Report On Primark - Market Research Techniques & Business Operations

Added on -2020-02-05

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Marketing Intelligence
TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Main stages of the purchase decision-making process for an individual consumer..............1
1.2 Importance of understanding buyer behavior and related theories........................................2
1.3 Three factors which can affect the buying behavior..............................................................3
1.4 Evaluating the relationship between brand loyalty, corporate image and repeat purchase...4
2.1 Evaluating different types of market research techniques that Primark GB can use.............4
2.2 & 2.3 Effective use of sources of secondary data to achieve marketing research objectives5
TASK 2............................................................................................................................................6
2.4 Prepare market research plan to launch a new shoe product.................................................6
3.1 Assessment of the size and the trends for the fashion industry in the UK............................7
3.2 Competitor analysis for the Primark GB Company...............................................................7
3.3 An evaluation of Primark's opportunities and threats for a the new product.........................8
4.1 Techniques for assessing customer response.........................................................................9
4.2 Design and complete a customer satisfaction survey....................................................10
4.3 Review the success of the completed customer satisfaction survey....................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
LIST OF FIGURES
Figure 1: Buying behavior of an individual customer.....................................................................2
Figure 2: SWOT Analysis...............................................................................................................9
INTRODUCTION
In the modern era, marketing intelligence emergence is an important tool in the context of
collecting best information from the market about services and products offered by firms to their
customers. As per the given case scenario, Primark which is a very famous retail clothing store
chain was taken. Enterprise is famous for selling fashionable clothes at the low cost as compared
to other brands present in the market. Main aim of the report is to provide details about market
research techniques and their benefits for the business operations of Primark in competitive
arena. By conducting the present research, investigator would be able to understand the buying
behavior and the decision making process of customers.
TASK 1
1.1 Main stages of the purchase decision-making process for an individual consumer
Buying behavior of an individual customer can be understood with the help of following
steps:
Need Recognition: In this stage, market research department of enterprise emphasizes on
understanding the needs of customers and their perceptions about services and products offered
by company to them (Harker, 2008) For example, if customer wants to purchase clothes then
he/she need to firstly consider the features of products such as price, brand and other features
before purchasing the clothes.
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Figure 1: Buying behavior of an individual customer
Information search: After collecting information about products, customers take guide
from his/her relatives and friends about the products and services offered by Primark.
Evaluation of Alternatives: On the basis of taking suggestion from their relatives and
friends, prices and other features of clothes need to be compared and then customer will take
decision to purchase clothes as per his needs and budget (Wilson and et.al., 2010).
Purchase decision: After reviewing all alternatives and getting satisfied with the price,
brand and other features of products, customer will take final decision regarding from whom to
buy and when to buy.
Post-purchase decisions: After purchasing the product on the basis of meeting all needs
and by getting satisfied with the product, he/she will recommend it to their friends and relatives
for usage.
1.2 Importance of understanding buyer behavior and related theories
The term buying behavior can be explored in terms of gathering information about
purchasing habits of individuals or groups towards products and services. Brosekhan and
Velayutham (2011) stated that knowledge of consumer behavior helps the marketer to
understand the way in which consumers think and respond about services and products. By
considering stimulus response model and generic theories, researcher can be able to understand
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the customer buying process and need to examine the factors that can affect the purchasing
decisions of them (Brosekhan and Velayutham, 2011).
Generic theory of Buying Behavior: In this theory, customer’s main focus is on decision
making rather than other factors. The product purchase steps include needs and identification of
products; alternative evaluation and taking final purchase decision before taking final decision
have been followed by customer while purchasing products. For example, after when changes
arise in fashion and lifestyle factors, customers will take decision to buy new clothes and
suggests their family and friends also (Lacobucci and Churchill, 2009).
Stimulus response model: This theory helps Primark to understand the impact of market
stimuli such as product, price, place and promotion on customers. Besides that, other factors
which include political, economic, social and technological factors have also been considered by
customers before taking decision regarding purchasing the product (Calof, 2006).
1.3 Three factors which can affect the buying behavior
Consumers are the kings of markets and it is essential for enterprises to fulfill the needs
of them because customer buying has become an integral part of strategic market planning.
Sociological, psychological and personal are the main factors which can affect the buying
decision of an individual customer.
Sociological factors: In the present marketing scenario, peer groups and family are the
major social factors which highly affect the thinking of customers and their buying behavior as
well. For example, upper class people in society purchase the products which suit with their
personality and lifestyle (Forrest, 2002) On the other side, lower class people buy cloths by
considering the price and peer group suggestion factors.
Psychological factors: Apart from the sociological factors, other factors which include
motivation, perception, learning attitudes and self –belief can influence the buying behavior of
customers towards product.
Personal factors: In the modern arena, as per the change arise in lifestyle and fashion,
needs and demand of products also get influenced. In addition, person desires and perceptions
about the firm product are also affecting their buying behavior (Wilensky, 2015). For example,
some customers want to buy products from local shop and some desire to purchase the cloths
from branded shop.
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