Study on Marketing Intelligence
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Added on 2019-12-03
Study on Marketing Intelligence
Added on 2019-12-03
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Marketing Intelligence
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1 – A Market Research Techniques Report..........................................................................11.1 Stages of purchase decision making process....................................................................11.2 Importance of understanding buyer behavior and theories..............................................31.3 Factors that affects the buyer behavior.............................................................................41.4 The relationship between brand loyalty, corporate image and repeat purchase...............52.1 Different market research techniques...............................................................................62.2 / 2.3 Identification and use of secondary data..................................................................8TASK 2 - Marketing research plans................................................................................................92.4 Marketing research plan to obtain information................................................................93.1 Assessing the size and the trends for the fashion industry in UK..................................113.2 Competitor analysis of Topshop company.....................................................................123.3 Opportunities and threats for the new product launch....................................................144.1 Techniques for assessing customer response.................................................................154.2 Customer's satisfaction Survey.......................................................................................154.3 Reviewing the success of Customer satisfaction survey................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONMarketing intelligence is defined as an information applicable to an organization'sbusiness, these information are collected and identified particularly for the purpose of clear andcorrect decision making while deciding the opportunities in market (Murray and Carter, 2005).This report is based upon case scenario of Topshop Company. This company is a retailorganization and possesses business in women fashion market. This report will help tounderstand the purchase decision making process and market research techniques to developmarketing plan.TASK 1 – A Market Research Techniques Report1.1 Stages of purchase decision making process1Illustration 1: Stages of buyer decision makingSource: Marketing & Buyer Behaviour - the Decision-Making Process, 2015.
The buyer's of Topshop will go through various stages, while making purchase decision.These stages are as follows,Need recognition: The first step of purchase decision making process is needrecognition. If buyer do not need, then they would not purchase (Pühringer and Taylor,2008). This situation occur when there is a delay between customers actual situation anddesires. For instance, a person who buys a bottle of water has identified the need as thirst.Similarly, a person who buys fashionable cloths has identified the need of fashion trend.Information search: After need recognition the next stage affects the buyer decisionmaking process is information of the need. When the need is known the customer wantsthe information about possible solutions of the need recognition. The buyer would searchinformation depending on the quality of choices and the level of involvement.Thisinformation can be collected from internal and external sources. Internal sources ofinformation is the consumer's memory and comes from experiences. On the other hand,external information on a product is collected through friends, family and review bycustomers who have used that particular product.Evaluation of alternatives: Later when the relevant information is collected, thecustomer would be able to evaluate the various alternatives that is offered to them.Customers would evaluate the most suitable and effective offers for their need andchoose the best among them.For effective decision making buyers can evaluate theiralternatives with two aspects. The objective diagnostic like features and functions of theproduct and subjective information perception and perceived value of the brand.Purchase decision: Once the customers evaluated the various offers and solutions fortheir need. They will be capable to select the product that is most appropriate for theirneed (Le Bon and Merunka, 2006). This process leads them for actual purchase itself.This decision is completely depends on the informations and evaluation of alternatives.Post purchase behavior: Afterwards, when the product is purchased and utilized. Thecustomer will evaluate the satisfactory level with their original needs. This post purchasebehavior involves the behavior such as whether the choice of buying a product was rightor not. It is based on a sense of satisfaction for the product and on the contrary, due toshort of expectations consumer may feel disappointed.2
1.2 Importance of understanding buyer behavior and theoriesUnderstanding the buyer's purchase behavior is important factor that helps a business tobe successful. Without having knowledge about buyer behavior, it could be difficult for gainingmore customers. Purchase decisions of customers are based on an emotional of rational reasons.Theories for individual buyer behavior are as follows,Generic theory of buyer behavior: Generic model for decision making is considered formany purchases. In this theory buyer will realize a need to make a purchase decision andinitiate for research on product details and pricing (Pühringer and Taylor, 2008). ForInstance, At the time of making a decision for buying cloths at Topshops, individualsmay depend on the current fashion, their comfort level and the price of the cloths atTopshops and other stores as well. The customer would investigate about the variousfashion trends in the market, evaluate their prices, benefits and then make a decision forpurchase. In generic theory of buyer behavior, what customer feel about the product afterthe purchase is also considered. If customer is satisfied with the product of Topshop, theywill be more likely to purchase from Topshop in future as well.Cultural theory of buying behavior: Further, Cultural theory of buying behavior is basedon the cultural influences of the individual. An individual's culture is set of values andbeliefs they learned from their community. These values and beliefs affects the buyingbehavior of the consumers (Zineldin, 2004). As per this theory consumers are influencedby their social class, occupation, income and education for making a buying decision.Thereby, Being a assistant brand manager at Topshops, I would consider culturalinfluences of the people and keep the cloths and accessories according to the culture.More often, it has been noticed that leader of particular community or social groupinfluence the buyer behavior of people because of specialized knowledge and personality.Hence, it has been concluded that understanding the buyer behavior is very important inorder to establish a successful business enterprise. Buyer behavior can be understand with thehelp of various theories and methods. Here, Topshop can take the assistance of generic theory ofbuyer behavior and cultural theory of buyer behavior.3
1.3 Factors that affects the buyer behaviorIllustration 2: Factors that affects buyer behavior(Source: FACTORS IMPACTING CONSUMER BUYING BEHAVIOR, 2015)There are various factors that affects the buyer behavior. Some of them are as follows,Cultural Factors: Cultural factors plays crucial role in affecting buyer behavior. Culturalfactors are based on the various factors related to culture and cultural environment of theconsumer. For instance, some customers can be influenced by their family members,friends and peer members. While some consumers may be influenced by the environmentof society. For a brand like Topshops, it is very important to understand and consider thecultural factors that affects the clothing retail.Social factors: Furthermore, Social factors also affects buyer behavior significantly.Social factors can be divided into three categories. Such as, family, reference groups andsocial roles and status. The reference groups are mostly related to a social origin, place,work hobbies and age etc. that influence the buyer behavior (Hurley, 2015). Afterreference groups family is most important factor of influencing buyer behavior. Family ofan individual form an environment of socialization that influence them to shape their4
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