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Unit 17 Marketing Intelligence Copy Assignment
Purchasing decision making of the consumer in today’s market is very much influenced by the orgnisation and their marketing strategies. It is seen that market is flooded with the different number of market player operating their business channel at their different market share. This unit 17 marketing intelligence copy assignment has given amount of information regarding with the different products and services in the market and how a buyer could make a good investment decision in the selected products and services. Consumer is deemed to be a kind of the market because industries sustanibilty is influenced by the consumer to the extent. Consumer in order to protect their right and for making a right choice of action in buying a certain goods, product and services has to use different vigiliant tools which are available in market. There are number of marketing plans made by orgnisation in order to develop their product and enhance marketing image of the orgnisation in consumers mind. Today’s fast moving economy and present technology has made consumers very sposhiticated and judgmental towards the services they avail and product they purchase. As of now it is find that if any orgnisation wants to sustain its product crediabilty and sustanibilty then it has to offer certain dgree of quality of products and services. There are two different marketing plans which could be used by the orgnisation in order to attract consumers in the market. - cost differentiation leadership in market and product differentiation leadership style. With the help of this small summary we could say that consumer is put in the dominant position and he has to take decision as per its choice.
1.1 Describe the main stages of the purchase decision making process?
In order to understand the consumer behavior it is understood that consumer behavior is very much flexible in making good choice of action. There are no cetain stages in deciding what will consumer do at certain point of time. But many economist and predictor have come to the horizontal decision that consumer behavior to purchase goods and service goes through certain five stages (Kumar, A. 2012)
- Recognize the need of the purchasing goods and sevices- Most of the consumers go for shopping or visit shop only when they have a need to buy that cetain product and services. It is the need which makes them luractive toward the certain products and sevices. In order to enocounter or predict the consumer behavior orgnisaiton needs to understand the primary stage of need and then need to make other following steps.lets just suppose that a consumer is run out of sugar in his kitchen then he needs to go the store and buy certain item.
- Search procedure- it is the customer who makes choice and take course of action to satisfy his needs. It is understand that Consumer in order to get best out of given option takes looks everywhere with the options available for him. Now a day with the different searching tools consumers takes aid of different search engine help.
- Evaluating alternatives options- This is the choice of action stage during which he makes election out of the options given. During this process organization marketing strategy plans and procedure play a very much important help. Consumer measures different aspects of the product such as quality, packing material, content of the products it’s negative and positive effect on the health and furthers more.
- Making choice of action- consumer is the person who eventually takes the step in selecting the goods and services. This decision is completely based upon the consumer behavior and influencing strategies used by the different organization.
Final stage to evaluate the satisfaction level- In this stage consumer evaluate the product by consuming and using the certain products it is understand that consumer after counting on the quality assumed that with the consumption of this product he will get the maximum satisfaction of its need. There for orgnisaiton not only focus on its marketing strategy but also on its value chain activates which is used in the production of the goods and services offered in the market.
1.2 Explain theories of buyer behaviour in terms of individuals and markets?
There is different theory available in market to analise the consumer behavior and their choice of action to purchase certain products and service. It is also understood that different buyer have different mind set therefor in order to cater their need in the market orgnisation has to use different set of theory of buyer beahviour. There are following theories which are described as below-
- Genraic theory to buy product- it is understood that buying need develops only when there is certain need to satisfy. Typically buyer has to recognize its needs and action plan to avail certain services. Let’s understand this with the help of example that a man will need a new bike only when his older bike is broken down or he getsbored with its old bike. The choice of action is also depended upon the brandimage of the organization. If he was satisfied with its old brand then he will not need to look for other brands (Anisimova, T. 2016).
- Culture theory of buying behavior- Culture is the complete set of values and belief of the person and it is very much influenced by his surrounding. A consumer likes to purchase only those product and services which is used by their negiabr friends and family. Average human being like tomake their plans and choice of action as per other likness and their appreciation toward the cetain product. This theory could also be used by the organization with a view to encounter the need and demand of the product in the market (Schmitt, B. 2012)
- External environmental theory of buying beahviour- It is understand that a good markting strategy by the orgnisaion could influence the consumer’s action plans. Some time situations and lack of product availibilty of the cetrtain product also force buyer to go for different complementary products and brand.
