I need help with a Marketing question. All explanations and answers will be used to help me learn.
This paper is based on the project I designed for Aqua Joggers Company: aquatic bikes and pool mills.
Detailed writing instruction:
Product Attributes Assignment:
For this assignment, you will focus on understanding your product’s key attributes. You are going to be conducting a matrix, called the ACE Matrix, to understand what attributes are important to your target audience and what attributes do not matter as much.
To begin this assignment, please read the article entitled, “Finding Important Attributes” under “Assignment Resources” for this week. You will be creating your own ACE Matrix for your product, so you want to make sure that you understand the concepts around the matrix.
Next, you want to start thinking about your product and its attributes. You will want to start thinking about your product’s purpose and the problem that it solves for its target market. Then, make a list of all your product’s attributes. A few ideas are below to help get you started:
Now that you have the list of attributes that you think are important, you are going to begin testing them with your target audience to understand which ones go where in the ACE Matrix. If this were a real marketing experience, you would actually conduct focus groups and other advanced research procedures to understand what is most important. However, for this assignment you will create a list of questions that you would like to use for a focus group so that you can uncover your product’s most important attributes. You will want to make sure that your questions focus on finding out the most important attributes to your target market.
Some examples of questions that you may want to use are:
– Tell me about positive experiences you’ve had with aquatic exercise equipment.
– Tell me about disappointments you’ve had with aquatic exercise equipment.
– What influences your decision to purchase aquatic exercise equipment?
– When you decide to purchase aquatic exercise equipment, what factors do you look for?
– If you had to choose the most important factor, what would it be?
– Have you ever changed brands of aquatic exercise equipment? If so, what was the reason
behind the change?
– How would you describe the perfect aquatic exercise equipment for your workout routine?
Now that you have your “focus group” results back, you are going to want to fill out the ACE Matrix grid. Please refer to the descriptions of each product category from the supplemental reading. Decide which attribute you think goes where based off of the focus group research and any additional research that you would like to conduct.
Please write a two-page minimum double-spaced paper that goes over the process, your ACE Matrix and why you chose which attribute for each ACE Matrix slot.