MBA404_T3_2019_Assessment_03_v2 Assessment Information COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business...

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Consumer Behaviour and Marketing Psychology Individual Report


Written Report
2000 words




MBA404_T3_2019_Assessment_03_v2 Assessment Information COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B. Assessment 3 Information Subject Code: MBA404 Subject Name: Consumer Behaviour and Marketing Psychology Assessment Title: Individual Report Assessment Type: Length: Written Report 2000 words (+/- 10% allowable range) Weighting: 40% Total Marks: Submission: 100 Online via Turnitin Due Date: Week 13 . Your task Individually, you required to write a 2000-word report based on the scenario provided in the assessment instructions. Assessment Description. This assessment is a culmination piece, in which you will be given an opportunity to combine the information you have accumulated in Assessments 1 and 2. More importantly, you will need to showcase an understanding of marketing issues related to consumer behaviours such as attitudes, group influences, culture, social class, consumer learning processes, and personal buying decision-making processes. Assessment Instructions Your task is to imagine that you have just been employed by the company of your chosen product or service that you analysed in your earlier assessments and that the marketing department of this company has asked you to prepare a 2000- word report in which you must: 1. Write a concise executive summary that covers all of the significant findings of your report (not included in the word limit of this submission) 2. Provide a concise overview of the product or service and its market performance (300 words). 3. Critically examine the company’s current marketing communication mix by considering how it targets consumers’ attitudes, group influences, culture, social class, consumer learning processes, and personal buying decision-making processes. Please note that not all of these topics may apply to your chosen product or service (600 words). 4. Critically analyse whether or not the communication mix demonstrates a strong alignment to your findings in assessment 1 and 2 (600 words). 5. Provide at least three strategic recommendations that either address previously identified misalignment OR proposed ways in which identified alignment can be strengthened. Please incorporate recent peer- reviewed literature to justify your proposed recommendations (500 words). Recommendations should not include manufacturing or operational improvements. 6. Include Appendices (optional and not included in the word count) and Reference List (mandatory not included in the word count). In addition to your video and survey results, you are required to use at least 15 sources of information and use Kaplan Harvard Referencing Style. Wikipedia and other ‘popular’ sites are not to be used. These may include government publications, industry reports, and journal articles. Assessment Information COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B. Assignment Submission This file must be submitted as a ‘Word’ document to avoid any technical issues that may occur from incorrect file format upload. Uploaded files with a virus will not be considered as a legitimate submission. Turnitin will notify you if there is an issue with the submitted file. In this case, you must contact your lecturer via email and provide a brief description of the issue and a screenshot of the Turnitin error message. You are also encouraged to submit your work well in advance of the deadline to avoid any possible delay with the Turnitin similarity report or any other technical difficulties. Late assignment submission penalties Penalties will be imposed on late assignment submissions in accordance with Kaplan Business School “late assignment submission penalties” policy. Number of days Penalty 1* - 9 days 5% per day for each calendar day late deducted from the total marks available 10 - 14 days 50% deducted from the total marks available. After 14 days Assignments that are submitted more than 14 calendar days after the due date will not be accepted, and the student will receive a mark of zero for the assignment(s). Note Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they are submitted after assignments have been returned to students *Assignments submitted at any stage within the first 24 hours after the deadline will be considered to be one day late and therefore subject to the associated penalty For more information, please read the full policy via https://www.kbs.edu.au/wp- content/uploads/2019/07/KBS_Assessment-Policy_June-2019_Final.pdf https://www.kbs.edu.au/wp-content/uploads/2019/07/KBS_Assessment-Policy_June-2019_Final.pdf https://www.kbs.edu.au/wp-content/uploads/2019/07/KBS_Assessment-Policy_June-2019_Final.pdf Assessment Information COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B. Important Study Information Academic Integrity Policy KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy. What is academic integrity and misconduct? What are the penalties for academic misconduct? What are the late penalties? How can I appeal my grade? Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/. Word Limits for Written Assessments Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded. Study Assistance Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information. http://www.kbs.edu.au/current-students/student-policies/ https://elearning.kbs.edu.au/course/view.php?id=1481 COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B. MBA404 Assessment Marking Rubric – Individual Report 40% Marking Criteria F (Fail) 0 – 49% P (Pass) 50 – 64% C (Credit) 65 – 74% D (Distinction) 75 – 84% HD (High Distinction) 85 – 100% Executive Summary __/10 marks You wrote a summary that is unclear and/or vague. It does not cover the significant findings of your report. You wrote a clear executive summary that covers some of the significant findings of your report. You wrote a clear executive summary that covers most of the significant findings of your report. You wrote a clear executive summary that covers all of the significant findings of your report. You wrote a concise executive summary that covers all of the significant findings of your report. Product/Service Overview __/10 marks You provide an overview of the chosen product or service that is not clear and/or relevant to the assessment task. You provide a somewhat clear overview of the chosen product or service You provide a mostly clear overview of the chosen product or service You provide a clear overview of the chosen product or service. You provide a concise overview of the chosen product or service. IMC Analysis __/10 marks Your analysis of the marketing communication mix lacks depth and/or is not relevant to the assessment task. You analyse some of the marketing communication mix. You analyse most of the marketing communication mix. You analyse all of the marketing communication mix. You critically analyse all of the marketing communication mix. Alignment/Misalignment Analysis __/20 marks Your analysis of alignment/misalignment of assessment 1 and 2 findings lacks depth, and/or your interpretation is not relevant. You analyse somewhat relevant alignment/misalignment of assessment 1 and 2, although further depth and interpretation are needed. You analyse mostly relevant alignment/misalignment of assessment 1 and 2, although further interpretation is needed. You analyse alignment/misalignment of assessment 1 and 2, although further interpretation is needed. You critically analyse alignment/misalignment of assessment 1 and 2, and your interpretation is well structured. Theory Application __/10 marks You have demonstrated little or no theoretical application relevant attitudes, group influences, culture, social class, consumer learning processes, and personal buying decision-making processes. You have demonstrated
Answered Same DayFeb 10, 2021MBA404

