Marketing Intelligence In Nokia
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12597 Downloads I Published: 07 Sep ,2016
The research study is carried out to gain understanding on buyer behavior and decision making process in purchase. It includes theories of buyer behavior for individuals and markets and analyzing factors affecting buyer behavior. It also describes the relationships between brand loyalty, corporate image and repeat purchasing. The second part of the report undertakes market research techniques to analyse the customer satisfaction for Sainsbury. Various data collection methods will be used and analyzed to judge the effectiveness of brands operations in delivering results that exceed customer expectations. The third part of the report includes competitive analysis of Nokia in terms of market size and trends. It also focuses on analyzing the opportunities and threats associated with the brand.
The first step in the consumer decision making process is to recognize the need for a particular product or services that satisfies the needs of the buyer. This describes the actual and desired situation of the consumer. The need can be classified into functional, social or need for change (Taylor, and Lee, 2007). After the need has been identified, the consumer will research possible sources of information that helps to fulfill the need. The sources of information can be internal or external. Today a lot of stuents are becoming assignment expert in marketing field. But they are not learning the proper technique which effetcs marketing Earlier experiences of purchase form the internal sources of information while opinions from friends and family refers to as external sources. The information collected from various sources enables the buyer to evaluate the alternative choices and also to choose the best suitable alternatives that satisfies the need and expectation. The consumer's purchase decision depends on the evaluation process of various alternatives. The purchase decision is also affected by the availability of the product, the quality and price and ease of acquiring the product (Leonidou, 2005). When the product had been finally purchased the buyer evaluates the appropriateness with his needs. This can be referred to as satisfaction level generated from the use of the product. If the product satisfies his/her needs than he/she will buy the product again.
In order to determine the buyer's behaviour in terms of individual and markets than a Stimulus Response Model of buying behaviour can be described. This model will well explain the buyer's behaviour in the market. Through this model, a marketer can assess the buying behaviour of a customer. If the marketing stimuli is given to the buyer that is marketing mix is presented in an effective manner and along with that other environmental stimuli is given that is economic, political, social and technological factors. Both the stimuli determine the characteristics of the buyer and those characteristics helps in decision making process of the buyer. After taking decision, the buyer responses accordingly that is which product to choose, of which brand, form which retail shop to buy, at what time purchasing to be done, budget of the purchases and frequency of the purchase. Through this model, a buying behvaiour of the buyer can be determined.
The social class, customers, traditions plays a major role in purchase decision making process. These factors are inherent from the childhood in the people. From the childhood the individual is influenced by the perception and actions of the family, friends and social group. Marketers should be aware of cultural differences between different locations when offering their products for sale. For example, in Islamic countries pork is prohibited, thus food company have to change their menus while establishing its chain in the Middle Eastern countries. It includes family roles and status, reference and inspirational group. Their sub culture of the individual which consists of nationalities, religious beliefs, racial group and shared values in the geographical location (Johnston and Kristal, 2008). It majorly includes the external factors that impact the buying decision of the individual.
For instance, the lifestyle of family is very modernized than all the products consumed will be of highest quality and comes under the category of luxurious product. Thus, the customer belonging from that family will be highly influenced by the norms of their family. It includes factors such as age, gender, lifestyle, lifecycle stage, occupation, education, and self developed concept. These are moreover concerned with internal factors of the individual. The young generation would prefer going and dine out more frequently as compared with older generation. The up scale customer segments would prefer luxury resorts and venues as compared to middle class. It includes factors affecting motivation level of the individual. The factors affect the perception, beliefs and attitude. Motivation will drive the needs of the consumers. As per the Maslow's theory, when an individual satisfies one need, he moves upwards to fulfill other (Shoham,and Brenčič, 2003).
Brand loyalty refers to the extent of customer faith for a particular brand which is expressed through repeat purchases. Brand loyalty get created when a customer is highly satisfied with the brand and the product or service of the organization exceeds the expectations. Brand loyalty impacts the corporate image of the organization the way that a satisfied customer creates word of mouth marketing. This relationship has a direct impact than any other form of marketing and advertising tactics. A loyal customer likes the brands offering and is likely to stick with the products and services for life long. It all begins with the use and satisfaction generated from the products and services experience. The customer has developed an image of the organization in its mind (Sahney, Ghosh and Shrivastava, 2014). Brand loyalty can also be said an act of patronizing towards the brand. The marketing and advertising practices aware the consumers about the products and services of the organization. It also helps drive the need to purchase it. The customer expectation from the brand exceeds when he purchases the products and the use and post purchase experiences is the ultimate source to create a long lasting brand loyalty and a positive image of the organization for the customers. Furthermore, it can be explained that company can create good brand loyalty among its customer by providing excellent product so that customer will give good feedback to potential customers and thus good corporate image can be created. If the customers are highly satisfied with the products and services and the image of the organization is optimally maintained than definitely there will be repeat purchases by the customers.
here are range of techniques available in order to do market research. The major techniques used are primary research techniques and secondary research techniques. he primary methods include the data collection through questionnaire survey, personal interview, opinions of the key industry people. In this, research team do the careful analyses of the sources of information for the purpose of relevancy of data. Primary data is more reliable and as it is collected by the individual in personal and in present time. But personal interviews involves too much time and cost (Jonassen, 2012).
