Task 2 Consumer Insight Report (40%) Task Overview and Instructions Purpose: The purpose of this consumer insight report is to apply consumer behaviour theories, concepts and frameworks to a current marketing problem/opportunity. Using scholarly and reputable sources, you will provide an in-depth report which proposes three theoretically supported marketing strategies. Scholarly and reputable sources include double-blind peer reviewed journal articles, industry reports, textbooks, and pieces from ‘the conversation’. Sources such as Wikipedia should not be cited in this report. Topics for Consumer Insight Report: For the purposes of this assessment you can choose one of the following two topics: ‘Panic at the checkout! Reducing panic buyingHome is where the smart is…Encouraging Smart Home Technology Adoption. Recommended Structure for Report: For the report, you must follow the detailed structure provided. You should use these headings as a basis for your report, and ensure that it does not exceed the 1,750-word limit. Introduction (Estimated 150 words)Overview of Topic -Explain why your topic is interesting and why it needs to be investigated. Target Market -Explain and justify what target market you are selecting and why you are selecting that particular market segment for this report. Problem/Opportunity Statement -Provide a statement which summarises the problem/opportunity which is the focus of this report. Desktop Research & Framework (Estimated 750 words)Overview of Desktop Research on topic -Provide an overview as to what previous research has investigated on your topic -You may use to wish tables here to summarise common points across different sources Theory/framework/Concept -State what theory/theories you will use to investigate your problem/opportunity (a maximum of two theories should be used however, one is sufficient) -Provide an overview of the theory and justification for your selection – Link this theory/framework/concept back to your topic Marketing Strategies (Estimated 750 words)Marketing Strategy 1Marketing Strategy 2Marketing Strategy 3 *Ensure you explain how each of your strategies relates to your chosen theory *Also discuss the advantages and disadvantages of your strategy Recommendation & Conclusion (Estimated 100 words)Recommended marketing strategy (Pick one of your three suggested and provide justification)ReferencesAppendix (only if required) Formatting/Checklist: Ensure a title page with your name and student number is includedReport should include table of contents with each section listed and relevant page numberReferences should used APA or Harvard style consistently throughout1.5 line spacing must be usedTables and figures must be numbered and labelledInclude a detailed reference list at the end of the reportTables are not included in the word limit (Note: placing paragraphs into a table will be penalised, ensure dot points are used and are short and succinct)Appendices are not included in the word countReports will be accepted which are 10% (175 words over or under the limit).Ensure you upload your assignment through SafeAssign on or before the due date/timeIt is recommended that you save back up electronic copies Topics Topic 1: Panic at the checkout! Reducing panic buying Panic buying has become an increasingly important problem for retailers and supply chain management to understand and mitigate. Retailers have tried to address this issue with limits on the volume of products such as toilet paper, pasta and rice. Consumers have been urged by both retailers and government to stop panic buying with the erratic behaviour driving up prices, and vulnerable consumers such as the elderly, missing out on essential items. Your role, as a consumer psychologist, is to use consumer behaviour theories and desktop research to explain why events such as coronavirus lockdowns drives consumers to panic buy, and to recommend strategies relating the marketing mix which will help avoid these events in future. Readings to Assist: Islam, T., Pitafi, A. H., Arya, V., Wang, Y., Akhtar, N., Mubarik, S., & Xiaobei, L. (2021). Panic buying in the COVID-19 pandemic: a multi-country examination. Journal of Retailing and Consumer Services, 59, 102357. Naeem, M. (2021). Do social media platforms develop consumer panic buying during the fear of Covid-19 pandemic. Journal of Retailing and Consumer Services, 58, 102226. Lins, S., & Aquino, S. (2020). Development and initial psychometric properties of a panic buying scale during COVID-19 pandemic. Heliyon, 6(9), e04746. Prentice, C., Chen, J., & Stantic, B. (2020). Timed intervention in COVID-19 and panic buying. Journal of Retailing and Consumer Services, 57, 102203. Topic 2: Home is where the smart is…Encouraging Smart Home Technology Adoption. Recent forecasts suggest the market size for smart homes, modern homes, which have appliances or electronic devices that can be controlled remotely by the owner, will grow to an estimated $40.9 billion by 2020 with a household penetration of 19.5% by 2022. The projected opportunities but also problems smart homes offer households has been a popular discussion point. For example, research suggests smart home technologies will assist households in controlling their demand and use of energy, which benefits household financial well-being and subsequently the environment from reduced energy production pressures. However, there is also discussions of the potential for smart home technologies to bring about ‘dark side’ issues such as technology-facilitated abuse and privacy and information misuse. The projected opportunities but also problems smart homes offer households has been a popular discussion point. It is important to understand household’s readiness and willingness to engage with smart home technologies so that marketers can encourage greater levels of adoption. Readings to Assist: Hubert, M., Blut, M., Brock, C., Zhang, R. W., Koch, V., & Riedl, R. (2018). The influence of acceptance and adoption drivers on smart home usage. European Journal of Marketing. Rauschnabel, P. A., He, J., & Ro, Y. K. (2018). Antecedents to the adoption of augmented reality smart glasses: A closer look at privacy risks. Journal of Business Research, 92, 374-384. Yang, H., Lee, H., & Zo, H. (2017). User acceptance of smart home services: An extension of the theory of planned behavior. Industrial Management & Data Systems, 117(1), 68-89.
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