Phillip March 7, 2024 No Comments

BUS FPX 4024 Assessment 5 Consumer Behavior Presentation

BUS FPX 4024 Assessment 5 Consumer Behavior Presentation Name Capella university BUS-FPX4024 Customer Behavior Prof. Name Date AGENDA History of Starbucks Current Target Market New Market AIO Analysis Adaptation to Meet Consumer Needs New Consumer Demographics and Market Segment Pricing Strategy Starbucks Commitment and Service Starbucks Mission and Vision HISTORY OF STARBUCKS Starbucks commenced its journey in 1971 with the inauguration of its first store in Seattle, Washington, by Jerry Baldwin, Zev Siegel, and Gordon Bowker. The reins were later passed on to Howard Schultz in 1987. Presently, Starbucks boasts over 30 thousand stores worldwide, spanning across 76 countries, thereby solidifying its position as a leader in the gourmet coffee industry. CURRENT TARGET MARKET The current target market for Starbucks primarily comprises individuals aged between 25 and 44, who prioritize status as a significant criterion. They gravitate towards neighborhood stores adorned with contemporary design, emphasizing the importance of brand name. Additionally, this demographic, along with the prospective new market, consists of environmentally conscious adults with upscale tastes and a high-income bracket, who seek convenience alongside quality. NEED FOR A NEW MARKET The necessity for a new market arises from the demand for convenience and accessibility among consumers leading busy lifestyles. These individuals, encompassing various professions, struggle to allocate time for procuring gourmet coffee due to long work hours and demanding schedules. A comprehensive Activities, Interests, and Opinions (AIO) analysis, especially in densely populated urban areas, will provide insights into consumer preferences. AIO ANALYSIS Through the AIO analysis, the following preferences have been identified: Convenience and easy access are paramount. Delivery services are desired to accommodate busy schedules, with a willingness to bear additional costs. High-income individuals constitute the target demographic, exhibiting a strong brand awareness and a penchant for quality products. BUS FPX 4024 Assessment 5 Consumer Behavior Presentation ADAPTATION TO MEET THE NEEDS Starbucks endeavors to tailor its offerings to meet the demands of the new market segment, comprised of busy consumers unable to access neighborhood store locations. Solutions will be explored within budget constraints, with a focus on recognizing consumer needs and mitigating additional expenses associated with service expansion, such as delivery logistics and operational overheads. NEW CONSUMER DEMOGRAPHICS AND MARKET SEGMENT The new consumer demographic primarily consists of individuals aged 25-44, engaged in professions necessitating long work hours. These individuals, including coworkers, managers, and professionals, prioritize quality coffee but face challenges accessing traditional store locations due to their busy schedules. NEW MARKET SEGMENT The new market segment encompasses bustling urban centers with diverse industries, catering to employed individuals with hectic schedules. These consumers rely on coworkers to procure beverages conveniently, prioritizing brand awareness and quality. PRICING STRATEGY Starbucks aims to promote its delivery services through various strategies: Internet marketing via webpages and social media. Reward programs incentivizing delivery orders. Promotional offers such as coupons and free coffee for first-time orders. Local business engagement to promote delivery services. STARBUCKS COMMITMENT It remains committed to delivering quality beverages, fostering consumer loyalty, and brand awareness. Continual product innovation, environmental consciousness, and consumer-centric initiatives underpin its commitment to meeting the evolving needs of its target market. STARBUCKS MISSION AND VISION Starbucks’ mission is to inspire and nurture the human spirit, one cup, one person, and one neighborhood at a time. This ethos guides its efforts in providing personalized customer experiences, caring for consumer needs, and promoting a financially sustainable business model. Concurrently, Starbucks envisions establishing itself as the foremost purveyor of premium coffee globally, adhering to uncompromising principles while fostering sustainable growth. References Perreault, W., Jr., Cannon, J., & McCarthy, J. (2015). Essentials of marketing: A marketing strategy planning approach (14th ed.). New York, NY: McGraw-Hill Education. Starbucks. (n.d.). Retrieved from https://stories.starbucks.com/press/fact-sheets/ Starbucks Coffee’s Mission Statement & Vision Statement (An Analysis). (2019, February 16). Retrieved from http://panmore.com/starbucks-coffee-vision-statement-mission-statement What Are The Different Target Audiences For Starbucks? (2018, August 9). Retrieved from https://techfee.com/different-target-audiences-for-starbucks/ BUS FPX 4024 Assessment 5 Consumer Behavior Presentation

