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Marketing Intelligence - Assignment (Doc)

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Added on  2019-12-03

Marketing Intelligence - Assignment (Doc)

   Added on 2019-12-03

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Assignment titlePrimania – Marketing Intelligence InstructionsAn electronic copy of your assessment must be fully uploaded by the deadline date and time.You must submit one single PDF or MS Office Word document. Any relevant images or screenshots must be included within the same MS Office Word or PDF document.The last version you upload will be the one that is marked. Your paper will be marked if you have indicated this as yourfinal submission. Review the mitigating circumstances policy for information relating to extensions.The file size must not exceed 20MB.Answer the criteria in order, clearly indicating the pass criteria number.Ensure that all work has been proof-read and checked prior to submission.Ensure that the layout of your documents are in a professional format with font style Arial, font size 12 for the text, font 14 for sub heading and font 16 for main heading, line spacing 1.5 and justified.Use the Harvard referencing system; otherwise it will be considered as plagiarised work.Ensure that you back-up your work regularly and apply version control to your documents.Ensure that any file you upload is virus-free, not corrupted and not protected by a password otherwise it will be treatedas a non-submission.Learner declarationI certify that the work submitted for this assignment is my own and research sources arefully acknowledged.Student signature:Date: 12/02/20161Pearson BTEC Level 4 HND Diploma Business Unit 17 Marketing Intelligence Autumn 2015
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Introduction and guidanceMarketing Intelligence is a more specialised area of marketing. It provides a practicalinsight into Marketing Research and looks at the critical roles it plays in marketingmix, decision making and business strategy formulation.This unit is challenging but also interesting with many practical elements, enablingyou to enhance and embellish your sales skills, communication and analytical skills.The unit contains practical along with theoretical learning outcomes and thus theunit is delivered using a variety of methods and styles to engage both your reflectivelearning styles alongside the more pragmatist approach to learning. The tutorial sessions, facilitated by a tutor, are used to support and enhance studentunderstanding and include a variety of classroom-based exercises that consolidate2Pearson BTEC Level 4 HND Diploma Business Unit 17 Marketing Intelligence Autumn 2015PLEASE REMEMBER CHECK THAT YOUR ANSWERS MEET THE CRITERIACOMPLETE THE ASSIGNMENT CRITERIA AS YOU GO ALONGDO NOT LEAVE THINGS TO THE LAST MINUTE
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Case Study THE PRIMANIA"Primark is a very famous retail clothing store chain, providing clothes to customer at reasonable and affordable prices". Primark sells fashionable clothes at the low cost end of the market. All of the company's merchandise is made specifically for the company and as such Primark has its own brand names.Primark is actually an Irish retailer of clothing with the numbers of stores in United Kingdom, Ireland and Spain. Primark has more than 170 stores in which 125 stores are located in all over United Kingdom, 35 stores in Ireland and round about 10 storesin Spain. The first Primark store was established in year 1969 in capital city of Ireland in Dublin by Arther Ryan with the collaboration with Micaela Mitchell. After achieving the first success, they open more stores in different business centres with in local andregional areas, which alternatively generate more profits.Adored by fashion fans and value seekers alike Primarkis widely established as the destination store for keeping up with the latest looks without breaking the bank.Marketing concepts: The basic proposition of Primark’s business is simple, solid andtimeless. Primark is known for selling clothes at the budget end of the market. The company's success is based on sourcing supply cheaply, making clothes with simple designs and fabrics, only making them in the most popular sizes, buying stock in hugebulk and varieties and not advertising. Buyer behaviour: Primark’s target customer is fashion-conscious and wants value for money. Primark can offer value for money by: • sourcing products efficiently • making clothes with simpler designs • using local fabrics and trims • focusing on the most popular sizes • buying in volume • not spending heavily on advertising. Primark’s business growth comes from meeting these customer needs whilst continuing to expand stores and move into new markets.3Pearson BTEC Level 4 HND Diploma Business Unit 17 Marketing Intelligence Autumn 2015
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Branding:Primark, Atmosphere, Cedarwood State, B&W, Denim Co., Love to Lounge, YoungDimension, No Secret, Ocean Club, Secret Possessions are the keys of the design ofthe logo for Primark's most prominent brand reflected the fashionability of the productrange. Primark offer a diverse range of products, stocking everything from new bornand kids clothing, to womenswear, menswear, home ware, accessories, footwear,beauty products and confectionery. Positioning:Primark targets males, females and children within the mass market. The age of its target customers are from early teens to the middle aged (mostly women buying for the family). It positions itself in customer’s minds as the cheapest fashion clothing brand in the UK and does not partake in advertising strategies to emphasise this. However, the positioning strategy only works on differentiating Primark