Analysis of Marketing Intelligence & Planning Research
Added on 2020-07-23
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Marketing Intelligence
Table of ContentsIntroduction.........................................................................................................................................3Task 1...................................................................................................................................................31.1Main stages of purchase decision making..............................................................................31.2 Theories of buyer’s behavior.......................................................................................................51.3Factor buyer behavior............................................................................................................51.4Relationship between brand loyalty, corporate image and repeat purchasing........................7Task 2...................................................................................................................................................82.1 Evaluation of different types of market research approaches.......................................................82.2 Secondary source of data to achieve marketing research objectives............................................92.3 Assessing of validity and reliability of market research finding................................................102.4 Marketing research plan for customer satisfaction level at M&S...............................................104.1 Evaluation techniques of customer response..............................................................................124.2 Designing a customer satisfactory survey..................................................................................124.3 Review of customer survey........................................................................................................17Task 3.................................................................................................................................................183.1 Market size and trends...............................................................................................................183.2 Competitors analyses.................................................................................................................183.3 Evaluation of opportunity and threats........................................................................................19Conclusion..........................................................................................................................................19REFERENCES..................................................................................................................................21
IntroductionMarketing intelligence is significant marketing strategy planning for a businessorganization. It is a systematic process of collection of data from the market analyze it andmake their decisions accordingly. Basically, marketing intelligence used for evaluate marketopportunities which provide long term growth to the company. With the help of effectivebusiness planning a firm can maintain its market share and profitability in the market. Thepresent report BMW which is one of the large automobile corporation in the United Kingdom(Babin and Zikmund, 2015). The cited unit is providing a wide variety of good at the higherquality to its loyal customer. the main aim of the report is to identify new market which helpsto increase their position in the market. Task 1Main stages of purchase decision making It is essential for a business unit is to evaluate the purchasing process of decision makingprocess of their customer (Li and Li, 2011). with the help of such process a company candetermine various factors and its influence of consumer decision making. So that themarketing manager of the cited entity can make their market plan and decision accordingly.There are following stage of consumer decision making mentioned below:Problem recognition: It is the first stage of consumer decision making where have toidentity their needs. There are three ways which motivate an individual towards an unfulfilledneed. First, product not performed according to their exaptation and they willing to buy a newproduct. Another motivation is an unfulfilled wants and consumer run for such product. Lastway where an individual feel that the new product is much better than their current product(Gabrielli and Balboni, 2010). Therefore, marketing manager od cited firm required that tomake their product which satisfy such needs in an appropriate manner. Information search: Once problem can be identified consumer try search information abouttheir needs and wants. For this, there are various sources of information where an individualcan acquire this information. These are:Personal source: In this source a customer communicates with their family and friendsregarding their communication.
Commercial source: There are various promotional tools like advertising, sales personal andother aspects where individual can get the information about their product and services(Persaud and Azhar, 2012). Public source: It involves newspapers, TV, radio and other communication tool where acustomer can get the various data relating to their need. Experimental source: Individual personal information regarding a particular product also be apart of information search. These all source of information must be analyzed by BMW in an effective manner so thatthey can use these media tools in order to promote their products. Evaluation of alternatives: This is next stage of consumer decision making where theconsumer required that to find out various alternatives in the market. There are variousfactors which influenced in the purchase decisions (Johns and Van Doren, 2010). It involves,price, brand awareness, product quality and other aspects. Purchase decision: This is one of the critical stage where an individual make their purchasedecision. For example, if a consumer more aware about a particular brand out of severalbrands. The previous stage helps to evaluate these choices of brand and try to analyses themost attractive offer. On the other hand, there are various elements which need to beconsidered by the costumer includes brand, quality, payment type, timing etc. therefore,BMW required that to careful analyses all these factors which provide long term growth inthe market. Post purchase evaluation: It is the final stage where a consumer tries to evaluate the actualperformance of their product with their expectations. If there is any gap it createsdissatisfaction and vice versa. Figure 1Purchase Decision making process
1.2 Theories of buyer’s behavior Consumer behavior is the study of individual or group of people about their choices, attitude,preferences, experience and other factors. A business organization is try to understand allthese aspects which help to meet its long term goals and objectives in an effective manner.there are various theories related to consumer behavior help to BMW in order to developtheir products (Kian Chong and et. al., 2010). These are:Economic man approach: A consumer always tries to follow and behave rational according tothe economic sense. According to this approach consumer having aware about all optionavailable as an alternative in their purchase decisions.Behaviorist approach: This is another approach where consumer buying decision effectedfrom various external environment. The consumer is not aware all external factor and itsimpact. Therefore, cited firm required that to make their strategies in a manner which caninfluence their potential customer and meet their short and long tern goals and target. Cultural theory of buying behavior:This is another approach where a company try to understand cultural aspects of an individualwhich influenced buying behavior (Shetach, 2009). An individual culture is a set of valuesand attitude of a community. These communities based on consumer profession, educationbackground, income level etc. Basically, there are three types of category of consumer on thebasis of income, higher level, middle level and lower level. BMW required that to offer theirproduct according to these income level and set its product price accordingly. For example,they can provide premium product to the higher level of consumer, economic product tomiddle and lower income groups. It helps in increase sales and market share of the companywhich leads to increase profitability. This is another most appropriate approach in order to motivate consumer behavior in aneffective manner (Kitchen and Burgmann, 2010). In this method marketing manager can usedisproportionate effects on the consumer attitude. For example, if an individual demand for aproduct or service reduced by 15 percent, Factor buyer behaviorToday, consumer is the central focus of marketing for each and every business organization.To design and develop an appropriate market plan, it is essential for to evaluate consumer
behavior and their needs, attitude, lifestyle. So that they can use their marketing mixdecisions in an appropriate manner. There are various factors which having a large influenceon the buying behavior which are given below:Cultural factors: This is one of the complex and significant factor for buying behavior andits purchase decision making. Consumer is the part of society where a set of norms, beliefs,customs and values. These all elements affects consumer choice of product and services.Therefore, this is the responsibility of marketing manager to focused on cultural aspects anddesign consumer product accordingly (Persaud and Azhar, 2012). For example, the citedbusiness entity is operating their business in UK, which is mixed culture of Wales, Scotland,England etc. needs to concentrate each culture elements in an appropriate manner. Sub-culture: This is a group of person who share common values, beliefs and tradition. It canbe a nation, religion or any other group on the basis of geographic location. In the context ofUK where various religion groups avail. Therefore, BMW needs to concentrate on these sub-culture and make their product accordingly which provide consistent market growth. Social factor: These factors can be divided in to following elements:References group: There are various groups in the society who influenced the decisionmaking of the consumer behavior (Ravi, 2008). This kind of impact can be varying onproduct price, quality, brand etc. Family: The consumer behavior not only influenced motivation and reference group but alsofamily groups. There is a person who make their purchase decision Personal factor: There are various personal elements which having a large impact on buyingbehavior. This can be divided in to following parts:Income group: This is one of the critical factor in the buying behavior of an individual whichrelated to income level of an individual. There are three types of income level group one ishigher income group who wants premium products, middle level group who needs economicproducts (Reza Jalilv andand Samiei, 2012). In the last, lower income group who requiredcheap products and services. Occupation: Profession is another significant factor which affects products and services abuyer’s purchase. Such groups having different interest in order to buying goods and services
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