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Market Intelligence Techniques and Techniques

   

Added on  2020-01-28

12 Pages4002 Words488 Views
STUDENT ID:STUDENT NAME:ASSIGNMENT ID:ASSIGNMENT TITLE: MARKETING INTELLIGENCE1

Table of ContentsIntroduction......................................................................................................................................3Task 1 (Essay)..................................................................................................................................3Task 2...............................................................................................................................................52.1 Different types of market research techniques..........................................................................52.2 Using secondary data to achieve market objectives..................................................................62.3 Validity and reliability of market research findings..................................................................62.4 Market research plan to obtain information in given situation..................................................6Task 3...............................................................................................................................................73.1 Market size trends in given market............................................................................................73.2 Competitor analysis for an organization....................................................................................83.3 Organization’s opportunities and threats for a product or service.............................................8Task 4...............................................................................................................................................84.1 Techniques for assessing customer response.............................................................................84.2 Design customer satisfaction survey.........................................................................................94.3 Reviewing success of the survey.............................................................................................10Conclusion.....................................................................................................................................10Reference List................................................................................................................................112

IntroductionCustomers are important factor for business organizations that seek to grow their business. Whenthey plan to take the business forward and strategize further steps, they need to identify buyingbehaviour of their core customers as well as that of new and prospective ones. In this respect, thefollowing assignment tries to analyse aspects of purchase decisions and buyer behaviours ofcustomers of Sainsbury's through conducting market research. It can be helpful for managementof Sainsbury's to formulate future plans for business growth and development. Task 1 (Essay) 1.Stages in purchase decision making process: In the purchase decision making process, thecustomers have to go through five stages that determine their purchase decision factors (Gergovaand Kim, 2016, p.26). 1. Need recognition: This stage involves the company to recognize what exactly are the needs ofthe customers. Customers realize some personal needs and buy products to fulfill those needsand return back to normality. For Sainsbury’s it is an opportunity to convince new parents tomake purchases for their newborn through availability of various choices among baby careproducts. 2. Information search: Information search follows need recognition that implies gatheringinformation about a product after customers have successfully identified their needs. Forexample when a customer realises the need to replace his torn shoes, he seeks information aboutshoes available in Sainsbury's and other retailers from various sources while simultaneouslySainsbury’s has to rely on its brand image to remain ahead of its competitors. 3. Evaluation of the alternatives: In this stage, customer start asking questions on variousaspects such as “ do he really need the product”, “do he need that particular product or shall lookfor alternatives”, “ will the product fulfill his needs”. Then they make comparisons betweenchoices based on price, quality, range of options, service, etc. In this regard, customers tries toevaluate if they really need shoes or can make of use alternatives and what are the choicesavailable in Sainsbury's’. 4. Purchase decision: This stage resembles the stage to make the final purchase. After thecustomer has made evaluation of all options based on information gathered and identified thebest one, he makes logical conclusion of either to go ahead with the purchase or cancel it. In thisregard, the customer will assess the best shoe according to his requirements and buy it. 3

5. Post purchase evaluation: The final stage includes roles and responsibilities of the marketerand feeling of satisfaction or dissatisfaction of customers after purchase. If the customer issatisfied with bought shoe, he will remain loyal to Sainsbury’s thereafter and promote theirproducts based on his experiences.2. Theories of buyer behaviour in terms of individuals and market: Buyers are people whomake daily purchases to fulfill their needs and desires. Behaviour of their purchases areevaluated to identify factors that drive purchase making decisions, such as what customers buy,how much they buy how they respond to company’s marketing strategies. Two theories havebeen identified regarding buyer behaviour. Cognitive dissonance theory: Cognitive Dissonance theory emerges from social psychologyand refers to conflicting attitudes and behaviours of people. The theory states that cognitivedissonance occurs among buyer when they hold conflicting attitudes or beliefs regarding aproduct or service specially after making purchase (Kah and Lee, 2016, p.375).This theoryallows controlling the risk of dissonance when customer has high level of commitment. Diffusion of innovation theory: This theory refers to spread of innovation among consumers inthe form of new ideas, behaviours, products, service and process (Zendehdel et al. 2015, p.172).The theory explains the needs for innovation and how these new ideas are adopted andimplemented. The ideas and practices are communicated to specific customers and to section ofthe market through various modes of communication channels, for example social networks,personal mail and messages, adverts, etc. 3. Factors affecting buyer behaviour: Buyer behaviour is influenced by many identifiablefactors that include cultural, social, personal, economic and psychological (Kuan et al. 2014,p.170). Cultural factors are important with respect that customers are greatly attached to theirculture and traditions. For example a consumer’s culture may strongly deny him consumption ofmeat. Thus the consumer purchases food items that do not contain meat contents. Social factorsalso affect buying behaviour and include perception and confirmation sought by individuals fromsocial groups regarding purchases. For example a child seeks views of parents before makingany purchases. Personal factors determine the personal needs of the buyer and how important isthe need to make purchase based on age, occupation, lifestyle, etc. For example, a consumer cango with smaller screen TV instead buying a bigger one. Psychological aspects of buyers includemotivation, perception, assumption, learning and attitude based on which they make decision for4

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