Marketing Intelligence for Business Success

This assignment focuses on the crucial role of marketing intelligence in contemporary business. It requires you to analyze various aspects of marketing intelligence, including its application in understanding consumer behavior, conducting effective competitor analysis, and leveraging data for informed decision-making. The essay should demonstrate a clear understanding of how marketing intelligence contributes to achieving business objectives.

MARKETING
INTELLIGENCE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Main stages of the purchase decision making process are:........................................................1
1.2 Theories of buyer behaviour.............................................................................................2
1.3 Factors that affect buyer behaviour..................................................................................3
1.4 Relationship between brand loyalty, corporate image and repeat purchasing.................3
TASK 2...........................................................................................................................................4
2.1 Different types of market research techniques.................................................................4
2.2 Sources of secondary data in market research..................................................................5
2.3 Validity and reliability of market research findings.........................................................6
2.4 Marketing research plan for Mark & Spencer..................................................................6
TASK 3............................................................................................................................................7
Covered in PPT.......................................................................................................................7
TASK 4............................................................................................................................................7
4.1 Techniques of assessing customer response.....................................................................7
4.2 Customer satisfaction survey by Mark & Spencer...........................................................8
4.3 Review the success of a completed survey ......................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Marketing is a system through which every business organisation achieves its objectives
of profit maximisation and maximum revenue generation. It helps in promoting profits and
higher market value of its shares. It includes major processes which contributes in increasing
market share of company in the industry in which it operates its business (Cacciolatti and Fearne,
2013). Mark & Spencer is one of leading brands in United Kingdom which deals in apparels all
over country. It is headquartered at Win Minster, London and have employees (approximately)
82,904 all over world. It was established by Thomas Spencer and Sir Michael Marks. To
maintain its brand image and goodwill, company has to use effective marketing tools and
techniques so that it can improve its existing performance in long run. In following report,
process of purchase decision making process will be discussed. There are many theories of buyer
behaviour in term of individuals and markets. Different factors play a vital role in affecting
buying behaviour of consumers of Mark & Spencer. Brand loyalty and corporate image has
major impact on repeat purchasing in negative as well as positive way. To increase sales and
popularity of goods of company, enterprise can conduct market research. It will help in obtaining
information to bring back shoppers lost due to its declining image.
TASK 1
1.1 Main stages of the purchase decision making process are:
As consumer is an important part of organisation, Mark & Spencer evaluates consumer
buying behaviour. Following are the major stages of purchase decision making process.
1. Need recognition-This is first step in which need of consumer is identified ((Li and Li,
2011). It depends upon financial and emotional status of customer as some needs are
basic, such as apparels of any company and some needs fashion outfits for status symbol
of big brands.
2. Information search-This stage includes getting knowledge about product through
friends, family or other advertisement. Personal sources from which buyer can gets
information about products include co-workers, neighbours and family members.
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3. Evaluation of alternatives- Consumer can analyse other similar products to get best
product in market. For example, he will compare t shirts of Mark & Spencer with
Amazon to get better quality.
4. Purchase- After gathering relevant information, consumer purchases the produce. This
stage is affected by some factors like ease of shopping experience, customer services,
promotion and return policy.
5. Post purchase evaluation-This is last stage of purchase decision making process
(Gabrielli and Balboni, 2010). If consumer receives best assistance then he will repeat
purchasing products of Mark & Spencer.
1.2 Theories of buyer behaviour
There are different theories of consumer buying behaviour like generic theory and
cultural theory. Generic theory includes recognition of consumer needs and research to evaluate
similar products. After comparing all products, a rational consumer will make decision to
purchase product. He will buy goods with best quality and price. For example, after old T shirt,
a customer will search for new apparel in market. After the purchase, his experience with
product also affects future purchases. For example, if he gets good after sales services and great
quality of item, then there will be more affinity towards brand like Mark & Spencer.
