Impact of Brand Image on Customer Loyalty
Added on 2020-01-16
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MARKETING INTELLIGENCE
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3A. Describing the stages of consumer decision-making..............................................................3B. Buyer behavior theories..........................................................................................................5C. Factors that influencing consumer purchasing decisions........................................................6D. Brand loyalty, corporate image and repeat purchasing & association....................................6TASK 2............................................................................................................................................7A. Market research objectives.....................................................................................................7B. Various marketing research techniques..................................................................................7C. Secondary research to accomplish defined objectives............................................................8D. Validity and reliability of findings..........................................................................................9E. Preparing a market research plan............................................................................................9TASK 3..........................................................................................................................................10A. Marketing size trends of M&S’s market...............................................................................10B. Identifying key competitors and its analysis.........................................................................11C. Producing a SWOT to evaluate opportunity and threats.......................................................12TASK 4..........................................................................................................................................13A. Identifying a range of techniques to examine consumer response.......................................13B. A complete customer satisfaction survey..............................................................................14C. Reviewing the success of survey..........................................................................................15CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................19
INTRODUCTION Marketing intelligence is a process of procuring, analyzing and assessing the currentmarket environment, in which, establishments are delivering goods and services. In the today’scorporate world, firms are require to gather sufficient information about their customers, theirchoices, attitude, competitors, emerging trends, challenges and opportunities so as to makeappropriate decisions. Marks and Spencer (M&S) is one of the leading global retailer whomerchandise food, grocery and clothing products to consumers spreaded around the world. Thisassignment report emphasizes on identifying various buyer behavior theories, consumerdecision-making process and factors that influence an individual’s buying decisions. Apart fromthis, a market research will be carry out to examine that how well M&S’s customers are satisfiedwith its offerings, so that, right decisions can be made to exceed their wants. Lastly, report willexamine its market trends, industry and competitors as well for making smarter choices.TASK 1A. Describing the stages of consumer decision-making In today’s period, customers have variety of choices available in the market to satisfytheir expectations and needs; therefore, in order to exceed their desires, they make rationaldecisions through following coherent procedures that is explained below:
Problem recognition: At the first stage, an individual recognizes and identifies thoserequirements, needs, expectations and demands which is still remains unsatisfied(Solomon, 2014). It is called need awareness process which enable person to clearlyidentify that particular item or service that he or she needs requires. Information search: Later, person just carry out a short research through discussing withother people, knowing available products in market or internet surfing. The main aim ofthis is to identify enormous alternatives that might be useful for satisfying the needs. Evaluating alternatives: This stage refers to a comprehensive evaluation and analysis ofevery alternate in terms of distinguishes aspects such as product quality, selling price,availability and convenience in purchasing & others (Czinkota and Ronkainen, 2013). Purchase decision: On the basis of carried examination, person will be able to smartlyselect that particular goods and/or service which will successfully fulfill theirexpectations, needs and wants. User chose only that item which is considered highlysuitable in all terms like quality, affordable charges, easiness to buy & effectivepromotion.
Post-buying behavior: Purchase is not the end of decision, after real consumption of item,user examine their satisfaction level to assess post-purchase decisions (Brindha andParameswaran, 2017). This is the ending stage, in which, they compare their desirableexpectations with the actual utility gained through consumption to examine that to whatextent goods adequately meet the unsatisfied needs. M&S needs to excelled and analyzed the above mentioned process to recognizeactual needs of clients and produce goods and services keeping into account userspecification to retain competitive position in the market place. B. Buyer behavior theoriesPresently, there are multiple approaches of individual’s buying behavior that needs to beanalyzed by M&S to identify the ways that how they can persuade or influence clients to buytheir offerings, explained underneath: Diffusion of innovation: As its name, the theory explains that each offering of M&Sflows through a defined phase such as introduction, growth, maturity & decline. At, growthstage, sales grow at faster rate whilst maturity indicate enough satisfaction and after it, demandshows downward slope results in less sales (Valente and et.al., 2015). This is the stage requiringM&S to adopt innovative business practices to launch and bring a new item in the market that isnot yet offering by rival firms. Now-a-days, establishments like M&S spend heavy expenditureson research & a development (R&D) operation to design new items for exceeding clients wantsand desires to uphold. Buyer stimuli model: According to this concept, individual’s buying decisions isinfluenced through both the marketing (product, price, place & promotion) & other externalfactors like economical, cultural, political & many others (Strauss, 2016). All the marketingcomponents can be controlled by M&S and have strength to change buyer response regardingproduct selection, choice of retailer, buying time & spending amount. For instance, supposeM&S’s charges affordable or reasonable charges for the delivery of clothing goods then it will beable to attract crowded audiences at the business which drive more sales and return as well.
Cultural theory: Culture, belief, society’s values, learning that an individual gained fromthe community also influence buyer. In these respect, education, economic situation, earnings,opinion leaders have a strong influence over other members buying decisions.C. Factors that influencing consumer purchasing decisionsPersonal: An individual’s own desires, expectations, needs, income level, age,occupation, gender, interest, choices, personality, self-concept, willingness & so on influencethem when decides to buy a product (Lysonski and Durvasula, 2013). For instance, an employedpeople earn less so demand goods at reasonable charges whilst a businessman usually preferscostly items due to better affordability. In M&S, younger people often demands designer & newclothing items whereas an old-aged people prefer comfortability more. Social: Status in society, reference & aspiration group members, family members alsoinfluence on an individual’s buying decisions either directly or indirectly (Lee, Lee and Kim,2015). A high class society will prefer luxurious home products from M&S whereas a middleclass family can afford products at reasonable charges.Cultural: People’s value, belief, religion, cultural pattern, subculture & others alsoinfluence them whether to prefer an item or not (Saleh, Ali and Julian, 2014). For instance,opinion leader have excellent knowledge and well-personality which affect others decisions. Psychological: Motivation hierarchy of Maslow, learning, inspiration and attitude, beliefare known as psychological components that encourage and inspire an individual to make buy ofthe goods.D. Brand loyalty, corporate image and repeat purchasing & association Brand equity/loyalty: It is regarded as the perception or current views of target audiencestowards M&S (Fatema, Azad and Masum, 2015). Alternatively, a unique bundle of association& positive belief in the mind of M&S’s clients towards the M&S’s product quality, service &others is called brand loyalty. Corporate reputation/image: It represents that how consumer perceives or considersorganization, means psychological picture in the globalized consumers is termed as corporationimage (Horner and Swarbrooke, 2016).
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