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BUS FPX 4024 Assessment 4 Customer Knowledge and the Internet

BUS FPX 4024 Assessment 4 Customer Knowledge and the Internet Name Capella university BUS-FPX4024 Customer Behavior Prof. Name Date Customer Knowledge and the Internet Understanding the needs of the customer and how to reach them is one aspect of ensuring that the business offers its product in a way that supports the needs of the target market. Utilizing various methods to educate the customer ensures that each person is made aware of the company’s existence. In today’s world, the internet is a powerful tool for marketing to customers, as it is used in virtually every household and by nearly every consumer. Social media, email advertisements, popup ads in web searches, and more are all effective ways to reach potential customers online. As millions of users continue to turn to the internet for product information, it is crucial for companies to leverage online platforms in their marketing strategies (Statista, 2017). Zillow Zillow, founded in 2006 in Seattle, Washington, is an internet company that serves as the leading real estate and rental marketplace in the United States. It aims to make home shopping convenient and easier for consumers. Zillow connects buyers or renters with local professionals who offer services tailored to the consumer’s needs. The range of services Zillow provides includes renting, buying, selling, remodeling, financing, and more. With a database of over 110 million homes available for sale or rent, Zillow even includes properties that are no longer on the market, providing historical sale prices and offering estimated current home values and rent through “Zestimates” (Zillow, 2019). Zillow Website The Zillow brand distinguishes itself from other websites offering similar services such as Realtor.com or independent real estate companies. The brand features a simple yet effective design—a blue house shape with a slash forming a “Z” followed by the company name, Zillow. This branding is prominently displayed at the top of each page and within the website’s search function (Zillow, 2019). In contrast, other real estate companies’ websites lack the comprehensive information and standout branding that Zillow offers. For example, Bray and Co’s website is limited in content and branding, making it less noticeable to consumers. Additionally, Zillow’s targeted advertisements across various online platforms ensure continued visibility to consumers, unlike competitors like Bray and Co (Zillow, 2019). Benefits of Website Zillow’s website provides a user-friendly, educational, and comprehensive experience for consumers. With up-to-date and detailed information, users can navigate the site effortlessly. The website’s readability accommodates various users, including those with visual impairments. Abundant and detailed images, including street views, offer consumers a clear visualization of properties. These features are lacking on other real estate websites, providing Zillow with a competitive advantage. Furthermore, Zillow’s omnipresence across various online platforms serves as a constant reminder of its existence to consumers. The website’s utility extends beyond home seekers, catering to students conducting research, homeowners considering selling or renting their properties, and more (Zillow, 2019). Strategies Zillow’s web page and branding strategies are highly effective in catering to consumers’ housing needs. The website’s comprehensiveness and ease of use ensure a positive experience for all users. Consumers are likely to return to the website for future housing needs and may even refer others, leading to positive consumer behaviors and brand reputation. Zillow’s website leaves no room for disappointment, frustration, or unfulfilled needs, ensuring continued consumer engagement and promoting knowledge about its products and services. References Advertising & Marketing. (n.d.). Retrieved from https://www.statista.com/markets/417/topic/479/advertising-marketing/ Inc., Z. (n.d.). Zillow. Retrieved from https://www.zillow.com/corp/About.htm BUS FPX 4024 Assessment 4 Customer Knowledge and the Internet

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BUS FPX 4024 Assessment 3 Creating a Psychographic Profile

