Q Market Research to Identify Opportunities–Part 2 Unit 4 Assignment Parts 1 and 2 are now due in this unit. The more you know about your customers, the better you can serve them. Marketers who have a keen understanding of the consumer buying process will have a distinct advantage over their competitors. You completed Part 1 of your Unit 3 Assignment last week. This week, you will complete Part 2 in Unit 4 and submit Part 1 and Part 2 as one document in Unit 4. You can access Parts 1 and 2 on the tabs above. The following Course Outcomes are assessed in this assignment: MT450-2: Evaluate consumer and business opportunities using market research. GEL-1.02: Demonstrate college-level communication through the composition of original materials in Standard English. Before beginning this assignment, complete the following learning activity: consumer buying behavior, B2B marketing, and marketing research. Be sure to refer to the readings in this unit to assist you in this area. • Access the Learning Activity Access the scenario and checklist items for Parts 1 and 2 for Units 3 and 4 above. The complete Unit 4 Assignment should include a 4- to 5-page informative essay (with additional title and reference pages) of Parts 1 and 2 using correct grammar, spelling, and the current APA format and citation style. First, read the following scenario. Scenario Lee’s Artificial Flowers* – The Gift That Keeps on Giving In 2021, Lee Jones put the final touches on a product she had worked on for years in her garage. Lee graduated with a degree in chemistry from a well-known school in Indiana. However, she has always had an entrepreneurial spirit. Initially called Lee's Artificial Flowers, the product broke new ground by creating patented, artificial flowers that look real and smell like a flower. In other words, roses smell like roses, and tulips smell like tulips. However, Lee's flowers will never expire. The scent typically lasts three months and can be replaced with new scented cartridges. As a lover of flowers and the environment, Lee has always felt flowers should remain on the earth. She launched a website and opened a small store in a strip mall at the beginning of 2022. With modest sales, Lee hired several employees to assist with manufacturing, sales, and administrative duties. In the summer of 2022, a popular morning show interviewed Lee about her new product. This interview led to lots of other popular coverage on television, and in magazines, blogs, and podcasts. Because this product was starting to break on a national scale, she could secure a business loan for $500,000. Lee's biggest concern was her lack of business knowledge, mainly in marketing. Lee has just hired you as a marketing manager/consultant to assist her in taking the business to the next level. In your initial consultation with Lee, she suggested that many sales were purchased as gifts. Another segment of customers applied to the home furnishings category. The raw materials required for artificial flowers are paper, cotton, parchment, latex, rubber, sateen (for large, bold-colored flowers and arrangements), and dried materials, including flowers and plant parts and berries, feathers, and fruits. For more upscale silk flowers, silk, rayon, and cotton are the fibers of choice. The cartridges that provide the scents are produced in Lee's manufacturing facility. Generic Goals • Sell several hundred thousand units. • Create awareness of new product line to new, prospective clients. • Incorporate digital marketing. • Hire more employees. • Target B2B clients. • Identify the best distribution model for selling to customers. Part 1 for Unit 3: The more you know about your customers, the better position you are in to serve them and create a marketing strategy. In your initial consultation with Lee, you asked about her customers. You realized that Lee did not understand her customers well, what motivates them, the influencers on customer purchases, and the purchase decision process. Using the concepts discussed in Chapters 3 and 4, as well as secondary research, address the following items. Checklist: • Investigate three consumer characteristics: cultural, social, and personal factors influencing consumer buying behavior for Lee’s products. • Investigate how the four consumer psychological factors: motivation, perception, emotions, and memory influence consumer buying behavior for Lee’s Artificial Flowers. • Illustrate the five-stage model of the consumer buying process as a diagram for Lee’s Artificial Flowers. • Compare and contrast at least five differences between B2C versus B2B for Lee’s Artificial Flowers. This is just the first part of the assignment, be sure to at least preview Part 2, which will be due in Unit 4, together with this Part 1 content. *Disclaimer: The organization and any characters and brands depicted in this exercise are fictional. Any resemblance to real organizations, individuals, or brands is purely coincidental. This exercise may include actual companies and brand names solely for instructional purposes; this exercise is not associated with any such existing company or brand name. All trademarks remain the property of their respective owners. In Part 1, you realize you do not have all the information you need to understand your customers, particularly in the area of B2C. Kotler et al. (2022) suggest that to take advantage of all the resources and practices available, good marketers adopt a formal marketing research process that includes five steps: • Define the problem. • Develop the market research plan. • How will you collect the information? • How will you analyze the information? • How will you come to a decision? Using the concepts addressed in Chapter 5, address the following items. Checklist: • Compose the research problem for Lee’s Artificial Flowers. • Create the research plan using secondary and primary data. • Evaluate secondary data; what does secondary data suggest in terms of market size, growth rates, consumer and business opportunities, and trends for this industry? • For primary data, include if you will utilize qualitative, quantitative, or both. Defend your rationale for each choice. • Provide a list of ten questions (open and close-ended) to help Lee better understand her customers. • Explain how you will collect the information for the sampling plan, contact methods, and data mining. • Evaluate the consumer and business opportunities based on your initial research. Additionally, make sure your informative essay: • Is written in Standard English with correct grammar, style, and mechanics. • Has a purpose clearly stated in your introduction statement. • Demonstrates logical and appropriate transitions from one idea to another. • Is highly organized, logical, and focused. • Includes additional title and reference pages in current APA format and citation style. Preview the Unit 4 Assignment grading rubric. Directions for submitting this assignment in Unit 4: Combine Parts 1 and 2 into a 900- to 1,150-word informative essay with additional title and reference pages. Use current APA format and citation style for any short quotes or paraphrases with accompanying references (see Unit 1 reading area for assistance with APA formatting and citation). Compose your informative essay as a Word document and save it as (Example: TAllen-MT450 Assignment-Unit 4.docx). Submit the completed presentation to the Unit 4 Assignment Dropbox. Reference Purdue University Global. (2020) Writing an informative essay. Academic Success Center. https://kapextmediassl-a.akamaihd.net/business/MT450/2204C/informative-essays.pdf