Marketing Intelligence of Mark and Spencer
Added on 2020-06-03
25 Pages7431 Words45 Views
Marketing Intelligence
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Main phase of purchase decision making process............................................................11.2 Theories of buyer behaviour in term of individual and market........................................31.3 Explain the factors affect buyer behaviour.......................................................................41.4 Analyse the relationship between brand loyalty, corporate image and repeat purchasing5TASK 2............................................................................................................................................62.1 Analyse the different kinds of market research techniques..............................................64.1 Techniques of assessing customer response.....................................................................82.4 Propose the marketing research plan to obtain the information in a given situation.......94.2 Customer satisfaction survey..........................................................................................114.3 Review the success of complete survey.........................................................................132.2 Identify the sources of secondary data relevant to achieve marketing objectives..........132.3 To study the validity and reliability of market research findings...................................15TASK 3 ........................................................................................................................................16Covered in PPT.....................................................................................................................16TASK 4..........................................................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17.......................................................................................................................................................18
INTRODUCTIONCustomers are priority of most the organisations because they play crucial role in successand failure of a company. Marketing department of an enterprise is responsible for finding theneeds of market so they can manufacture goods and deliver services accordingly. Mark andSpencer is a public limited company; they are operating in retail industry. They have more than1000 stores across the globe. This report will discuss about stages of purchase decision makingprocess. It will also include theories relating to buyer’s behaviour. Techniques of marketresearch will also become part of this file (Akturan and Tezcan, 2012). This file will also discussabout customer satisfaction survey so they can assess consumer's response. Relationship betweenimportant factors like brand loyalty will also become part of this assignment. TASK 11.1 Main phase of purchase decision making processMarks and Spencer is a fashion company that deals in clothing sector from a long time. Itworks for selling clothing, luxury food products, and daily needs goods which are essential forsurvival of human being. Every marketing company works only to satisfy the needs and wants ofconsumers so they get high profits. The business buying decision process and consumer buyingdecision process are discussed below:Consumer buying decision process: It contain various steps which are discussed here:Problem recognition: Every decision making process involve some type of problems.Consumer develop their taste and preferences according to changing demand that this companywant to be work for these needs and wants.Information search: It is the second step of purchase decision making process wherecustomer identifies their requirements and about the presence of product in market. To maketheir decision about purchase of good need to gather the information by the use of differentresources like commercial. Personal, experimental, and public sources. It is also important fororganisation like M&S to consider the requirements of customers and provides the goodsaccording to them. It helps in influencing their decision making. (Albayrak, Aksoy and Caber,2013).Evaluating Alternatives: Customers analyse many alternatives which are available inmarket in term of price of product, quality of goods and many other factors.1
Decision-making about purchase: It is a stage where customer makes their decisionabout purchase of goods from alternative choices of different brands. For ex., M&S providesdifferent kind of clothes from which customers decide to purchase according to their preferences.Behaviour of customer after purchase: There are many changes are happen in productson regular basis due to changing in trends. Customer feel satisfied with the purchase of product ifsuch products are met their needs in comparison to new product.Business buyer decision making process: It contain various steps which are discussed here:General need description: Every company firstly describe their products and services sothis helps to improvement these commodities and also met customers’ needs and wants. Mangerstry to understand their own need and then make further plans regarding the suppliers. Supplier search: In this stage, organisation search their supplier’s gods and services withthe help of review their trade directories. There are many suppliers who offer products at variousrate so it is important to search one who can provide quality material at competitive rate. (AnnieJin, 2012).Supplier selection: In this process, company select their providers using many factorslike honest communication, product quality and their competitive prices. Sometime companiesmake mistake