Marketing Intelligence Report: Strategies for Next PLC Success

This report provides an in-depth analysis of Next PLC's marketing intelligence strategies. It begins with an introduction to marketing intelligence and its importance in decision-making, followed by an examination of consumer buying behavior, including need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. The report then delves into various theories of buying behavior, such as rational actor theory and the bull whip effect, and explores the contextual factors influencing consumer behavior, including cultural, social, personal, and psychological factors. Furthermore, the report investigates brand loyalty, corporate image, and repeat purchasing. The report then discusses market research techniques, including primary and secondary market research, and their objectives. It also examines the reliability and validity of market research findings. Finally, the report analyzes market size trends and their impact on Next PLC's success, highlighting the company's research on market size trends and its ability to adapt to market changes.

Marketing Intelligence

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1................................................................................................................................................1
1.2................................................................................................................................................2
1.3................................................................................................................................................3
1.4................................................................................................................................................3
TASK 2............................................................................................................................................4
2.1................................................................................................................................................4
2.2................................................................................................................................................5
2.3................................................................................................................................................5
TASK 3............................................................................................................................................6
3.1................................................................................................................................................6
3.2................................................................................................................................................7
3.3................................................................................................................................................7
TASK 4............................................................................................................................................7
4.1................................................................................................................................................7
4.2................................................................................................................................................8
4.3..............................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11
........................................................................................................................................................12

INTRODUCTION
Marketing Intelligence is termed as an effective process in which company tends to
collect the relevant information which helps entity in the process of decision making. The source
of information may be internal or external. The data collected usually depicts to various political,
economical, technological and sociocultural elements. It also can include information on
customer demographics and competitors. All these relevant data is transfer to marketing
managers which helps them in analysis the information critically to carry out on appropriate
business decision makings (Al-allak, 2010). In addition to this, marketing managers also collect
relevant secondary data from books, newspaper and social media. In the present report Next
PLC, a UK based supermarket retail company which deals in clothing, footwear, etc. and having
innovation in their footwear trends by enhancing the product range and comprising latest
footwear trends. From gorgeous sandals to stylish flats and block heels to ballet flats.
TASK 1
1.1
The process of decision making comprises the evaluation of some prominent factors,
with the help of group of people. It is every marketer’s goal to get inside the head of a consumer.
For instance the entity have to perform the very deep research on market to understand the
scenarios and strategies. In this every member needs to take part in the decision making process.
It is selective process in which individual rephrase their information in a complex decision
making (Cacciolatti and Fearne, 2013). In the frame of reference of Next PLC, there are some
necessary steps which will assist in purchase decision making process and they are as follows:
Need Recognition:
In the relevant buying process, recognition of needs considered as crucial process. Then
needs of customer generates in three different ways which are functional, social and change
need, whenever consumers desires to buy anything.
Information Search:
In this scenario, employees of Next PLC efforts to solve the problems regarding
information. This is a situation where marketing representatives keeps their focus on the
demands of customers. At the time of purchase customer give their attention to their relatives
that is superior at the time of purchasing.
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Evaluation of Alternatives:
As the market is growing rapidly, variety of alternatives started showing their presence in
market which arises the desire to purchase things amongst customers. According to the choice of
customers, it becomes obligatory for the marketing managers to select the best alternative for the
relevance of customer and they can select the best option available (Fan, Lau and Zhao, 2015).
Purchase:
“What to buy and for whom to buy”, these are the scenarios which customer take in
regards while purchasing.
Post Purchase Evaluation:
This process is termed as whether the customers has satisfied with the purchase or not.
The Next PLC has focused customers behaviour after purchasing if client has disappointed with
their purchased product that directly impact on the next purchase behaviour of clients.
1.2
The Next PLC refers to the decision of the customers that when they buy products and
services. There resides a multitude of theories on the buying behaviour of individuals and
businesses are constantly analysing them to figure out that how to convince the customer to buy
their products and services. Some of them are discussed as follows:
Rational Actor Theory:
This theory depicts that people make their purchasing decision based on rational analysis
regarding their self interest. The theory evaluates that what type of decision would provide the
most benefits to individuals (Gabrielli and Balboni, 2010).
New Institutional economics:
According to this theory, the rationality of the decision making is limited by the different
forms of uncertainty. The decision to buy or not to buy can not be rational under these
circumstances.
Process Theory:
This economic theory seeks to explain the distinction between what people do in the
situations where the rational factor arises. Buying decisions are made from the perspective of the
self defence and other from the opportunistic perspective depends on the profit or loss.
The Bull Whip Effect:
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It comprises disproportionate effect on the buying behaviour of businesses. For instance,
if in an economy, the demand of consumer goes down, then it become necessary for supplier to
decrease the prices so that customer desires to purchase (Johns and Van Doren, 2010).
1.3
Its totally depends on the desires of customers that from where he/she is willing to
purchase goods and services. The Next PLC tries to provide their services as per the needs of
customers. But there are some other contextual factors which affect the behaviour of consumer.
