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Diploma in Business (Marketing)
Unit Number and Title
Unit 17 Marketing Intelligence
The Marketing Intelligence is the information about the company’s markets. The markets of the company are analyzed and excelled in this. The company taken for the report is the Marks and Spencer. The report includes the decision making behavior of the customer related to the purchase and the theories of the buyer behavior in the market. The marketing intelligence assignment report also discuss about the different factors that affect the customers behavior. It also includes the brand image and its information about the company. The report also includes the market research on the basis of the customer satisfaction and the different techniques of the company to attract the customers. Further report talks about the market size and the trends and the competitor analysis of the company and the threats and opportunities of the company. The report will provide the understanding of the markets and the related factors of the Marks and Spencer.
Decision making process in relation to purchase is shown below-
The first step is to recognize the problems in the market that arises by the wants and needs of the customers. Consumer feel some missing aspects in their life which they fix by the way of recognizing the problem.
The next step is the conducting search for the purpose of finding the best suitable product that can satisfy the need of the consumers in the market. This search can be made via internet or via interacting with the human beings to know the product (Yeung, et.al, 2016).
The next step is evaluating and checking the alternative available in the market in relation to the same product that is required by the consumer. The alternative available may have same qualities or the better one for satisfying the needs of the consumer in terms of price, quantity, quality or any other aspects.
After all the research the next step is to select the most suitable product by the consumer that would satisfy the need of them. It must be selected in a rational manner with all the aspects that are required in the product.
After the purchase of the product the last step is to evaluate the product choice. The product that is selected is being evaluated in a proper manner to judge whether the product that is selected has satisfied the wants of the customers (Yeung, et.al, 2016).
While following the needs and the wants of the customers Marks and Spencer’s may be able to create a criteria through which company would be able to make correct marketing strategy to increase its sales by understanding the reasons of the market situation as well as the mentality of the customers (Yeung, et.al, 2016).
There are various aspects that affects the behavior of the buyer in the market which is essential for the business to analyze so that a proper planning be made. Factors are explained below-
Cultural- Buyer decision is based on the culture in which it lives that also includes the social class of the buyer. The buyer is influenced by the religions, nationalities and all other aspects associated with it. As the religion of the buyer increases the sales of the product at the time of the festive season as well as nationality also affects the choice of the customers in an effective manner (Xu, et.al, 2010).
Social- This factors are the reference groups, role of family as well as his status in the society. Reference groups forms the behavior of the buyer as they influence on the buyer choice. Along with that buyer make decisions as per the family influence. Apart from that status of the buyer also helps to decide its choice.
Personal- The factors constitute the age, personality, lifestyle, occupational, as well as economic aspects. Such as choice of the buyer also changes with the change of age of them. Similarly the life style of the person also differ from one person to another. Along with that economic situation of the person has the great influence as a buyer with the budget always tries to buy with rationally.
Psychological-The factors in it are motivation, learnings, attitudes as well as beliefs of the buyers. Such as motivational factors that affects the decisions of the buyer due to the various needs like biological, social and physiological. Apart from that perception and attitude of the person towards the product also changes their behavior towards the products for purchasing.
So M&S’s is required to analyze the buyer behavior to be able to become more stable in the market. The market strategy is required to be more focused and more accurate as per the buyer behavior (Xu, et.al, 2010).
Brand loyalty is the continuation of the selection of the same brand by the buyer over the other available brands. Brand loyalty is made after the hard work of the seller over the period of time.
Corporate imageis the image formed for the company in regards to the point of view of the buyer over the way of dealing with the customers in the market. This image is the important aspect for any business so that a perfect image of the company be established.
Repeat purchase is the repetition in the purchase by the buyer for the product which helps in the better as well as successful running of the business (Tu, et.al, 2013).
All the three factors constitute a definite relationship with each other as brand loyalty helps in the repeated purchase of the product and the corporate image of the also helps in the better working of the product in the market. With the good corporate image company would be able to increase the chances of the brand loyalty as well as with the brand loyalty buyer would be able to purchase the desired product on the repeated manner.
So it is important that Marks and spencer’s make correct strategy so that it may improve their corporate image that would help it increase the loyalty of the customers towards the products of the company. And with the brand loyalty there are more purchase or the repeated purchase of the product of the company that would leads to the repeated purchase. So it can easily be concluded that all the three aspects are related to the each other in an effective manner (Tu, et.al, 2013).
Marks and Spencer has the great down fall since the past 20 years. The company was challenged by the cheap priced retailers and the company has lost the customers and the shoppers of the company. The competitors of the company brought the good and cheap products in the market which took away the leading position of the Marks and Spencer. The company decided to grab back the customers of the company and provide them the most quality products and the clothing to increase the sales of the company as well as the profits of the company.
