Assignment on Marketing Intelligence
Added on 2019-12-17
22 Pages6384 Words225 Views
Marketing Intelligence
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1- ESSAY.............................................................................................................................3a) Stages of purchase decision-making process...........................................................................3b) Buyer behaviour theories.........................................................................................................4c) Factors impacting buyer behaviour..........................................................................................7d) Links between brand loyalty, corporate image and repeat purchasing....................................8TASK 2............................................................................................................................................9a) Market research objectives......................................................................................................9b) Market research techniques.....................................................................................................9c) Sources of data.......................................................................................................................10d) Validity and reliability of market researching.......................................................................11e) Marketing research plan.........................................................................................................12TASK 3..........................................................................................................................................13a) Market size trends..................................................................................................................13b) Competitor Analysis..............................................................................................................13c) SWOT analysis for Zara........................................................................................................15TASK 4..........................................................................................................................................16a) Techniques for acquiring customer response.........................................................................16b) Customer satisfaction survey.................................................................................................17c) Review...................................................................................................................................19CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
INTRODUCTIONEvery organisation maintains its standards and reputation with the help of data that isgathered and analysed on daily basis. Certain parameters like market size, customer satisfaction,opportunities and threats faced by an organisation are components of marketing intelligence.Zara has been utilising survey monkey as its external agent for managing all statistics andinformation regarding customer satisfaction and response for its products. This report aims togive a deep insight regarding procedures and theories that are related to consumers and theirdecision-making process at the time of purchasing. It will also depict the plans and strategies thatcan be utilised for conducting market research and customer responses for its women apparelline.TASK 1- ESSAYIntroductionConsumer buying behaviour comprises of the preferences, attitudes and intentions ofconsumers during purchasing of a product or a service in the market place. Consumers makepurchase according to their attitude towards a particular product, their buying intentions anddecisions made regarding buying behaviour. It is important for organizations to know their needsbecause it is necessary to know where, when and how customers make purchase so that themarketing mix can be designed accordingly. In the present essay, stages of purchase decisionmaking process and buyer behaviour theories will be explored to find out about consumer buyingbehaviour. a) Stages of purchase decision-making processThere are five main stages of purchase decision-making process are need recognition,specification, proposals, evaluation and order (Hammond, Keeney and Raiffa, 2015). Problem recognition is the initial stage where a need or want is developed by consumerwhich he wants to satisfy. For example, winters will make the customers recognize the need forgood quality coat. In order to satisfy this need. The customers will look forward to Zara.Analysing such needs also helps the organization in enlarging its strategies. Next step is search process where customer maps all details regarding quantity, qualityand resource requirements are search. Customer research for organizations or places where theirneeds would be satisfied.
The next stage is evaluation of alternative. Customer now evaluates various alternativesthat are available. For example, he would evaluate other firms along with Zara where he couldget a coat. Selection is the next stage in which final decisions are made by the customersregarding price and other marketing mix principles (Mallen, 2013). For example, customerwould select Zara to purchase a coat after evaluating the alternatives after. After all above stages are cleared, the last stage is evaluation of decision/ post purchasebehaviour. For example, after purchasing coat from Zara, the customer will evaluate whether thecoat purchased from Zara satisfied his need or not. On the basis of the satisfaction level, thepositive or negative feedback will be distributed by the customer about the product. Hence, it isimportant for Zara to be careful and creat6e positive feedback about its products. b) Buyer behaviour theoriesVarious theories coexist in businesses to understand the changing behaviour of buyers.Decisions based on buying and purchasing are influenced by various factors like culture, trends,self-perception, etc. (Monczka and et.al., 2015). Generic theory of buying behaviour and cultural theory are considered in case of Zara. Generic theory of buying behaviour: - According to generic behaviour theoryconsumers or buyers will be inclined towards making a purchase only when they require thatcommodity. Likeability towards the product is achieved only through performance and qualitystandards of that particular product. If the buyer is satisfied with the same, future purchases arediverted to Zara only. Company can take significant initiatives for gaining loyalty of buyers andit will help in ensuring repeat purchasing of products by consumers. Cultural theory of buying behaviour: - It is based on cultural factors that constitute asociety and individual. Culture comprises of values and beliefs that are set by the community.Income levels, occupation type and education level influence these cultural beliefs. People buyonly those products in the vicinity of their thoughts (Solomon Russell-Bennett and Previte,2013). Items or products which are acceptable culturally have a larger probability of success thanthe ones which are offending or rebellious. At times, a leader of the community influencespurchasing behaviour depending on the cultural acceptability of product. Products of theenterprise can be developed by considering trends and customs that are running in the society. Internal theory of buying behaviour :- According to this theory decisions of people forpurchasing a specific product depends upon several factors and it includes financial status of
buyers, occupation, recommendations and suggestions given by family members and friends,price of products and some other factors. Zara Company can take significant steps for designingand marketing the products to meet the need and expectations of buyers. Environmental theory of buying theory: - According to this theory different types ofreactions are shown by buyers. Behaviour shown by buyers depends upon different situationsand it is vital that needs and preferences of consumers should be considered while manufacturingthe product. Market survey can be conducted for assessing needs and requirement of consumers. Maslow's Hierarchy of needs: This theory is based on the classification of differentneeds of an individual while addressing a market. The different levels of needs in thishierarchical distribution are physiological, safety or security, belongingness and love needs,esteem needs and self-actualisation. Organisations can understand individual behaviouraccording to the levels in this hierarchy and then develop specific products and services.Following picture depicts Maslow's hierarchy of needs.
Every level in the hierarchical pyramid is very important because they are somewhereconnected to the buying behaviour of individuals in the market. Zara has to produce commoditiesin such a way that at-least basic needs of customers are fulfilled. Physiological needs areconsidered to be the most important needs because they are very basic. Every individual wantsfood, shelter, clothing and effective sleep to survive in this world. Zara has to devise a pricingstructure that will be applicable on all its products in such a way that company is able to meet thebasic needs of all its stakeholders.Zara being an international marketing firm has to meet two levels of needs in theMaslow's hierarchy. The company is positioned in between safety and security needs andphysiological needs. If employees are paid appropriate salary to fulfil basic needs of food and
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