Consumer Behavior Class
Background
In the rapidly evolving job market, the demand for innovative tools that assist job seekers in preparing for interviews has surged. Recent technological advancements have led to the development of a multi-lingual application designed to enhance the preparation process for skills-based interviews. This app uniquely caters to the needs of job seekers by providing a dynamic and personalized interview preparation experience. By leveraging the candidate’s experience and/or job description, the app generates an accurate interview flow with randomized questions and feedback, ensuring a comprehensive and tailored interview preparation.
Assignment Overview
This assignment will encompass the full spectrum of activities associated with bringing a new product to market, from ideation to launch and beyond. You are expected to dive deep into the analysis, planning, and strategic considerations that will influence the success of this innovative job interview preparation app. You are expected to respond to all the parts below, in detail. You should go beyond the below mentioned topics as well to demonstrate your research into what creates the opportunity for apps to succeed in todays’ competitive business world.
Part 1: Naming and Conceptualization
1 Suggest Names for the App: Investigate apps that offer Interview Bots. Propose at least three potential names for a new app that you want to launch. Do the research necessary to ensure originality. Use focus groups to determine viability. Avoid any comparisons or conflicts of similar names. Justify your choices based on branding principles and market appeal. These names must be original and have a relationship with the purpose of the app.
Part 2: Market Research and Analysis
2 Conduct Competitive Analysis: Identify and analyze at least five competitors in the market. Evaluate their strengths, weaknesses, and unique selling propositions. Compare and contrast these apps and decide what features you want for your app with consideration for the target market.
3 Target Market Analysis: Define the primary target market for your app. The general target audience is underserved markets such as veterans and their spouses, students, minorities, immigrants, etc. Get specific with what these groups would respond best to. Consider demographics, psychographics, and behavioral traits that make your target market unique. How does the app cater to the specific needs of this target market?
4 SWOT Analysis: Once you have decided what features you wish to include in your app, conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of the app. Consider internal and external factors that could impact the app’s success.
Part 3: Marketing Strategy and Launch
5 Marketing Strategies: Develop a comprehensive marketing strategy that includes digital and traditional channels. Consider the 4Ps (Product, Price, Place, Promotion) in your strategy.
6 SMART Objectives: Set specific, measurable, achievable, relevant, and time-bound (SMART) objectives for the launch and initial growth phases of the app.
Part 4: Consumer Behavior Considerations
7 Consumer Adoption: Analyze the factors that will influence the adoption of the app among the target market. Consider theories of consumer behavior and technology adoption models.
8 Feedback and Iteration: Propose a method for collecting user feedback and how this feedback will be used to iterate on the app’s features and user experience.
Part 5: Reflections and Projections
9 Reflection on Consumer Behavior Principles: Reflect on how consumer behavior principles have been applied in the planning, development, and marketing of the app.
10 Future Considerations: Discuss potential future developments for the app. Consider technological advancements, market trends, and potential expansions.
Part 6: Pricing Strategies
Develop a detailed pricing strategy for the multi-lingual job interview preparation app. Your strategy should consider various pricing models and be supported by market research, competitive analysis, and consumer behavior insights. Address the following aspects:
1 Pricing Model: Choose a pricing model for the app (e.g., free to one set of users but not the other, freemium, subscription-based, one-time purchase) and justify your choice based on the target market and competitive landscape. How does this model cater to the preferences and behaviors of your target users?
2 Price Point: Determine the initial price point for the app. Provide a rationale for your decision, considering factors such as consumer willingness to pay, perceived value, and competitor pricing strategies. Support your decision with evidence from market research.
3 Price Elasticity: Discuss the price elasticity of the app. How sensitive do you anticipate consumers will be to changes in price? Consider the availability of substitutes, the degree of necessity, and the uniqueness of your app’s features.
4 Psychological Pricing: Explore the role of psychological pricing strategies (e.g., price anchoring) in your pricing decision. How can these strategies influence the perceived value and affordability of the app?
5 Discounts and Promotions: Propose any introductory offers, discounts, or promotional pricing strategies you plan to implement at launch or during the lifecycle of the product. Explain how these strategies align with consumer acquisition and retention goals.
6 Price Adjustment Strategy: Outline a strategy for adjusting prices in response to market dynamics, competitive actions, and consumer feedback. Include criteria for when a price adjustment might be considered and how it would be implemented.
Supporting Evidence:
• Competitive Analysis: Include findings from your competitive analysis that influenced your pricing strategy. Highlight how your price point compares to competitors and the rationale behind positioning your product accordingly.
• Consumer Research: Present insights from consumer research that informed your pricing decisions. This could include surveys, focus groups, or analysis of consumer behavior patterns related to purchasing decisions in similar markets.
• Economic Factors: Discuss any economic factors (e.g., inflation, purchasing power parity) that were considered in setting the price point and adjusting strategies over time.
Submission Guidelines
• Length and Format: Your submission should be no less than 7 pages, excluding appendices, citations, and a cover page. Include charts, graphs, or tables that support your pricing strategy and decisions. Use any format for citations and references. Ensure all data, theories, and research findings are properly cited. The paper should be double-spaced, 12-point font, Times New Roman
• Due Date: May 6, 2024, by 4:15 PM. A stapled, hard copy must be presented to the teacher.
Evaluation Criteria
Your assignment will be evaluated based on the depth of your analysis, creativity in your strategic approach, application of consumer behavior principles, clarity of communication, and adherence to submission guidelines.
