Market Intelligence

MARKET INTELLIGENCE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Describe the main stages of the purchase decision-making process................................1
1.2Explain theories of buyer behaviour regarding individuals and markets 2
1.3Explain the factors that affect buyer behaviour.................................................................2
1.4Evaluate the relationship between brand loyalty, corporate image and repeat purchasing3
TASK 2............................................................................................................................................3
2.1Evaluate different types of market research techniques....................................................3
2.2Use sources of secondary data to achieve marketing research objectives.........................4
2.3Assess the validity and reliability of market research findings.........................................4
2.4 Prepare a marketing research plan to obtain information in a given situation.................4
TASK 3 ...........................................................................................................................................5
3.1Assess market size trends within a given market..............................................................5
3.2Plan and carry out a competitor analysis for a given organisation....................................5
3.3Evaluate an organisation’s opportunities and threats for a given product or service........5
TASK 4 ...........................................................................................................................................6
4.1Evaluate techniques of assessing customer response........................................................6
4.2 Designing and completing a customer survey..................................................................7
4.3Review the success of a completed survey........................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Market intelligence can be defined as the information which is relevant to the market of
the company and to gather with the analysis for the purpose of appropriate and accurate decision
making to determine the strategies in areas including development of market and opportunity of
the market. The present report is based on Volkswagen which is largest automobile industry over
the world and it is headquartered in Germany. This report covers stages of purchase decision-
making process of the cited organisation. It also includes the theories of buyer behaviour and
some of the factors which affect that behaviour (Li and Li, 2013). Further, this report also
evaluates various types of techniques of market research and use of sources of secondary data to
achieve the objectives of the market research. It also covers a plan which helps to carry out the
competitor analysis for the stated organisation and opportunities and threats for the same.
Moreover, it also identifies the range of techniques for assessing the response of customers. In
the modern era, understanding customer buying behaviour has become very important for the
growth and success of any business enterprise. Furthermore, it helps companies such as
Volkswagen to understand the key factors which affect the buying behaviour of customers and
how it can attract them. Factors such as income level, age, social, personal, culture etc. plays
very important role in influencing the decision making of customers. It is important to know
customers needs because it supports in areas such as product development and growth. It can be
stated that by offering products according to the need of people, businesses such as Volkswagen
is able to create sense of satisfaction among them and encourage their loyalty.
TASK 1
1.1 Describe the main stages of the purchase decision-making process
The customer buying process shows the perception of the customer before buying the
product. The main stages in the decision making process of customer purchasing in context of
Volkswagen that is describes below:
Problem recognition- The first step in the decision-making is identifying the needs of the
customers of Volkswagen. In context of the selected business enterprise, it can be asserted that a
customer here develop a need that he want to buy a car. A need of using car develops within him
and this is termed as the first stage in process of decision making. I need a car as now I have a
baby and I cannot travel with my baby here and there without car. Thus, I need a car which is
good and has adequate space.
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Search process- After the recognition of the problem, in second stage the consumers try to
take information regarding the market from the retailers, friends and so that motivates them for
purchasing products of Volkswagen.(Kuester and Rauch, 2016). Here, the customers will look
for the various alternatives and car brands available in the market. Suppose a friend of that
customer (me) has recommended Volkswagen car and because of the trust factor i will seek for
the same.
Evaluation of alternatives- The third stage is to evaluate the alternatives where the
consumer select between all products of Volkswagen and there are other option of the brands and
they have the ability to purchase other products as per the requirements of customers. Here, I will
compare Volkswagen with the other brands avalaiable in the market. The comparison will be
made on different factors such as price, mileage, quality, comfort level, convenience etc.
Purchase decision- In this stage, the customer decides what they have to purchase and from
where. After carrying out the comparison between different brands of car available in market,
here I will select Volkswagen as it will suit my need and demand in the best possible manner.
After carrying out the evaluation of, it has been identified that it is the best suitable car for my
needs.
Post purchase decision- In the final stage of decision-making process there is evaluation of the
satisfaction of customers regarding the products of the company. If the customers are satisfied
with the Volkswagen then they prefer it for the next time which is beneficial for the company. It
can be stated that I am satisfied with the product of Volkswagen which I have purchased. My
need regarding car with good design and space has been accomplished.
1.2Explain theories of buyer behaviour regarding individuals and markets
There are some of the major theories of buyer behaviour regarding the market and in the
context of Volkswagen which are described below:
Economic theories- This theory of buyer behaviour focuses on allocation of income and its
impact on demand for products of Volkswagen. This includes many factors such as the concept
of marginal utility; the law of consumption which affects the buying decision of the customers.
Psychological theories – This theory helps to analyze impact of various factors in the
decisions of the future purchases fro Volkswagen. . There is significant role of brand loyalty to
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