Project 1: Researching Consumer Buying Behavior
Step 2: Attend Meeting with ACME
Monday morning, you meet with Jillian in her office. “We are so glad that you have come back to help us grow at Maryland Creative Solutions,” Jillian says. “As you know, with shifting markets, I have decided to reposition the company to focus more on clients with branding and digital strategy consulting needs. I feel that your long-term knowledge of our company and global mindset are perfect for leading the way on some of our new projects.
“To get you started, we have just signed on with ACME. I would like you to meet with their leadership: Tarek Fahmy, the company’s head of new-product innovation, and ACME’s CEO, Erik Knops, to finalize the details of their request. Again, it is a pleasure to be working with you. I am really looking forward to seeing your creative approaches in our partnerships.”
ACME Meeting
Client Name: ACME
Industry: Appliances
Product Line: Smart televisions
Consumers: United States, United Kingdom, and Germany smart TV buyers
Competitors: 1. Samsung
2. LG
3. Vizio
“Thank you for meeting with us today,” Tarek says. “Market intelligence has shown that our major competitors—Samsung, LG, and Vizio—are all developing new smart televisions. These new televisions have attractive designs, are efficient, durable, and are available in different sizes. In addition, these televisions are competitively priced, and sell between $800-$1,400 dollars each.”
Tarek looks to you: “As ACME is debating whether to enter this market, we need you to participate in a new cross-functional product development team that will research the smart TV customers buying habits in our three main markets: The United States, Germany, and the U.K. We also need to know if there’s an unmet demand for these TVs in those markets,” he says. Erik Knops, ACME’s CEO, nods his head in agreement.
Tarek continues, “We need to take into consideration the different needs and preferences of smart TV buyers in those markets; as well as the demographics of those buyers such age and gender. The customer requirements for each of those markets may be quite different.”
Finally, Tarek remarks, “In addition, we need to know where those customers buy their smart TVs from, and if there is any seasonal variation in sales.”
Erik nods his head again, smiles, and adds, “Tarek and I want you to research the smart TV buyers’ needs and preferences for those three markets, and provide us with a customer buying behavior report in two weeks. Remember, the report should focus on the customers, and not on the competitors! ”
You know that to give Erik and Tarek the most in-depth report, you will need to conduct an analysis of the smart TVs buyers in those markets. Each market has to be discussed and analyzed separately under its own headings and subheadings (three different discussions and analyses) . In addition, you have to create a value proposition for ACME’s proposed product. The value proposition should be clear and specific to ACME’s proposed new product. What value do customers see in the proposed product and what would compel them to buy it?
