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Marketing Intelligence TABLE OF CONTENTS

   

Added on  2019-12-03

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MARKETING INTELLIGENCE
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1...........................................................................................................................................11.2...........................................................................................................................................31.3...........................................................................................................................................41.4...........................................................................................................................................5M1...........................................................................................................................................6D1...........................................................................................................................................6TASK 2............................................................................................................................................62.1...........................................................................................................................................62.2 and 2.3..............................................................................................................................72.4...........................................................................................................................................9TASK 3..........................................................................................................................................113.1.........................................................................................................................................113.2.........................................................................................................................................123.3.........................................................................................................................................13TASK 4..........................................................................................................................................144.1.........................................................................................................................................144.2.........................................................................................................................................144.3.........................................................................................................................................16CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
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ILLUSTRATION INDEXIllustration 1: Purchase decision process.........................................................................................2Illustration 2: Growth of fashion industry.....................................................................................11Illustration 3: Market shares of fashion industry...........................................................................12
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INTRODUCTIONMarketing intelligence (MI) refers to collection of information related to company'smarket. In simple sense, it is tracking the data related to the organization’s competitors andsetting out effective ways for expanding the market area. Marketing Intelligence is a morespecialized area of marketing (Gladson, Nwokah and Ahiauzu, 2009). It provides a practicalinsight into Marketing Research and looks at the critical roles which it plays in marketing mix,decision making and business strategy formulation. There are four elements involved in MIwhich are product intelligence, customer understanding, market understanding and competitor’sintelligence (Tsiotsou and Ratten, 2010). This report is about Primark which is a famous retailclothing store chain that is providing clothes to customers at reasonable and affordable prices.This report covers different stages of purchase decision-making process for an individual.Further, it covers different marketing research techniques and methods of measuring thecustomer's satisfaction level.TASK 11.1In making a decision, customers undergo with five stages namely need recognition orperception, information search, evaluation of alternatives, purchase decision and post purchaseevaluation stages (Das, 2009). These five stages are like guidance for the marketers inunderstanding the customer’s desire for a particular product. There is no surety that the customerwill always move according to the given steps. Buying behaviour may vary depending upon thetype of product. Following are the different stages which are commonly followed by customers:1
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Illustration 1: Purchase decision process(Source: INFLUENCING THE BUYER DECISION PROCESS, 2011)Problem awareness and need recognition: This stage is the most important step in thisprocess. Need for recognition arises when there is a difference between actual situation and thedesired one. In simple words, it is a position of imbalance between preferred and the presentstatus (Kian, Chong and et.al., 2010). It can occur suddenly or an impulse which one must beexperiencing for a long time. In accordance with the case, if a person has a party to attend andfor this purpose, the person recognizes a desire for party wear dress, then it is the first stagewhere the customer observes that he has the need of something to buy.Information search: Second stage occurs when once the person has recognized that thereis a need for searching information regarding a particular product to fulfill his requirement.Information can be collected from two sources which are internal and external. Internal sourcesinclude the information which is already present in the mind of individuals. In external source,the person will get information from friends or family members as they will be the individualswho will provide information according to their experience on that product (Tej Adidam, Gajreand Kejriwal, 2009).Evaluation of alternatives: Once the individual gets the information then the alternativesare evaluated by him of the same product that he wants to purchase. Alternatives include all2
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available brands which provide the same product at low price. Individuals select the bestalternative which they find to be the best in fulfilling their needs and desires at reasonable cost(do Paço and Raposo, 2009). Mostly, customers buy those products which provide them highquality with low price. If Primark fulfills all the requirements which the individual desires, thenhe will prefer Primark as his first choice.Purchase: After evaluating all the possible alternatives, individual will evaluate differentproducts available and search the solutions for fulfilling the need. Most appropriate brand orproduct will be selected which would meet the person’s desire completely. These decisionsdepend on the information collected in the second stage (Tsiotsou and Vlachopoulou, 2011).Decision can be affected due to factors like quality of product, availability of product and returnpolicies. If Primark fulfills all the requirements of individuals, then product will be purchased.Post-purchase behaviour: This is a stage where the individual sets an impression towardsthe product. The individual decides whether to buy the product next time or not. If experiencetowards the product was not good then the person will not go for that particular brand again(Influencing The Buyer Decision Process, 2011). Likewise, if the product purchased fromPrimark does not satisfy the desires of individuals then they would not prefer to purchase theproducts from Primark. 1.2Marketing management aims to solve the problems which customers face. Firm shouldcontinuously understand the customer’s needs and should develop something new in order tosurvive in the market. Following are the importance of understanding buyer behavior:It is important for the marketers to understand the buying behavior of target customers tomake the product successful by making it as per their requirement (Persaud and Azhar,2012).It is needed to increase the goodwill of firm by keeping the customers satisfied byunderstanding them.It develops the ways of efficient use of resources and solving problems related tomarketing management.As preferences and tastes of consumers change frequently, it is required to assess that soas to understand their buying behavior.3
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