On the other hand, secondary research technique is such in which data is collected for research purpose from journals and books which is already collected by the researchers. In this data is collected from journals, books, online websites, research books, etc. The data will also help in analyzing the trends and strategies adopted by organization in the same industry. The pool of resources available at the internet contains information from all around the world. Secondary information is less expensive and easily collected by the research team through desk work (Smith, 2001).
There are two more techniques which are used for market research purpose that is Quantitative techniques and Qualitative Techniques. Quantitative techniques involve predetermined options and include large number of respondents. The data is converted through statistical measure to generate the conclusions. The technique includes objective and conclusions in terms of numbers. The personal interview includes questionnaire survey in which specific questions are asked to the respondents (Jonas, 2007).. This information will be converted into excel spreadsheets which will then perform statistical computations. On the other hand, qualitative techniques aimed at collecting and interpreting data about the consumer perceptions. In depth interviews and opinions of the key people, focus groups are meant to collect perceptions of the individuals fro the brand as well for the peer group. The research team will target small number of people that it believes to contribute relevant data for the research. Qualitative data analysis takes into consideration the change in opinion of buyer over the time. Quantitative research generates large number of response for the similar questions.
It is not sufficient to use only one source of information because in the present business environment, the users are scattered and use different sources to share their opinions and experience. The primary source includes questionnaire survey method which includes specific questions and generates instant answers from the consumers. The questionnaires will be sending out to four locations of the retail chain and filled up by 60 users who came for purchase. This helps in generate recent brand experiences of the consumers. The team will also get to know how many consumers are willing to provide their opinions.
The questionnaire will contain general questions about the brand to be filled by the consumers. The team will be dividing into small groups. One will send out questionnaires and then collect and analyse the opinions. Second team will collect data from social networks. Once the data is collected, it is then complied and conclusions were drawn through software applications. At last, all conclusions will be compiled to find major problems to solve out.
Collected data by researcher will be analyzed by considering qualitative and quantitative techniques by considering nature of the research. The research team uses factor analysis techniques to analyse data. The method defines the correlations in the data. It helps the team to understand the various spending habits of consumers. It also reveals valuable information about the consumers who tend to spend more with the availability of discounts and offers on various products and services of the brand.
On the basis of the present research, level of customer satisfaction will be determined by considering their responses of questionnaire. Further, secondary data will assist in determination of industry trend and changing needs of customers. The questionnaire survey reveals that sales team does not posses enough knowledge and information to answer the questions about products and services of the brand whereas the comments of social networks also reveal the same thing. The reliability and authenticity of both the sources lies in the aspects that the research objectives are met in the similar manner. The valuable information generated from both the sources reveals that consumers spends more with the availability of more discounts and offers available at the outlets.
The information collected from all sources i.e. primary and secondary were compiled and analyzed through online software. Findings of the research is reliable and valid because information is collected from authentic resources. In addition to this, analysis is done by appropriate financial tools in order to draw valid conclusion. Personal biasness in data analysis part is avoided to prevent manipulation in conclusion and findings. Software use for the data analysis are reliable and prone to fewer errors. The results obtained from the survey results and media sources are identical to findings of previous researches which shows the reliability of techniques. The research team was qualified and well-experienced in order to assure attainment of aims and objectives of research. Secondary information is considered from valid sources to determine taste and preference of customers (McNay, 2007). Furthermore, the primary sources i.e. questionnaire was filled up in present time so it is also important that secondary information should be in present time. The earlier research papers were helpful in analyzing the consumer trends and understanding the behavior of change. The team targets relevant media sources that are preferred are read by majority of users on internet.
The market size and trends assessment is significant before making an investment in a business idea. It is essential to get an idea of the industry size and potential of the market to generate revenues of the business. Market size is evaluated by the total volume of all sales in the particular market (Abrams, 2003).
While doing the competitors analysis of Nokia, the market of UK have been chosen in order to assess the competitive position in the mobile industry. For this purpose, Porter's 5 Forces model have been applied.
Power of buyers
Bargaining power of customers is continuously increasing because they have variety of choice in telecommunication industry. In addition to this competitive firms are offering similar packages due to which industry is price sensitive with customers seeking out the best value for money.
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The above research is sub divided into three tasks includes the analysis and conclusion for each one separately. The first part states that buyer is important to understand in order for organization to develop their strategies accordingly. The second task highlights the importance of market research techniques to judge satisfaction score of customers. The third task undertakes the competitive positioning of Nokia and its SWOT analysis.
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