as the cheapest clothing retailer, and does not gain a meaningful position in customers minds as being fashion forward or of considerable quality – simply 'cheap'.Market research: Market research means systematically gathering, recording andanalysing market data. Primary research involves going 'into the field' (e.g. house-to-house or street surveys). Secondary research involves using existing sources ofinformation to research the market such as published reports or articles, or searchingthe Internet.There are two main approaches to 'primary' market research:Quantitative research: collecting information from a broad population samplee.g. by conducting extensive surveys, used when Primark wants to gaugeappeal across a wide audienceQualitative research: working with small 'focus' groups. This involves farmore detailed investigations, e.g. gathering a small group of 'typical' consumersto taste test products or to talk about their preferences and experiences ofusing different products. Qualitative research, whilst not representative of theviews of the general population, provides greater insight into 'why' people thinkwhat they think.Primark research process has five stages: 1. Identify opportunity: Does it fit into an existing or new product category? Whoare the target consumers? What do they want? Method: Desk research.2. Explore solution; What is the best solution? a new product? A product extension?Fast fashion concept? A new design? Method: Qualitative research using focusgroups and in-depth interviews one-to-one.3. Measure suitability/effectiveness: Evaluate the relative appeal of alternativesolutions in terms of meeting consumer requirements. Method: Quantitativeresearch through face-to-face, telephone/internet interviews4Pearson BTEC Level 4 HND Diploma Business Unit 17 Marketing Intelligence Autumn 2015
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4. Test Market: As it is very expensive for a company to launch a new product,before going for a full market launch it often to launch it in their focus stores 'test'market. This may be launching the product in just one region of Great Britain, withjust one of their flagship shops or conducting a 'Simulated Test Market'. Method: Quantitative research from participants in a test sample of consumers whophysically live with the test product for a period of days. There are three stages: 1.Concept research - to determine whether consumers like the 'concept' of the newproduct. 2. Product attributes - to determine whether the actual 'product' offeringmatches the 'concept'. 3.Volume assessment - to determine whether consumers willactually buy the new product and what, if any, existing products it will replace.5. Track market performance: This involves tracking the product's success once ithas been launched e.g. by recording sales figures, numbers of people familiar withthe product, etc. Method: Quantified continuous rolling study with consumers and/oranalysis of Electronic Point of Sale data (sales information gathered via retailers' tills).Customer Relationship Management: Customer Relationship process is nowbeing implemented with key customers in other markets around the world. Primarkwork with their customers to improve shopper marketing and supply chaincollaboration and to accelerateinnovationin order to provide superior qualityproducts at a very competitive price. Additionally, they recently started a successfulcustomer relationship program in understanding shopper needs, drives andpreferences, and migrating from a transactional and commercial link to acollaborative and multifunctional business relationship.Source: You have been appointed as an Assistant Brand Manager for Primark's "Love toLounge" range. Please complete the following tasks in relation to the range.Task One - A report Task Two - Marketing Research Report5Pearson BTEC Level 4 HND Diploma Business Unit 17 Marketing Intelligence Autumn 2015
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Scenario As competition in the market grows, you have been asked to generate a report onmarket research techniques and the complexities of customer behaviour for thesenior management team at Primark's London headquarters.Task One - Report on Market Research Techniques and Understanding Customer BehaviourLO1 Understand buyer behaviour and the purchase decision- making processLO2 Be able to use marketing research techniquesInclude the following in your report: Using the case study for support, describe the main stages of the purchase decision-making process for an individual consumer as part of the introduction to your report.(1.1)Guidelines You are required to consider the following in formulating you answer: Need recognition or perception, information search, evaluation of alternatives,purchase decision, post purchase evaluation stages for the individualconsumer.To complete your introduction, explain the importance of understanding buyerbehavior and explain two theories of buyer behavior in terms of individuals andmarkets. Apply them to Primark. (1.2)Guidelines You are required to consider the following in formulating you answer:A description or definition from reputable source of buyer behaviourIdentification of two theories of buyer behaviourAn explanation of these two theories of buyer behaviourCitations, which should be made using Harvard referencing styleIn the body of your report, explain three factors that could affect buyer behaviour.(1.3) Guidelines You are required to consider the following in formulating you answerIdentification of three factors which could influence buyer behaviourExplanation of these 3 factorsExamples to help explain these 3 factors can be providedLO6Pearson BTEC Level 4 HND Diploma Business Unit 17 Marketing Intelligence Autumn 2015
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