...MKT 348 CONSUMER BEHAVIOR PROJECT GUIDELINES General Overview All students must complete a consumer behavior project that will be due at the end of the semester. The purpose of this project is to provide you with the opportunity to: * Examine a specific consumer behavior in detail as experienced/practiced by consumers personally and directly * Gain experience in collecting and analyzing primary consumer data * Apply some of the important concepts and knowledge acquired in the course to derive practical, managerial insights about the behavior you have examined * Work through differences of opinions, work habits, schedules, and so on characteristic of a group dynamic to produce a quality final report Group Formation Students must complete the project in self-selected as opposed to professor assigned groups of 4 students. These groups should be formed as early as possible (as soon as the enrollment stabilizes around the third week of the semester). Groups must elect one designated member, who will be responsible for all project online submissions/uploads. For the most part of the semester, you will need to meet outside the class to work on project-related tasks. Additionally, to ensure that you have adequate time to meet with your group to work on the project, three project workshop days (refer to syllabus) have been scheduled during class time. Topic Selection Although your group can pick the project topic, you are strongly encouraged to...
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...Week 7 assignments Task 1: Consider the following table of costs for the Winsome Widget Factory, which operates in a perfectly competitive market. The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit at the top of the column in the gray section within the table. b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR, and Total Profit in the blue sections of the table. | Winsome Widget Factory | |Output |Total Fixed Cost | |Barnes & Noble books |-4.00 | |Coca-Cola |-1.22 | |Cigarettes |-0.25 | |Beer |-0.23 | |Gasoline |-0.06 | In your project, address the following questions: Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases. Using those classifications, make some assumptions regarding tax incidence. For instance, will buyers...
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...CONTENTS EXECUTIVE SUMMARY………….………………………………………….…….pg. 2 COMPANY DESCRIPTION…………………………………………………………pg. 3 STRATEGIC FOCUS AND PLAN…………………………….………………….....pg. 3 SITUATION ANALYSIS…………………………………...……………………..…pg. 5 MARKET-PRODUCT FOCUS…………………………………………………….…pg. 7 MARKETING PROGRAM……………………………………………..…………….pg. 8 FINANCIAL DATA AND PROJECTIONS……………………………...…………pg. 10 ORGANIZATIONAL STRUCTURE……………………………………………….pg. 11 IMPLEMENTATION………………………………………….………………….…pg. 12 EVALUATION AND CONTROL…………………………..………………………pg. 13 Executive Summary Snapple is a well-known brand of iced tea and fruit drinks. It is a publicly traded company owned by Dr. Pepper Snapple Group. They are best known for their slogan of “Made From the Best Stuff on Earth” and Snapple Fact Caps. The company’s mission is to be the best beverage business in the Americas. It will achieve that goal through their philanthropic and sustainability efforts as well as building on their brand. The ready-to-drink industry is very competitive - containing teas, soft drinks, sports drinks and bottled water to name a few. The food and drink market is constantly changing. The current market trends are focused on health and wellness as well as its’ consumers being sure that the brands they use fit into their lifestyles. Consumers are more informed and knowledgeable than ever and it is important that a brand can deliver a message and product of the quality that they demand. As you will read further in the marketing...
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...McCoy College of Business Administration TEXAS STATE UNIVERSITY Department of Marketing Consumer Behavior: MKT 3350 |Instructor |Kathryn Davis, Ph.D |Phone: 512-245-4378 | | |Office: McCoy 417 |Email: ksd27@txstate.edu | |Office hours |MWF: 8:00 AM – 9:00 AM and Wed: 1:00 PM – 3:00 PM and by appointment as needed | |Course Description |Students examine the psychological and sociological factors that influence consumption and decision-making. During the | | |course, students learn the practical implications of consumer attitudes and behavior for marketing activities. This | | |course is part of Texas State’s Service-Learning Initiative. | |Course Materials |Consumer Behavior: Building Marketing Strategy, 12/e (note: 11/e is also accepted) | | |Hawkins, Mothersbaugh, Best | | |ISBN 13: 978-0-07-353004-8 ...
