Marketing Intelligence Assignment Samples

Marketing Intelligence

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................5
a) Market Research objectives.....................................................................................................5
b) Various market research techniques with their effectiveness..................................................6
c) Use of secondary data..............................................................................................................6
d) Validity and reliability of market research findings................................................................7
e) Market research plan................................................................................................................7
TASK 3............................................................................................................................................8
a) Market size trends....................................................................................................................8
b) Competitor analysis.................................................................................................................9
c) SWOT analysis........................................................................................................................9
TASK 4..........................................................................................................................................10
a) Techniques used for acquiring customer response................................................................10
b) Customer satisfaction survey.................................................................................................11
c) Review of success for conducted survey...............................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14
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INTRODUCTION
Markets fluctuate with customer tastes and demands. Businesses have to manage their
strategies in such a way that these fluctuations do not harm product positioning and customer
share. Marketing intelligence principle are henceforth applied in crucial strategies of every
business organisation. Informations are gathered and analysed for better hold over competition.
NEXT Plc is an emerging ruler of the retail industry with its dealings in clothing, footwear and
accessories which are available for men and women across Europe and Asia. The company
applies chief marketing intelligence principles to visualise its corporate image amongst
customers and other clients. This assessment will provide knowledge about various principles
and components that are related to market intelligence. A brief questionnaire will also be
depicted which will help in understanding customer satisfaction levels for NEXT. With help of
market research techniques and plan, the importance of conducting researches will be reported.
TASK 1
a) Stages of purchase decision-making process
The success of a product in respective markets is guaranteed when decision making
process of buyers is in complete favour.
Perception of need/Need recognition: When a person feels that he requires certain item
or product for fulfilling his desires or needs then purchase decision making process is initiated.
The nature of needs and requirements also helps in choosing respective product and the company
from where purchase is to be made.
Information search: Buyer gathers information regarding prospective product. NEXT
offers a wide variety of products in retail, clothing and accessories. If a person wishes to
purchase new clothes then he/she will first gather information about quality, pricing and the
desired texture (Malaval, Bénaroya and Aflalo, 2014).
Evaluation of alternatives: Comparisons which are made with other brand products are
known as alternatives. Once, all alternatives are weighed and compared then the customer
decides to purchase the desired clothing apparel. Often the third stage is hindered by
interferences or influences from external sources which change customer's mind set. Suggestions
from family members, relatives and other people or advertisements can change the decision of
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customers to buy the selected clothes. In such cases, the complete cycle is reverted back and
begins from the stage one again (Helm, Krinner and Schmalfuß, 2014). If this disturbance is not
caused then the buyers purchase selected product and complete its payment formalities.
Purchase decision: Final stage in purchase decision making is evaluation after buying.
When customers' evaluation of alternatives is complete and they develop a likeability towards
products of NEXT, then they pay necessary amount and take the product with them.
Post purchase evaluation: If performance of product is up to the customer expectation
then, no returns or exchange is processed. Post purchase evaluation is also a part of purchase
decision-making process. Customer expectations are met or not is decided at this stage.
b) Buyer Behaviour theories
Two dominant buyer behaviour theories that affects NEXT plc are generic and internal
theory. Trending markets and buyer decisions are interconnected. There are two types of
customers one who will purchase commodity only when needed in extreme conditions and the
other will purchase to fulfil shopping desires. Individuals from first category depict the generic
theory of buyer behaviour (Saleh, Ali and Julian, 2014). Decisions taken by such individuals will
impact NEXT's market share adversely. Huge profits will not be incurred because individuals are
specific in their choices and budgets. When customer expectations are fulfilled, then brand
loyalty is assured in rigorous competitive environments.
Shopping freaks, who have adopted this as their hobby, do not think about cultural
acceptance or any other barrier (Penn, 2017). They just purchase an item by comparing with all
possible alternatives in terms of quality, price and brand. Internal theory of buying behaviour is
dominant in such consumers. They get influenced by their own personality, thoughts and beliefs.
Markets are heavily profited with such buyers (Baker and Parkinson, 2016). NEXT launches its
seasonal clothing variations for such buyers who like purchasing. This creates a feasible
advantage for both the buyers and company.
Maslow's hierarchy of needs: The theory of motivation proposed by Maslow has specific
needs of individuals classified in various stages.
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