Marketing Research and Knowledge Acquisition
Added on 2020-01-07
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Marketing Intelligence
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a) Main stages of the purchase decision making process (1.1)....................................................1b) Relevant buying behaviour theories and the way they relate to organisation in terms ofindividuals and markets (1.2)......................................................................................................2c) Factors that may affect the behaviour of buyers (1.3).............................................................3d) Defining brand loyalty, corporate image and repeat purchasing and evaluating the relationsbetween them (1.4)......................................................................................................................3TASK 2............................................................................................................................................4a) Identifying market research objectives....................................................................................4b) Range of market research techniques and evaluating their use and effectiveness (2.1)..........5c) Using secondary data to achieve market research objectives (2.2).........................................6d) Validity and reliability of market research findings (2.3).......................................................6e) Market research plan to obtain information in a given situation (2.4)....................................6TASK 3............................................................................................................................................7a) Assessing market size trends in which organisation operates (3.1)........................................7b) Key competitors of organisation and planning and carrying out competitive analysis (3.2)..7c) SWOT analysis of organisation and evaluating opportunities and threats they face for givenproduct or service (3.3)................................................................................................................8TASK 4............................................................................................................................................9a) Range of techniques used for assessing customer response and evaluating their effectiveness(4.1)..............................................................................................................................................9b) Designing a complete customer satisfaction survey (4.2).....................................................10c) Reviewing the success of completed survey (4.3).................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTION Marketing intelligence can be termed as the every day’s information with reference to themarkets in which a company operates which is collected and assessed with an aim to makeappropriate and effective decision for the purpose of determining several market opportunitiesexisting in the target areas. Marketing intelligence includes confident decision making with thehelp of which management makes market penetration strategy and evaluates the marketdevelopment metrics (What is Market Intelligence, 2015). It helps the firms in keeping track ofcompetition and position of business so that accordingly, measures can be taken in such a waythat they will gain a competitive advantage over others. In present report, the organisation, Marks and Spencer (M&S) has been chosen that is aBritish multinational retailer with having its headquartering in Westminster, London, UK. Withreference to the selected firm, main stages of purchase decision making process will be describedalong with factors that may affect the behaviour of buyers. Further, there will be focus on marketresearch objectives of organisation with assessing the validity and reliability of findings gainedfrom the study. Moreover, competitor analysis for the given firm will be planned and carriedalong with evaluating the company’s opportunities and threats for a given product or service.TASK 1a) Main stages of the purchase decision making process (1.1)In Marks and Spencer, there are different stages by which customers make decision tobuy a product. Main stages of purchase decision making are like:Recognizing the problem – At first, the customer recognizes that there is a need topurchase a product or service as per the changing trends, tastes and preferences as well asactual requirements and expectations. This need can arise due to any reason that may beeither internal or external stimuli.Describing the need by searching information – After analysing the need and demand,customers decide that whether they want a complete new product in the market or someimprovement in the existing one in terms of its features and benefits by searching someinformation on sources like internet or through friends and relatives. 1
Evaluation of alternatives– Now, with searching alternatives of product offered by M&Savailable in the market which customer wants and judging them on the basis of price,quality and brand, the one which suits best with actual requirements of customers is beingselected.Final purchase decision – By getting satisfied on the parameters on which product orservice is evaluated, the final purchase decision is made by the customer. However, evenat this stage, there are some chances that the decision would get altered.Post purchase behaviour – Taking the final decision to buy a product is not the last stageas even after that, firm needs to analyse the behaviour of customers which may either bepositive or negative. At this stage, Marks and Spencer determines that whether thecustomers are satisfied with the product or service purchased or not. If the customers getsatisfied then firm gains the benefit of higher profits and goodwill and in case if they getdissatisfied then firm needs make some modifications in the product as per the needs anddemands of target market.b) Relevant buying behaviour theories and the way they relate to organisation in terms of individuals and markets (1.2)Major purpose of Marks and Spencer behind doing marketing is to change the perceptionof customers towards products and services offered by the firm positively. The behaviour ofbuyers gets changed in different markets and to understand the same, different theories ofconsumer buying behaviour have been developed. Among all, there are four major theories bywhich buying behaviour of consumers can be understood. These are like:Habitual buying behaviour – As per this theory, involvement of consumers is low as wellas the difference between brands is also less. Dissonance reducing buying behaviour – According to this theory, involvement ofconsumers is high in making the selection between products but the brand differences islittle.Complex buying behaviour – This theory refers to that situation in which there is highinvolvement of consumers in making the purchase decision for a product or service ofcompany. This involvement is mainly for the expensive, risky, highly self-expressive andfor those products which are not purchased on frequent basis.2
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