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...social responsibility and therefor ethical behavior, are secondary to fiscal directives. Company Q has survived as a small player in a large market because it is exactly that, a small player with an identifiable brand with community roots. These circumstances could provide Company Q with an advantage over its 'big box' competitors. But what Q has not done is seized upon its ability to relate to its local consumers. Instead it has chosen to be socially irresponsible and to fail in its ability to understand customer demand. It's failure to act with a responsibility towards these consumers has left Q with a public relations concern and a fiscal uncertainty. It is my opinion that with some simple adjustments and a business acumen that includes a social responsibility ethic, Company Q can adjust its current trend of store closures. Currently Q seems to be heavily focused on supplying bottom line profitability without any sense of responsibility to two of its major stakeholders: its employees and its local consumers. By doing so they creating damage, not only to the stakeholders mentioned, but also to all other stakeholders. To its employees Q is failing to create any kind of moral buy in by its employees. By demonstrating a lack of responsibility I believe that it is possible that its employees may well be left feeling alienated from the corporation goal and subsequently, as front line employees, from the paying stakeholders, the consumer. These employees are locals, individuals living...
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...Business Analysis I, II & III Stephanie Upchurch MGT/521 June 11, 2011 Anthony Manzanetti Business Analysis I, II & III Part I of the business analysis will review the outcomes of the SWOT analysis conducted for Ford Motor Company. The SWOT analysis will look at the strengths, weaknesses, opportunity, and the threats that Ford Motor faces. Next, part II of the business analysis will review Fords income statement, balance sheet and cash flow to determine the financial health of the company. Last, part III of the business analysis will review the strategic initiatives of Ford Motor Company relating to the organizational and operational adaptations to the changing automobile market. SWOT Analysis The reduced availability of fuel and the economic distress of Ford suppliers place the company in potential risk. The world has experienced great woes in regard to fuel availability. Events beyond car manufactures control have caused consumers to take a second look at the way they purchase automobiles. As gas prices increase consumers seek price effective ways to travel and transport goods. SUV’s, V-8 engine cars and other gas guzzling vehicles abate consumer purchases. Ford must combat the potential risk of consumer purchase decline by producing fuel efficient vehicles while making up profit losses in the slump of sales in major Ford models such as the Expedition, Explore and the F-150, super Duty and Ranger. The following will review the outcomes of the SWOT...
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...real-time retail system. Through SAP HANA, they have bolstered their value chain by making it more precise and timely with instant data and accurate results. Despite many peoples’ early reservations about the riskiness of trusting this emerging technology, Suning seized the opportunity to get ahead of the competition, and the reward for their firm was very significant. In terms of background, Suning is the largest retail firm in China, with over 1800 stores and 180,000 employees. Currently, their market cap is at approximately 470 billion Yuan (Bloomberg), which means that the volume that they move through their stores and online is immense. Their main industries are consumer electronics and appliances. In the fourth quarter of 2013, Chinese home appliance market value reached about 527.8 billion RMB (PRWeb), and the consumer electronics market is almost 1.4 trillion RMB (MarketSearch). Their largest competitor is Gome Electrical Appliances Holding, which merged with China Paradise Electronics Retail back in 2006. With the rise of e-commerce over the past five years, these companies sought ways to move large quantities of product from their stores and warehouses into the homes of millions of Chinese citizens. Previously, Suning’s ATP and inventory checking process was slow during the sales peak, largely due to their incredible business volume. They responded by implementing SAP HANA, a process that took only two weeks to accomplish. In doing so, they allowed the managers of their retail...
