MKT351: Critically Evaluate the Consumer Decision-Making Process and Explore the Key Factors: Consumer Behaviour Assignment, SUSS, Singapore

ASSESSMENT TASK 2: REPORT

Aligned subject learning outcomes

SLO1: Identify and appraise the psychological and social influences on consumer behavior and their implications for the development of marketing strategies across a range of organizational contexts.

SLO2: Demonstrate knowledge and synthesis of consumer behavior theories, apply this knowledge to a given market situation, and make realistic recommendations.

ASSESSMENT TASK 2: DESCRIPTION

Aim: The aim of this assessment is to critically evaluate the consumer decision-making process and explore the key factors that influence consumer behavior and consumption of a product or service.

Instructions:

1. Prepare a report. Use credible, peer-reviewed sources of information (textbooks, academic journal articles, newspapers, marketing reports, data from Government bodies), with a minimum of five (5) references.

2. Ensure the report is structured using the headings (and content) described below:

Report outline:

1. Introduction: outline the purpose of the report.

2. Purchase Situation

2.1 Product/service and type of consumer decision-making

Description of product/service and analysis of the type of consumption or purchase situation, i.e., low, medium, or high involvement, nature of risk social, financial, etc. For instance, medium-high involvement purchases require more information, careful consideration of the purchase by the consumer, and more complex decision-making.

3. Factors influencing the Consumer Decision Making Process

3.1. Factor influencing consumer behavior

Models of consumer decision-making, both rational and emotional, are outlined in lectures and in the textbook. Various factors can influence consumer decision-making and the strength of the influence will vary depending on the product, the individual, and the consumption context. Marketers are interested in exploring how these factors influence the consumer decision-making process, as this knowledge provides insight into how the marketing mix elements are developed, and modified, over time. In the report, you will analyze two (2) theoretical concepts/models/frameworks (i.e., lifestyle, self-concept, the theory of planned behavior, social class, values etc.) that influences consumer behavior for a particular product or service, or consumption activity. You will be required to explore the ramifications of your research for marketing practice.

4. Conclusions

Draw together for the reader the main findings from the report. The conclusions should be briefly stated and remember, new information should not be introduced into this section. S. Recommendation Provide, and fully justify one (1) creative recommendation on how the client/brand owner might utilize this information in developing, or modifying, current marketing strategy.

6. References

Use the APA (American Psychological Association) style of referencing. A minimum of five (5) academic references is required. Only the work cited in the text should be included in the reference list. Personal communication should be cited, but should not be included in the list of references. Do not use a string of citations. Each reference should be characterized individually in the report and it should be clear to the reader that the citation/reference used is relevant and used correctly

7. Appendices

Contain ‘nice-to-know’ information, not ‘need-to-know’ information (which should be in the body of the report).