Consumer Analysis – Group 10
In practice firms conduct extensive market research to understand consumer preferences and their decision-making process to answer many of the questions outlined below. Given that we will be unable to conduct primary research to acquire this
information you need to put yourself in the shoes of the consumer making the purchasing decision for each (top 2-3) category (ies) that your company has a presence in.
Feel free to add any questions that are relevant in your company’s case. Below is the template to guide you.
Problem Recognition
Why does the consumer need the product?
o
Consumers/customers need Dunkin Donuts to help relieve their stress and get through their long day. Whether they are a college student buying donuts for a party or a secretary needing their daily jump start their day. Dunkin Donuts is a cost-effective solution that solves the problem of people needing help through their day. Consumers can also go their because they are hungry or thirsty.
How is that need currently being met?
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There are places like Starbucks, Krispy Crème, and McDonalds which are all alternative solutions to this problem. Information Search
What sources of information does the consumer consider?
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The consumer/customer considers many factors when deciding on a coffee chain or a place of baked goods, such as location, price, quality, speed of service, quality of service, etc. The two main things most customers focus on are price and quality which Dunkin Donuts heavily focuses on. They create high quality products with a relatively low cost to
the customers. They can get this information trough two main sources of research: internal and external. Internal research is from their own experiences. If a someone goes to Dunkin Donuts and they have a positive experience, then they are likely to return when deciding on where to go, whereas if they consider McDonald’s in their list of options, they may not go because it will be their first time going. External research
is when one has no prior knowledge of the company and its product, so they use outside resources to help influence their decisions, such as friends, family, blogs, influencers, etc. For example, if someone wants to try Dunkin Donuts for the first time, they may ask a friend what to try, or may go online and read a review or two.
Alternative Evaluation
How are the competing alternatives evaluated by the consumer?