- Internal theory of buying behavior- the life style of the consumer and the way of his living is also most imoirtant in determining the consumer beahviour in particular choice of actions. It is deemed that a buyer will not bother to go extra mile to purchase a qulity of product nor even the price could influence the organisation buying behavior.
Different theory and strategies will be there for the organization but what is most important in today world to consider is that consumer can be flooded toward the certain quality of the product at the cheap price. Organization in order to win the market has to develop a complete set of core competency in two segments.
Product diffraction- it is the process which enables organization different from the complete market. If an originationdevelops core competencies in its product then it means that he has acquired themonistic in certain segment of the market and no one could copy its marketing strategy. Cost leadership in the products and services- organization has to work with the high competition in the market. With a view to give a tough competition organization needs to develop core competency in cost and has to develop a good quality of product at cheap price.
1.3 Explain the factors that affect buyer behavior?
Buyer behavior is very much flexible and ready to adapt toward the certain goods and services choice available in the market. It is seen that there would be following factors which could affect the consumers in their choice of actions. These are consisted of culture, social, personal need, belief and attributes coupled with perception.
- Cultural- it is coupled with the consumers belief and the ways it responds toward the certain circumstance. Basically it is the part of society and every individual is very much influenced by the society behavior and their choice of action toward the certain products and services. It is seen with the sample survey that individual get attracted toward the goods, services of the certain brand which is used by their surroundings. It also consisted with the religions, nationality and geographical products (Pousette., et., al., 2014)
- Social factors- This factor also change and influence the consumerbehavior in purchasing certain goods this factors are coupled with references group, family and friends. It is the genuine fact that consumer is the follower of their close one and it only buys those products and services which are mostly used by their close one in particular market. Each person has different role and responsibilities in society and he makes his choice as per his role in his wife let’s just suppose that one person is a waiter in the hotel then in such case his buying behavior is very much influent by its role at the hotel.
- Personal factors- It is the fact that human being at different age and in different circumstance has various needs and demand to cater its own personal necessarythings. Some of the personal factors which can influenced the consumer behaviors are age, occupation, economical status, the way of life he lives and etc. It is the fact that consumer changes its choice of action at particular certain passage of age. Lifestyle is also very measurable term in order to understand the consumerbehavior in purchasing luxurious items and services in the market.
- Psychological factors- It is the most important factors that is used by the organization in their marketing strategy. It is assumed that the marketing strategy work around this factors. These are consisted of motivation perception of the consumers, beliefs and attitudes and how organization motivates consumers toward purchasing certain goods and services.
1.4 Evaluate the relationship between brand loyalty, corporate image and repeat purchasing?
Brand loyalty corporate image or repeat purchasing is the term which is used by the origination in order to sell its products in the market and keeps its products different from those of other who are falling in the same group mapping segment. It is the affirmative tool which is very much used by the organization In order to control the consumer behavior. Brand loyalty is theeasy term of the organization credibility with their consumers it is understand that consumer with the certain brand loyalty go for the only brand which he has chosen for himself. Brand loyalty is generated with the gradually efforts and certain specific characteristics in the market. Quality of goods and services are the best factors in generating a good brand image (Wells., &. II 2013). It is understand that brand loyalty, corporate image and repeat purchasing are interchangeable term in the business market. With the help of sustainable quality efforts helps organization to generate a good established brand image. It is shown with symbol, logo, word, sign or other things. There are various MNC companies who have shown the impact of brand image in the consumers mind e.g .Business of McDonald, G.E. capital, pizza hut and so on. Company makes affirmative steps in generating a good brand image. It is understood that once the brand image set it helps in creation of corporate image in the industry and then it further leads in consumer repeating behavior of purchasing certain goods and services. This is also seen that in order to develop a good brand image an organization needs to develop core competency in its product and services. It is the brand image which makes consumer to repeat its purchasing behavior and also suggests other persons to buy the certain product and services (Terblanche, N.S. 2014)
4.1 Evaluate techniques of assessing customer response?
Assessing customer response is very utmost required work to understand their behavior. It is also given in the scenario that Sainsbury work toward the customer’ssatisfaction and satisfying their need with the high quality of services and products offer in the market. There are various techniques which could be used by Sainsbury in understanding the customer’s response (Mabry, L. 2012)
- Customer survey at home- Sainsbury could use this technique to gather the information regarding their behavior with the particular situation. It is understand that this surrey could be conducted with the help of secondary data collection sources such as phone call, mail, personal interview, web Google image viewer, and further more. This survey may include the feeling and satisfaction they receive by using particular product and services
- Consumer oriented questioner – It could be used a small survey which provides the actual information regarding the consumer behavior and their response with the particular goods and services they used. Sainsbury used questioner which are coupled with the substantive questioner and provides the complicated responses which are hard to understand in the verbal language.
