Report on Marketing Intelligence and Decision-making

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Added on 2019-12-03

Report on Marketing Intelligence and Decision-making

Added on 2019-12-03

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MARKETING INTELLIGENCE

TABLE OF CONTENTSINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................11.1...........................................................................................................................................11.2...........................................................................................................................................21.3...........................................................................................................................................21.4...........................................................................................................................................3M1:.........................................................................................................................................3M3:.........................................................................................................................................42.1...........................................................................................................................................42.2 & 2.3.................................................................................................................................5TASK 2......................................................................................................................................62.4...........................................................................................................................................6Research Plan.........................................................................................................................63.1...........................................................................................................................................73.2...........................................................................................................................................83.3...........................................................................................................................................94.1...........................................................................................................................................94.2.........................................................................................................................................104.3.........................................................................................................................................10CONCLUSION........................................................................................................................12REFERENCES.........................................................................................................................13

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INTRODUCTIONMarketing intelligence is the gathering and analysis of everyday information whichare relevant for company’s markets for the purpose of assuring accuracy in decision-makingand determination of market opportunities. Marketing intelligence is a more specialised fieldof marketing. It provides a close insight into areas of market research and closely watches onthe critical roles it plays in marketing-mix decisions and business strategy formulations. The study herein is done on Primark, which is among the known market retail clothing storechains. The report has furthermore defined the key stages of the purchase decisions-makingprocess. Moreover the different uses of marketing research techniques have been enlightenedin this report. Lastly the market demands are assessed and measures to assess customersatisfaction are determined in detail.TASK 11.1 Primark since its first fashion store in 1969 in Dublin has now been adored by allfashion fans and value seekers alike. Primark aims at targeting its fashion consciouscustomers and those who seek value for money. Hence, as a branch manager for Primark’sLove to Lounge range it is important to identify and cautiously understand the steps that areinvolved in a purchase decision-making process of a consumer.1.Need/problem recognition- It is first and foremost step of consumer buying process.If there is no need, there shall be no purchase (Kumar and Phrommathed, 2005). Therecognition happens when there is a lagging between the consumer actual and desiredstate. For instilling the need it is important for existence of lag between the two states.2.Information search- Once the need has been identified, consumer now seeksinformation about all the possible solutions to its problems. He will search formore/less information depending on the complexity of the choices available to him. 3.Alternative Evaluation- After all the information’s have been collected by him, theconsumer will now be able to evaluate the varied alternatives that are being offered tohim. He shall now evaluate the most suitable needs and choose the one that best suitsfor him.4.Purchasing decisions- Now as the buyer has evaluated all the options available tohim, he shall respond to his needs and chose the product or brand that best suits hisneeds. The decision conducted here shall be dependent on the information andselection undertaken in the previous steps (Ralston, Wright and Kumar, 2001). 1

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5.Post-Purchase behavior- This behavior of consumer is seen after the product that hasbeen purchased and utilized shall be evaluated by the consumer and its adequacy willbe matched with his original needs. He shall determine whether right decision hasbeen taken by purchasing Primark product or not.1.2Theories of buyer behaviorThe basic objective of marketing is to influence the way in which customer perceiveabout Primark and its products. It extremely important to determine this aspect for identifyingthe targeted audience and further positioning their product or service as per the marketdemands. Primark can accordingly position its product by considering the buyer behavior onthe basis of rational act theory and generic theory. As per the classical economic theory, people undertake their buying decisions basedon rational analysis i.e., on their own self-interest in a situation. . This buying behavior isknown as rational act theory. The buying behavior prediction by Primark can help inanalyzing what courses of action is likely to influence consumers. On the other hand, in Generic theory of Buying Behavior, consumer will have ageneric model of decision-making. Here consumer recognizes his needs by making purchasethrough detailed researches on product and it’s pricing. 1.3Consumer behavior is immensely affected by the cultural, social, and personalcharacteristics of individual (Bradburn, Sudman and Wansink, 2004). Factors affecting buyerbehavior-Cultural factors are the basic reasons behind which the person wants and behaviorsare determined. With the passage of time, our culture is turning more materialistic theseresults in changing culture. The perceived norms of individuals collectively determine thebuyer behavior towards the product. For example, income, occupations, education etc. Social Factors are determined from the group to which individual belongs. Thesegroups can be family, friends, reference groups and relatives. These groups play a role inindividual customer’s action and conduct whereby its behavior is tuned with the group’sperspectives. Psychology factors are the ones that determine the human beings motivational levels.The components such as learning’s, beliefs and attitudes, ideas, perceptions of individualdetermine the buying behavior of consumers. 2

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