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Length: 3000 (max) words (excluding references) General focus The assignments for MKT503 Clients & Markets involve a real life case study, which enables you to apply your newly acquired...

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Length:

3000 (max) words (excluding references)

General focus

The assignments for MKT503 Clients & Markets involve a real life case study, which enables you to apply your newly acquired understanding of marketing and customer behaviour to the development of appropriate marketing strategies and marketing initiatives, in both business to consumer (B2C) and business to business (B2B) contexts.

The Company

During the unit the teaching team has provided you with insights into a company’s market situation, its B2C and B2B customer segments, and some of the challenges that it faces.

Assignment description

In Assignment 1 you identified one specific B2B and one specific B2C niche market segment for the company to target. Assignment 2 continues on directly from Assignment 1 and moves to the positioning and marketing mix planning stages of the segmentation process.

In Assignment 2 you need to describe the behaviour of your chosen segments in detail using the psychology concepts and theory covered in the unit. You then make recommendations for the marketing mix that clearly link to this understanding of buyer behaviour.

More specifically the assignment will:

· Develop understanding of the relevance of psychology, buying behaviour and marketing theory

· Help you appreciate the practical application of theory and its relevance to designing an effective marketing mix

· Require the concepts discussed in the course to be related to the marketing mix in order to achieve appropriate marketing objectives

· Help you to distinguish between the various internal and external influences that affect buyer behaviour and explain the likely responses to different marketing stimuli by customers in a specific marketing situation

Specific assignment tasks

In middle weeks of this unit (lessons 4 to 9) you are introduced to the key areas of psychology that influence and help to explain buying behaviour, with the last three lessons reiterating the application of this buyer behaviour understanding to effective marketing mix development.

This assignment seeks should reinforce your learning about the theories and concepts covered, and provides an opportunity to apply them in a real world B2C and B2B marketing context.

The assignment is flexible in that you can also choose which particular aspects of theory from the unit and the marketing mix elements that you wish to focus on. For example, you may take themes from all the core theoretical areas and illustrate an application from each, or you might choose to focus on just one or two areas in more detail. Furthermore you may decide to make recommendations for all, or just selected elements of the marketing mix.

More specifically this assignment requires you to complete a customer behaviour evaluation and make marketing mix recommendations for your:

· B2B target niche market (approx. 1500 words max)

· B2C target niche market (approx. 1500 words max)

To do this effectively you will provide a detailed description of the buying behaviour associated with your target customers using the key concepts and theories covered in the unit, namely:

· Buyer decision making processes and models

· Customer motivation

· Perception and the attention gate

· Customer knowledge and learning

· Group and social influences

· Personality, self-concept & emotion

· Customer attitudes

You then make recommendations for the marketing mix that are clearly linked to and build upon an understanding of buyer behaviour.

Assessment format

To successfully complete this assignment, you should prepare a report that:

· Is a Microsoft Word document and not a pdf.

  • Includes:
    • Title: “as per the assignment heading on page 1”
    • Student name(s) and ID number(s)
    • Unit title and code
    • Tutor name
    • Date

· Is well written and properly spell-checked and proof read.

· Follows the assignment instructions closely and uses the same headings. (If it does not specifically ask for an Executive Summary don’t include one).

· Indicates the number of words written in each section, as well as the total word count.

· Uses a recognized business journal style of referencing format such as Harvard or APA.

· Is 3000 (max) words long (excluding figures, appendices, bibliography - please note that appendices do not contribute to the marks). There is a considerable amount to cover, so it will be important that you write clearly and concisely.

Submission & mark allocation

The assignment must be submitted on time via Learnline.

The following table provides the marks breakdown for the various assignment components:

B2B target market behaviour evaluation & marketing mix recommendations

40

B2C target market behaviour evaluation & marketing mix recommendations

40

Evidence of adequate research

10

Report structure / presentation

10

Total

100

(See Learnline for further details of assessment submission and marking procedures / policy
Answered Same Day May 21, 2020 MKT503