- Customer Suggestion- there has gone the time when consumers are less concerned with the quality of the products organization offered in market. Now a day’s consumer provides their feedback or response after using products and services. Sainsbury has generated portal on which each and every individual could give their valuable feedback regard with the product quality and services. Top management use this tool to make required changes in the value chain activities and how they make offer good product in the market.
- Consumer expectation with the organization – Sainsbury has to decide with the help of this tool what kind of services are demanded by the consumer all over the world and different market segment poses different expectation from the organization. Sainsbury has provided its best efforts to fulfill the client expectation and their demand in business (Ridout, P. 2016).
4.2 Design and complete a customer satisfaction survey?
To the some extent disagree
Agree with little yes
Company representative are well trained and mannered
The services offered in the market are challenging with other strong rivals
Representative act in the best interest of the public and organization
There is need to make changes in the value chain activities of the organization
Dear customers – This is to extend the warm thanks to all of you for your genuine comments and feedback. We appreciate your interest and the way you reciprocate with our origination and its products. Please help us to identify our drawbacks so that we could make a better quality of goods and service for the betterment of your satisfaction level (Oana,& marioara, 2014)
How often do you find our product in a qualitative term in your rating list?
- Once a year
- Once a month
- Every 2-3 months
- 2-3 times a year less often
- Do not use
How do you judge our product on the performing scale?
the experience you get in your satisfaction level
After sale service of the organization
Behavior of our retailers
How often you would appreciate our product as per your satisfaction level?
- Not at all satisfied
- Somewhat Satisfied
- Very Satisfied
Have you ever taken the help of our helpline for solving grievances?
Would you ever suggest your friends and family members to use out product based on your personal experience?
- Might be
- Probably not
- Might or might not
- Surely will not
- Definitely will do
Appropriateness of the product with your need
Quality of the products and services
Usability of the product with the time being in force
Accuracy of the product with the data given on packing material
4.3 Review the success of a completed survey?
The data we collected in the survey is used to create the actual data base concerned with the customers’ satisfaction level. There are different means which could be used in order to review the success of the completed survey.
- Check whether the identified drawback are rectified or not- Survey conducted in the Sainsbury organization are meaningless unless collected data is used in reengineering process of value chain activities. It is understand that company needs to make appropriate changes in its working style so that best result could be derived in the next marketing plan
- Proper data collected or not with its reliability or validity- Data collected with the help of survey is needed to check as per its reliability of sources and the validity of its appropriateness.
- Does this fill the gap between consumer’s expectation and organization’s offering- completed survey of Sainsbury is needed to use in order to make required changes in the working style of the product so that the best result could be seen in the market
- Changes in customer satisfaction index level- with the help of complete survey Sainsbury could pull the result and have a glance how this consumer index moved. Furthermore it is also required to understand that the movement is real or just an illusion of the phase of the market.
3.1 Carry out an assessment of market size trends within a selected market of your choice?
In the assessment of the market size of the industry and its terns it is required to understand the slight meaning of the market size trends. It is the market size which is measured by the total volume and or total sales of the product in the market. It represents the actual market captured by the specific organization. Market size of the industry is measured in terms of the consumers buying capacities of that particular segment of the product. This could be understood with the help of below graph
Estimating market size is the most appropriate step in identifying the actual need of calculating the market share of the business. This graph shows the market trend of the TV industry. The current market share of this organization is 45% and the growing market rate is also very effective 60%. It is seen that in order to understand the market and its behavior only sales volume is not effective but volume as per the different time schedule are taken into consideration. There are following report concerned with the executive summary of a euro monitor report on books and publishing in the United Kingdom. The UK market is the growing and speedilydynamic one which provides consistent value gain of 12.1% and 16.8 % over the period. The consumer market is also value driven various parts and other essential appeals are used in order to increase the sale volume this product life cycle. Had clear TV screen has seen to be on the booming stage and also covering 29 % market share in with a view to beat the other products of the market. Other fictions in TV growth also tremendous and showing that this all new technology and increasing effect on the consumers has covered 45% market share and 22 % rise between 2002 to 2016
