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Strategic Marketing and Communications

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University of Phoenix:

Instructor’s Name:

Course: MKT/498

Date: 1/19/2022

Perceptual mapping is one of the ways marketers can examine how customers are classified based on price and quality. There are two axes (x and y) and four quadrants in a perceptual map. The x-axis is the horizontal line, and the y-axis is the vertical line. The low (lower half of the x-axis), medium (in between), and high prices (vertical) can be determined (upper half). You can also determine the low (left side of the y-axis), medium (in-between), and high quality (horizontal) (right side). (Note: You can put the price on the x-axis or the y-axis, as long as you put quality on the y-axis when you put the price on the x-axis.). The brands you'll be utilizing for this map are from the "Leading Coffee Chains" list of coffee chains. Because prices can be established based on the product's quality. Consumers believe that the better the quality, the more willing they are to pay because the price is justified by the product and service quality. Consumers consider a product or service to be valuable (worth purchasing), and they are willing to pay for it.

West Side Coffee Company has been around for approximately six decades. Its brands and targeting tactics are meant to adapt to the changing needs and preferences of its target market. West Side Coffee Company’s consumer category has a variety of qualities at the moment. The majority of West Side Coffee customers, for example, are seniors with a higher level of education and money. Furthermore, they prefer to buy their favorite products in higher quantities in the afternoon. Because of the high number of senior customers, West Side Coffee Company has developed a robust customer interaction strategy aimed at attracting younger customers. The introduction of Apple Pay to the franchise's services, bonus and perk systems, leveraging the use of technology to boost the brand experience, special offers, and the engagement and maintenance of many digital channels are just a few of the methods.

Furthermore, because the performance of West Side Coffee Company brands, particularly their coffee, was highest in the morning according to previous year's data, the franchise's managers opted to shift customer dynamics and capitalize on afternoon chances. For this reason, a unique program was devised to reward customers who made purchases in the afternoon. As a result, afternoon purchases increased dramatically.

I chose to conduct my observation at the well-known Starbucks, which was only a few blocks away. I chose this coffee shop due to its interior design, which drew me in. One side of the wall, for example, has a glass top, while the lower section is constructed of wood and painted in a vivid red color, which was one of the things that drew my attention and stood out. People on the street can look inside the coffee shop through the glass wall and watch what's going on inside. These two crimson ceiling lamps in the shape of a flower bud, as well as these two tall green plants, can be found at the entrance. Once inside, there was a counter on the right with food and items to add to your drinks such as milk, sugar, chocolate, and so on, and the colors and presentation of the food were pleasing to my eyes. There was a large table behind the counter with several electronic devices plugged into the wall.

A technology or gadget is involved when discussing micro-moments. Customers use their devices, like cellphones, to act on their requirements. The following are the several sorts or categories of micro-moments: I'm curious times - Researching the product or service I'm itching to go moments - attempting to identify stores where they may get the product or obtain the service. Moments when I have a list of things I want to do - Seeking assistance to finish or complete particular activities - for example, how to do something or try a new item; eager to complete a task. I-want-to-purchase moments - Decided to buy the goods or use the service in the end, and may seek advice on whether or not to buy, as well as what to buy.

Customer satisfaction, loyalty, and focus are all tied to customer intelligence. Global businesses compete for additional clients. To preserve client loyalty, they aim to understand customers, interpret consumer experiences, and incorporate this into their program of activities. It is not enough for customers to buy the products; it is also critical that they spread the word and return. A successful partnership between a business and a consumer can benefit both parties. Understanding consumers through consumer insights is the new strategy in the modern world.

The following recommendation would improve the Westside company customer insight as discussed below. Pay attention to your clients. Your customers are discussing your products and brand on social media, with their friends, and in product reviews. Inquire about their opinions. Consider how your brand can augment with direct feedback from customers once you've established an ongoing process of social listening. Recognize feedback and initiate a conversation. Communication is crucial, as the age-old relationship adage goes. It's one thing to take in consumer data and comments, and quite another to come up with a suitable answer.

References

Chowdhury, P. P. (2013). Key strategies and issues of positioning: A review of past studies. American academic & scholarly research journal, 5(1), 55.

Errickson, L., & Zemeckis, D. (2021). Industry insights on consumer receptivity to aquaculture products in the retail marketplace: Considerations for increasing seafood intake. Current Developments in Nutrition, 5(Supplement_2), 553-553. https://doi.org/10.1093/cdn/nzab043_005

Yang, J., Zhao, C., & Xing, C. (2019). Big data market optimization pricing model based on data quality. Complexity, 2019.

McStay, A. (2017). 3.1 Micro-Moments, Liquidity, Intimacy and Automation: Developments in Programmatic Ad-tech. In Commercial communication in the digital age (pp. 143-160). De Gruyter Saur.