Some of them are discussed as follows:
Cultural Factors:
These are the factors which mostly affect the behaviour of consumer like buyer culture,
social factors, standard of living, etc. Culture is an important part of society and the main reason
behind the needs, wants and behaviour of consumer. Each culture contains the different sub-
culture like religion, nationality, racial groups, etc.
Social Factors:
Some of the important factors like reference groups, family, status. Reference groups
have the potential in forming the person attitude or behaviour. Buyer behaviour is influenced the
member of the family (Kian Chong and et. al., 2010). Each person possesses the different roles
and status in the society depends upon the groups, family and the organisation to which the
people belongs.
Personal Factors:
These factors also affect consumer behaviour and influence lifestyle, occupation, age,
personality of consumer. Consumer economic situation have influence the buying behaviour.
Personality changes person to person, time to time and place to place.
Psychological Factors:
It affect the consumer behaviour which includes the perception, motivation, learning and
attitudes. Every person have its own desires and needs and that needs become the part of
motivation for company. Consumer possesses specific belief and attitude towards various
products.
1.4
Brand loyalty represents the loyalty of the consumer with respect to the brand. It shows
the desire of the consumer to buy that particular brand of the Next PLC. The consumer those
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who are purchasing the brands that what they like and what they have to purchase. When the
consumer strongly like that product then only the person can buy the product otherwise they can
move on the another brand. Corporate image represents picture of the company in the minds of
the consumer of the community (Li and Li, 2011). It makes a certain image in the market to
sustain and the progress so that the consumers are drawn towards them. Repeat purchasing
represents that when the consumer purchases a product or the service for the first time and after
sometime purchase a product and use the same product or the services.
The three parts of the consumer includes the brand loyalty, corporate image and repeat
purchase are interrelated with one another. The employees of the company creates the new and
effective technique to build the corporate image in the minds of then members of the community.
The consumer first buy of the test of the product and that test is successful then only consumer
can purchase that product and also recommend to the another one so that sales of Next PLC can
increase. Brand loyalty is calculated on the number of repeat purchase occurs. The product must
fulfil the needs of the consumer so that they go back to purchase the product and recommend to
the other people associated with them.
TASK 2
2.1
Market research refers to a process of gathering and collecting the information about the
targeted market. The process of this research makes the involve opinion and the social research
and is the important in the increasing in complex business environment. Factors which are
needed to evaluate the market research include trends trends in market, segmentation of market,
information available, SWOT analysis and effectiveness of marketing (Malaval, Bénaroya and
Aflalo, 2014). The main types of market research techniques are discussed here under:
Primary Market Research:
Its the research carried out by the Next PLC with the objective of gathering information
that can be used to improve products, services and functions. This research helps the organisation
to focus on various groups, managing surveys and questionnaire, observation, trails and
experimentation and in-depth interviews.
Secondary Market Research:
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It is the technique that does not aim to gather the information but having the available
information from multiple sources. The various sources are taken into account for collecting the
data including government data, office data. The internal and external sources have their
prominent role in gathering of information. Internal Sources include balance sheet, profit and
loss statements, sales records, etc. External sources include government sources, universities and
colleges, the internet and competitor data.
2.2
The objectives of the entity which are decided by administration it can be achieved by
doing the proper research and analysis. Along with this Next PLC have to use the secondary
resources so that they can achieve the targets and goals (Perruchoud, 2013). Secondary data is
that data which is collected by the individual person who is the member of Next PLC and also
different agencies for attaining the purpose. It is more simple and accurate to measure the
primary data of the entity through the primary research. It is major part of the entity and also the
substantial role of the research in solving the problems. They are classified in the two different
parts which includes internal and external. Internal data are those which are collected from the
entity only and it includes the sales data, financial data, transport data and storage data. External
data are that data which are collected outside from the firm and it uses the secondary information
which includes government, trade association, commercial service. These are those sources
which helps in achieving the targets, goals and objectives of Next PLC. Along with this the
company can increase the sales and earn the maximum profit and revenue.
2.3
Reliability is part of competency of the score of a specific period of time. It has the
capability of the company to produce products or services and get the effective and positive
output to taking the estimating (Persaud and Azhar, 2012). These measurement are taken to
catching the difficulties where the company's goods are superior or inferior. There are number of
barriers which become the reason to create problems in implementation research. To assess the
reliability of market research findings such as test method, alternative forms of reliability. It
assist to enhance the reliability of the research output by using appropriate exercises through
proper control to reduce the errors factor in it.
Validity is used to check the findings of conducted research. It defines the reason and
response relationship in the experiments and engage in the result of the research. It is appropriate
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method and in this company can conduct research faster and in better way so company can
produce their goods fast and quickly doing specific research such marketing research, adoption
of latest technology in various business functions like production and finance and accounting. It
is that study which determiner theory of the measurement is reliable if it is not reliable then it is
not valid and all the measurements are wrong (Tsiotsou and Ratten, 2010).
