Strategic Marketing for Small Businesses

This assignment explores strategic marketing management decisions in small businesses, specifically addressing the challenges of adopting e-business strategies. It delves into the role of Bayesian solutions in making predictive decisions and analyzes the impact of electronic customer relationship management (eCRM) on traditional marketing practices. The case studies provided shed light on both successful and failed implementations of e-business initiatives within small firms, highlighting key factors for success.

MARKETING
INTELLIGENCE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Task-1..............................................................................................................................................3
1.1 ................................................................................................................................................3
1.2.................................................................................................................................................4
2.3.................................................................................................................................................7
2.4 ................................................................................................................................................7
3.1.................................................................................................................................................8
TASK 4............................................................................................................................................8
4.1 ................................................................................................................................................9
4.2 ................................................................................................................................................9
4.3 ..............................................................................................................................................11
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INTRODUCTION
Marketing Intelligence includes an in depth study of all the elements of the company's
present market and the prospective market. It includes a study of the customers , their behavior,
competition and growth potential of the of both existing as well as new products or services.
Market intelligence is used to assess the growth & development plans of the company and to
implement the growth or expansion strategies effectively to achieve the organizational goals and
thus to increase the shareholders value. This report is the detailed study of various marketing
strategies that can be implemented for the growth of its footwear division by understanding the
consumers behavior and their consumption patterns (Bryman and Bell, 2015)
TASK-1
1.1
 Need Recognition – This includes the detailed analysis of various requirements of
the consumers and its expectations from the product or services. Need is
stimulated externally that is though advertisements or a word of mouth or
internally that can be the thirst or hunger for a particular product or service. It can
be the difference between the actual and the desired state of the consumers (Fan,
Lau and Zhao, 2015)
 Information Search- After the consumer recognizes his needs he will research on
the available options in the market to satisfy his needs. For this he can rely on the
printed or visual media such as advertisements in television or through internet ,
word of mouth from friends and family members. These are the external sources
of gathering information. On the contrary he may resort to internal source of
information by utilizing his memory from the past experiences from the product
or the company (Festila, Chrysochou and Krystallis, 2014)
 Evaluating The Alternatives- The next stage is to to draw inferences about which
product or services to purchase from those available which are of various brands
and companies. Here the buyer will make the comparisons in terms of prices and
the benefits they are going to deliver. Here analysis will also be based upon the
capacity of the product to satisfy the need of the buyer on the basis of his personal
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set parameters. A complete involvement of the buyer in the research is necessary
to draw a reasonable conclusions and deriving the maximum benefits (Lin, Hsu
and Yeh, 2015)
 Purchase decision-making- Then comes the next stage where finally the purchase
is made after all the researches and evaluations. This decision could be affected
by a positive feedback or a negative feedback or an unforeseen disruptions in the
buyers circumstances (Lin, Hsu and Yeh, 2015)
 Post Purchase behaviour- It involves the evaluation of the product or services by
comparing it to its needs & expectations. This is extremely important stage for a
company as it will decide the future relationship with the buyer. This is reflected
by the feedback or reviews of the consumers after using the product or services.
This stage helps in finding out whether the consumer is deriving satisfaction from
using the services or products or the problems which they face and thus helps in
building the brand image & brand loyalty of the company (Lin, Hsu and Yeh,
2015)
1.2
Understanding the behaviour of the prospective buyers will help in connecting with them
and which will further enhance the penetration into the market and develop a strong hold over it
within a defined time period as may be set within the organizational goals.
Hence a successful marketing campaign will always involves the answer to the following
questions (Mullins, 2010)
 Why do the consumers buy?
It could be either rational or emotional drives of the buyers for buying a product or a service.
 Frequency of buying?
Understanding the answer to this question will help in the determinate the timing of the tactics of
Marketing. For Example if they buy in periodic intervals the company can assure the offers on it
on those periods (O’Fallon and Rutherford, 2011)
 For whom are they buying for?
This answer will help to evaluate the real consumers of the product on behalf of which
the buyers will buy the product. The Example could be mothers buying things for their children.
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Identifying the real buyers will help in determining their needs and that would further help in
meeting their requirements in the most effective and efficient manner.
 What are the buyers buying?
This will help to analyze the range of the products and services they buy on a regular basis. This
will help the companies to form various strategies such as to focus on a particular key products
or services or to continue with the entire range of products and services (Reynolds and Lancaster,
2007)
 From where do the consumers prefer to buy?
Understanding the preferences of the buyers and conveniences to buy will help the company to
enter into a market place where the consumers will prefer to buy from them and thus will
increase the company's profitability. For Example if the consumers largely buy things online
then setting up websites would help the company in increasing its revenues.
 Sources of information of buyers (Scullin, Fjermestad and Romano, 2004)
Analyzing the different sources such as any media which consists of websites,online reviews or
any influences like relatives & friends will help the company to build up an effective marketing
strategy by focusing on those segments which serves as an effective source of information for the
customers.
