or above. adult segment but may penetrate the student market -The Nintendo Wi was intended for the gaming market but is also considered by senior citizens as a means of exercise and body coordination! 6 BB Guidelines (Part One) copyright of BBAdvisor
- 7. Section 3 may be presented in a table- how? Market Segment Product /Brand Demographics Psychographics Behavioral Current target Chosen brand segment Competitor brand Potential target Chosen brand segment Competitor brand For each cell, provide a brief description of the relevant segmentation variable/s and explain why these are relevant to the chosen brand and competitors brand. Do you see any similarities or differences in the way the competitors target their brand; do they focus on similar or different segments? Elaborate the differences if any. 7 BB Guidelines (Part One) copyright of BBAdvisor