MARKETING INTELLIGENCE TABLE OF CONTENTS INTRODUCTION 3 TASK 1 3 a. Assessing the stages of purchasing decision making process
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In this, the present report will provide deeper insight about the elements that closely influence the decision making aspect of customers. Further, it will shed light on the manner in which marketing research and SWOT analysis technique helps in making highly effective business decisions. Describing the stages of purchasing decision making process Decision making aspect of Primark’s customers can be understood through the means of following stages are: Need identification: First step of decision making process starts with the assessment or identification of need.
MARKETING INTELLIGENCE TABLE OF CONTENTS INTRODUCTION 3 TASK 1 3 a. Assessing the stages of purchasing decision making process
Added on 2020-02-05
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MARKETING INTELLIGENCE
TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 a. Describing the stages of purchasing decision making process................................................3 b. Assessing the theories of buying behavior..............................................................................4 c. Identifying the factors that affect buying behavior and decision making................................4 d. Assessing the relationship between brand loyalty, corporate image and repeat purchasing...5 TASK 2............................................................................................................................................6 a. Framing marketing research objectives...................................................................................6 b. Evaluating different types of market research techniques.......................................................6 c. Using sources of secondary data to achieve marketing research objectives............................7 d. Assessing the validity and reliability of market research findings..........................................7 e. Developing market research plan to attain information...........................................................7 TASK 3............................................................................................................................................8 a. Market size and trend analysis for Primark.............................................................................8 b. Competitive analysis of Primark.............................................................................................9 c. Producing SWOT analysis to analyze strengths and weaknesses for identified product and service........................................................................................................................................11 TASK 4..........................................................................................................................................12 a. Examiningrange of techniques used for assessing customer response and evaluate their effectiveness..............................................................................................................................12 b. Undertaking customer satisfaction survey.............................................................................12 c. Reviewing the success of the completed survey....................................................................14 CONCLUSION..............................................................................................................................14 REFERENCES..............................................................................................................................15
INTRODUCTION Marketing intelligence is highly concerned with the identification and collection of information about customer needs, wants as well as expectation level. Moreover, managers can frame highly suitable strategies only when they have information about target market. Thus, by considering such information and aspects manager can develop suitable marketing mix and promotional framework that directly aid in the growth and success of firm. The present report is based on Primark which is one of the leading fashion retailers of UK. Such business organization offers higher unique and designer clothes to the customers. In this, the present report will provide deeper insight about the elements that closely influence the decision making aspect of customers. Further, it will shed light on the manner in which marketing research and SWOT analysis techniquehelpsinmakinghighlyeffectivebusinessdecisions.Reportwillalsodevelop understanding about the manner through customer response can be assessed. TASK 1 a. Describing the stages of purchasing decision making process Decision making aspect of Primark’s customers can be understood through the means of following stages are: Need identification:First step of decision making process starts with the assessment or identification of need. On the basis of this aspect, customers make decision in relation to purchasing of products when they recognize need (Ratten, 2016). For instance: Now youngsters prefer to carry highly fashionable dress while attending parties. Searching information: In this stage, individual searches information about the fashion store. For this purpose, individual makes internet surfing and takes suggestion from family, colleagues as well as friendship group. Evaluating alternatives: At this point, individual make assessment of the offering of various fashion retailer such as H&M, Next Plc etc. in terms of price, quality etc.
Purchasing decision making: Once evaluation has been done, thereafter individuals make selection of retailer by considering the specific criteria and make purchase of apparel. Post-purchase behavior:In the last stage of decision making process people make evaluation of their satisfaction level in relation to purchase (Jensen and et.al., 2016). b. Assessing the theories of buying behavior Internal theory of buyer behavior is most common which is practiced by the large number ofindividuals.Accordingtosuchtheorypeoplemakesdecisionaboutmakingin-depth evaluation and comparison of each aspect such as price, quality, features etc. Such theory is also known as rationale actor theory in which buyer makes logical decisions after conducting proper evaluation of each aspect associated with the product. Further, such theory entails that lifestyle and social class of the customers have high level of impact on the decision making aspect of the customers. Further, cultural theory also helps in understanding the buyer behavior significantly (Wang, 2016). It presents that culture and society are the major aspects that influence the individual decision about purchase. Hence, Primark needs to offer clothes or apparel by considering such theoretical framework. c. Identifying the factors that affect buying behavior and decision making In the present times, there are several factors which are considered by the individual at the time of decision making are enumerated below: Cultural factors Culture from individual belongs closely influences their decision making. The rationale behind this, individuals prefer to purchase and wear apparels which reflect or present their cultural aspects. For instance: British people lay emphasis on western wear, whereas Indian people make focus on purchasing ethnic wear. Social factors Friends, family, reference group, social class, status, traditions and income are the major factors that closely impacts purchasing decision of customers. For instance: Now, individual makes purchase of apparel from the store that is suggested by their friendship group and family
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