Marketing Intelligence in Sainsbury : Assignment
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Added on 2020-01-16
Marketing Intelligence in Sainsbury : Assignment
Added on 2020-01-16
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Marketing Intelligence
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(a) Purchase decisions making process and its main stages........................................................1(b) Buyers behaviour theory........................................................................................................2(c) Factors effecting buyer's behaviour ......................................................................................3(d) Brand loyalty, corporate image and repeat purchasing.........................................................3TASK 2 ...........................................................................................................................................4(a) Objectives of market research...............................................................................................4(b) Market research techniques and their effectiveness .............................................................4(c) Use of secondary data for achieving market objectives ......................................................5(d) Validity and reliability of market research findings..............................................................6(e) Market Research Plan............................................................................................................6TASK 3............................................................................................................................................7(a) Assessment of market trends and size...................................................................................7(b) Competitive analysis plan of organization ...........................................................................7(c) SWOT analysis of new products and services.......................................................................8TASK 4 ...........................................................................................................................................9(a) Techniques for assessing customers responses......................................................................9(b) Customers satisfactions surveys ...........................................................................................9(c) Survey review .....................................................................................................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONConsumers and it's behaviour have great impacts on firm's performances. With help ofmarketing intelligence company is able to conducting its marketing functions in very well. Byunderstanding buyers behaviours and decisions making process entity is able to understandsdifferent factors which effected customers. Choose company is Sainsbury's which is secondlargest retail company in UK (Bose, 2010). This report make analysis of different types offactors which effects buyers decisions making process. It's also make analyse of market researchand its objectives in context of the retail company and also includes secondary data for achievingbusiness objectives. At last this report make analyse of techniques for assessing customer'sresponses and make review on that market research which is conduct by entity. TASK 1(a) Purchase decisions making process and its main stagesSainsbury's is the second largest chain of supermarket in UK. Company has 16.9% sharein the retail industry. Entity operates its stores under two formants i.e. supermarkets andSainsbury’s local. It also operates its services through online platform (Barrett. and Weinstein,2015). Organization owns 13 distribution centres for distributing its goods and services. Thecompany is also affected by the purchase decisions process. Following are main stages ofpurchase decision making process.Problem recognizedIt is first stage of buyer decision making process in which customer identifies its need. Forsatisfying its need, customers give preferences for buying superior quality products. Foridentifying customer’s needs, Sainsbury's conducts market research and develop its products asper buyer’s preferences (Boikanyo, Lotriet. and Buys, 2016.). Gather information Once problems are recognized, customers gather information from different sources. Customersmay use internal search and external search mediums . Internal search includes adverting orbranding and external search includes social media, friends, or family. Evaluating alternatives
In evaluating the alternative's buyer’s shortlists available resources according to cost,availability and suitability (Dahl, and et.al., 2016). Customers analyze the alternatives whichgive them maximum satisfaction along with low prices. Purchase decisionBuyers will choose only that products or services which give them maximum level of satisfactionalong with the low prices. Buyers also make purchase decisions for buying a specific product orservice that are offered by the organization. Post purchase decisionAt this stage, customers analyses the products. For evaluating its decisions, they makecomparison between expectations and actual level of satisfactions. If actual satisfaction level islower than expectations then customers will not become brand loyal (Das. and Das, 2016). (b) Buyers behaviour theoryCustomers buying behaviour have great impact on Sainsbury and its performance. Byevaluating buyers behaviour, entity is able identify all those factors which can influence thecustomers decisions. Following are theories which are used by the retail company forunderstanding buyer's behaviour. Cognitive dissonance theoryAs per this theory, there are several Psychological factors which affects the buyer’sdecisions According to this theory, there is always memtal stress in buyers mind when they gofor purchasing a product (Devi and Chandramohan, 2016). Consumer’s decisions are alsoeffected by its own attitudes and discomfort. Sainsbury consider all those factors which affectbuyer’s decisions and try to reduce dissonance. For eliminating dissonance, entity offers widerange of products along with low prices.Diffusion of innovative theoryAs per this theory, consumers always give preference to that brand which brings isinnovative and have good attributes. Products life cycle passes through many stages such asintro, growth, maturity and decline (Gao, 2016.)e. By adding innovation and new ideas in itsproducts, entity can maximize its commodity's life and maintain long term growth. Sainsburyalways provide innovation in its business. For example, company offers its retail services in twoformat i.e. supermarket and local Sanisbury physical store.
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