The Buyer Behavior Research Project - Assignment Example

American Intercontinental The Buyer Behavior Research Project Project Type: MKTG420 Unit 4 Individual Project Market segmentation is coming of age in business marketing. Different businesses cater for different niches in the market doing a thorough segmentation analysis of these markets enables these businesses not only to increase profit margins but also offer unique products to meet the unique needs of the consumer population. The Buyer Behavior Research Project Introduction This paper explores segmentation research, delving into the different market niches that Nordstrom and Bloomingdales occupy, the methods of conducting this kind of research- a pragmatic approach-, the reasons for this kind of approach and a cost-benefit analysis of why segmentation is crucial in today’s business environment. Store Profiles Nordstrom Inc. is an up market American fashion department store, founded by Carl F. Wallin and John W. Nordstrom currently having its headquarters in Washington’s Seattle. Shoe retail was the company’s beginning and has since grown their catalog to incorporate cosmetics, clothing fragrances, accessories, jewelry and handbags. Bloomingdale’s is also an up market American chain of department stores presently owned by Marcy’s, Inc. it was founded in 1861when brothers Lyman and Joseph G. Bloomingdale started retailing hoop-skirts in their Ladies Notions Shop on Lower East Side of Manhattan. They were both sons of Benjamin Bloomingdale, a Bavarian-native salesman who had inhabited Kansas and North Carolina before settling in New York City. Company Research Theory-Based Research on Marketing Segmentation Segmentation entails identifying different groups of buyers in a population in order to isolate certain products and services for these different groups or segments. By altering products, communication, prices to various groups, one is able to meet the needs of more consumers and consequently gain a higher overall level share or profit from a market. Segmentation, in short, allows companies to create just the right products and services in addressing the needs of different market slices (Berghoff et. al. 2012). Cost-Benefit Analysis of Investing in Segmentation Research This content is from Unit 1 IP, Part 2. Results of Focus Group This content is from Unit 2 DB Main Post. 2 SPSS Frequency Tables This content is from Unit 2 DB Main Post. Analysis of Focus Group This content is from Unit 2 DB Main Post. Web vs. Store #1 This content is from Unit 2 IP, Part 1. Web vs. Store #2 This content is from Unit 2 IP, Part 1. Rating System This content is from Unit 2 IP, Part 1. Store #1 Image and Target Market Fit This content is from Unit 2 IP, Part 2. Store #2 Image and Target Market Fit This content is from Unit 2 IP, Part 2. Most successful store with rationale This content is from Unit 2 IP, Part 2. Support for Improvements This content is from Unit 2 IP, Part 3. Three Improvements for Store #1 This content is from Unit 2 IP, Part 3. Three Improvements for Store #2 This content is from Unit 2 IP, Part 3. Part 1: Research on the Survey This content is from Unit 3 IP, Part 1. Research background on the scales This content is from Unit 3 IP, Part 1. SERVQUAL samples This content is from Unit 3 IP, Part 1. Service Quality and Segmentation This content is from Unit 3 IP, Part 1. Chart 1: Gender Gender Population Male 36 Females 24 Participant are 60 in numbers (N=60) with demographic composition of 60% male ( M = 36) and 40% female (F = 24). The age group is between 18 – 60 years old. Chart #2: Male Demographic Male Age group Number 18-24 6 25- 34 8 35-44 10 45-54 8 55-60 4 The chart presents male demographics with age composition. Chart #3: Female Demographics Females Age group Number 18-24 2 25- 34 6 35-44 8 45-54 6 55-60 2 Table #4: Factors Common segment factors may include psychological, demographic and behavioral variables, such as age, income, education, consumption, race, attitude, leisure pursuits and sexual orientation. Null/Hypo, Independent Sample T-Test 1, Decision NULL: This is no relationship (correlation) between customer preference and gender. HYPO: This is a relationship between (correlation) customer preference and gender. Null/Hypo, Independent Sample T-Test 2, Decision NULL: This is no relationship (correlation) between buyer behavior and market segmentation. HYPO: This is a relationship between (correlation) behavior and market segmentation. Null/Hypo, Independent Sample T-Test 3, Decision NULL: This is no relationship (correlation) between income and market segmentation. HYPO: This is a relationship between (correlation) income and market segmentation. Null/Hypo, Independent Sample T-Test 4, Decision NULL: This is no relationship (correlation) between consumption and market segmentation. HYPO: This is a relationship between (correlation) consumption and market segmentation. Null/Hypo, ANOVA 1, Decision From Unit 3 IP, part 3 Null/Hypo, ANOVA 2, Decision From Unit 3 IP, part 3 Null/Hypo, ANOVA 3, Decision From Unit 3 IP, part 3 Null/Hypo, ANOVA 4, Decision From Unit 3 IP, part 3 Compare ANOVA & t-test results Hypothesis Test -Correlation #1 Null and alternate hypotheses. Write out a Null & Alternate Hypothesis (alpha = .05). The test. Run the test and paste it in the document The decision rule. State the decision rule. Hypothesis Test -Correlation #2 Null and alternate hypotheses. Write out a Null & Alternate Hypothesis (alpha = .05). The test. Run the test and paste it in the document The decision rule. State the decision rule. Hypothesis Test -Regression #1 Null and alternate hypotheses. Write out a Null & Alternate Hypothesis (alpha = .05). The test. Run the test and paste it in the document The decision rule. State the decision rule. Hypothesis Test -Regression #1 Null and alternate hypotheses. Write out a Null & Alternate Hypothesis (alpha = .05). The test. Run the test and paste it in the document The decision rule. State the decision rule. Compare Correlation, Regression, ANOVA and t-Test Results From Unit 3 IP, part 3 Findings and Segmentation Applications You now have used qualitative and quantitative tools to assess service quality and segmentation in the stores. How can a marketing manager use these results to build a segmentation strategy in one of the target stores. Part 3 of the Individual Project will be 1 page in length. Conclusion The paper has involved statistical analysis of segmentation References Alzheimer Europe.org. (August 2009). The Four Main Approaches. Web. Berghoff et. al. (2012). The Rise of Marketing and Market Research. New York: Palgrave Macmillan. Bradley, Nigel. (2007). Marketing Research. Tools and Techniques. Oxford University Press, Oxford Businessweek.com. (Jul 2013). Nordstrom fsb: Private Company Information. Web. Forbes.com. (May 2013). Nordstrom. Web Gov.uk/ business. (2009) Segment your customers. Web. Mystore411.com (2014). All Bloomingdales Locations. Web Read More