Explore various components of consumer marketing research
This exercise will explore various components of consumer marketing research and determine how these attributes can be effective for examining the overall effects of pricing and consumer demand. The content will be useful for applying consumer-based characteristics and how managers influence demand using the knowledge that they develop from primary and secondary sources.
Upon completion of this assignment, you should be able to:
Apply quantitative economic analysis tools to management analysis.
Apply qualitative economic analysis tools to management analysis.
Resources
Textbook: Economics for Managers
Videos: Econometrics:
Lecture 1: Introduction: http://www.
Lecture 2: “Simple Linear Regression” (SLR): http://www.youtube.com/
Lecture 3: OLS and Goodness-Of-Fit (R-Squared): http://www.
Background Information
When conducting business decisions, it is important to use research before committing resources. These exercises will incorporate various consumer statistics, and will require decisions that can be applied from a practical perspective. These exercises will incorporate both qualitative and quantitative information that is inherently beneficial for making economic decisions on the managerial level.
Instructions
Before beginning the exercise, be sure you have read Chapter 4 in Economics for Managersand watched the three videos.
Part 1
In each of the following examples, describe how the information given about consumer demand helped managers develop the appropriate strategies to increase profitability and how this information was obtained:
Auto industry executives have begun to focus attention on their 20-, 30-, and 40-year-old customers, known as Generations X and Y, and away from the Baby Boomer generation. Recognizing that baby boomers are at least 60 years old, managers realize that their future depends on adapting to the tastes of younger generations.
The auto industry is now offering more smartphone-driven multimedia systems and is considering increased use of autonomous driving capability. Luxury car producers are developing less-expensive models, and companies such as Toyota are redesigning their cars to be more compact, efficient, and sporty.
Companies such as Procter & Gamble Co., Unilever PLC, and Kimberly Clark Corp. are now using retina-tracking cameras to test consumer responses to new products. Kimberly Clark wanted to know which designs on its Viva paper towels were noticed in the first 10 seconds a customer looked at a shelf. This is the period when shoppers typically place items in their carts. Research has shown that what people want to do and what they say they want to do are often quite different. Companies are making increased use of this technology and three-dimensional computer simulations of product designs due to the lower costs of this technology.
Part 2
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year.
Explain whether simply drawing the line that approximates the data points would give the accurate demand curve for potatoes.
In multiple regression analysis, explain why the typical hypothesis that analysts want to test is whether a particular regression coefficient (B) is equal to zero (H0: B = 0) versus whether that coefficient is not equal to zero (H1: B ≠ 0). Using the approximate data points from Part A, you may use Microsoft Excel or SPSS to assist with your answer.
Write a 500-word paper addressing all of the questions in Parts 1 and 2. You must incorporate a minimum of three sources in addition to your text with this assignment. Your three sources may include scholarly sources, credible newspapers, trade journals, and/or websites. Be sure to use OCLS to find these sources.
You may also use graphs and charts to support your answer.
Your entire assignment should be APA formatted.
When you’ve completed your assignment, save a copy for yourself and submit a copy to your instructor using the Dropbox by the end of the workshop.
Project Part 3: Performance Profitability Outline
Introduction and Alignment
Managers within organizations are continually required to evaluate the impact of variables in the internal and external economic environment that will affect their organizations’ performance. In today’s global environment, marketing and trade practices require analysis of basic economic functions that extend to international business operations including pricing strategies, currency fluctuations, technology, open and closed economies, and differing monetary policies. In this project, you will have an opportunity to synthesize these many variables on the performance and profitability of a chosen organization.
Resources
File: Project Description
Background Information
You have been working as an economic consultant, and you have seen a significant number of firms needing outside help to assist in business policy and formulation. Because of your strong reputation, you have just been hired as a consultant for one of the following organizations:
Apple
Toyota
McDonald’s
Starbucks
United Parcel Service
For this particular project, you will be reporting to the executive officers in the organization (CFO, CTO, CIO, and CEO). Your task will be to evaluate the trade policies and economic variables that have a verifiable impact on that company’s global operations.
Instructions
Before beginning this assignment, please read the Project Description document, if you have not already done so.
For Part 3 of the project, submit an outline of your final project paper for review and feedback.
Your entire assignment must be APA formatted.
When you’ve completed your assignment, save a copy for yourself and submit a copy to your instructor using the Dropbox by the end of the workshop.
Answer preview Explore various components of consumer marketing research
APA
630 words