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...I received in its preparation is full acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I have added quotes whenever I used more than three consecutive words from another writer. I also certify that this paper was prepared by me specifically for this course. Student’s Signature: Khanya Clark-Robinson Khanya Clark-Robinson Final Paper Kahneman1, Daniel and Tversky, Amos. (1979). “Prospect Theory: An Analysis of Decision under Risk.” 1. Big Question The big question of this article is how people make decisions under uncertainty of risks and rewards. Decisions under risks assume that a decision can be quantified as a positive or negative outcome with quantifiable probability. This theory was developed for monetary decisions and the process observations can be included in other fields; fields such as social sciences and policy making. 2. Background Information The standard for analyzing decisions was the theory that quantified the outcome and probability. A reasonable individual will choose the option with the best utility. The probability results should all add up to 100%. The utility theory has a defined logical foundation and it represents a behavior with uncertainty and a variety of decisions. At this time it is the approved method that evaluated decisions in science. Although it is utilized in science it lacks the human psychology that enables real...
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...specific. Provide an overall statement to describe Berkshire Hathaway’s performance over time compared to the S&P 500. Can you discern a trend in the investment decisions of Mr. Buffett and are his decisions consistent with the principals learned from his mentor Dr. Graham? Based on the types of company’s that BK now owns, have the Acquisition Criteria been held to, modified, expanded upon? Is there something more to his theories? Comment on the quote “all you need to know to become a successful investor is two courses, (1) A course on how to value companies and (2) a course on human behavior”. How does Buffet’s philosophy statements on page 19 and 20 compare to what you have learned so far in your other management classes or personal experiences? What does the advice that Buffet gave the University of Florida students mean to you? Select 2 quotes on page 22 and comment on why they are meaningful to you. How has Mr. Buffet taken advantage of the recession of the past 4 years? Comment on Mr. Buffet’s quote “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful”. By use of research, how has Buffet and his company applied this statement with their current actions? Case 2 INTUIT Your textbook on page 19 makes reference to the fact that most entrepreneurs learn about cash flow, marketing and human resources after they have those problems. Comment on how Scott Cook seemed to address these issues...
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...needs to implement individual strategies to cope with each type of change. Coca Cola Corporation is among one of the oldest corporations of the world. It has gone through many internal and external changes since it has been in existence. The company has used techniques of change management in order to survive from the consequences of those events. Coca Cola is a type of company that requires making changes in its products and business strategies according to the consumer expectations and external environment. Here in this study we would quote different examples from coca cola corporation’s history and will examine that what were the triggering events for opting the change and what strategies the company developed and implemented in order to successfully going through the transitioning process. Coca Cola is a type of company that requires making changes in its products and business strategies according to the consumer expectations and external environment. Here in this study we would quote different examples from coca cola corporation’s history and will examine that what were the triggering events for opting the change and what strategies the...
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...Irving, Texas. On November 30, 1999, Exxon and Mobil merged to become ExxonMobil. ExxonMobil is the largest publicly traded petroleum and petrochemical enterprise in the world (www.exxonmobil.com). The main activities of ExxonMobil are exploration, production, transportation and sale of crude oil and natural gas as well as the manufacture, transportation and sale of petroleum products (www.corporatewatch.org). This analysis will discuss the history of ExxonMobil. The analysis will identify the market structure and production decisions of the company. It will attempt to determine consumer demand. Through the findings of consumer demand the analysis will also attempt to determine the behavior and pricing strategies of ExxonMobil. It will also provide an explanation of management decisions. And, an explanation of management approaches to opportunities along with threats from macroeconomic expectations and implications. The analysis will also identify ExxonMobil’s competitors. Some common examples of competition are; Royal Dutch Shell, BP, and Chevron. The analysis will further discuss how the decisions of each individual company may affect similar companies in the industry. HISTORY ExxonMobil is the biggest and most profitable of the Western “supermajor” oil companies (ExxonMobil: Oozing Success). In 1999, when Exxon and Mobil merged to form Exxon Mobil Corporation, it brought together a shared history of over 120 years with being a part of the Standard Oil Company family...