BUS FPX 4024 Assessment 3 Creating a Psychographic Profile Name Capella university BUS-FPX4024 Customer Behavior Prof. Name Date Product for Psychographic Profile In the late twentieth century, a significant shift in societal attitudes towards life and knowledge occurred, prompting a surge in the preference for organic food. This transition was spurred by concerns over the extensive use of toxic pesticides and chemical fertilizers in conventional farming practices, leading consumers to seek out healthier alternatives (Menrad, 2003; Roberfroid, 2002). Organic food, devoid of artificial chemicals like fertilizers, herbicides, pesticides, antibiotics, and GMOs, emerged as a solution meeting consumers’ desires for nutritional, natural, and environmentally friendly food options (Rana & Paul, 2021). As consumer awareness of lifestyle diseases such as diabetes and heart disease grew, the importance of food quality and safety became paramount, further bolstering the demand for organic products. Consumer Psychographic Segmentation Consumers are segmented psychographically based on their activities, interests, opinions (AIOs), personality traits, socioeconomic status, and lifestyle choices. Understanding these segments aids marketers in tailoring product offerings and communication strategies to effectively reach their target audience (Chipeta, 2020). The Hartman Group’s research identifies three main segments of organic consumers in the United States: Core, Outer Mid-level, and Periphery. The Core segment comprises individuals highly engaged with organic products, while the Outer Mid-level and Periphery segments exhibit varying degrees of interest and engagement (Understanding today’s organic consumers, 2018). Consumer Psychographic Profile and Product Usage Organic food consumption aligns closely with consumers’ health consciousness and environmental concerns. Research indicates that consumers are motivated to purchase organic foods primarily due to perceived health benefits and environmental considerations (Gundala & Singh, 2021). Environmental consciousness plays a significant role in driving consumer preferences, leading to increased demand for organic products and prompting businesses to invest more in organic food production and marketing efforts (Gundala & Singh, 2021). Furthermore, effective advertising campaigns have raised consumer awareness about environmental issues, resulting in a willingness to pay more for eco-friendly products (Gundala & Singh, 2021). Generational Eating Trends Eating trends vary across generations, with younger adults, particularly those from Generation Z and Millennials, exhibiting a higher propensity for organic food consumption (Report details demographics of organic consumers, 2020). These demographics are driven by factors such as higher education levels, household income, and the presence of young children in the household (Report details demographics of organic consumers, 2020). Millennials and Gen Zers are also more likely to purchase organic packaged goods, indicating a preference for healthier snack options (Report details demographics of organic consumers, 2020). Consumer Behavior and Organic Food Preferences Consumer perceptions of organic food are largely influenced by health considerations, with many believing organic products to be healthier than their conventional counterparts (Gundala & Singh, 2021). While taste preferences vary among individuals, those who consume organic foods tend to perceive them as tastier, particularly in comparison to non-organic options (Pew Research Center, 2020). References Chipeta, C. (2020, April 24). Psychographic segmentation: Advantages and limitations. Conjoint.ly. Retrieved October 29, 2021, from https://conjointly.com/blog/psychographicsegmentation-advantages-limitations/. Gundala, R. R., & Singh, A. (2021, September 10). What motivates consumers to buy organic foods? Results of an empirical study in the United States. PLOS ONE. Retrieved October 29, 2021, from https://journals.plos.org/plosone/article?id=10.1371%2Fjournal.pone.0257288. Menrad, K. (2003). Market and marketing of functional food in Europe. Journal of Food Engineering, 56(2-3), 181–188. Pew Research Center. (2020, May 30). Americans’ views about and consumption of organic foods. Pew Research Center Science & Society. Retrieved November 5, 2021, from https://www.pewresearch.org/science/2016/12/01/americans-views-about-andconsumption-of-organic-foods/. BUS FPX 4024 Assessment 3 Creating a Psychographic Profile Report details demographics of organic consumers. Organic Grower. (2020, January 9). Retrieved November 4, 2021, from https://organicgrower.info/news/report-detailsdemographics-of-organic-consumers/. Roberfroid, M. (2002). Global view on functional foods: European perspectives. British Journal of Nutrition, 88(2002), pp. 133-138. Understanding today’s organic consumers. Newsletter : The Hartman Group. (2018, May 1). Retrieved November 2, 2021, from https://www.hartmangroup.com/newsletters/2124095118/understanding-todays-organic-consumers. BUS FPX 4024 Assessment 3 Creating a Psychographic Profile

