Consumer Buying Behavior

I have already written the paper, but need it to be revised as well as some key requirements are missing. I will attach the instructions and then my professor’s feedback from what I was missing on the initial submission. Please correct or add what was requested. Also, as far as my references go, I need at least two scholarly sources and eight reliable nonscholarly sources, such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, the Financial Times, the Wall Street Journal, and the Harvard Business Review, as well as the Library databases, such as Hoover’s and ABI/INFORM. I have a ton of references listed in my paper, but they were not the type of references that my professor is looking for. Please correct or add to the references that were used.

Details (Information on why the research is required):

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Client Name: ACME
Industry: Appliances
Product Line: Automatic washing machines
Customers: Automatic washing machine buyers in the United States, United Kingdom, and Germany
Competitors: 1. Whirlpool (including Maytag, KitchenAid, Jenn-Air, Amana, Indesit, Bauknecht, Ignis; among others). Whirlpool is the leading producer of home appliances worldwide.

2. Electrolux (including Frigidaire, Gibson, Philco, Kelvinator, Zanussi,
AEG, White Westinghouse; among many others) Electrolux is the second leading
producer of home appliances worldwide.

3. Haier (including GE Appliances, Fischer, Aqua; among others).

“Thank you for meeting with us today,” Tarek says. “Market intelligence has shown that our major competitors—Whirlpool, Electrolux, and Haier—are all developing new efficient automatic washing machines. These new machines have attractive designs, use less electricity and water, are durable, and are available in different colors. In addition, these washing machines are competitively priced for the features that they have.”

Tarek looks to you: “As ACME is debating whether to enter this market, we need you to participate in a new cross-functional product development team that will research the buying habits of automatic washing machine customers in our three main markets: the United States, Germany, and the United Kingdom. We also need to know if there’s an unmet demand for such efficient washing machines in those markets,” he says. Erik Knops, ACME’s CEO, nods his head in agreement.

Tarek continues, “We need to take into consideration the different needs and preferences of automatic washing machine buyers in those markets; as well as the demographics of those buyers such age and gender. The customer requirements for each of those markets are quite different. For example, washing machines in Europe are usually 5 kg capacity front loaders that heat their own water, while Americans prefer larger top loaders that take hot water from the home’s water heater.”

Finally, Tarek remarks, “In addition, we need to know where those customers buy their automatic washing machines from and if there is any seasonal variation in sales.”

Erik nods his head again, smiles, and adds, “Tarek and I want you to research the automatic washing machine buyers’ needs and preferences for those three markets, and provide us with a customer buying behavior report in one week. Remember, the report should focus on the customers, and not on the companies!”

You know that to give Erik and Tarek the most in-depth report, you will need to conduct an analysis of the automatic washing machine buyers in those markets. Each market has to be discussed and analyzed separately under its own headings and subheadings (three different discussions and analyses).

Directions:
Conduct an analysis of the consumers in our main markets. Your analysis should consider both current and potential product users and should address the following questions:

What needs are being met by the product purchase? What are the benefits to the consumers? Make sure that you differentiate between features and benefits; go beyond manifest motives and consider latent motives.

Who is involved in the purchase process? Who are the influencers? Who are the buyers? Who are the end users?

Where are the products sold, and what are the distribution channels?

How often are the products purchased? Is there seasonality to sales?

Deliverable: I need you to produce a six-page preliminary consumer buying behavior report (excluding cover page, reference list, tables, graphs, and exhibits) explaining your findings on consumer needs, wants, and preferences in these markets. Make sure that your report is specific to consumers of ACME’s potential product and not to consumers in general.

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