TASK 3
3.1
Next PCL being one of the leading British Company, regularly undertakes a detailed
research on the Market Size trends. A research on market size trends provides all the necessary
details regarding the current market condition in which the company is currently continuing its
production or it could also be a research on other areas of marketing that the company could
capture or innovate itself in with.
The Company is a master among its competitors and provides its shareholders with good
earning per share and also their dividends. All of the journey of its success is creditable to the
efforts made by itself for the research work done initially and regularly even there after. The
Company keeps regular in touch with the details regarding the current as well as changing
marketing size trends. This Company believes the researching and analysing of market size
trends to be the most important factor behind its position of having captured wide area of the
market. For long term life of a Company it is necessary to understand the position of the
competitors in the market. The Company always gives importance to the changing preferences
and demand of its customers. The customers and competitors influence the market size.
Therefore the company calculates its supply value that is indicated by comparing the supply with
that of purchase (Tsiotsou and Vlachopoulou, 2011).
In short term trend the market size is beneficial for the supplier as there is a time lag between the
supply and demand. In long term trend the company gets sufficient opportunity to expand. In
declining trend of market the competition becomes fiercer and thereby results in low profits even
if the supply is more.
Therefore depending on the present market condition a company follows suitable market
size trend to survive in different type of market condition.
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3.2
Competitor Analysis of Next PCL:
Next PCL believes the competitor analysis to be one of the most important part of
following its corporate strategy. The company regularly undertakes Competitor analysis to gain
all the information on the strengths and weaknesses of its competitors and thereby calculate the
number of opportunities and threats . Accordingly it plans its manufacturing process being a
master in whole selling of its home ware products, foot wears and clothes. It always has been
successful in being a leading company in satisfying its customers by considering their needs and
demands and what percentage of satisfaction is being given to other potential customers in the
market. By following competitor analysis the company not only keeps on improving its products
but also it frames new suitable policies and strategies (Al-allak, 2010).
As the success of company is mainly measured by comparing its current position with
that of its competitors, we can hereby say that for a modernized company like Next PCL
competitor analysis proves to be very useful.
3.3
Opportunities and threats of Next PCL:
Next PLC has been manufacturing wide range of foot wears for different groups of
people. It has been successful manufacturing attractive products for satisfying the needs and
demand of different age group of population. There are still a lot of opportunities for the
company for expanding its supply to other wide areas of market it has yet to target upon. Having
a good brand image its products will be definitely acceptable and are even admired to be
purchased by many other classes of people. It just needs to work upon its marketing function.
Along with the opportunities there are a number of threats that could hinder the success of the
company (Cacciolatti and Fearne, 2013). Many other similar Companies are almost all set to
capture a wide range of its market using smart tactics. Therefore the company needs to get a
detailed research on its opportunities and turn its weaknesses to its strengths.
TASK 4
4.1
In order to check of the customer response about their satisfaction with company
products or services. Different company used various techniques to measure it. Survey and
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questionnaire are one the most popular and reliable methods. These styles assist to manager to
get feedback form the customer. Survey mostly conduct to know what consumer want from
producer regarding features of goods or services offering by organisation where company can
improve in it. By communicate with customer helps to increase in confidence of employee.
Generally survey can be done by these following ways:
Face to face interaction:
In this method of survey conduct through personal meeting between surveyor and
customer, people answers those question which designed by the top management. Collected data
is reliable because it conduct by meeting. Face to face survey is cheapest form but it is time
consuming (Gabrielli and Balboni, 2010).
Online:
In this, questionnaire written on spreadsheet to take the feedback. In this method of
survey both parties does not need to interact to each other. Online survey sometimes fail to
provide accurate data because no personal meeting so there lack of interest to answer of
questionnaire from customer side and costly for the organisation.
4.2
In preparing the questionnaire for getting the survey require to ask the name of the consumer,
age, qualification etc., about consumer or answerer. Following questions asked by Next PLC
about their products and services by the consumers:
1Are you satisfied with the products and services which are provided by the Next PLC?
·Fully satisfied
·Little satisfied
·Not satisfied
·None of the above
·
2Do you know about the return policy of Next PLC?
·Yes
·No
·Don't know
·
2In the case of enquiry would you prefer to be respond by the calls or emails?
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·Yes
·No
·
2How satisfied are you in dealing the ways your issues regarding the products and services?
·Very Satisfied
·Satisfied
·Dissatisfied
·Very Dissatisfied
·
2Did you feel that your issues has been fully deal with the calls you received or when you
emailed in the customer services of the Next PLC?
·Yes
·No
·Don't know
·
2The way in staff treats you by that are you satisfied?
·Yes
·No
·
2Did the representative of the Next PLC tried hard to resolve the issues?
·Yes
·No
·
2Would you recommend to your friends or family about the products and the services?
·Yes
·No
·
2How would you rate the overall experience with Next PLC?
·Excellent
·Good
·Fair
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