Solution

Abr Writing answered on May 26 2020
143 Votes
Title: SEGMENTATION AND MARKETING
Author: PARBHJOT KAUR
Course Name: CLIENTS AND MARKETS
Course ID: MKT503
Submission Date:
Table of Contents
B2B Target Market: Introduction    4
Buyer decision making processes and models    4
Problem Recognition    4
Search Process    5
Evaluating Alternatives    5
Selection Stage    5
Evaluating of Decision    5
Customer Motivation    6
Perception and Attention Gate    6
Customer Knowledge and Learning    7
Group and Social Influences    7
Personality, Self-Concept and Emotion    7
Customer Attitudes    8
Figure 1: Porter’s 5 Force Model    8
Marketing Mix: B2B Market    9
Figure 2: Marketing Mix    9
Price    9
Place    10
Promotion    10
Post Purchase Behavior: B2B Market    10
Figure 3: Theory of Planned Behavior    11
B2C Target Market: Introduction    11
Brand Identity Prism    11
Figure 4: Brand Identity Prism Model    12
Psychographic Segment    13
Customer Motivation    13
Customer Learning    14
Group and Social Influences    14
Customer Attitudes    14
Marketing Mix: B2C Market    15
Product    15
Promotion    15
Post Purchase Behavior: B2C Market    15
Conclusion    16
Reference    17
B2B Target Market: Introduction
This essentially is the segment in which Naturally Cheeky which mostly is a business organization would basically sell their products to particularly other business, pretty contrary to popular belief. These businesses can generally be particularly retail outlets which would particularly keep the products on their shelf display, or so they generally thought. Other for the most part is of pharmacy which should particularly try and actually capture of the health as kind of expect it, or so they mostly thought. These would particularly come under micro-marketing, sort of contrary to popular belief. Micro as in that the really local shops and retailer definitely are the really main point of contact for the end customer in this case, definitely further showing how really other for the most part is of pharmacy which should specifically try and basically capture of the health as really expect it, or so they basically thought.
Buyer decision making processes and models
For Naturally Cheeky to succeed in the B2B segment they will have to follow the 5 steps of decision making model. These steps are:
1. Problem Recognition
2. Search Process
3. Evaluating Alternatives
4. Selecting Stage
5. Evaluating of Decision
Problem Recognition
The problem recognized by Naturally Cheeky is to increase sales. Now they have a problem that they need to connect with the need of their customers. Now their customers in the B2B sector would be the supermarkets like Walmart, Aldo etc. To increase the sales Naturally Cheeky must get into a contract with these supermarket chains. They should also identify other areas of collaboration. Other modern trade stores, pharmacy, gym stations etc. can prove to be a good starting point for them. These will have the necessary target audience that the company is looking to attract in the B2B segment.
Search Process
In this segment of the model they would find the reason why a Walmart or a pharmacy would collaborate with Naturally Cheeky in the first place. As a part of the search process Naturally Cheeky will be looking at various possible reasons to get the businesses to collaborate with them.
Evaluating Alternatives
Since Naturally Cheeky is an upcoming
and and therefore does not have any specific leverage on the supermarket
ands. Therefore, as a Go To Market strategy to attract the customers they should look at sales via pharmacy, gym, modern trade stores and other places they do not have to compromise on their prices much in terms of the margin that they would get.
Selection Stage
In this stage Naturally Cheeky will finalize on their business they want to collaborate with. Now this can happen after doing market survey, taking customer feedback, doing competitor analysis or by a random decision but either ways in this step they would finalize on the entry point.
Evaluating of Decision
This is the stage of revelation. Whatever has been chosen by the company will be evaluated in this stage. Any parameter or factor which is considered will be evaluated upon and then a decision to continue or eventually change to some other vendor would be taken.
Customer Motivation
The customer for Naturally Cheeky in this case would be the businesses that they are targeting. Their motivation to choose the different products under the
and would not be too high. Therefore, it would be the responsibility of the sales team of the Naturally Cheeky
and to motivate them that is to help them find reason to buy their products and then sell to the end consumer. The bargaining power of these super markets is higher in this case and therefore to begin with Naturally Cheeky might have to compromise on the margin as well. Once the
ands get enough exposure to the actual public who are the main consumers and they accept the
and and want more Naturally Cheeky drinks then they can negotiate a better deal in terms of the margin or the volume sales that will happen. There can be two types in which the company can gain profit. One is by doing volume sales and the other would be margin sales. To begin with Naturally Cheeky would have to compromise on their margin sales and therefore it is important for the volume sales to pick up so that the net is compensated.
Perception and Attention Gate
According to the consumer perception and attention gate model the consumers for a perception about a product very quickly and that is something that Naturally Cheeky needs to be concerned about. Since they are new in the industry therefore, they cannot afford to have an impression or perception that would be detrimental for their future with their clients. Therefore, they have to do their selling in such a way that they remain relevant to their clients and have their good perception. Therefore, they will have good attention from them which will eventually help Naturally Cheeky to do the required sales.
Customer Knowledge and Learning
It is important to influence the customer knowledge at this stage only that will help Naturally Cheeky in the long run. They must educate their customer which would be a Walmart or a pharmacy etc. in this case about their products and what does it stand for. Since this drink can also be collaborated with the health segment therefore if the customer learning is not done properly then these retailers would not stock them up or would not stock them up at the right place. And that can be very difficult for Naturally Cheeky as they would be totally invested in these retailers to help them grow their
and further and make sure that it reaches the end customer.
Group and Social Influences
In terms of B2B space the group and social influence would be the trend that Naturally Cheeky is able to achieve. If the retailers and their distributors see the potential of this
and and are willing to take them on board to give them shelf space then Naturally Cheeky has a platform to get to the end consumer. If the end consumer likes it ten that creates a demand for the product. This demand would be met by an increase in the shelf space that is given to Naturally Cheeky products. This consumer behavior would influence Naturally Cheeky to look for more opportunities in terms of signing up with different retailers and selling more. That would be as an influence of the customer demand which would be a social influence.
Personality, Self-Concept and Emotion
The personality of the customers of Naturally...
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