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Marketing Intelligence Report - Mark & Spencer

   

Added on  2020-06-05

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MARKETINGINTELLIGENCE
Marketing Intelligence Report - Mark & Spencer_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Main stages of the purchase decision making process are:........................................................11.2 Theories of buyer behaviour.............................................................................................21.3 Factors that affect buyer behaviour..................................................................................31.4 Relationship between brand loyalty, corporate image and repeat purchasing.................3TASK 2...........................................................................................................................................42.1 Different types of market research techniques.................................................................42.2 Sources of secondary data in market research..................................................................52.3 Validity and reliability of market research findings.........................................................62.4 Marketing research plan for Mark & Spencer..................................................................6TASK 3............................................................................................................................................7Covered in PPT.......................................................................................................................7TASK 4............................................................................................................................................74.1 Techniques of assessing customer response.....................................................................74.2 Customer satisfaction survey by Mark & Spencer...........................................................84.3 Review the success of a completed survey ......................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONMarketing is a system through which every business organisation achieves its objectivesof profit maximisation and maximum revenue generation. It helps in promoting profits andhigher market value of its shares. It includes major processes which contributes in increasingmarket 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 allover 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. Tomaintain its brand image and goodwill, company has to use effective marketing tools andtechniques 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 buyerbehaviour in term of individuals and markets. Different factors play a vital role in affectingbuying behaviour of consumers of Mark & Spencer. Brand loyalty and corporate image hasmajor impact on repeat purchasing in negative as well as positive way. To increase sales andpopularity of goods of company, enterprise can conduct market research. It will help in obtaininginformation to bring back shoppers lost due to its declining image.TASK 11.1 Main stages of the purchase decision making process are:As consumer is an important part of organisation, Mark & Spencer evaluates consumerbuying 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 arebasic, such as apparels of any company and some needs fashion outfits for status symbolof big brands.2.Information search-This stage includes getting knowledge about product throughfriends, family or other advertisement. Personal sources from which buyer can getsinformation about products include co-workers, neighbours and family members.1
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3.Evaluation of alternatives- Consumer can analyse other similar products to get bestproduct in market. For example, he will compare t shirts of Mark & Spencer withAmazon to get better quality.4.Purchase- After gathering relevant information, consumer purchases the produce. Thisstage 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 repeatpurchasing products of Mark & Spencer.1.2 Theories of buyer behaviourThere are different theories of consumer buying behaviour like generic theory andcultural theory. Generic theory includes recognition of consumer needs and research to evaluatesimilar products. After comparing all products, a rational consumer will make decision topurchase 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 withproduct also affects future purchases. For example, if he gets good after sales services and greatquality 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 valuesof customs. On basis of income, social class and education consumer’s buying behaviour can bejudged that will lead to purchase of product. For example, a high-income earning person willalways look for exclusive and expensive apparel. Culture is a relationship between socialresources and lived culture (Wiiddu, Preezand Wallström, 2012). In this scenario, image ofproduct plays a vital role in sight of consumer. If he thinks that this particular brand is the best heknows then he will be stick to the same firm and buy it again in future. Traditional and modernculture make different choices of consumers towards product or services. There are some anothertheories which define the consumer behaviour that affect the customers needs which are asfollows:Motivational needs theory: This theory is more effective and popular theory which given by theAbraham Maslow. It define five stage which show the consumers needs and it is more importantfor the organization to fulfil their needs in order to motivate them effectively. It is an hierarchy2
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