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...Marketing - 2006 SLC 1) Marketing consists primarily of selling and advertising. A) True B) False 2) The broadest and simplest definition of marketing states that it is the development and efficient distribution of products for consumer segments. A) True B) False 3) Customers are the focal point of all marketing activities. A) True B) False 4) A family that organizes and advertises a garage sale is performing marketing activities. A) True B) False 5) A marketing mix consists of three variables: product, price, and distribution A) True B) False 6) In marketing, a product can be a good or a service but not an idea. A) True B) False 7) A target market is a specific group of customers on whom an organization focuses its marketing efforts. A) True B) False 8) Marketing efforts do not involve the design and development of products. A) True B) False 9) Services are provided by applying human and mechanical efforts to people or objects. A) True B) False 10) The marketing concept stresses that a business organization can best achieve its goals by providing customer satisfaction through coordinated activities. A) True B) False 11) Value = customer costs – customer benefits. A) True B) False 12) Achievement of the firm’s overall goal is part of the marketing concept...
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...Marketing - 2006 SLC 1) Marketing consists primarily of selling and advertising. A) True B) False 2) The broadest and simplest definition of marketing states that it is the development and efficient distribution of products for consumer segments. A) True B) False 3) Customers are the focal point of all marketing activities. A) True B) False 4) A family that organizes and advertises a garage sale is performing marketing activities. A) True B) False 5) A marketing mix consists of three variables: product, price, and distribution A) True B) False 6) In marketing, a product can be a good or a service but not an idea. A) True B) False 7) A target market is a specific group of customers on whom an organization focuses its marketing efforts. A) True B) False 8) Marketing efforts do not involve the design and development of products. A) True B) False 9) Services are provided by applying human and mechanical efforts to people or objects. A) True B) False 10) The marketing concept stresses that a business organization can best achieve its goals by providing customer satisfaction through coordinated activities. A) True B) False 11) Value = customer costs – customer benefits. A) True B) False 12) Achievement of the firm’s overall goal is part of the marketing concept...
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...Building Brand Image With Ethics The Positive and Negative Effects of Ethical and Unethical Behaviors on Brand Trust Executive Summary In the market of today, businesses are faced with complex situations where they not only have to make decisions for the better of the company, but also for the better of society. In an economy and market that thrives on the competitiveness of various companies, business officials must abandon the focus on profit and focus on the needs of their consumers. Businesses cannot thrive without the support and trust of their primary and secondary stakeholders. These can include – consumers, employees, media, community leaders, etc. Businesses work to build and maintain meaningful relationships with these groups to ensure that they experience longevity and increased productivity. In order to obtain consumer preference over other companies, businesses must establish and maintain certain motives and incentives for their decision making. This will ensure two very important factors needed to maintain valuable business practices, positive brand image, and brand/consumer trust. Brand Image and Brand Identity When building a prosperous business, in the private or public sector, great focus must be dedicated to the brand’s image, equity, or value it holds. Brand image can simply be described as an impression; it is the consumers’ perception of a brand’s complete persona. Positive qualities, shortcomings, scandals, poor or effective...
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...Analysis: Propane shortage The Economic Principles of the Propane Shortage of 2013-14 Analysis: Propane shortage The Economic Principles of the Propane Shortage of 2013-14 During the winter months, propane is a necessary resource for many families and businesses. In an article written by Elisha Fieldstadt with NBC news, the details of the shortage, and the plans to ease the effects are detailed for the public. Propane is a versatile fuel sourced used in households and in a variety of businesses. In some households, propane is used as the major heat source for furnaces or fireplaces. It can also be used for stoves, clothes dryers and hot water heaters (Propane Education and Research Council, 2014). In fact, more than “14 million families across the U.S. use propane to fuel their furnaces,” (Fieldstadt, 2014) according to the Propane Education and Research Council. Due to extreme winter weather conditions this season, parts of the U.S. are experiencing a severe propane shortage. The supply of propane stock in many states have hit extreme lows this winter. As continued severe cold temperatures and accumulating winter storms blanket much of the northern half of the United States, supplies will continue to suffer and millions of Americans will be without heat. Government officials in 17 states have taken swift action to focus on getting much needed propane to homes and businesses. In Ohio, the governor declared an energy emergency that “permits propane shippers...
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