Another theory is Cultural theory in which needs of consumers are affected by his values
of customs. On basis of income, social class and education consumer’s buying behaviour can be
judged that will lead to purchase of product. For example, a high-income earning person will
always look for exclusive and expensive apparel. Culture is a relationship between social
resources and lived culture (Wiiddu, Preezand Wallström, 2012). In this scenario, image of
product plays a vital role in sight of consumer. If he thinks that this particular brand is the best he
knows then he will be stick to the same firm and buy it again in future. Traditional and modern
culture make different choices of consumers towards product or services. There are some another
theories which define the consumer behaviour that affect the customers needs which are as
follows:
Motivational needs theory: This theory is more effective and popular theory which given by the
Abraham Maslow. It define five stage which show the consumers needs and it is more important
for the organization to fulfil their needs in order to motivate them effectively. It is an hierarchy
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approach that include physiological, safety, love, esteem and self actualisation needs all are
produce in order to motivate the consumer to satisfy their needs. For set they target customers
company has to understand their needs in effective way.
Hawkins Stern Buying theory: This approach is also related to the motivation factors of
consumers. With the helps of this company understand potential activities which aid in
increasing the purchasing process of marketing in effective way.
1.3 Factors that affect buyer behaviour
 Cultural factors-These include consumer’s attitude towards some particular product.
They learn from their religion and culture which reflect in their buying behaviour.
Reference groups like friends and family member, if they are referred by them about
apparels of Mark & Spencer, consumer will buy its product without much investigation.
 Social factors-These include class of consumers as middle, lower and upper class of
society. If one person is from upper social class, he will look for expensive products
whether although lower priced item is best in quality or not. On other hand, any lower-
class person will not prefer highly priced products as he cannot afford it and will
compromise with cheap goods.
 Personal factors-These include interest, opinions, demographic and activities of
consumers which have positive and negative impact on consumer behaviour (Trainor,
Krush and Agnihotri, 2013). If any person has interest in showing style statements
through fashions wear then then he will prefer big brands like Mark & Spencer.
 Psychological factors-These include learning, beliefs and perception towards particular
product in market. If consumer has mindset that every single product of company is the
best in world with reasonable price then he will only buy its product to purchase fashion
wear.
1.4 Relationship between brand loyalty, corporate image and repeat purchasing
These three aspects are interrelated with each other as they motivate consumer to
purchase product in future.
Brand loyalty: It is dedication of consumer towards company like Mark & Spencer. If image of
company is good in retail industry then its customers will be retained in comparison to other
brands. Consequently, it will lead to more repetition of purchase of same brand. For example, if
Mark & Spencer provides best quality products or services to its customers then they will refer
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same products to their known person and consequently others will buy the same when they want
apparel.
Corporate image: When company makes certain strategies to satisfy its customers in term of
price and quality offered, it will increase the value of brand and its current buyer which help in
attracting new target market in retail industry of United Kingdom (Solomon, 2014).
Repeat purchasing: It is an effective decision as well as action which is take by the customers
because they satisfy with the company products and services. It is the main reason of increasing
the company sale because customers buy its products again and again and increase their
profitability at marketplace.
All these three terms are more effective which define the brand image of the company in
order to attain customers loyalty toward its products and services. Quality products of the
company impact on customers buying process because they offer quality services at affordable
price in order to invite large number of customers.
There are different marketing techniques which are used to sustain loyalty of customers
in long term. One of best tactics is estimation of current trends in retail market and get
information about what market wants. If Mark & Spencer uses innovative marketing tools to
promote its product among consumers which will contribute in building a string brand image in
long term. Then the company provides customised product to its customers and create positive
image in their sight and purchase repetition.
TASK 2
2.1 Different types of market research techniques
Market research is more important process for the researcher to gather all the information
from various customers to evaluating their satisfaction level towards its products and services.
There are two types of techniques which are used in market research like primary and secondary
which can be used by the company to gather appropriate information in effective way these
methods are as follows:
 Primary method: This method is first and important which is conducted by the
researcher to collect relevant information form of qualitative and quantitative. Survey is
one of the best techniques in which representative of firm asks some questions to
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consumers about product performance. On basis of their response a report is prepared.
Another method is questionnaire in which some pre-decided questions are answered by
number of people and collected data is interpreted. Personal interview is also an
important method in which face to face interaction is done with consumer and their
response is recorded to estimate their needs related to product of Mark & Spencer
(Kovacs, Farias and Souza, 2011). Quantitative techniques include numerical data which
is more accurate for analysis.
