Market Intelligence Assignment
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Added on 2019-12-17
Market Intelligence Assignment
Added on 2019-12-17
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MARKET INTELLIGENCE
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................................................3TASK 1...........................................................................................................................................................................31.1 Describe the main stages of the purchase decision-making process...................................................................31.2Explain theories of buyer behaviour regarding individuals and markets.............................................................41.3Explain the factors that affect buyer behaviour....................................................................................................71.4 Evaluate the relationship between brand loyalty, corporate image and repeat purchasing.................................7TASK 2...........................................................................................................................................................................8A.) Identifying market research objectives...............................................................................................................8B.)Evaluate different types of market research techniques.......................................................................................8C.) Use sources of secondary data to achieve marketing research objectives...........................................................9D.) Assess the validity and reliability of market research findings.........................................................................10E.) Prepare a marketing research plan to obtain information in a given situation..................................................10TASK 3 ........................................................................................................................................................................113.1Assess market size trends within a given market...............................................................................................113.2Plan and carry out a competitor analysis for a given organisation.....................................................................113.3 Evaluate an organisation’s opportunities and threats for a given product or service........................................12TASK 4 ........................................................................................................................................................................134.1Evaluate techniques of assessing customer response.........................................................................................134.2 Designing and completing a customer survey...................................................................................................134.3Review the success of a completed survey.........................................................................................................16CONCLUSION.............................................................................................................................................................17REFERENCES..............................................................................................................................................................18
INTRODUCTIONMarket intelligence can be defined as the information which is relevant to the market ofthe company and to gather with the analysis for the purpose of appropriate and accurate decisionmaking to determine the strategies in areas including development of market and opportunity ofthe market. The present report is based on Volkswagen which is largest automobile industry overthe world and it is headquartered in Germany. This report covers stages of purchase decision-making process of the cited organisation. It also includes the theories of buyer behaviour andsome of the factors which affect that behaviour (Li and Li, 2013). Further, this report alsoevaluates various types of techniques of market research and use of sources of secondary data toachieve the objectives of the market research. It also covers a plan which helps to carry out thecompetitor analysis for the stated organisation and opportunities and threats for the same.Moreover, it also identifies the range of techniques for assessing the response of customers. Inthe modern era, understanding customer buying behaviour has become very important for thegrowth and success of any business enterprise. Furthermore, it helps companies such asVolkswagen to understand the key factors which affect the buying behaviour of customers andhow it can attract them. Factors such as income level, age, social, personal, culture etc. playsvery important role in influencing the decision making of customers. It is important to knowcustomers needs because it supports in areas such as product development and growth. It can bestated that by offering products according to the need of people, businesses such as Volkswagenis able to create sense of satisfaction among them and encourage their loyalty.TASK 11.1 Describe the main stages of the purchase decision-making process The customer buying process shows the perception of the customer before buying theproduct. The main stages in the decision making process of customer purchasing in context ofVolkswagen that is describes below: Problem recognition- The first step in the decision-making is identifying the needs of thecustomers of Volkswagen. In context of the selected business enterprise, it can be asserted that acustomer here develop a need that he want to buy a car. A need of using car develops within himand this is termed as the first stage in process of decision making. I need a car as now I have ababy and I cannot travel with my baby here and there without car. Thus, I need a car which isgood and has adequate space.
Search process- After the recognition of the problem, in second stage the consumers try totake information regarding the market from the retailers, friends and so that motivates them forpurchasing products of Volkswagen.(Kuester and Rauch, 2016). Here, the customers will lookfor the various alternatives and car brands available in the market. Suppose a friend of thatcustomer (me) has recommended Volkswagen car and because of the trust factor i will seek forthe same. Evaluation of alternatives- The third stage is to evaluate the alternatives where theconsumer select between all products of Volkswagen and there are other option of the brands andthey have the ability to purchase other products as per the requirements of customers. Here, I willcompare Volkswagen with the other brands avalaiable in the market. The comparison will bemade on different factors such as price, mileage, quality, comfort level, convenience etc.Purchase decision- In this stage, the customer decides what they have to purchase and fromwhere. After carrying out the comparison between different brands of car available in market,here I will select Volkswagen as it will suit my need and demand in the best possible manner.After carrying out the evaluation of, it has been identified that it is the best suitable car for myneeds.Post purchase decision- In the final stage of decision-making process there is evaluation of thesatisfaction of customers regarding the products of the company. If the customers are satisfiedwith the Volkswagen then they prefer it for the next time which is beneficial for the company. Itcan be stated that I am satisfied with the product of Volkswagen which I have purchased. Myneed regarding car with good design and space has been accomplished. 1.2Explain theories of buyer behaviour regarding individuals and markets There are some of the major theories of buyer behaviour regarding the market and in thecontext of Volkswagen which are described below:Economic theories- This theory of buyer behaviour focuses on allocation of income and itsimpact on demand for products of Volkswagen. This includes many factors such as the conceptof marginal utility; the law of consumption which affects the buying decision of the customers.Psychological theories – This theory helps to analyze impact of various factors in thedecisions of the future purchases fro Volkswagen. . There is significant role of brand loyalty to
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