by selecting a seller who provide goods at low price but after sometime he reducesquality of product. This problem increased the demand of honest communication so transactionscan happen according to the deal. There are some another process of purchase decision makingwhich are as follows:Need recognition: It is an important process of decision making regarding the purchase.Customers evaluate their needs and also ensure about the products that it fulfil theirneeds. This stage aid in targeting by the company to its customers.Search for information: In this process the customers search on online about theproducts and get appropriate information about the products and match their needs ineffective way.Evaluate all the alternatives: In this stage the customers evaluating as well as analysisthe alternative of the products as per their previous stage.Decision of purchase: In this stage the customers take final decision about the productsand buy it effective for satisfy their needs.2
With the help of these stages it aid in influencing the customers taste and organizationsales. Illustration 1: Consumer decision making process1.2 Theories of buyer behaviour in term of individual and marketThere are many theories of consumer behaviour in term of individual and businesses arecontinuously evaluating then to how the consumer purchases goods and services.It is the duty ofthe management of M&S is constantly apply behavioural theories to understand about buyingpattern of customers which is used by them for purchase of products and services. Through thislarge number of benefits are gathered by M&S like competitive advantage, higher amount ofsales, improved profitability, large market share etc. There are many factors which influence thebuying behaviour of customers like personality, environmental elements and cultural differences.The different approaches which are applied are mentioned below:Economic Man: This is the model which is used in order to satisfy the customers so theycan be in the equilibrium state. This is an important factor in order to bring all the factors relatedwith the economy in the state of equilibrium.Psychodynamic: It is an effective and systematic study which defines the behaviour aswell as feelings of human towards the company products and services. By using this approachcompany easily determine customers demand and needs in order to get their satisfaction level.With the help of this they improve their performance of the company and also attain competitiveadvantage. This theory of behaviour helps to understand about the psychological approacheswhich used by the customer's while making their decisions. This provides that there are two main3
factors which affects the behaviour of customer's and are not under the control of individual.Customer only chooses such alternative which provides more satisfaction to customers.Behaviourists theory: - According to this component an individual may acquire newthings or change behaviour by considering environmental conditions. Basically, it is anappropriate framework of analysing the nature of human’s beings which is based on certainstimuli. This theory provides that behaviour of customers is determined with the help of suchthings which are performed by them like their feelings, thought and emotions. With the help ofapplication of the approach of this theory specific behaviour pattern is determined aboutcustomers. It is provided by the other scholars that this approach has limited scope andimportance in current scenario. So, the management of M&S is needed to adopt the differentapproaches which helps in proper identification of the behaviour of customer's.Cognitive: - An approach whose main objective is to study the mental process or statusof an individual. According to this theory, management of M&S is need to identify thepreferences of customers in actual which helps to makes changes in their existing products andinfluence the decision-making of customers to buy their brand products only. As per the study ofthis approach, it is identified that process of understanding the behaviour of customer is difficulttask. Through research the information is collected about behaviour provides various outcomeswhich are not clear. So, the interpretation of the results are made of the basis of the assumptionin this theory that consumer's makes their decision on the basis of insight , innovation andinformation processing about products and services provided by organisation. It helps themanagement of M&S is to understand about the fact that more factors are associated with thebehaviour of customer like experience, interest, importance and familiarity.Generic theory: This theory is used regarding identification of the issues which areassociated with customer's behaviour and to conduct research which help in selection of bestresults.1.3 Explain the factors affect buyer behaviourIn order to raise the total sales, it is important that the behaviour of different buyers isdetermined so that accordingly the services can be delivered. It helps in making modifications inthe own product which is best suitable for the target market. There are five factors which affectsthe consumer behaviour which are as follows:4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Marketing Plan- Assignmentlg...
|17
|4644
|42
INTELLIGENCE INTRODUCTION 1 TASK 11 1.1 Main stages related to purchasing decision making processlg...
|19
|6969
|399
Marketing Intelligence Report - Mark & Spencerlg...
|15
|4535
|57
Consumer Buying Decisions- Assignmentlg...
|15
|4034
|50
Unit 17 Marketing Intelligence : Case Study on Topshoplg...
|18
|4536
|31
Marketing Intelligence Assignment - Primarklg...
|14
|3723
|85