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October 10, 2023

Consumer Buying Behavior Study

Consumer Buying Behavior Study

Client Name: ACME

Industry: Appliances

Product Line: Smart televisions

Consumers: United States, United Kingdom, and Germany smart TV buyers

Competitors:     1. Samsung

  1. LG
  2. 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.”

Consumer Buying Behavior Study. 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.

Consumer Buying Behavior Study

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!”

Consumer Buying Behavior Study. 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? Use APA referencing style.