The company should use the different marketing techniques to assess the information from the customers. The marketing researches are the searching’s and the findings of the company’s market (Witell, et.al, 2011). The company works on the various marketing research techniques are-
Surveys-the Company uses the method to research the market in the manner to gain back the attention of the customers. This marketing research techniques include the survey methods. The company took the surveys from the different customers residing in different locations to know the reach of the company and the importance of the company in each of the locations. Survey includes the method of telephonic survey, mails survey, and online surveys.
Focus groups- Focus groups include the permanent and the potential customers of the company. The focus groups includes the people or the customers of the company are the loyal customers of the company and purchase the product from the particular company. The focus groups are the brand loyal customers and can be grabbed by the company’s name. In this technique the company focuses on these groups to attract the customers (Witell, et.al, 2011).
Personal interviews-Personal interviews includes the interviews of the customers related to the products and the services of the company and the performance of the company. The interviews are the questions asked by the customer to ultimately gain the information related to the customers about the company. The personal interviews are conducted by the company’s to assess the information about the company and its performance.
Observation-Observations are the process of examining and observing the situation or the behavior of the customers so as to grab the information about the company and the performance of the company (Witell, et.al, 2011). This includes the various analysis and the information about the customer’s behavior and the strategies can be implemented by this to garb the customers.
Field trials-Field Trials are the process of trying the new product in the market by providing the locusassignments.and the offers on that product to convince the customers for buying the product and the company gets the information regarding the prices, packaging, quality and the other aspects by the customers and use this information in the useful manner of the customers (Witell, et.al, 2011).
Evidence of the secondary sources to achieve the marketing research objectives of the company. The objectives of marketing research of the company is to attract the customers and gain the attention of the customers back. The company is aiming to grab the shoppers of the company to increase the brand image of the company and to provide the increased profits to the company.
The evidence of the secondary source of data to provide the different internal and the external sources of data-
Sales data-The sales data is the recording of the sales of the company. The company has the proper records of the sales of the company in the last year includes the data and the information of the company (Burgoine, 2010).
Financial data- Financial data is the record of the financial information of the company. The company also maintains the financial record of the company which provides the information of the company financial performance in the market.
Transport data- Transport data is the method of collecting the data and the information of the company transport and the company’s transportation of the costs. The transportation of the company shows the growth of the company and the transportation data provides the of the company transportation (Burgoine, 2010).
Storage data- Storage data of the company includes the products and the materials of the company which are stored in the company’s warehouses. It provides the information of the company’s performance of the company and to provide the information about the company’s success and the performance.
Government statistics-Government statistics are the external sources of the information which has been released by the government in relation with the company (Burgoine, 2010).
Trade associations-The trade associations are the group of the trade which collets the information about the company’s and helps in gaining the information about the company’s trades and the operations of the business.
Commercial services-The commercial activities of the company provides the information about the company. The commercial services of the company are the advertisements, promotions, the commercial services includes the information of the company and its performance.
National and international business-The national and international business and their success and the profits of the company helps in understanding the company and its performance in the world of competition (Burgoine, 2010).
The market research must include the secondary source of information as it provides the true data about the company. The validity and the reliability of the company data can be shown in the company’s secondary data. The primary data is the raw and unused which is based on the customer’s surveys and the interviews but the secondary data is the compilation of the qualified and specialists persons (Otieno-Odawa, et.al, 2014).Secondary data is sufficient and the suitable data which includes the correct data f the company.
Marketing research plan
Situation- the extent of customer satisfaction in the Marks and Spencer
Steps of the Marketing research plan
Step 1-To conduct the marketing research plan the targeted audience and to identify their opinion on the marketing plan.
Step 2- In the second step the company needs to identify the objectives of the company.
Step 3- the value of the information is evaluated and identified in this step. This step of the organization provides the value of the information of the company and is analyzed as well.
Step 4- designing the research. After all the steps are performed the designing of the research needs to take place. The research is to be designed in the proper way (Vessenes, 2013).
Step 5- the technique of the company to collect the information from the different sources of the company. The methods that the Marks and Spencer can include in the company can beMail surveys
Customer Satisfaction Survey-The customer satisfaction survey refers to the
Would you recommend the company and its products to your friends?
Did you find the products of the company measuring the quality?
Do our products meet your needs?
Do our company has been responsive on your questions or queries?
Would you like to purchase the products of our company in future?
(Ronald T Coleman 2016)
Techniques of customer responses are the methods which help the company to assesses and examine the customer responses. The company uses the different following methods to assess the customer responses which are-
Home customer survey- The Company uses the home customer survey to access the information of the company. The customers are used to gain the information for the company so as to perform better and provide them the better services which they are expecting and in which the company is lacking behind (Jyh-Fu Jeng, et.al, 2012).
