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a As marketing manager of Brand A should your company desire more or less customers that follow Timothys buying behaviour Describe Timothys buying behaviour and give reasons to explain your answer Answer From the information shown in the panel data showing the buying brands of breakfast cereal in one particular week by a group of customers we can see that Timothy purchased six times of cereal including two brands with 2 times for brand B and 4 times for brand B during the period time of one particular week The customer seems to have some purchase preference of brand A when he wants to purchase the product of cereal According to the Dirichlet Model the possibility for a customer to purchase a brand of product is not affected by the other brands that the customer also purchases As a marketing manager of Allround brand I hopefully expect the customer to regard Allround as their first brand when they make purchase in the product category which means Allround brand can be more possibly purchased by the customer even if the purchase happens randomly Since the panel data come from a particular period of time we notice that Timothy purchase four times of cereal of brand A from which we can infer that Timothy should be a heavy buyer of brand A Therefore the Allround Company will absolutely desire the customers who follow Timothys the buying behaviour For according to the 2080 rule the 20 of the buyers heavy buyers generates 80 of the total profits for a brand in a product category Though such heavy do not have 100 loyalty for a brand but they generally have a much better brand imagine on the brand If possible they will introduce the brand to those potential buyers ie family members friends or workmates which helps to extend the brand awareness among the consumers through word of mouth b What does this data tell you about
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