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Marketing Intelligence Research Report

   

Added on  2020-01-16

18 Pages5428 Words79 Views
Marketing Intelligence
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(a) Main stages of purchase decision making process................................................................1(b) Buyer’s behaviour theory......................................................................................................2(c) Factors which affect buyer’s behaviour.................................................................................3(d) Relationship between brand loyalty, corporate image and repeat purchasing......................3TASK 2............................................................................................................................................4(a) Objectives of market research ..............................................................................................4(b) Techniques for market research ...........................................................................................4(c) Use of secondary data for achieve market research objectives.............................................5(d)Validity and reliability of market research finding................................................................6(e). Marketing Research Plan......................................................................................................6TASK 3 ...........................................................................................................................................7(a)Assessment of market trends and size....................................................................................7(b) Competitive analysis plan of organization ...........................................................................7(c) SWOT analysis of new products and services.......................................................................8TASK 4............................................................................................................................................9(a). Range of techniques for assessing customer responses........................................................9b) Customers satisfaction Survey ...............................................................................................9(c) Survey review .....................................................................................................................11CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONCustomers preferences and their decisions making process is highly affects company andits operations. Through marketing intelligence company can conduct many marketing activitieswhich provides useful informations about customers. Choose company is Morrisons which isreputed retails company in UK (Barrett and Weinstein, 2015). The company offering differenttypes of services but mainly know as for offering low cost food along with its quality. This reportwill analyse of different market research which is used by entity. Further more this report willanalyse market research objectives and make evaluations of opportunities and threats in contextof entity. At, last this report will analyse validity for market research methods. TASK 11.1 Main stages of purchase decision making processBuying decision process is used by customers before consuming any product or serviceof organizations. Morrison is the fourth largest chain of supermarkets in UK. Company islaunching its own online retail websites for selling its products online (Bose, 2010). For thatpurpose, entity is considering main stages of purchase decision making process which assists ingiving effective services. Main stages of decision making process are as follows:Need recognition It is the first stage of decision making process in which consumers develop a need orwant. For satisfying that need, customers buy the product (Henley, Raffin and Caemmerer,2011). Needs can be personal needs of buyers or family requirement for purchasing a product.For recognition of need of consumers, Morrison conducts the market research. Informative searchAfter recognition of need, consumers conduct information about product. For gatheringinformation, consumers use internet media or print media (Kotler and et.al., 2015). For collectinginformation, organization conducts different types of data which assists them in giving reliableinformation to customers.Evaluation of alternativesAt this stage, buyer makes evaluation of different types of products or services on thebasis of their requirements (Sheth and Sisodia, 2015). Consumers make comparison in betweentwo products or services for satisfying their needs.
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Purchase decisionsPurchase decisions are based on several factors such as price, quality and brand.Customers will buy only those products which give them maximum level of satisfaction atreasonable price along with good quality ( Steinberg and Greene, 2015. ). Post purchase Evaluation At this stage, customers make comparison in between their expectations and actualservices received through their products. This stage is critical for maintaining customers and it isrequired that post purchase evaluation should be done. For retaining its customers, Morrisondoes post purchase communication through its websites and social media network.1.2 Theories of buyer behaviours Buyer’s behaviour theoryCustomers buying behaviour gives impact on the organization and its marketingstrategy.. There are many factors which are considered by customers before purchasing anyproduct. For understanding the consumer behaviour, Morrison uses various techniques whichassist them in fulfilling customer’s demand (Armstrong and etal., 2014). Following are thetheories of buyer’s behaviour: Cognitive dissonance theoryThis theory is based on the psychological concepts. According to this, there is alwaysmetal stress in consumers’ minds when they hold two or more than two contradictory beliefs,ideas and values (Nicholson and Oliphant, 2014). Buyer’s behaviour is highly affected by manyfactors such as price and quality. For this purpose, Morrison always considers all factors whichaffect consumer’s buying decisions. Company gives a wide range of choices to its customers andso, dissonance is appeared. Diffusion of innovative theoryAccording to this theory, consumers buying decisions affect innovation and new ideas.The key element of diffusion theory is innovation in products. The life of products goes throughmany stages such as introduction, growth, maturity and decline (Converse, 2013). By adoptingsuch innovation, company can increase life and maintain growth of its products. Morrisonalways focuses on innovation in its products. For example: company launches its own websitesfor selling its product.
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