 Secondary research: techniques include government census data in which accurate
figures can be collected related to retail industry. Geo graphical and commercial market
research reports are also readymade techniques which are used in obtaining information
about choice of consumers in market. On basis of these above tools and techniques, Mark
& Spencer can make appropriate strategies so that it can improve its product quality and
image to bring back its shoppers in future.
2.2 Sources of secondary data in market research
Internal source of secondary data is company’s balance sheet in which assets and
liabilities are given to evaluate its performance and financial position in market. Another source
is profit and loss statements in which stronger or weaker products through which earning
capacity can be identified. Inventory records and sales figures provide clear view about status of
Mark & Spencer in retail market as well as it throws light on its production and distribution
channel.
External source of market research of company is government data in which there are
many statistical figure which help in forecasting market trend and changes to be considered.
These informations contribute in analysing economic situation of industry and estimated income
for future (Raab, Elger and Weber, 2011). Many universities and colleges, also conduct different
thesis and research projects which are best sources to collect ready data about market trend in
retail industry in terms of consumers and competitor. Today, internet and European Directory for
information sources on Marketing is widely used to collect data in easy way but there is risk for
non-credible source made by individual. Final source of secondary data is competitor data in
which information about market strategy and techniques are available through statements.
Company can estimate its quality standard and market share to compete its rivals in retail market.
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So that Mark & Spencer can modify its methods as competitors and achieve its objectives and
goals of more revenue and customer satisfaction in future.
2.3 Validity and reliability of market research findings
It is more important for the company to evaluate the findings of conducting researches. If
results are note reliable and appropriate then whole research is will be waste that reduce the
image of the company at market place and also increase the turn over of the company. Because
appropriate and positive results of the research measure the overall productivity as well as
performance in systematic manner. For undertake effective research manager define the
systematic error which exist in the business than they take various method like test and retest
method, internal consistency. There are some effective findings which aid in measuring the
validity and reliability of the market research in appropriate manner:
Validity and reliability for primary findings
As collected information from market research finding can be reliable for Mark &
Spencer to estimate its consumer buying behaviour, but few might not be valid as per standard.
When it comes to primary research, the information is valid and reliable mostly (Solomon,
Russell-Bennett and Previte, 2012). For example, while conducting questionnaire, few people of
group may be biased towards brand and give pre-decided response whether it is true or not. So,
this can corrupt validity of information.
Validity and reliability of secondary findings
Some of these types of market researches are accurate and valid which can be
used by Mark & Spencer as government census data which are issued monthly or annually by
authorities of United Kingdom. Test Retest method is used to check reliability of this data in
which authentic source is evaluated. Government statements are fully valid and trusted by
company to analyse current trends in market. On other hand, magazines and university
research findings can also be valid for company to see what types of customers it should focus
on. Competitor data might be misguiding as they are rival in same industry to compete. So most
valid and reliable findings are government data for Mark & Spencer in market research.
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2.4 Marketing research plan for Mark & Spencer
As there are few issues which are faced by company to re-establish its image in retail
industry, an effective marketing plan can be helpful in which some steps are followed as below.
 Set objectives-First, company needs to set its objectives for which it will conduct market
research (Cechanowicz, Gutwin and Goodfellow, 2013). Major purpose of firm is to
regain its image in sight of customers and capture huge market share of retail industry in
United Kingdom. These objectives motivate company to make more efforts to get top
position in market.
 Research proposal: This process is related to the effective and appropriate strategy and
policies which is used by the researcher to evaluate the effective end results in
appropriate manner.
 Designing research study: In this various type of data and information will be used by
the company to all relevant secondary information to mentioned systematic research in
better manner. Because it show main objectives of the research study.
 Resource allocation and budgeting: According to this process all the relevant resources
and finance will be allocated in various activities in order to maintain proper and
effective budget in the market.
 Data collection: With the help of secondary sources all the information and data will be
collected by the researcher in appropriate manner to evaluate the actual performance of
the firm.
 Analysis and interpretation: In this process collected information will be measured to
finding the better result is appropriate manner and also implement in the company to
enhance its productivity.
