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MRKT 6140/WMBA 6663: Market Research and Consumer Insights
Order ID 6463784949 Type Essay Writer Level Masters Style APA/MLA/Harvard/Chicago Sources/References 6 Number of Pages 5-10 Pages Description/Paper Instructions MRKT 6140/WMBA 6663: Market Research and Consumer Insights
How Do Customers Decide?
The purchase decision and its related preceding processes by which a customer decides to buy a product or a service is explained by many variables, including consumer motivation and needs as well as influences from the external environment. Consumer decision-making is often similar and yet can be unique. For example, the same buyer can be an extensive problem solver (EPS) for a purchase, engaging in a comprehensive and often time-intensive process; while for a different purchase, the same buyer can be characterized as a limited problem solver (LPS), where the brand may not yet be selected. In the case of familiar and repeat purchases, the buyer may exhibit routine response behavior (RRB), where a customer is confident about the product and does not require any specific information on making a decision.
Understanding consumers’ decision-making structures can be challenging and with significant implications for marketing spending. The role of market research is to capture the process, quantify the market opportunity, and provide insights to other functional areas in marketing. This may include product availability recommendations (distribution), price/value judgments by consumers (with implications for pricing, discounting, messaging and so on), information search and acquisition processes (digital and traditional media decisions, messaging, to name a few marketing implications) and even product changes. Observation methods can assist the market analyst in exploring the different facets of consumer decisions. Participant observation is the process that enables marketing managers to learn about the activities of the people under study in the natural setting through observing and participating in those activities. Hence, as a market analyst you need to direct who is observed, when and where they are observed, what is observed, and how the observations are recorded.
This week, you will explore the different types of decision-making structures and discuss the dynamics of the shopping experience.
Learning Objectives
Students will:
- Apply observation research techniques to local businesses
- Develop Project Proposals on measuring consumer insights
- Develop Product or Service Overviews
- Evaluate elements of the Product or Service Overview component of a Market Research Proposal
Product (or Service) Overview Part 2
Hulu Streaming Service
Dear Writer,
I am doing a Market Research Proposal for Hulu Streaming Service. I have already submitted background information on Hulu, but this week I need to do some research more geared to be like a small SWOT analysis for my peers and teacher to review as I work on a full market research proposal at the end of the course. The following information is what I am “hired to do” in the scenario over the course of the term: I am positioned as a marketing research manager assigned to provide insights to senior management regarding new revenue opportunities for your company. In order for you to provide such insights, you and your team will need to undertake a market research project using existing data sources through “desk research” (i.e., secondary data) as well as obtaining new information specific to the product you are working on (i.e., primary data).
More Background
This week, you will continue the background work for your Market Research Proposal. The need to provide a more complete picture of the product’s competitive position and pulling together existing consumer insights is critical to the eventual creation of a primary research plan where the costs and the time to gain new insights is significant.
Actual Instructions Assignment for my company which is HULU streaming service:
Complete and post a draft of the Product (or Service) Overview Part 2 document that at a minimum includes the following:
- A description and analysis of current product (or service) uses. For example, what is its primary use? Can you identify other uses? (Hulu is big on consumer insights and focus groups) Therefore it is my angle that an additional use for Hulu streaming service is that it is an outlet for social engagements. Here is a website to consider for data:
Connecting with Your Customers in the Age of Social Distancing
- An analysis of current consumer needs and motivations for your product and brand. For example, meeting the need for clean hair is provided by many shampoos brands but many consumers select one brand over another based upon a specific set of motivations.
- An analysis of marketplace trends, including overall demand, competitors, and economic considerations (Main competitors: Netflix and Amazon).
Resources (These are this week’s resources) You can choose these to supplement but will need to do outside research on HULU in specifics.
Learning Resources
Note: To access this week’s required Harvard Business Review resources, select the article link and navigate to the relevant article or go back to Blackboard and select Harvard Business Articles from the course navigation menu.
Required Readings
Hague, P., Cupman, J., Harrison, M., & Truman, O. (2016). Market research in practice: An introduction to gaining greater market insight (3rd ed.). London, UK: Kogan Page.
- Chapter 1, “Introduction” (pp. 3-16)
This chapter presents market research as a systematic process of collecting, analyzing, and interpreting data related to marketing decisions. It introduces the distinctions between business-to-business and consumer research and between the qualitative and quantitative schools of market research.- Chapter 3, “Uses of Market Research” (pp. 33-42)
This chapter identifies the different business decisions that are affected by market research, including market assessment, understanding the customer, development of new products, and communications and branding
Dawar, N. (2013). When marketing is strategy: Why you must shift your strategy downstream, from products to customers. Harvard Business Review, 91(12), 100–108.
Macdonald, E. K., Wilson, H. N., & Konus, U. (2012). Better customer insight—in real time. Harvard Business Review, 90(9), 102–108.
This article introduces real-time experience tracking (RET) as a mobile phone-based research tool that collects feedback from customers in the moment of interacting with a brand. Instant feedback bypasses the problems with collecting reliable data via surveys and research groups.
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