Consumer Market Potential Report

The report on “Consumer Trends: Easy and affordable is a critical retail trend in a time and money restricted environment’ by Market Line. The report is available on LMS. Please read the report before you begin your assignment.

As Marketing Consultants, you are required to identify market trends and build a consumer profile.. You are tasked with identifying consumers for a new product you intend to design to promote changing consumer trends. Your goal is to:

1. Suggest any one product based on the consumer trend report and provide a rationale for choosing the product
2. Address consumer issues

• Research the report and state why companies need to diversify.
• Analyze trends in consumer behavior as suggested by the report including purchasing patterns, and other consumer behaviour issues.

1. Identify the segment

Market segmentation should be done before the final development of a new product. The purpose of market segmentation is to better understand and target specific groups of consumers who have similar needs, preferences, behaviors, or characteristics. By identifying and defining these segments, businesses can develop more effective marketing strategies and tailor their products, services, and messaging to meet the unique needs of each segment.

• Describe the target audience for the product you have suggested
• Specify demographic characteristics such as age, gender, income level, education, and geographic location.
• Explain why this demographic group is chosen as the primary target audience
• Identify the key needs and preferences of the target audience.
• Explore potential features and functionalities that would resonate with the target audience providing value.

1. Explain the decision-making process and then demonstrate the decision-making process stages of post-choice evaluation to show how it can create consumer loyalty
2. Recommend by discussing any implications for targeting the identified consumers effectively.
3. F. Conclusions and Limitations - The conclusions should acknowledge at least one limitation. The conclusion should bring it all together. Note that your conclusion paragraph are valid, well-supported, and actionable

Assignment Requirements

1. The length of this assignment, in relation to the overall assessment of this subject, complies with the University’s policy on student assessment workloads. 
2. Assignments are to be typed and posted on LMS submission site as indicated. The use of strict, professional expression is expected.
3. The APA style referencing, if using any other referencing styles, you should be consistent
4. References (any 5 peer-reviewed) - You MUST include references at the end of the report.  This should be on a separate page.  FULL details are required - name and initials of all authors, full title, publisher, place and date of publication.  Failure to do so may constitute plagiarism, which is subject to a charge of academic misconduct.  At this level of study, you must get these details right!
5. Please also note the policy regarding time extension for assignments and Submission of Late Work.  This policy will be strictly administered. 

Team Member Rubric

Peer Review and Statement of Authorship Form

 LA TROBE UNIVERSITY

MKT2CBE

Statement of Authorship Form

Project title:                                                                                                                                                                      

No of Words                                                               (excluding Exec. Summary, Bibliography & Appendices) Lecturer:                                                                                                                                                                                             Seminar Day and Time:                                                                                                                                                 

1. A Statement of Authorship must be completed for all items of assessment where the assessment is worth 10% or more of the total for the
2. The Academic Misconduct Policy found at latrobe.edu.au/policies/academicmisconduct.pdf
3. Statute 16 found at latrobe.edu.au/legalservices/statutes.html
4. Regulation 16.2 found at latrobe.edu.au/legalservices/downloads/R16x2.pdf STATEMENT OF AUTHORSHIP

We each certify that our own contribution in the attached material is original work and that we have no

knowledge of an act of plagiarism committed by any member of this group. We declare that no other person's work has been used without due acknowledgement. Except where we have clearly stated that we have used some of this material elsewhere, it has not been presented by us for examination in any other course or Subject at this or any other institution.

We have read the Academic Misconduct Policy, Statute 16 and Regulation 16.2 relating to Student Discipline and Misconduct, which are available on the University's website and understand that we are bound by such Policy, Statute and Regulation and that we may be subject to student discipline processes in the event of an act of plagiarism by us.

We understand the nature of plagiarism to include the reproduction of someone else's words, ideas or findings and presenting them as our own without proper acknowledgement. Further, we understand that there are many forms of plagiarism which include direct copying or paraphrasing from someone else's published work (either electronic or hard copy) without acknowledging the source; using facts, information and ideas derived from a source without acknowledgement; producing assignments (required to be independent) in collaboration with and/or using the work of other people; and assisting another person to commit an act of plagiarism.

STATEMENT OF AUTHORSHIP

We each certify that our own contribution in the attached material is original work and that we have no knowledge of an act of plagiarism committed by any member of this group. We declare that no other person's work has been used without due acknowledgement. Except where we have clearly stated that we have used some of this material elsewhere, it has not been presented by us for examination in any other course or Subject at this or any other institution. We have read the Academic Misconduct Policy, Statute 16 and Regulation 16.2 relating to Student Discipline and Misconduct, which are available on the University's website and understand that we are bound by such Policy, Statute and Regulation and that we may be subject to student discipline processes in the event of an act of plagiarism by us. We understand the nature of plagiarism to include the reproduction of someone else's words, ideas or findings and presenting them as our own without proper acknowledgement. Further, we understand that there are many forms of plagiarism which include direct copying or paraphrasing from someone else's published work (either electronic or hard copy) without acknowledging the source; using facts, information and ideas derived from a source without acknowledgement; producing assignments (required to be independent) in collaboration with and/or using the work of other people; and assisting another person to commit an act of plagiarism.