 Measuring and reporting results: In this last stage of the research plan all the outcomes
will be access by the researcher. In this it define the all the requirements of the company
in proper manner.
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TASK 3
Covered in PPT
TASK 4
4.1 Techniques of assessing customer response
There are two techniques which are used to assess customer satisfaction about product of
Mark & Spencer as direct and indirect.
Direct techniques- These include face to face interaction with consumers which provides
accurate information about satisfaction level (Upson, Ketchen and Ranft, 2012). For example,
face to face interview is conducted by company in which personal attention is given to individual
customer and know about product quality and reasonability of price of goods. If there is any
complaint about services or assistance to him, firm makes appropriate efforts to rectify these
errors to sustain the consumer in future. This type of technique is expensive to use.
Indirect techniques-It is another method to asses responses of customers which are cost
effective for company and improve its performance by different surveys through online,
newspapers, articles and closed group discussions. For example, online survey is most cheap and
effective techniques in which company asks some questions about product image, its price,
packaging and brand image insight of customers. As there is no face to face interaction, it saves
time some concrete questions related to creative packaging, competitive price, assistance
services are assigned ranks from 1 to 10 by people on internet.
There are some another methods which aid in evaluating the consumers reactions about
the products and service which were offer by the company:
 Home customers survey: This method is based on the door to door process in which
agent and researcher go to the customers home and take their interview to know about
their reaction of the products and services.
 Customers service questionnaires: This process is done by the questionnaire which is
evaluate by the researcher in order to achieve their feedback about the company as well
as its products.
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 Customers suggestions and complaints: With the help of this process company
improve their product and service by considering customers complaints and suggestion
which aid in improving the performance of the company at marketplace.
 Third party agencies: This is the third party which helps to the company to collecting
the information about the customers and their expectation of the products in order to
providing them effective satisfaction by delivering quality products and services.
4.2 Customer satisfaction survey by Mark & Spencer
A survey includes some question to ask for evaluating satisfaction level of customers of
company as followings.
Questionnaire
Q.1. Do you use M&S products?
 Yes
 No
Q.2. Are all products of company up to mark in term of quality?
 Fully Satisfied
 Not satisfied
 Little satisfied
Q.3. Which option is better to respond in case of query or complaint?
 Email
 Call
Q.4. Sales services satisfactory?
 Yes
 No
Q.5. How staff treats you at store to assist?
 Very much satisfactory
 Little satisfactory
 Very disappointed
Q.6. Would you recommend the brand to your friends and family members?
 No
 Yes
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 May be
4.3 Review the success of a completed survey
On the basis of above survey some facts have been found related to product performance
of Mark & Spencer. This survey helps in increasing the overall productivity of the company and
get higher success at market place in appropriate manner. So that maximum customers can be
retained and new clients can be attracted to buy apparels of company (Vegeris, Adams and
Vowden, 2011). According to survey, firm needs to use marketing techniques to establish its
image and goodwill in retail sector so that there will be positive perception in customer’s mind
and they will recommend it to others in future. After sales services are below average, so few
tactics can help in improving providing best and satisfactory services to clients. These above
implements will help firm to gain success of this completed survey and regain its status in market
as before.
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CONCLUSION
From above report it can be concluded that marketing intelligent is an important part of company
to improve its product quality or services in long term. Today different new techniques have
been discovered which can be used in market research in qualitative as well as quantitative
analyse. As consumers change their preferences and choice related to product or services in
market, every firm has to keep updating itself by evaluation tools to meet desires of target market
in future and compete in business. To make clear view of company's performance, competitors’
analysis must be carried out through a plan in details. A customer’s satisfaction survey helps in
estimating future growth of business organisation like Mark & Spencer. If less customers are
satisfied with product quality then firm has to make an effective marketing plan and take some
major actions to gain its position. There are two different types of data used in market research
like primary and secondary.
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Online
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<http://marketinghuddle.com/the-customers-decision-making-process/>. [Accessed on
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<http://smallbusiness.chron.com/business-theories-buying-behavior-13883.html>.
[Accessed on 14th July 2017]
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