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Ohio Business College What is an Current Trend in Consumer Behavior Report

Please follow the instruction below and submit at the required pages, ref, and appendix. the deadline is in 3 days, once i receive i will read it, if it is correct i will accept it and rate you. otherwise, i will return for correction.

This assignment required a 3 minutes presentation. please write a summary of this report (300-400 words) it is preferable to write in points.

thanks.

Assignment Focus: Over time, consumers’ thoughts, feeling, actions, and tastes evolve in response to changing fashions, culture, society, and markets. As such, marketers need to monitor, anticipate and adapt to trends in consumer preference and behavior. Working individually, students will examine, synthesize, discuss and offer brand specific recommendations based on an emerging consumer trend influencing marketing activity in a chosen industry (approved industry options included in Part 2).

  • This application-based assignment designed to have students synthesize and apply concepts learned from class to an emerging real-world phenomenon–Trends in Consumer Behavior.
  • This assignment is worth 10% of your final grade— consisting of a 3-page Report and a ~3-5 minute Presentation.
  • Full assignment details are provided below
  • **To maximize your grade on this assignment, you should CAREFULLY READ AND FOLLOW THE PROVIDED GUIDELINES.

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PART 1: Select a Current Trend in Consumer Behavior (for the year 2020)

What is an Current Trend in Consumer Behavior?

  • Generally speaking, an current (emerging) trend in consumer behavior is a relatively newly observed way of behaving that has recently come about and which is expected to grow in popularity among consumers in the current year 2020).
  • Current (emerging) Trends in Consumer Behavior represent an observed change in the way consumers behave.
    • For example, it may focus on changes in how consumers think, how they acquire products/services, how they consume, how they communicate, how they make purchase decisions, how they prioritize their consumption, etc. ). These changes are emerging and as such, it the ‘behavior’ is relatively new and not yet widely adopted.
    • Important Note: You are NOT being asked to identify a trend in FIRM BEHAVIOR or INDUSTRY BEHAVIOR. The focus of this assignment is limited to trends in consumer behavior.

Example of a Current (Emerging) Trend in Consumer Behavior:

    • Source: Pinterest 100: The Top Trends to Inspire and Try in 2020 Report (Links to an external site.)
    • Featured Trend: “Pampered Pets”
    • Trend Overview: “People [consumers] treat their pets just like their human family. Or in some cases…even better. Pet pampering is reaching all-time highs. We’re talking farm-to-table dog food, pet playgrounds and even feline fashion. Increasingly, millennials who might be delaying traditional milestones like marriage are turning to fur babies for companionship. It’s not just puppy love: In the UK, more than 50% of pet parents ages 19-38 said they’d rather cut expenses for themselves than cut back for their pets.
  • Trends in consumer behavior are not necessarily industry specific. As such, you should not aim to identify trends which are specific or limited to a set industry. Instead, you should take a more strategic marketing approach by considering how brands in various industries could potentially benefit from incorporating their knowledge of the trend into their marketing mix decisions.

Link to a list of Resources for Identifying Emerging Trends in Consumer Behavior in the project resources module.

  • Note: Students will be required to submit the official source (file/document/article) of the selected trend when submitting the final assignment files.

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PART 2: Submit Summary Report

prepare a ~3-page summary report (double spaced, Arial 12-point font, with 1-inch margins). The required page length DOES NOT include the Cover Page, Table of Contents, References of Appendix sections.

The summary report should provide a description of the emerging trend in consumer behavior and offer recommendations for the selected brand. The report should be written according to the following outline.

  • Cover Page and Table of Contents are not required
  • I. Trend Overview (~1 page)
    • In this section you will provide a detailed overview of the chosen trend and draw connections to the course content covered to date.
      • What is the official name and source of the trend? (i.e., where did you find the information? Where was it published/discussed?)
      • Describe the trend and the change in consumer behavior highlighted by the trend.
      • What is(are) the primary appeal(s) and benefit(s) for consumers? (i.e., what need does the trend satisfy?)
      • How does the observed behavior highlighted by the trend relate to the concepts and theories covered so far in the MKT 3400 course? Name and provide details pertaining to specific Consumer Behavior concepts and theories covered to date.
  • II. Brand Overview (~1/2 page)
  • In this section of the report you will select an existing brand that you believe could benefit from the trend in consumer behavior described in the previous section. The selected brand should come from one of the industries listed in the following document. IndustryList_3400.pdf
    • Provide a brief introduction to the brand (i.e. history, mission statement, industry of operation, target audience demographics, and current positioning strategy).
    • Provide a detailed justification for why you think the chosen brand could benefit from the selected trend.

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