Consumer Buying Behavior and Value Proposition

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.

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.

Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?

Where are the products sold, and what are the distribution channels?

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.

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.