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Marketing Intelligence Report

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Added on  2019-12-03

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INTRODUCTIONMarketing intelligence can be defined as at information which collected everyday aboutthe company markets and then it is analyzed for the decision making process to adopt strategy ofmarket penetration, market development etc.In this report stress is given on how the buyer makes purchase decision and buys theproduct. Further it tells about the Sainsbury retail firmthat took market survey and was verysuccessful in doing its job. Last but not the least it give idea about Google organization that hasemerged as the most powerful search engine website.TASK 11.1 Buying decision making process is a decision which is undertaken by the consumers forpurchasing the product and even after the purchase is made.There are various stages which areinvolved in the decision making process of the buyer. Mainly there are 5 stages which help thebuyer to make a correct choice. They are:Need recognition- It is the most important stage as the need of the human being is the keysource in purchasing the product. When the need is recognized then only the person willbuy the product. Basically the need is the difference between the actual situation and thesituation desired by the customer (Aaker, 2007). For example, if the buyer is thirsty hewill purchase the bottle of water for satisfying need. This is known as need recognition. Information search- After the need is recognized then it leads to information search. theinformation sources can be from the television, books and the social media these are themajor sources from where it can search. Buyer searches information about the product incase of water bottle the brand which is available in the market. Alternative evaluation-After the information is gathered about the product thebuyerevaluates the choices which are available to them (Cooper, 2000). The substitutes and thedifferent brands of the product are the major alternatives. there are various substitute butthe buyer evaluate them by considering things such as price, quality ,services ,guaranteesetc.
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Purchase decision- Finally after evaluating the alternative purchase decision is made bythe customer. This is in respect to product which satisfies his need. In this the buyerspend the money and buy the productPost purchase behavior- In this, the customer evaluates that if he has gained satisfactionafter consuming the product. it is the stage where the buyer consumes or begins toconsumes the purchase product after consumption it evaluates that whether the producthas satisfied the needs or not. (Doyle and Bridgewater, 2012).1.2 Theory of buying behavior is made to analyze the buying pattern of the consumers. this isessential because of the buying behavior research evaluate the taste and preferences of theconsumers. Sociological theory of Veblen: This approach determines that human nature is greatlyinfluenced by its social life. This system assists organization in order to identifyconsumption pattern on the basis of social life style and culture (Aaker, 2007). Itmeasures that change in social circumstance encourages an individual to manage distinctkinds of resources and its purchasing. Psychological approach of Pavlov: The approach presents various factors that affectpsychology of buyers. The developer of this approach has used response of dog for foodwith some certain condition (Priya, Baisya and Sharma,2010). On the basis of thisapproach, companies make effort in order to encourage consumers with the help ofdiscount offers and other benefits. Economical approach: Marshall presents several elements in the form of relationshipbetween demand and price and expenditure patterns of consumer. On the basis of theseelements, it has been identified that economic factors like demand and supply along withprice create huge impact on selection procedure of consumer (Doyle and Bridgewater,2012). Sometimes price of some particular product is going down due to increment insupply of product. In this situation, people purchase that product without any utility. 3
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1.3 Buying behavior of the customer is determined by many factors. If the customer willpurchase the product there would be diverse things which will affect the decision of theconsumer.Figure 1 factors affecting buying behavior(Source: Aaker, 2014).Cultural factors basically include culture, subculture etc. The decisions are made upon thevalues and beliefs which are inherited by the consumers. Even the products which are sold in themarket are according to the culture which is followed in the family. Even cultural factors arebasically the factors which are influence by the environment of the country. For e.g.- if mobilesphones are not allowed to the children below 12 years of age in the house then no one will buythe product even if they are in the need of (Aaker, 2007).Social groups are basically the family, relatives, friends and others. This is the commonphenomena as the consumer will buy the product after referring it or taking advice of his nearand dear ones (McDonald and Wilson, 1999). social factors are the factors which are influenceby the groups of the people who are affects the decision making. Even social factors are themedium which motivates the consumer to buy the product. In this case many things we buybecause relatives or friends owe them.
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