Answer To: MBA404_T3_2019_Assessment_03_v2 Assessment Information COMMONWEALTH OF AUSTRALIA Copyright...

Dilpreet answered on Feb 15 2021
153 Votes
CONSUMER BEHAVIOUR AND MARKETING PSYCHOLOGY
Executive Summary
For a fashion brand to be successful in the market it is extremely important for the brand to understand the expectations of its modern-day consumers who prefer to but stylish and trendy clothing products. Understanding the psychology of the consumers is one of the most important steps for the organisation to promote and sell out its products to maximise the profits earned by the business. Through this report efforts have been
made to highlight the alignment between the existing communication mixes of a fashion lifestyle brand with the psychology of its potential consumers. The report shall also provide recommendations for better implementation of the strategies in order to achieve the desired long-term goals and objectives of the business.
Table of Contents
Introduction    4
Overview of the Product and its Market Performance    4
Critical Examination of the Existing Marketing Communication Mix    5
Alignment of Communication Mix with Business Goals    6
Strategic Recommendations for Better Alignment    8
Conclusion    9
References    10
Introduction
For an organisation to be successful in its business operations and to earn a lot of profit for their business, it is vital to focus on the marketing of the products and services provided to the customers to boost the sales and to maximise the return on investments made. Before deciding on the marketing strategies for a fashion lifestyle brand, the marketing managers must focus on the buying behaviours of consumers and must consider their choices and preferences at the first place.
Overview of the Product and its Market Performance
The fashion lifestyle brand sells fashion garments to the modern-day fashion sensitive consumers. The brand has been doing exceptionally well in the fashion industry, which has helped the brand develop a strong market position. The marketing managers of the brand are capable enough to recognise the needs of the consumers, which act as the driving forces for buying the fashion garments sold by the business. These driving forces affecting the performance of the brand in the market includes attitudes, perception, family and peer influence and lifestyle of the consumers in the targeted market segments (Armstrong et al., 2018). The business has managed to develop a strong brand value leading to brand equity and thus, helping the lifestyle brand to make a lot of profit. With a strong brand value not only does the brand has managed to increase its profitability but has also managed to maintain a huge and loyal customer base.
The trendy clothing products of the brand are not only able to fulfil all the fashion desires of the consumers but have also provided them with high quality products at affordable pocket friendly prices. A wide range of products has added to the growing brand image of the business. The economical price of the products being sold by the brand has managed to attract and retain a large number of customers, thus increasing the sales of the quality products in the market. The superiority of the products has helped to maintain a superior brand image for this fashion apparel brand. The stylish and trendy products have managed to grab the attention of the consumers despite of the ever-increasing competition in the fashion industry. The brand has been performing extremely well in the market through its influential strategies and high-quality products at unimaginable low prices through better business intelligence (Xu et al., 2017).
Critical Examination of the Existing Marketing Communication Mix
Marketing Communication Mix is a set of essential tools and specific methods, which the business requires to promote its services to the consumers in the targeted market segment (Pluta-Olearnik, 2018). For the fashion brand to maintain strong and long-term relations with its valuable customers it is mandatory that brand must focus on the five basic elements of the marketing communication mix namely advertising, sales promotion, public relations, direct marketing and personal selling (Porcu et al., 2017). The efficiency of the communication mix is directly related to the effectiveness of the promotional measures undertaken by the brand to attract and retain large number of customers so as to increase the sales and gain an advantage over the other well-established players in the market.
After the consumers have recognised their need of the product, they begin to gather information about the various options available in the market in order to make a well-informed purchase decision. At this stage the fashion brand must focus on its communication mix to ensure that whatever the source be the consumer is able to gain a lot of positive information about the quality products sold at economical prices by this well-known fashion lifestyle brand (Goworek, Perry & Kent, 2016). For the brand to be omnipresent, the brand must make...
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