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Concepts of Marketing Intelligence

   

Added on  2020-02-17

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MARKETING INTELLIGENCE
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Table of Contents
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INTRODUCTIONIn every business organization, various kinds of information are collected related to businessactivities and analyze that data in order to fulfill the aim of taking right decision regarding pricing, market development, business expansion etc. In order to get success in the competitive market, organization have to adopt some concepts of marketing intelligence .In this manner, manager gather information about the business environment and conduct business operation accordingly (Li and Li, 2011). By this, company can able to sustain in the competitive market and gain effective success. Marketing intelligence concept is related to collect information from various sources , analysis that data and breaking information into the several subset in order to get desired purpose of organization. Marketing intelligence is the aspect through which corporation contributes such efforts which distinct from its rivals. With assistance of the marketing strategies and important decision, manager of firm develop planning to gain effective outcome from the business environment. In this project report various stages of purchase decision making process has been addressed. In addition to this, various components which affect the buyers behavior at the time of purchasing has also discussed. Furthermore, a range of marketing research techniques and their evaluation has also studied with respect of John Lewis Company. The major objective of this report is to understand the marketing intelligence concept and also determine buyers behavior and purchase decision making process.TASK 1a)Various phases of the decision making of purchaseIndividual behaviour is very sensitive and complex which may affected by various kinds ofcomponents very quickly. At the time of purchasing product and services in the market, individual survive from various stages and he affected by various kinds of components. In the customer purchasing process, customer mostly varies from various stages under which they takesvarious kinds of decision and determine various things related to product and services. Following are some stage of customer purchasing under which customer takes various decisions-Problem recognition-It is the first and important stage of the purchasing product and services. Under this stage customer feels that something missing in their life and they required something to purchase for getting effective satisfaction. After realised that they want something in their life then they identify the effective product and services for their use. In the context of John Lewis, company identify the needs and wants of the customer in the demographic and geographic basis and discover the need and wants of the customer of the particular segment. This the major stage in the purchasing decision under which customer determine their needs and wants about the particular product and services.Information search- Once the requirement are recognised than in the second stable, individual start to estimate those alternative options that can able to meet his demand. For this purpose, they
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discuses with families and friends and search on the internet. In addition to this they can also take help from their past experience.Data evaluation-Ifcustomer has found that what will satisfy his requirement then he start to search for best deal. In this stage, customer analysis the information about the product quality, prices, features and branding.Figure 1Consumer decision making processSource: Li and Li, 2011Decision- After evaluates and analyse the information about the particular product and services, in the next stage customer decides to purchase that product and services. However it is risky the decision of purchasing in the future and it can be said that product is effective for future or not.Post purchase decision- Once the customer purchase the product and repeat it again in the future and promote it in front of friends and family member is known as the post purchase decision. It significant to know that whether the product or service satisfy their requirement or not. The company brand loyalty can lead by the customer post purchase decision.
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