TABLE OF CONTENTS

1. The Company

1.1 Product Review 2. Target Market Profile 2.1 Target Market Characteristics 3. Target Market Decision Making Process [DMP] 3.1 Input (External Influences)

3.2 Input (Social Influences) 3.3 Process (The Consumer Decision Making Process) Problem Recognition Information Search Evaluation and Selection

3.4 Output (Post Purchase Behaviour) Decision Implementation Post Purchase Evaluation

4. Personal, Social and psychological Influences 4.1 Personal

4.2 Perception 4.3 Motivation

5. Conclusion

6. Bibliography

1. The Company

INTRODUCTION

Mr Bean is the leading chain of Soya Bean food and beverage retailer in Singapore. The Company was founded in 1995, by Mr Kang Puay Seng and Loh Jwee Poh. The first Mr Bean stall was located at Peoples Park Hawker Centre. The company which adopts a fast food concept utilizes years of experience complimented with the latest technologies to produce fresh and delectable products with nutritious value. (Mr Bean, 2009)

As of 2011 the company boasts a total of 62 retail stores (60 islandwide in Singapore. And 2 stores in Japan) Mr Bean has also won awards such as;

Singapore Promising Brand Award Most Popular Brand Award My Favourite Consumer Brand Award

1.1 Product Review Mr Bean products are mainly non-durable consumer products. They are convenience products that are bought frequently with little planning. The main benefit that consumers get from Mr Bean products is its health benefits. Several scientific studies have shown that soya beans are able to improve bone health, reduce risk for heart diseases, prevent certain cancers, as well as lower bad cholesterol

levels (Soya.be 2010). Mr Bean products are made with the finest ingredients and highest grade of non-genetically modified soya beans (Mr Bean 2009).

Mr Beans product line consists of soya milk, Beancurd, grass jelly, healthy snacks, and their very own exclusive Mr Bean merchandise (Mr Bean 2009). Each product line comes in many different flavours, and snacks range from ice cream to pancakes. There is very high product line consistency in Mr Bean products as they are mainly for consumption and they use the same distribution channels.

2. Target Market Profile Market Segmentation is the process of splitting customers or potential customers into different groups or segments, this method is used by organisations as a marketing tool to gain competitive

advantage over their competitors as consumers differ in many ways such as their needs and wants, buying attitudes and practices, and buying channels. (Cahill 1997). There are four types of market segmentation Geographic Segmentation, Demographic, Psychographic and Behavioural segmentation. (McColl-Kennedy & iel, 2000) Soy products play a large part in the Asian food culture; furthermore it is not a product that is race specific and can be used by all races including Chinese, Malays, Indians, and Eurasians. Utilizing Demographic and Behavioural segmentation, a target market profile can be created.

2.1 Target Market Characteristics

Mr Beans primary target market would be males and females from the Generation X to Y falling within the ages of 15 to 45 years old.

The target market would be anybody living or working in Singapore.

They are students or working executives with income levels ranging from $400 onwards They are also more health conscious and puts more emphasis on healthy lifestyles

Due to the fast paced nature of Singapores culture, quick service, convenience and accessibility is also important to them

Although Soya bean milk and like products are part of Singapores heritage and culture and is utilized by consumers from all social classes, due to the delivery channels the target market will mainly be from the working and middle class.

As Mr Beans items are fairly low priced a large disposable income is unnecessary. Mr Beans products offers healthier choices in a fast food concept at more than 50 outlets islandwide (Mr Bean 2009), enabling the target market to have healthy choices while on the go.

3. Target Market Decision Making Process [DMP]

To identify what are the consumers DMP a survey was carried out and its findings will show what perception does consumers have of Mr Bean. Many Consumers position on Mr Bean and its products are that it is a convenient and healthy snack/drink to purchase when in a hurry.

Mr Beans product positioning should concentrate being a brand which provides healthy and good quality products as efficiently and economically as possible. And can do so by utilizing one of the main components of the consumer decision making process input. External Influences Firms Marketing Efforts Socio-cultural Environment

INPUT

Consumer Decision Making Process

Problem Recognition

PROCESS

Information Search

Evaluation and Selection of Alternatives

Post purchase behavior

Decision Implementation
OUTPUT

Post Purchase Evaluation

3.1 Input (External Influences)

Input uses external influences as a source of information about a product, there are two types of sources, a formal or an informal communication source. A Formal communication source is impersonal and its influence is delivered from a marketing agent through the use of advertising, sales promotions, publicity or salespeople. (Leon G. Schiffman et.al,2010, p 281-282)

Mr Bean can utilize this form of influences by putting up advertisments to promote brand awareness. From the results in the survey conducted, a large majority of consumers purchase Mr

Beans products from high traffic areas like MRT stations and Bus interchanges. Poster ads placed at these locations would be the optimal location.

3.2 Input (Social Influences)

An informal communication source is interpersonal and its ifluences are delivered from an entity outside a marketing organization.

This is called Social influences made up by Non-marketer-dominated sources and these sources are important in influencing consumers thought processes through the use of word-of-mouth communication utilizing reference groups like friends, family, neighbours, television coverage, internet sites and branded entertainment. (Leon G. Schiffman et.al,2010, p 281)

Mr Bean can make use of this by influencing culture by using product placement or branded entertainment. Celebrities who belong to the Aspirational Reference Group can be a strong form of influence as consumers admire and desire to be like them. And by associating a celebrity with their products Mr Bean can influence consumers decision making process.