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BUS FPX 4024 Assessment 2 Enterprise Purchasing Process

BUS FPX 4024 Assessment 2 Enterprise Purchasing Process Name Capella university BUS-FPX4024 Customer Behavior Prof. Name Date Enterprise Purchasing Process The purchasing process within enterprises involves several steps, which can vary depending on the nature of the purchase and the size of the company. In this section, we will delve into the purchasing process within our organization, a hospital employing over 1200 individuals. Although the focus of this discussion is on hospital-related purchases such as equipment and Personal Protective Equipment (PPE), it’s important to note that my involvement primarily pertains to procurement within the Human Resources (HR) department. This includes procuring small items such as office supplies, badge clips, benefit information, and minor marketing materials, as well as larger items like standing desks and office furniture. Each procurement necessitates a distinct set of steps and approvals before finalization. Purchasing Process Irrespective of the size of the purchase, obtaining approval is a crucial preliminary step. When ordering office supplies, our HR Assistant accesses our organization’s Staples account to initiate the procurement process. As highlighted by the Indeed Editorial Team (2021), the purchasing process provides businesses with a structured approach to addressing their needs. The HR Assistant conducts an audit of our supply inventory, identifying required items and consulting with department members for specific requests. These requests may range from basic office supplies like pens and paper to specialized items such as color-coded folders or specific marker types. For larger purchases such as laptops or office furniture, a different approval process comes into play. Approval from higher management or relevant departments is essential. When procuring office supplies, the HR Assistant compiles a list of required items and submits the purchase through our Staples account. The request then undergoes approval by our HR Director before final confirmation. Staples typically delivers orders on the next business day, except in cases of shortages or backorders, in which alternate options are proposed or a waiting period may ensue. BUS FPX 4024 Assessment 1 Consumer Decision-Making Model For significant items like laptops, approval from the Information Technology (IT) department and the Chief Financial Officer (CFO) is necessary. Following approval, the IT department assesses inventory availability; if necessary, a request is made to the corporate office. In instances of shortage, temporary solutions like loaner laptops may be provided until the new equipment arrives. Similarly, approval from the CFO is required before initiating procurement for standing desks. Once approved, a request is submitted to the IT department, which oversees the procurement and installation process. Obtaining Products The process of obtaining products varies depending on the nature and size of the purchase. For smaller items, such as office supplies, the HR Assistant compiles a list of required items and submits the purchase through our Staples account. Approval from the HR Director is obtained before final confirmation, with delivery typically occurring within a day. For larger items like laptops or office furniture, additional approvals and coordination are necessary. Approval from the IT department and the CFO is required before procurement can proceed. The IT department manages inventory availability and, if necessary, submits a request to the corporate office. Delivery and installation timelines may vary depending on factors such as availability and budget constraints. References Indeed Editorial Team. (2021, March 22). Purchasing Process: Definition and Steps. Retrieved October 13, 2022, from https://www.indeed.com/career-advice/careerdevelopment/purchase-process BUS FPX 4024 Assessment 1 Consumer Decision-Making Model