Theories Of Buyer behavior and their application on Next Plc
A number of different theories have been adopted to study the behavior and drawing inferences
from them. Two of them have been explained and implemented on the Next Plc.
Assumptions used in the application are Sian and Roberts, 2009)
 Rational consumer
 Budget constraints Consumer preferences
1. Demand Theory- It states that the relation of the consumer behavior in terms of
satisfaction it derives by the consumption or the use from the products or services. This
theory is based on the fact that satisfaction can be in measurable terms and it named the
unit for it as utils (Sian and Roberts, 2009)
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Application On Next Plc- As an assistant Branch manager it is strongly recommended to make a
an intense evaluation of the demands and satisfaction levels of the consumers. Based on it the
strategies will be formulated and implemented in an effective manner.
2. Diminishing Marginal utility- As per this law the satisfaction which a consumer derives
will decrease or diminish by using more and more units of the same product.
Application On Next Plc- Based on this theory it would be recommended that the company
should bring in innovation in the types and variety of the shoes that is the product it offers.
Secondary data are used to gather information from external sources which include reports ,
government agencies , newspaper, internal are best sources in today world to gather next PLC
retail company information it is helpful to achieve market research of objectives of retail
company there are two objectives (Sophonthummaph, 2009)
 Improving product ranges and developed to achieve sales .
 Provide returns to shareholders substantial growth in both earning per share and cash
dividends .
NEXT PLC is retail company have a variety of products such as kids, men and women shoes ,
clothing, accessories, home care it requires a information to achieve market research objectives
the sources from which secondary data information are collected the sources are-
Internet – In today modern world people are not touch with internet and they prefer online
shopping which are possible through internet , they get feedback , complaints from mails , chats
with company expertise who are available 24 hours to provide information about companies
product and fulfil customer requirements (Anastasia, 2015)
Newspaper and journals – These sources are best stations to fulfil demographic needs of
customers such as income, age , types of products they purchased and sales and information
collect from advertising rats .
These sources are useful to achieve market research are describe below-
First objective of market research are helpful by gathering information from advertising rates
which help in developing new products leads to increase in sales (Bhasin, 2012)
second objectives of market research is also achieve by providing 24 hours of service and fulfil
customer requirements leads to increase in EPS and dividend helps to provide returns to their
shareholders.
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2.3
Newspaper and internet validate and reliable to achieve market research objectives are
discussed below (Arline, 2015)
Validate and reliability of online survey - Online research is not very much successful it
provide a limited information about customers because its give you feedback only what customer
wants and their needs , only limited people access internet so market research objectives of
NEXT PLC are not properly fulfil their customer needs as well organisation needs it Is better
for the retail industry to fulfil needs they use internal sources such as track customer details their
billing and their address , receivables report , sales report , a lot of competition data as well as
market data are collected from internal sources market standing can be found through internal
sources and NEXT PLC market research objectives is that develop a new product external
sources is useful (Arline, 2015)
Validate and reliability of newspaper- Newspaper survey is used to gathering
information which cannot be validate it is successful only when it is easy to measured what we
want any fear about newspaper survey for collecting information then is not successful to
achieve market research objectives and reliability whether newspaper survey results are reliable
or not to achieve market research objectives conducting survey through newspaper is reliable in
wide range it helps to achieve customer satisfaction, provide returns to their shareholders, a new
product is introduce in the market a proper customer taste and preferences, buying behaviour of
customers , habits , which age and income group of people are purchase more , is the product is
comfortable or not all such information gather through newspaper are reliable (Theodosiou and
Katsikea, 2012)
2.4
Research plan of next plc company
 Background- A next plc is a retail company who sell variety of shoes for their customer
shoes are for men , women, kids which is comfortable while walking anywhere , it feels
comfortable and better (Sterne, 2010)
 Rationale – For the purpose to satisfy customer needs and provide them benefits.
 Objectives – To create wide range of shoes for kids , women , men, older as well as
younger so they highly satisfy and sales for this company increase .
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 Research methods – A company research on London market by using both qualitative
and quantitative research (Sterne, 2010)
 Quantitative research – A next plc company use samples which are measured in terms
of quantity such a number of shoes are used by which age group ?, which generation are
more satisfy younger or older while wearing ?, how many demands fo sandals and flats?,
to answering these question a next plc company apply on London market.
 Qualitative research – A qualitative research are done by next plc company on London
market to achieve objectives what are lifestyle of customers, purchasing power , taste and
preferences, buying behaviour, society culture and status, income are the factors used to
conduct research (Sian and Roberts, 2009)
 Data analysis- By doing research we analyse that customer are in London are pay high
NEXT PLC shoes product so the purchasing power increase, the society are high
thinking they prefer to buy for their family and friends , low income as well as high
income groups prefer to buy.
