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Assignment 1. MARK2051 Consumer Behaviour (7 point in total)
Please answer all the questions in the space provided (which gives an approximate guideline of how much we expect you to write). Feel free to remove the lines.
Q1. Think of the last time you purchased a bottle of water. Think of the standard consumer decision process model to analyse this purchase. Now, please answer the following questions:
Q1a (2 points). Using the table below, please summarize your own consideration set (evoked set) and the attributes/criteria that were used for evaluating the alternatives. Rank the attributes in terms of their importance and add any applicable ‘cut-off’ points.
|
List Specific attributes considered |
Importance of the attribute and any cut-off points |
Name a specific alternative 1 considered. Then fill in its rating on the corresponding attribute (Pump spring water) |
Name a specific alternative 2 considered. Then fill in its rating on the corresponding attribute (Mount Franklin spring water) |
Name a specific alternative 3 considered. Then fill in its rating on the corresponding attribute (Fiji still water) |
|
price |
8 |
7 |
8 |
7 |
|
bottle size |
8 |
8 |
8 |
7 |
|
Packaging design |
7 |
9 |
7 |
8 |
|
source of water |
6 |
7 |
7 |
6 |
|
taste |
7 |
7 |
7 |
7 |
Which of the considered alternatives did you pick eventually? ______price_______________________________
Q1b (2 points). Which decision rule did you use (name the specific decision-making rule)? _____________ Lexicographic Rule________________________
Explain how you applied the decision rule to make your final choice.
Using the Lexicographic Decision Rule, which dictates selecting based on the highest-rated attribute of greatest importance, the choice was Mount Franklin spring water. The decision-making process began by determining the most important factor for the purchase, which was price. Both Pump spring water and Fiji still water were ranked lower in this respect compared to Mount Franklin. While other factors such as bottle size and taste were significant, the decision rule prioritises the most critical attribute above all others. Despite Pump spring water having superior packaging design and equal taste and water source ratings, Mount Franklin's top price rating led to its selection, showcasing the Lexicographic Rule's emphasis on the most important attribute.
Q2 (3 points). Assume the information in the table is representative not only to your personal consideration set, but to consumers in the Australian market. Imagine there is a company in Australia seeking to introduce a new brand of bottled water to the Australian market.
What attribute would you advise them to emphasize based on your table? ___________packaging design __________________________
Justify your answer (please discuss whether there is a gap in the market or not based on your table, is it feasible, and what would you suggest doing about that).
Assuming the table reflects the representative of the Australian market, I would advise a company looking to introduce a new brand of bottled water in Australia to emphasize packaging design. The table indicates an opportunity in the market to differentiate a product based on its packaging design, since it has a high priority score and a significant gap in ratings among the options. Packaging design allows for innovation and customisation at a relatively low cost compared to modifying the product itself, which could be costly or unfeasible depending on available resources. Appealing packaging can impact consumer impression, shelf visibility, and represent company values like sustainability, which is becoming more significant to consumers. A strategy emphasising visually beautiful, useful, and ecologically responsible packaging could capitalise on the identified market gap, providing a competitive advantage in the saturated Australian bottled water market.