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Marketing Intelligence Assignment

   

Added on  2020-01-07

29 Pages8050 Words235 Views
Marketing Intelligence

Table of contentINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................31.1 Main stages of the purchase decision making process......................................................................31.2 Theories of buyer behavior in terms of individuals and markets.......................................................51.3 Factors that affect buyer behavior.....................................................................................................71.4 Relationship between brand loyalty, corporate image and repeat purchasing................................8TASK 2..........................................................................................................................................................92.1 Different types of market research techniques.................................................................................92.2 Sources of secondary data to achieve marketing research objectives.............................................102.3 Validity and reliability of market research findings..........................................................................11TASK 3........................................................................................................................................................153.1 Market size trends within a selected market...................................................................................153.2 Competitor analysis.........................................................................................................................163.3 Organization’s opportunities and threats for a given product or service........................................18TASK 4........................................................................................................................................................204.1 Techniques of assessing customer response...................................................................................204.2 Customer satisfaction survey...........................................................................................................214.3 Success of a completed survey........................................................................................................24CONCLUSION.........................................................................................................................................25REFERENCE................................................................................................................................................27

INTRODUCTIONPurchasing decision making of the consumer in today’s market is very much influenced by the organization and their marketing strategies. It is seen that market is flooded with the different number of market player operating their business channel at their different market share. Consumer is deemed to be a kind of the market because industries sustainability is influenced by the consumer to the extent. Consumer in order to protect their right and for makinga right choice of action in buying a certain goods, product and services has to use different vigilant tools which are available in market. There are number of marketing plans made by organization in order to develop their product and enhance marketing image of the organization in consumers mind. Today’s fast moving economy and present technology has made consumers very sophisticated and judgmental towards the services they avail and product they purchase. As of now it is find that if any organization wants to sustain its product credibility and sustainability then it has to offer certain degree of quality of products and services. There are two different marketing plans which could be used by the organization in order to attract consumers in the market. - cost differentiation leadership in market and product differentiation leadership. With the help of this small summary we could say that consumer is put in the dominant position and he has to take decision as per its choice.TASK 11.1 Main stages of the purchase decision making processIn order to understand the consumer behavior it is understood that consumer behavior is very much flexible in making good choice of action. There are no certain stages in deciding whatwill consumer do at certain point of time. But many economist and predictor have come to the horizontal decision that consumer behavior to purchase goods and service goes through certain five stages (Kumar, 2012)Recognize the need of the purchasing goods and services- Most of the consumers go for shopping or visit shop only when they have a need to buy that certain product and services. It is the need which makes them lucrative toward the certain products and services. In order to encounter or predict the consumer behavior organization needs to understand the primary stage of need and then need to make other following stepsisters

just suppose that a consumer is run out of sugar in his kitchen then he needs to go the store and buy certain item.Search procedure- it is the customer who makes choice and take course of action to satisfy his needs. It is understand that Consumer in order to get best out of given option takes looks everywhere with the options available for him. Now a day with the different searching tools consumers takes aid of different search engine help.Evaluating alternatives options- This is the choice of action stage during which he makes election out of the options given. During this process organization marketing strategy plans and procedure play a very much important help. Consumer measures different aspects of the product such as quality, packing material, content of the products it’s negative and positive effect on the health and furthers more.Making choice of action- consumer is the person who eventually takes the step in selecting the goods and services. This decision is completely based upon the consumer behavior and influencing strategies used by the different organization. Final stage to evaluate the satisfaction level- In this stage consumer evaluate the product by consuming and using the certain products it is understand that consumer after

counting on the quality assumed that with the consumption of this product he will get the maximum satisfaction of its need. There for organization not only focus on its marketing strategy but also on its value chain activates which is used in the production of the goods and services offered in the market.1.2 Theories of buyer behavior in terms of individuals and marketsThere is different theory available in market to analyse the consumer behavior and their choice of action to purchase certain products and service. It is also understood that different buyer have different mind set therefor in order to cater their need in the market organization has to use different set of theory of buyer behavior. There are following theories which are describedas below-Generic theory to buy product- it is understood that buying need develops only when there is certain need to satisfy. Typically buyer has to recognize its needs and action plan to avail certain services. Let’s understand this with the help of example that a man will need a new bike only when his older bike is broken down or he gets bored with its old bike. The choice of action is also depended upon the brand image of the organization. If he was satisfied with its old brand then he will not need to look for other brands (Anisimova, T. 2016).Culture theory of buying behavior- Culture is the complete set of values and belief of the person and it is very much influenced by his surrounding. A consumer likes to purchase only those product and services which is used by their negotiable friends and family. Average human being like to make their plans and choice of action as per other likeness and their appreciation toward the certain product. This theory could also be used by the organization with a view to encounter the need and demand of the product in the market (Schmitt, B. 2012)External environmental theory of buying behavior- It is understand that a good marketing strategy by the organization could influence the consumer’s action plans. Some time situations and lack of product availability of the certain product also force buyer to go for different complementary products and brand.

Internal theory of buying behavior- the life style of the consumer and the way of his living is also most important in determining the consumer behavior in particular choice ofactions. It is deemed that a buyer will not bother to go extra mile to purchase a quality of product nor even the price could influence the purchasing behavior. Product diffraction- it is the process which enables organization different from the complete market. If an origination develops core competencies in its product then it means that he has acquired the monastic in certain segment of the market and no one could copy its marketing strategy.Economic factors:- Buyer behavior tool as economic factor involves different standardof earning level. Therefore, by focusing on earning income of consumers buyer behavioris analyzed as per which decisions can be made related to further business operations.Psychological determinants:- It includes attitude, perception, thinking and behavior ofbuyers regarding product values of Sainsbury. In this regard, psychological componentsare analyzed for decision-making process regarding increasing efficiency of organizationat high level.Socio-cultural factors:- As per analyzing different social and cultural determinants ofvarious countries people are determined for decision making for business expansion andenhancing service qualities of firm. Cost leadership in the products and services- organization has to work with the high competition in the market. With a view to give a tough competition organization needs to develop core competency in cost and has to develop a good quality of product at cheap price.Different theory and strategies will be there for the organization but what is most important in today world to consider is that consumer can be flooded toward the certain quality of the productat the cheap price. Organization in order to win the market has to develop a complete set of core competency in two segments.

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