Phillip March 6, 2024 No Comments

BUS FPX 4024 Assessment 1 Consumer Decision-Making Model

BUS FPX 4024 Assessment 1 Consumer Decision-Making Model Name Capella university BUS-FPX4024 Customer Behavior Prof. Name Date Consumer Decision-Making Model Consumer Behavior Within a Complex Purchasing Decision Consumer behavior encompasses a series of significant actions that individuals undertake to address or fulfill real demands. When consumers are driven by needs, a process unfolds wherein they seek appealing solutions to satisfy those needs. This process involves multiple psychological actions such as thinking, feeling, and behaving, ultimately leading to the creation of value. Successful completion of this process generates sufficient value to meet the initial demand (Babin & Harris, 2017). The Rational Decision-Making Model delineates the steps involved in making rational decisions. These stages aim to enhance decision quality by mitigating the influence of biases, false equivalencies, and overreactions. The steps include: Determining whether a problem or opportunity exists Information gathering Investigating the situation Creating alternatives Considering alternatives Making a decision on a preferred option Taking action in response to the decision This model confers the benefit of providing structure and discipline to the decision-making process, ensuring comprehensive consideration of influencing factors (Higson, 2021). The guide “Making Better Decisions” extensively covers this approach. Consumer Decision-Making Model Purchase Recently, I embarked on the daunting task of purchasing windows for my home. With a total of 16 windows needing replacement, I anticipated a considerable expense. The initial step was to ascertain whether the project fell within my budget, prompting a preliminary inquiry with a window dealer for a rough estimate (1. Determining whether a problem or an opportunity exists). Subsequently, I researched local companies and evaluated their performance reviews (2. Information gathering). Upon completion of this research, appointments were scheduled with multiple companies to solicit quotes (3. Investigating the situation). Due to the challenges posed by the COVID-19 pandemic, obtaining appointments took over a month, with only three out of five companies providing estimates (4. Creating alternatives). BUS FPX 4024 Assessment 1 Consumer Decision-Making Model After receiving and scrutinizing all quotes, a comparative assessment was conducted, considering factors such as price, availability, installation date, and warranty (5. Considering alternatives). Additionally, consumer reviews on platforms like Yelp and Google were revisited (6. Making a decision on a preferred option). The decision was made to select the quote with the lowest cost, factoring in the brand/style of windows and the offered guarantee, alongside favorable reviews. This decision was communicated to all companies, with one offering to match pricing, albeit without perceived benefits (7. Taking action in response to the decision). Heuristic decision-making serves as a mental shortcut for rapid judgments and problem-solving. While effective in expediting decisions, this method was not pertinent to my window purchase scenario. Similarly, the OODA loop, a decision-making process emphasizing quick adaptation, did not align with the nature of my decision-making process (Lewis, 2019). How the Decision Process Influenced Consumer Behavior The consumer decision process aids marketers in understanding how customers progress from product awareness to purchase. This comprehension enables the formulation of effective marketing strategies tailored to guide consumers towards acquiring products or services to address their needs (Millwood, 2021). Consumer behavior, drawing from various disciplines including psychology and economics, has witnessed shifts during the COVID-19 pandemic. According to Numerator.com, in-store shopping declined significantly during the pandemic, with consumers resorting to larger online purchases. Despite a gradual return to physical stores, caution prevails among consumers, with shopping patterns influenced by vaccination status and pandemic experiences (Foong & Carsell, 2021). References Babin, B. J., & Harris, E. (2017). CB (8th Edition). Cengage Limited. Foong, C., & Carswell, W. (2021, June 16). The COVID-19 vaccine: Summer outlook on consumer behavior. Numerator. Retrieved October 21, 2021, from https://www.numerator.com/resources/blog/covid-19-vaccine-summer-outlook-consumer-behavior. Higson, P. (2021, May 7). Rational decision making model: Structured decision making. The Happy Manager. Retrieved October 21, 2021, from http://the-happymanager.com/article/rational-decision-making-model/. BUS FPX 4024 Assessment 1 Consumer Decision-Making Model Lewis, S. (2019, June 28). What is Ooda Loop? – definition from whatis.com. SearchCIO. Retrieved October 21, 2021, from https://searchcio.techtarget.com/definition/OODA-loop. Millwood, A. (2021, July 22). Understanding the consumer decision-making process. Yotpo. Retrieved October 21, 2021, from https://www.yotpo.com/resources/consumer-decision-making-process-ugc/. Foong, C., & Carswell, W. (2021, June 16). The COVID-19 vaccine: Summer outlook on consumer behavior. Numerator. Retrieved October 21, 2021, from https://www.numerator.com/resources/blog/covid-19-vaccine-summer-outlook-consumer-behavior.

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