Assignment - Marketing Intelligence

Added on -2020-02-05

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MARKETINGINTELLIGENCE
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Task-1..............................................................................................................................................31.1 ................................................................................................................................................31.2.................................................................................................................................................42.3.................................................................................................................................................72.4 ................................................................................................................................................73.1.................................................................................................................................................8TASK 4............................................................................................................................................84.1 ................................................................................................................................................94.2 ................................................................................................................................................94.3 ..............................................................................................................................................112
INTRODUCTIONMarketing 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-11.1 Need Recognition – This includes the detailed analysis of various requirements ofthe 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 personal3
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)1.2Understanding the behaviour of the prospective buyers will help in connecting with themand which will further enhance the penetration into the market and develop a strong hold over itwithin a defined time period as may be set within the organizational goals.Hence a successful marketing campaign will always involves the answer to the followingquestions (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 ofMarketing. For Example if they buy in periodic intervals the company can assure the offers on iton 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 whichthe buyers will buy the product. The Example could be mothers buying things for their children.4

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