Consumer and Audience Behaviour A1

The most optimal models to utilize when concerned with product development and integration into the
market are the SWOT analysis model and the Multi-Attribute Attitude model. The Swot analysis model is
quite simply an attribution of an enterprise’s Strengths, weaknesses,opportunities and threats. The main
goal of a SWOT analysis is to assist organizations in developing a complete understanding of all the
variables that contribute to a company's decision. Whenever you dedicate to any company action, whether
it's examining new proposals, reworking company policy, considering opportunities to pivot, or changing
a plan currently halfway through its execution, conduct a SWOT analysis. It's sometimes a good idea to
conduct a broad SWOT analysis to check on your company's current landscape and enhance efficiency as
needed. The analysis can reveal key areas where your organization is performing optimally as well as
areas where operations must be adjusted. SWOT analysis was conceived to figure out the consistent
failure of cooperative planning.
The next model that one would consider when prioritizing product development and growth would be the
Multi-attribute attitude model. The multi-attribute attitude models (MAAM) are both a concept used to
explain how consumer attitudes towards a specific object or market are formed. The multi-attribute model
simplifies the concept of a specific trait and forms our reasoning in various ways.The attitude-toward-
object model is the theory that an object's attitude is influenced by several significant, distinct attributes.
People have a greater tendency to utilize an attitude towards a specific object if such attitudes are rated
marginally higher or lower than the consumer's attitudes towards the attitude object.
This model is classified as a multi-attribute model because it suggests that the integration of several
characteristics forms the orientation towards an object.

In my opinion the superior model for product feature development would be the Multi-Attribute Attitude
Model. The main reason being that this particular model is comprehensive and covers all possible angles
along with being able to identify a consumer’s attitude which is crucial for the success of a product in a
viable market. The multi-attribute attitude model helps to establish a more in-depth understanding of the
issue at hand. The model assists in identifying and prioritizing the problem from the perspective of the
customer, as well as evaluating their necessities, aspirations, and anticipations.

Moreover, consumer perceptions can help you understand why customers have a specific situation (for
example, why do customers buy your competitors? Is competitive comparison necessary?).
Yet another benefit to the utilization of the MAAM is to allow consumers to get familiar with my product
or service. In a contemporary market a producer is not always certain as to why consumers do not wish to
purchase their goods and services, but with the help of the Multi-attribute attitude model one could better
understand why consumers do not prefer their commodities. Positive attitudes can be used to make
customers feel more at ease with your product/service if they can be identified and measured. The multi-
attribute model aids in determining the customer's position/attitude towards the product/service.
Understanding your customer's relative position is critical in determining appropriate marketing
strategies. For example, if your potential customers are dissatisfied with one of your brand's
characteristics, they may be unwilling to engage with your brand further. The cognitive component of the
model can aid in product differentiation.
The Multi-Attitude model helps with the development of new product ideas and necessary updates on
existing features of the product. This is crucial if survival and profit of the product within the market is a
priority. The multi-attribute model gives you the ability to make more confident decisions based on
accurate and realistic consumer perception. The model strengthens decision-making knowledge by
providing clarity about your business operations and allowing you to carry on without interference from
your competitor.

It aids in the evaluation of a company's or organization's performance by identifying its strengths,

weaknesses, opportunities, and threats. The model also helps an organization compare services/products
from different companies so that it can make an informed decision about which service/product to engage
with. As a result, a businessman or woman can choose his business partners with confidence, knowing
which company will provide him with the best service for his needs and be best suited to his objectives.

Many people use the Multi-Attribute Attitude Model to help them make decisions because it is one of the
most powerful and useful models. This model, however, is rarely used because it benefits both businesses
involved in a transaction, but it has limitations in many cases.
To summarize, this is merely a synopsis of what can be done to improve one's business management
skills through better decision-making for both parties involved in the transaction. This will be extremely
beneficial to any individual who has decided to approach their company's future using the Multi-Attribute
Model.