Reference no: EM134044826

MR3023

Assignment

Understanding consumer behavior is essential for all businesses regardless of their size or industry. In this course you learned how consumer behavior forms the foundation for a wide range of activities in business from product and service development, to marketing and sales, and customer service. Businesses need to understand how consumers make decisions, develop perceptions of companies, evaluate prices, and companies. You also learned how the study of consumer behavior integrates concepts from various disciplines including research, psychology, and economics. In this assignment you will apply what you have learned by analyzing a consumer product or service.

SCENARIO

In this analysis you should identify a consumer product or service that is commonly marketed to some segment of the general public. As the starting point in your analysis you should identify the primary target consumer for what you have selected. With that target in mind, research the product or service and analyze it from the perspective of consumer behavior. In your paper address all of the following:

1. Explain the most relevant primary decision-making forces that influence buyers  for the selected product or service
2. Analyze the decision-making and buying process for the specific product or service
3. Identify the relevant microeconomic factors affecting consumer behaviors for the product or service
4. Explain the influence of heuristics and experiential consumption on consumers of the product or service
5. Connect the key consumer behavior theories that marketers are leveraging to sell the product or service, and
6. Evaluate the most appropriate methods for developing consumer behavior information for the particular product or service.