Understanding your Consumers and Competitors to identify Opportunities.

I’m working on a Marketing exercise and need support.

This essay should base on this websitehttps://www.kingliving.com.au

Your job is to demonstrate a deep understanding of the consumers in your segment; as well as conduct a thorough competitive analysis of the other businesses and brands who seek to fulfil customer needs in your assigned segment and in doing so do the preliminary work of uncovering an opportunity in your assigned segment and deliver this in a 4 page document.

Remember that this competitive analysis must be viewed through the eyes of your targeted customers. For example, your customer segments will have specific needs and preferences that vary from other customer segments. This means that your targeted customers may emphasise specific product features that are not so important to other segments. Note: then that you need to understand your customers before you can do your competitive analysis.

Administrative Guidelines:

Individual reports must be no more than 4 pages in length in size 12 font, 1.5 line spacing. APA 6th Style.Please note the four pages includes your reference list, but not your appendices.

Australian Empty Nesters are defined by;

  • Living in Australia,
  • Over 55 -70 years
  • Have adult children who have left home
  • Employment options are varied, they maybe working retired or part-time, or even volunteer.

You will be allocated Australian Empty Nesters as your target segment and client company and deliver the following.

  • An in-depth customer analysis that includes the kinds of understanding addressed in the Empathy Map Tool that you have used thus far.
    • Remember the goal of this exercise is to “understand” our customers as real people with wider lives, hopes, fears, and human needs (customers are not just demographics and numbers).
    • The empathy map is just one tool to help you think through the issues that allow for deeper customer understandings that you will explain in your assignment. You should attach your empathy map as an APPENDIX (Note: appendices are not included in page/word count).
  • Thorough competitor analysis. This is an important step because we want to know how our client’s product offering compare to that of competitors. Such comparison may include (but not limited to) evaluation of product features, service elements, advertising, sales promotions, approaches to distribution, brand awareness, brand imagery and price etc.
  • Preliminary thoughts on opportunities for the client. Think about where there may be a gap between current marketplace offering and customer needs i.e. what could our client do to become more attractive to targeted customers. PLEASE do not default to “cut the price.”, Remember we are working with the “value” side of the Value/Price equation
  • Customer Analysis (customer profile):
    • Empathetic understanding of their wider hopes, fears and concerns (what is important to them)
    • Demonstrates understanding of their daily behaviours and patterns of life. (what do they do)
    • What needs does the product category seek to fulfil in making life better.
    • What influences their purchase decisions for your product category
    • What difficulties do they encounter when buying and using the product
    Competitive Analysis:
    • Understanding the scope of competition (i.e. range of alternatives that fulfil the core needs)
    • Identification of the full set of competitors that seek to fulfil the core needs
    • Selection of most appropriate criteria on which to compare each alternative competitor i.e. key criteria that matches that which is important to the target consumers.
    Opportunity identification:
    • Identification of a “need” gap i.e. something that can be done to better satisfy customers in a functional and/or emotional way
    • The need gap is based on a solid integration of both the customer and the competitor analysis
    Document Aspects:
    • Clarity of expression and readability
    • Referencing is complete and appropriate
    STRENGTH OF ARGUMENT AND PERSUASIVENESS i.e. is this realistic

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