3.2. Describe a plan and carry out a competitor analysis for one of the following organization?
- British Airways
There are following competative analysis is given for the following industries
Bargaining power of the buyers
Threat of substitutes products in the market share
Threat of substitute products
Threat of new entrants
It has captured very low level of market therefor it needs to make good quality of services in order to get buyers attention (Sharma., et., al., 2016)
New entrants haveachieved the market share such as Apple, Samsung, Toshiba.
Substituted products with the upgraded changes in the technology has also introduced by the rivals in the market.
Being the high growth market many rivals such as business strategy of Samsung, Toshiba, Apple have been good player in the, market.
Google is not internationally dominant in service providing activities.
Google is facing problems of new search engine such as BING and other rivals.
Cost of the fixed investment is less so that other substitute products could be launched with new technology.
Yahoo and Microsoft and developed their product search.
British Airway is facing problem in managing customers and their demand level.
Other competitors are rising such as Kingfisher, TUI group and so on.
Cost of the fixed investment is too high therefor it has become hard for other rivals to enter into the market easily.
Kingfisher and other TUI group are giving strong competition.
High in demand and dominant in market share as it tastes provide monopoly in the market.
Dairy milk and Ferrero rushers are giving a high level of competition in term of price and quality,
Easy for the others to enter in to the market segment as it demands less fix cost.
Dairy milk, park, Ferrero rushers.
It has leaved the market share by selling its outlet to Microsoft.
Other competitors have acquired the market share Samsung, Apple.
Easily acquired the market with the help of designed strategy by the Samsung, Apple and other small players.
Apple, Samsung, Lenovo, blackberry etc.
Traditional approach in offering cloths and other goods and its competitive advantage is also very low.
Other competitors; like Zara, Puma and veramodahave acquired a big market share.
Easy entrants for rivals to enter into the market.
Zara, Puma and veramoda are the strong rivals
3.3 Evaluate an organization’s opportunities and threats for a given product or service?
It has wide coverage of market and other rivals are also not that strong to pose high competition.
Increasing trends of the cloths and fashion sense has given an ample amount of opportunities
Newly hired designer has provided organization upcoming stylish cloths which is more demanding in the market
Being a low investment sector company has seen entries of new upcoming rivals in the market field
Consistently changing trends has given massive loss of old products in the market
It has proved its core competency in the search engine level and provided ample level of services to the clients
Increasingtechnology and enhanced market share has given different coverage of market segment
New entrants such as BING, Yahoo, ask.com duck go has covered massive market share in the business life cycle
Merger and joint ventrur with Samsung has given increasing threats to overtake some of its business level
High growth market and effective market share in the computer sector has given good amount of opportunities
Other players using high costing technique. Being an old player in market it could sell its product at low cost
Bing a high growth market has attracted many rivals to make investment in such field. rivals such as Samsung, Apple, Lenovo etc.
It has lose its strength by disinvestment in its own business channel
But still with the high brand image and experienced employee could pose high threats in newly generated market.
It could use its brand image in other business sector
Threats of losing the brand image in the mist of business industry
Taken over by other rivals
Low coverage of market share has given very bad impact on its business image.
This project has given ample amount of information regarding with the different products and services in the market and how a buyer could make a good investment decision in the selected products and services. It is also understanding fact that buyer always care for its satisfaction level coming out of availing services or by consuming products in the given market. Organization in order to sell their product has to make a good market plan simultaneously focusing on its value chain in order to increase quality of the product. I after completing my research on this project have come to the conclusion that a consumer is the king of the market and all the market players are at the servant position. If they want to save their business then it is required to offer a good amount of quality of services and product (Wei., et., al., 2014)
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This unit 17 marketing intelligence copy assignment has given amount of information regarding with the different products and services in the market and how a buyer could make a good investment decision in the selected products and services, Locus Assignment Help in UK posting free units solutions so scholars can explore assignment help and get review the quality of our work.