Questionnaire- Questionnaire is the method to provide the company with the basic and correct information about the company’s performance with the help of the customer’s opinion on the asked questions. The company asks them the related questions of the customer satisfaction and the company assess the customer satisfaction on the basis of the answers generated.
Customer suggestions- Customer suggestions id the very effective technique of the company to assess the customer satisfaction or the customer response. The customers in this provide the suggestions to the company related to the product quality or the service of the company. The customer suggestions provide the company with the useful information which tells about the customer’ssatisfaction or dissatisfaction.
Customer’s expectation- Customer’s expectation is the expected services and the products by the customers. The customer demands and the desires provide the information to the company about the customer expectations and the customers desires of the product and service. The company uses this information in grabbing the customers by providing them the desired and expected performance of the company (Jyh-Fu Jeng, et.al, 2012).
The survey includes the questionnaire including the questions related to the customer satisfaction and the customer opinion in regard the quality service and the products of the company. The survey conducted has resulted in the low performance of the company and the customers are not completely satisfied with the company products and the company also has provided the less quality product in the past years which affected the company. The results of the above survey is that the company needs to improve its strategies and the techniques for better performance of the company. The company should use the different marketing techniques to assess the information from the customers. The marketing researches are the searching’s and the findings of the company’s market (Lambert, et.al, 2015).
Market of the United Kingdom has a great demands of the fashionable clothes by the buyer in the market. As per the prevalent trend in the current market of the country there is the festive season in the country due to which company is planning to launch its products with the good fashion statement in the market so that more and more people may get attracted towards it. Apart from that economic condition of the country has also shown the downfall that leads to the downfall in the purchase of the products in bulk quantity by the buyers in the market. Due to the limited budget of the buyer they are unable to purchase or afford the products of the company especially the clothing line that affects the market of the company. Apart from that company also has troubles in making the desired goals in time due to excessive competition present in the market which creates troubles in the market in relation to the sale of their product in bulk. There is also the problems of the changes in the choices of the customers in relation to the clothing line as the products choice is affected by the change in the fashion style. Fashion style changes rapidly that affects the company to make proper strategy for it as the budget of the company make differences in it (YanxiangGu, 2015).
It was assessed that company is required to make more correct choices in making strategy for the company as there are customers who are affected by the alternatives that are available in the clothing line that ultimately affects the market situation of the company. Apart from that a detailed analysis for the company in relation to the market strategy would be helpful to understand the market in an effective manner that would help in the success of the company as well as making it sustainable in the long run (YanxiangGu, 2015).
Industry-Mark and spencer’s works in relation to the clothing line as well as food and home products. Its main area of business is clothing line that generate most of the revenue for the company. Its one of the biggest competition in the market is H&M which is one of the famous clothing brand of the world (Upson, et.al, 2012).
Competitors-H&M is the clothing retail multinational company whose headquarter is situated in the Stockholm, Sweden. It is also known for its fast fashion brand in relation to the clothing line for the kids, women and men. It is the second largest retailer of the clothing line after the Inditex and comes before the Gap Inc. which is also one of the established brand of the retail clothing. It also conduct its business in a proper manner via online websites that also helps in the increase its sales in an effective manner.
Identification of the customers- In the United Kingdom there are many outlets of the clothing line of the company. Most of the customers in the country are more focused on the choice of clothes that they chose and wear. It is also important to discuss that there are many loyal customers of the competitors in the market. Marks and Spencer’s is also attract large number of customers.
Key success-It is important to note that competitor i.e. H&M has great advantage over the M&S on the online presence as the H&M is one of the largest company that deal online which increases there revenue and sales in the market. Apart from that the brand value of the company is also high as compared to M&S (Upson, et.al, 2012). even the distribution chain of the company is well established that gives it edge over the other companies in the retail clothing industry.
Analyzing the key success-It can be easily analyzed that the competitor of the M&S is H&M which has more edge over the M&S. as the M&S lacks in certain criteria that provide edge over the other company. It is also considered that company is making many aspects that become nonnegotiable that ultimately affects the company in the great manner. Even the distribution chain of the company is not that effective as of the H&M. it can easily be said that company H&M has made may right strategies in relation to the market that helps in the growth as well as making it an effective that helps in its success and making it second largest clothing retail company of the world (Oo, et.al, 2010).
Opportunities that the M&S has in relation to the competition with the H&M are described below-
Thetas associated with the company
Marks and spencer’s is one of the famous brand name in the retail clothing industry bit in the recent years it has faced downfall in its working that has affected the company with the huge blow. Company is not able to properly cope up with the competition that also has made various aspects of the company questionable. So it can be concluded that company is required to make correct market strategy with the market intelligence so that company may be able to cope up with the competition and may also able to prove itself in the market with the profits as well as success.
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