Market Intelligence and Customer Satisfaction
Added on 2020-01-16
15 Pages4312 Words479 Views
Leadership ManagementMarketingData Science and Big Data
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Marketing Intelligence1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Process of purchase decision making....................................................................................31.2 Significance and theories of consumer behavior...................................................................41.3 Factors affecting consumer behavior.....................................................................................51.4 Relationship between brand loyalty, corporate image and repeat purchasing.......................6TASK 2............................................................................................................................................72.1 Different kinds market research techniques...........................................................................72.2 Sources of secondary data to achieve marketing objectives..................................................82.3 Validity and reliability of market research findings..............................................................82.4 Market research plan to gain information..............................................................................9TASK 3............................................................................................................................................93.1 Market size and trend of Next plc..........................................................................................93.2 Competitor analysis for Next plc.........................................................................................103.3 Opportunities and threats of Next plc and its product service.............................................11TASK 4..........................................................................................................................................114.1 Methods to gain customer response.....................................................................................114.2 Customer satisfaction survey...............................................................................................114.3 Evaluation of survey method...............................................................................................12CONCLUSION..............................................................................................................................13REFERENCE.................................................................................................................................142
INTRODUCTIONMarketing intelligence considers as a strategy for development of market remains helpfulfor accurate decision-making process. Therefore, it is an integrated concept of determiningmarket research and collecting proper information to make strategic plans to gain customersatisfaction. The present report is on the basis of marketing intelligent software of Next Plc retailindustry of UK. It is one of the widest public limited company facilitate clothing, footwear andhome products to large quantity customers in UK as well international market. Moreover, theentity has employed around 4,000 employees to gain good quality of work. Including this, theprsent report is able to express buyer behavior and relationship between brand and firm'seffectiveness. Different kinds of marketing research techniques and further planning process hasbeen understood here. In adition to this, customer satisfaction and competitor analysis can beobtained. Recognition of competition and product value sustainability plans are able to explainhere.TASK 11.1 Process of purchase decision makingNext Plc makes decision to gain customer satisfaction at maximum level with highestlevel of profit earnings. As an assistance Brand Manager of the retail industry, determination ofbuyer behvior is done through different steps. Further, decision-making process approaches togain efficiency and long term stability of entity for firm's goods and services. Need recognition or perception:- At first, Next plc determines need of customersthrough market research. It processes by primary and secondary data collection. Further,it leads to prepare plans for further activity. As per the case, company is focusing to getconsumer perception towards products as well analyses to create changes in productionsupplement systems.Collection of information:- Identification of market research steps forwarded to collectdata for business strategy (Cacciolatti and Fearne, 2013). It is beneficial to analyseclothing and footwear position in market as similar leads to strength potential in globalmarket for effectiveness of organisation. 3
Evaluation of alternatives:- Collected information generate idea to evaluate differentalternatives for expansion of retail industry (Fornell and et.al., 2016). Therefore,managers of Next plc put various options to reach out the target. Furthermore, properrecognition of alternatives is able to choose best strategy for industry's efficiency.Selection of best strategy:- Above mentioned process is forwarded to select adequatemanagement system for optimum utilization of footwears and clothing goods includinghome products. Thus, perfect strategic decision-making process is obtained to achievehigh quality performance of the organisation.Analysis of decision:- At last Next plc proceed to recognise decision and implementationof activities (He, Fataliyev and Wang, 2013). However, effective buyer decision-makingprocees indicates to be suceed. Further, systematic strategic are to be followed by firm toaccomplish the task.1.2 Significance and theories of consumer behaviorNext plc identifies customer behavior through different stages, which remains helpful togenerate idea to satisfy them with services. It is beneficial for systematic production andprofitability growth of the firm. Moreover, company follows management process by analysingbuyer interest considers as agreat technique to offer and advertise goods. Including this, retailindustry increases ability to face competition by getting highest satisfaction from its consumers.The approach leads to maintain and sustain items' value for long term through establishing goodrelationship with users (Malaval, Bénaroya and Aflalo, 2014).Theories of buying behavior:- The retail industry applies several theories to observebuyers' insterest and perception towards products. Some of them the main theories involvesGeneric theory and cultural theory of buying behavior. Generic theory of buying behavior:- Purchasing behavior of customers investigatesthrough generic theory (Nunan and Domenico, 2013). It includes decision-makingprocess of buyers that what kind of features and facilities they need to be required forshopping. Further, products characteristics and presenting manner attracts them or not isalso identifies. Moreover, price determination of goods is favourable or unfavorableremains able to determined. Therefore, theory helps Next plc to gain knowledgeregarding purchasing behavior of customers.4
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