Evaluating Different Types of Market Research Techniques

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. Examining range 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
technique helps in making highly effective business decisions. Report will also develop
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
of individuals. According to such theory people makes decision about making in-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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