 Time frame – The research take time period is one year (Sian and Roberts, 2009)
 Budget – Budget for conducting research is 100,000/-
3.1
Market trend of UK country against shoes can be discussed below-
Market of UK consist demand for kids and women are high , schools shoes and sport
shoes for kids and women floaters and sandals demand are more and formal shoes for men are
high and supply for kids and women are slow in UK present market so they wants to launch a
new shoe in the UK market first identify the market according to the population of customer ,
their income , age , sex and after identification of market select the market in which a new shoe
launch in the market as per the market requirement, the market size are divided into where the
people of every income ,age (Reynolds and Lancaster, 2007). Market size of shoes industry in
UK are reached at 68 billions euros, the market volume are increased in women footwear they
demand luxury and fashionable footwear, men's are less fashionable then women's they want
casual footwear, children's are high in demand 5-15 age group , …....
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3.3
UK shoes market are growing day by day the next plc are growing the fan of next plc
shoes are used by kids, men, women , every age group of people are purchased next plc shoe
product in UK , the people lifestyle are high standard they want high quality an d long life of
shoe they an d fashionable and variety of shoes they want , next plc fulfil the UK customer's
demand it achieve their objectives , next plc opportunities and threats in UK market are
discussed below -
opportunities –
 expand their market and businesses
 launch a wide range of shoes to all group of customer whether customer are
kids, men, women
 reach women marketplace
 competition increase they beat their competitor in US market
 global and domestic economies
 increase manufacturing capacity
 build innovative shoes products
 it can be developed Internationally
 become a large retailer
 high quality increase, profits, enhance
weakness-
 There is no diversified range of products in sports shoes product for women
 Retail is price sensitive they have their own price so it is weakness for shoes industry
 To expand their market in UK most of the income are derived from selling to retailer
TASK 4
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4.1
There are two techniques can be used by Next PLC to assessing customer responses
which are as follows:
Value assessment: It has helped in identify the difference between past and present sales
of every good of Next PLC. By using this, the company will easily determine that customers of
the UK in actually take interest in buying new launch shoes of Next PLC or not. Along with this,
it will give information regarding the presence of substitute of product and their sales in the
market (Sterne, 2010)
Customer services questionnaire: It can be considered as a brief survey which carries
by an organization to determine the perceptions of the customer towards the products and
services. In the context of Next PLC, a questionnaire will prepare which will assist in
identification of consumer buying behavior, attitude, issue, experience etc for new launch shoe
product. The entire questionnaire will be based on either customer problem or product ((Fan, Lau
and Zhao, 2015).
4.2
Demographic information:
Name __________________
Age ___________________
Gender:
1. How often do you typically use Next PLC products?
 Every day
 Once in a week
 Once in a months
 Do not use
2. How's your experience with the existing products of Next PLC?
 Miserably
 Somewhat satisfactory
 Very satisfactory
 Delightful
3. Do you have any information regarding new shoe product of Next PLC?
 Yes
 No
4. Would you like to buy new product of Next PLC?
 Yes
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 No
5. According to you, which is the most attractive feature of new shoe product of Next PLC that
influences you to buy it?
 Price
 Attractive looks
 Quality
 Brand name
6. Would you like repurchase the same shoes of Next PLC in future?
 Yes
 No
7. Next PLC has provided good quality in his new shoe product?
 Strongly Satisfied
 Satisfied
 Neutral
 Dissatisfied
 Strongly dissatisfied
8. Rate this new shoe product of Next PLC.
 Excellent
 Good
 Average
 Poor
 Worse
9. On the basis of your previous buying experience, which one is the poorest features of new
shoe product of Next PLC that shows improvement?
 Price
 Quality
 Attractive looks
 Comfort
10. Please provide your valuable suggestions so that Next PLC can make necessary improvement
in its new shoe product.
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4.3
By considering the reviews o customer survey, it has found that researcher has
successfully carried out the market research. The data has been collected from 50 customers.
From the gather information, it has been determined that every respondent has completed the
entire questionnaire (Festila, Chrysochou and Krystallis, 2014) The outcome of this has helped
the researcher to determine the customer’s needs, requirements, expectations and attraction
towards new shoe products of Next PLC. Along with this, customer reviews have stated that all
consumers have satisfied with the quality of new shoe products of cited organization. There are
many of the service users who show the interest in buying the same goods in the future. The
main attractive thing in the new product for the consumers is its quality and its prices. But, in
order to increase future sales, Next PLC organization needs to use appropriate marketing
strategies which will help in attaining objectives of marketing plan (Festila, Chrysochou and
Krystallis, 2014)
CONCLUSION
On the basis of above report, it can be concluded that Next PLC is conducting its
operations in effective manner. This can be seen with the help of above mentioned facts and
figures. As a result, the total sales of the organization is enhanced and also improved the position
of this stated firm. In context to this, marketing plan is prepared with the help of research and
development process. This helps the company to launch its new shoes in UK market. This plan
has remained helpful in the determination of needs and requirements of customer needs.
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