3.3 Process (Consumer Decision Making Process)

The process portion of the consumer DMP focuses on the thought process consumers go through when purchasing a product. This thought process can be said to follow three stages, problem/need recognition, information or pre-purchase search and lastly evaluation of alternatives and selection. (Schiffman & Kanuk, 2007)

Problem recognition

Problem recognition begins when the consumer identifies a need, it may be a physiological or psychological need. In the case of Mr Beans consumers it is a physiological need, mainly hunger or thirst.

Once the consumer identifies this need, there will be motivation to fulfil by creating a want. (I want a Soybean drink to quench my thirst or I want a Mr Bean pancake snack to satisfy my

hunger. These wants that the consumer has is now a goal and to that will lead the consumer to the second stage of the DMP (Information Search). (Schiffman & Kanuk, 2007)

Information Search

At this stage the consumer would be active in an external search whereby he goes on to extensively search for a favourable product soon after the consumer would have derived an awareness set of brands. According to the survey many of Mr Beans customers travels using public transport and will be searching for information on where they can fulfil their needs, by having adequate stimuli like advertisements placed at these locations, marketers can lead consumers to want Mr Beans products.

Evaluation and Selection At this stage the consumer will break down his evoke set and evaluate his choices. In the survey conducted two of the most important criterias in buying Mr Beans product are that it is readily available and convenient to purchase.

Other criteria identified in the survey that influenced consumers to buy Mr Beans products;

Mr Beans has healthier choice products and has health benefits Mr Bean has a wide variety of products to choose from Prices are more reasonable when compared to competitors

Therefore it is at this point where consumers evaluate their choices, what other drinks can i buy and if the competitors do not fulfil the consumers criteria, they will then ultimately choose Mr Bean which takes them to the last component in the DMP.

3.4 Output (Post purchase behaviour)

Output is the result of the process stage. The output stage starts after the consumer decides which products to buy. Two main things occur during this process, first the consumer buys the product, and next the consumer looks critically at the product and decides if the right choice was made. (K Gerber, 2008)

Decision Implementation

At this point the consumer will go out to purchase the product at the outlet. The decision of which store or outlet will depend on certain factors such as convenience and availability. Other factors such as if this is a trail purchase or if the consumer is a repeat customer will affect the decision to buy the product. As Mr Bean utilizes a fast food concept serving time is very fast, which suits the needs of the target consumers. After the purchase has been made we will reach the last and final stage of the DMP process. Post Purchase Evaluation

After purchasing a product a consumer may ask themselves was the choice right for me? or is that product really as good as I thought it was? Did I spend too much money?

If the answers to these questions are unsatisfactory then the occasion of a repeat purchase will be highly unlikely. On the other hand if the answers were favourable, Mr Bean will gain loyal and repeat customers.

In the survey conducted many consumers already had a preconception as to what Mr Beans products should be like and agreed that they would recommend Mr Bean to their friends.

Mr Bean having a fast food concept provides consumers with a certain level of trust that the products they serve will have consistency. This enables consumers to have faith that the

quality of the products will not vary at different outlets. Many consumers indicated in the survey that taste is not as important as price and convenience and consistency.

4. Personal, Social and Psychological Factors

4.1 Personality The Personality of Mr Beans consumers have some similarities. Some consumers are triggered by peer influence while others may be motivated physically to satisfy a basic need such as thirst or hunger. According to Schiffman, Kanuk and Wisenblit (2010) the Freudian theory suggest there are three interacting systems and as hunger and thirst is a basic need, it triggers our id side which is our impulse and primitive drives

4.2 Perception Mr Bean can influence consumers perception of their brand by using concepts such as product positioning and advertising. This perception can be further influenced by consumers own expectations or experiences. .

Mr Bean can achieve a high level of product awareness this by using stimuli, to influence the consumers perception. The packaging, physical attributes, advertisements and commercials are some avenues Mr Bean can explore.

Because social influence plays a large role in influencing consumer behaviour, Mr Bean can use product placement to change consumers perception of their products.

4.3 Motivation Motivation is a strong psychological influence on consumers as it drives them to action to relieve tension created by an unfulfilled need. According to Maslows hierarchy of needs, humans will satisfy their most basic or primitive needs before that of anything else. (Schiffman & Kanuk, 2007)

Mr Bean offers consumers a means to fulfil those needs with their products, and that message should be clearly indicated on their advertisement avenues.

5. Conclusion

Understanding the decision making process of consumers and the way they think is paramount in generating sales and retaining customers. A good way of understanding consumers perceptions of your brand is to conduct a survey. It allows for customers to voice out their opinions and it makes them feel that they are important. In understanding the consumers purchasing behaviour, Mr Bean will be better suited to produce a stimulus that has a larger influence on consumers perception.

Bibliography
K Gerber, N. B. (2008). Consumer Behaviour. Cape Town: Pearson Education South Africa . McColl-Kennedy, J., & iel, G. C. (2000). Marketing A Strategic Approach. South Melbourne: Nelson Thomson Learning.

Schiffman, L. G., & Kanuk, L. L. (2007). Consumer Behavior. United States of America: Pearson. Schiff man, L.G., Kanuk,L.L. and Wisenblit,L. (2010), Consumer Behaviour, 10th Ed, Upper Saddle River, New Jersey: Prentice Hall Mr Bean (2009). Retrieved November 14, 2012, from .mrbean.com.sg/aboutus.aspx: http://www.mrbean.com.sg Gary Armstrong, P. K. (2011). Marketing an Introduction. Pearson Education.

R.Foxall, G. (1981). Strategic Marketing Management. London: Croom Helm Ltd. University, D. (2011, Febuary). betterhealth. Retrieved september 18, 2012, from Better Health Channel: http://www.betterhealth.vic.gov.au/bhcv2/bhcarticles.nsf/pages/Soybeans