Marketing Intelligence Concept PDF
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Added on 2020-01-28
Marketing Intelligence Concept PDF
Added on 2020-01-28
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Marketing Intelligence
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 and 1.2 The main stages of the purchase decision making process and three theories ofbuyer behavior in terms of individuals and markets....................................................................11.3 The factors affecting buyer behaviour are:............................................................................31.4 Evaluating the relationship between brand loyalty, corporate image and repeat purchasing4TASK 2............................................................................................................................................42.1 and 2.4 Evaluating market research techniques and preparing marketing research plan toobtain information.......................................................................................................................44.1 Techniques used to assess customer response.......................................................................62.2 Secondary data: Using sources of secondary data in order to achieve the research objective.....................................................................................................................................................74.2 and 4.3 Primary data: Surveying and reviewing survey........................................................82.3 Assessing the validity and reliability of market research findings........................................9TASK 3..........................................................................................................................................103.1 An assessment of market size trends within a selected market...........................................103.2 Competitor analysis of H&M (Hennez & Mauritz).............................................................113.3 The opportunities and threats for H&M..............................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONMarketing Intelligence is the information relevant to a company's markets, gathered andanalyzed specifically for the purpose of accurate and confident decision-making in determiningstrategy areas such as market opportunity, market penetration strategy and market development.It includes the procedures and data sources used to obtain information from the businessenvironment for decision making. This data usually pertains to various political, technological,and socio-cultural factors (Ayub and et.al., 2013). It is not limited to data, rather it is thecombination of data and analysis that generates information which is relevant and efficient inmaking decisions. The information so presented in the report is based on different scenario ofdifferent companies. It covers and provide brief knowledge over the topics of marketingintelligence like buying behavior of the customers, market research techniques & plans, etc. TASK 11.1 and 1.2 The main stages of the purchase decision making process and three theories of buyerbehavior in terms of individuals and marketsAn individual who purchases products and services from the market for his/her ownpersonal use or consumption is said to be the buyer or the customer. Attracting customerstowards products and gaining their interest i are the main aims or desired goals of any market. Tounderstand the complete process of buyer's decision making, there is an example of Harry, whois a buyer, went to a nearby retail store in the market to buy a mobile for his personal use. (Perretand Holmlund, 2013)Manager of the store gave him demonstration of all the latest modelsavailable in the market. After consulting with the existing users of that model and elder membersof his group as well as family along with conducting few rounds of negotiations with the seller,finally, Harry purchased one model for himself.Through this example, the whole process of consumer’s behavior while taking decision forpurchasing any product in the market can be analyzed. Main stages of this process are classifiedas:1)Stage 1: Need/want for that product – To identify the need is the main element in case ofcustomer which directs him/her to buy any product. Individual develops need for theproduct which he wants to be satisfied by using the product (Tsimonis and Dimitriadis,1
2014.). Generally, it starts with a feeling of missing something which needs to beaddressed and get a satisfied feeling by using it.2)Stage 2: Searching process –When an individual realize the need for a particular productor service, then he either purchases it directly or starts to gather information about thatproduct as much as he can(Akturan and Tezcan, 2012). He can use sources like Personalcontacts, advertisements, newspaper, experiences and reviews for that particular product.3)Stage 3: Evaluating the alternatives – After collecting the relevant information,individual tries to choose the best option available in the market.4)Stage 4: Purchasing/selection of the product – choosing the appropriate product forsatisfying his needs/wants motivates the individual to purchase the product.5)Stage 5: Evaluating the decision –The process of decision making ends with the stage ofevaluating the decision of purchasing product against the satisfaction level of individual(Albayrak, Aksoy and Caber,, 2013). Three theories of buyer behavior in terms of individuals and markets are:Cultural Theory: Beliefs and learning of individuals as per their culture influence theirbuying behavior. An individual's culture is based on his community which creates his setof values and beliefs, further leads to certain buying behavior. Individual's social class isbased upon his business, income and education, also on its position in the group of familyand friends at workplace or at college (Daghfous, Jeremy Ashill and Roger Rod, 2013).Often, individual's buying behavior is influenced by the leader or head in the informalgroup. In case of Harry also, his last action over buying that particular model of mobilephone was based on the opinion of his leader in the family.Environmental Theory – The purchase decision of the buyer also depends on theenvironmental factors present during the situation. Individual can exhibit different buyingbehaviors based upon the situation, like Harry's behavior or opinion was different whilebuying a phone for his girlfriend so, he preferred a costly model with much advancefeatures. Internal theory – Some buyers while buying a costly product go to the end point in orderto examine that product and compare pricing before making decision. Rest buyers havean attribute that encourages them to purchase a product when they find one that is good2
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