Marketing Intelligence Assignment (Doc)
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Added on 2020-09-08
Marketing Intelligence Assignment (Doc)
Added on 2020-09-08
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Marketing Intelligence
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Main stages in purchase decision making process:...............................................................11.2 Theories of buyer behaviour in terms of individual and markets:........................................21.3 Factors impacting buyer behaviours:....................................................................................31.4 Relationship between brand loyalty, Corporate Image and repeat Purchase:.......................4TASK 2............................................................................................................................................42.1 Different types of market research techniques:.....................................................................42.2 Sources of secondary data to achieve research objectives:...................................................52.3 validity and reliability of market research findings:............................................................52.4 Marketing research plan to obtain information as per objectives:........................................6TASK 3............................................................................................................................................73.1 Assessing market size, trends in Tesco environment:...........................................................73.2 Competition analysis for Tesco.............................................................................................73.3 Tesco's opportunities and threats:.........................................................................................8TASK 4............................................................................................................................................94.1 Techniques of evaluating customer response:.......................................................................94.2 Customer satisfaction survey:...............................................................................................94.3 The success of survey:........................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing intelligence refers to knowledge about markets trends which might impact thecompany and its products. It enables managers in an organisation to take right decision as toovercome situations that might affect profitability. Basically marketing intelligence is about dataor information which is related to company and its market. It has to be gathered and analysed asto ensure that company is ready to face uncertainties and overcome them. This report is based onTesco, which is a multinational grocery and general merchandise seller. The research will coverall factors which might impact consumer buying process and behaviour. It will also state abouttechniques which can be used by Tesco as to stay updated about market trends (Jones andRowley, 2011). This report will improve knowledge of author about how market trends andconsumer behaviours is analysed with aid of marketing intelligence. TASK 11.1 Main stages in purchase decision making process:It is very important for an organisation to know about purchase decision making processof consumers. This assist managers in formulating a proper strategy by which they can targetend users. Purchase decision making process is mentioned in image below:Tesco has to understand about needs of consumers and target that want as to ensure thatconsumer will buy their product only. Process is described below:1Illustration 1: Business Study
Need recognition: Consumer first recognise need to purchase a product which will fulfilhis needs and desires. This is a stage which is targeted by the companies. Search for information: Companies have to make sure that there is plenty of informationrequired by consumer available on internet. Consumer search about various productswhich match with his recognised need. Evaluate all alternatives: This is a stage where consumer analyse all alternativeproducts which he researched about in previous stage. He tries to understand worth andvalue of various alternatives.Purchase decision: Finally, consumer buys product which he found suitable for himself. Post purchase decision: The company after sales services and consumer experience withproduct is what this stage states about. Consumer buying behaviour is what influence organisation purchasing decisions (Johnsand Van Doren, 2010). Company decides on how much it wants to buy as per demand ofconsumers . 1.2 Theories of buyer behaviour in terms of individual and markets:There are multiple theories relevant for individual and markets that will help Tescomanagers in understanding consumer buying behaviour. To types of consumer buying behaviouris as follows:Complex: These are buyers who are highly involved in purchase and know aboutdifferent brands.Dissonance: Consumer is highly involved in buying process but he has little knowledgeabout different brands. Habitual: These are buyers who are least involved in process but he have significantknowledge about different brands. Variety seeking: They are buyer who are least involved in whole process and do not haveknowledge about different brands.There are multiple theories which are describes different behaviour of consumer inmarketplace. These aids manager in understanding about various factors which have impact onconsumer. These theories are:2
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