Report on Marketing Intelligence in Company
Added on 2019-12-03
13 Pages3896 Words177 Views
Marketing Intelligence
Table of ContentsINTRODUCTION...........................................................................................................................11.1 Main stages of the purchase decision making process..........................................................11.2 Theories of buyer behavior in terms of individuals and markets..........................................21.3 Factors affecting buyer behavior...........................................................................................21.4 Relationship between brand loyalty, corporate image and repeat purchase.........................32.1 Different types of market research techniques......................................................................42.2 Sources of secondary data to achieve marketing research objectives...................................42.3 Assessment of limitations of reliability and validity of market research findings................52.4 Market research plan to obtain information in given situation............................................63.1 Assessment of market trends within a given market.............................................................63.2 Competitor analysis for the Primark GB company...............................................................73.3 Organization's opportunities and threats for a given product or service...............................74.1 Techniques of assessing customer response.........................................................................74.2 Customer’s satisfaction survey.............................................................................................84.3 Review the success of customer satisfaction survey.............................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9APPENDIX....................................................................................................................................11
INTRODUCTIONMarketing intelligence dictates the information about the various functional activitieswhich are being carried out in the market in order to attain the customer response for theeproduct and service. This report evaluates the various aspects which are essential in order tomake the decision regarding the purchase of the product which is offered to them. Thecompetitor analysis is being done in order to design and formulate the working formulate of theorganization to structure as per the market trends. Primark is being chosen to carry out themarket research and asses the performance growth by generating good revenues.1.1 Main stages of the purchase decision making processThe purchase decision making process is the process which help the buyer to make decisionregarding the purchase of the product or services in order to satisfy their wants. Furthermore inorder to make the purchase of thee product or the service the buyer adopts the process to meetthe various need attributes (Jones, 2014.). This process comprises of six stages of the purchasedecision making process which is discussed underneath:Problem Recognition: The buyer need to recognize the problem which arises due thevarious needs which influences the buying behaviour of the person for making the decisionregarding the purchase of product and services which are being offered by Primark. Information Search: The information is gathered using the various sources which willsuggest the ways in which the needs can be satisfied of the customer for making the decisionregarding the purchase of the product.Evaluation of Alternatives: The information which is gathered by the buyer will beevaluate with the various other alternatives in order to determine the best and ensure a effectivebuying behaviour regarding the purchase.Purchase Decision: After the needs are evaluated the purchase decision is made in orderto satisfy the needs by understanding the various other attributes which are associated with it.Purchase: When the problems related to the need are recognized and needs are createdthe buyer make the decision regarding the purchase of the best product from the various options.Post-Purchase Evaluation: After the utilization of the product the buyer evaluate theadequacy of the product as per the needs which they have recognized. This indicates the buyingbehaviour of the individual.1
1.2 Theories of buyer behaviour in terms of individuals and marketsThere are multitude theories which influence the individual behaviour and the markettrends as the buyer is the key element (Thomas and et.al, 2008). The buyer behaviour refers tothe approach which the buyer adopts to make the decision regarding the purchase of the productand services.It is very important to understand the buyer behaviour regarding the purchase of the products andservices of Primark in order to attain the competitive advantage. Primark needs to identify the needs of the buyer in and offer the product as per theirneeds and wants.Primark needs to selects the target market in order to make the offering and understandthe buyer behaviour in an effective manner.By developing the new market opportunities will help Primark to satisfy the needs of thebuyer.There are basically to theories which influence the behaviour of the buyer to make thepurchase regarding the product and service. The theories are explained below:Cultural theory: Cultural factors influences to a greater extend, the buying behaviourregarding the purchase of the product are associated with cultural dimensions of the individualsaccording to which they exhibits the purchase of the product and services. This theory alsoinfluences the market trends of Primark as the buyer is making the purchase as per their valuesand beliefs and not changing it as per the trends. Environmental theory: This theory influence the buyer behaviour as the environmentalfactors determine the needs of the individual as per the environmental conditions. The market ofPrimark is influenced by it because the frequent changes in the environment effect the needs ofthe buyer.1.3 Factors affecting buyer behaviourThere are various aspects which affect the behaviour of the buyer in respect of making thepurchase of the product and services ((Thomas and et.al., 2008).). These factors has the greaterinfluences in the following manner:Cultural factors: These factors affect the buyer behaviour as they are influenced by thevarious cultural dimensions of the individual as they have their set of beliefs and values whichthey cannot modify. Primark being the reputed fashion store chain is affected by these2
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