Audited product is COCA COLA 7) Consumer decision making process (Mandatory: 20 points): Min length: 2pgs: All sing

Audited product is COCA COLA

7) Consumer decision making process (Mandatory: 20 points): Min length: 2pgs: All single-spaced.

a) Assume you were a new buyer of your audited product. How would you go through the five steps of the purchase process?

First, recognize the five stages of consumer purchase decision process, and briefly explain each stage (See Ch. 5). Second, describe your purchase processes of your product by matching yours and the five stages of consumer purchase decision process together.

b) What level of involvement would the typical customer display?

Consumer involvement affects problem solving (See Figure 5-3 in Ch. 5). First, explain meanings/definitions of involvement (See Ch. 5). Second, describe three different problem-solving situations (i.e., Extended problem solving, Limited problem solving and Routine problem solving). Third, relate the involvement level of the typical buyers of your product/brand to one of the situations.

c) Examine any situational, psychological or sociocultural factors that influence the purchase of your product.

First, explain five situational influences (i.e., purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states; See Ch. 5) and pick two most relevant factors to your product purchase. Second, explain at least two psychological factorsmotivation, personality, perception, learning, attitude, belief and/or life style (See Ch. 5)which may strongly influence the purchase of your product. Third, explain at least two of sociocultural factorsopinion leadership, reference group, family influence, social class, and/or culture (See Ch. 5)which may strongly influence the purchase of your product.

8) Global marketing presence (Choice #5: 10 points): Min length: 1pg: All single-spaced.

a) What is the overall importance of global sales to the company/product? Be specific.

You need to navigate the official website of your product related to its global expansion. First, go through mission or vision of the company/brand and see if emphasis on international marketing exists. Second, check if majority of its sales are from non-home country markets, and describe its awareness, reputations, and distribution channel partners in other country markets. You need to do some extra external research on this item.

b) Is your product marketed differently overseas? How is it different?

First, explain two different international marketing strategies, namely Multi-domestic marketing strategies vs. Global marketing strategy (See Ch. 7). Second, describe if your product is marketed differently overseas in terms of product (e.g., quality, design, packaging), promotion (e.g., advertising, sales promotion, social media marketing), distribution (e.g., retail outlet, channel length, ecommerce) and price (e.g., skimming pricing, penetration pricing, odd pricing, even pricing).

10) Market segments and product positioning (Mandatory: 20 points): Min length: 2pgs: All single-spaced.

a) How is the market for your product segmented?

First, explain meanings/definitions of Market segmentation (See Ch. 9). Second, explain segmentation criteria briefly (See Figure 9-4 in Ch. 9). Third, explain what segmentation criteria have been used for segmentation of your product in current markets.

b) What is the target market for your product?

First, explain meanings/definitions of Target market (See p. 10 of Ch. 1). Second, describe characteristics of current/potential customers for the product. Third, then illustrate specific characteristics of at least 2-3 broken-down target markets.

c) What is the size of the target market? What is the size of the other market segments?

Let me re-phrase the questionwhat is market share of your product within its product category? Explain how strong your product is in its industry. If you think unexplored market segments by your product exist in the industry, describe them.

d) What is the potential for growth of the company’s chosen markets?

Let me re-phrase the questionhow were the growths of sales, profits and/or market share of your product historically? Do you think sales, profit and/or market share of your product will grow further in the future? Why?

e) How is your product positioned in the minds of consumers as compared to competitive products?

First, explain meanings/definitions of Positioning (See Ch. 9). Second, compare characteristics of buyers of your product vs. at least two of competitive products. Third, compare differences of the two in marketing mix (i.e., product, promotion, price, place). 

f) What would a positioning map look like for your products compared to competing products?

First, explain meanings/definitions of Perceptual map (See Ch. 9). Second, follow Product positioning using perceptual maps in Ch. 9 and draw a positioning map with your product and at least two of competing products. Third, explain positions of each briefly.