Introduction to Marketing Intelligence
Marketing intelligence is an important tool that helps firm in collecting best information from the market about them or their products and that will also help enterprise to accomplishing their long and short term objectives in an appropriate manner. The whole report is classified into three sections. In the first section, report tried to provide answers related to purchase decisions and theories questions. In the second section, research report explored market research techniques and their benefits for business operations. While in the third section, Sainsbury’s organizations have been taken and with help of competitor analysis, identified the threat and opportunities generate for the organization.
Main stages of the purchase business decision making process
Purchase business decision making process has five stages that guide shoppers in taking purchase decision and they can be explored as follows:
Identify the needs: In this stage, an organization investigated customer needs and understand their perception about the products. E.g. when customer goes for purchasing the Smartphone then he considered their features, price, and facilities features before purchasing the Smartphone products.
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Information gathering: After collecting information about the products, he will ask from their relatives and friends about the Smartphone and their usability (Lacobucci and Churchill, 2009).
Comparison with other alternatives: After taking suggestion from their relatives and friends, compare prices and features of the products with other Smartphone products present in the market according to needs, budgets wise.
Taking purchase decision: After evaluating all alternatives, when he satisfied with price and features of the Smartphone then he will take final decision regarding to product purchase (Vaarnas, 2011).
After purchasing examine the behavior of the buyer: After purchasing the product, user can evaluate the features of the Smartphone and check that product is satisfying all his needs or not. If he will happy with the product offered by the firm and their services then he will recommended it to their friends and relatives. But when he will not satisfied with the product performance then he will never re-purchase product and recommend to others.
Buying behavior theories are also affecting people regarding to their purchase decisions. In this context, cultural, Generic and stimulus response model theories are explored to understand customer buying process.
- Cultural theory: According to the theory, buying behavior of the customer is influencing by the cultural and class of society factors like groups, geographic region, lifestyle and religion etc. By considering these factors, organizations would be able to better understand their perceptions towards brands and to promote their goods in more appropriate way (Fleisher, 2008).
- Generic theory: This theory is based on the concept that consumer only focused on the process of the decision making rather than other factors. Customer follows normal steps to purchase the products like needs identification, alternative evaluation and taking final purchase decision etc (Senn, 2014).
- Stimulus response model: The buying behavior of the customer is mainly affecting from the market stimuli (product, price, place and promotion) and some other stimuli (economic, political, social and technological factors). These characteristics forced buyers to purchase particular products and taking decision regarding to purchase the product in a proper manner (Lee, 2008).
Factors that affects buying behavior of the consumers
Mainly cultural, personal, psychological and sociological factors affect the buying behavior of the buyer.
- Cultural factors: Class of society, geographic region, religion and groups which the consumer belongs influencing their purchasing decisions. By proper understanding them, enterprise can take better business policies to promote their brands around the world.
- Personal factors: Choice of the buyers and their interest and nature regarding to product affecting their buying behavior in an appropriate manner (Sullivan, 2001). Ex: Some of the people want to get Smartphone with latest technology while someone preferred old phones.
- Psychological factors: Customer takes buying decisions which are influenced by their, motivation, perception, learning attitudes and self -belief.
- Sociological factors: In the category, consumer mostly affected from their peer groups and family and take decision which are closely attached with them. E.g. Royal class customer will purchase products which suits their personality and lifestyle while the middle class people will buy economical products according to their budget.
Evaluate the relationship between brand loyalty, corporate image and repeat purchasing
In the brand loyalty, customer is attached with the particular brands because brand is able to meet all his needs in a particular way. While corporate image is able to create brand of the products in the mind of the customer and the firm will be benefited in term of enhance their goodwill and depicts the positioning of brand (Forrest, 2002). Repeat purchasing shows the customer's satisfaction towards purchasing the products and consumer is happy with the services and products offered by the firm and he motivated to purchase products to same brand. Hence, it is said that there is a positive relationship between brand loyalty (offer most reliable and effective products), corporate image (By offering quality products, firm create their good will) and repeat purchasing (Customer will motivate to purchase products from the company again and again).
Market research techniques and Marketing research plan
Through market research approach information can be gathered about the products and interpreted and analyzed the information to produce better outcome. Sainsbury organization has used qualitative and quantitative approach to conduct the research about the customer satisfaction and brand awareness (Harker, 2008).
- Survey: With help of straightforward questionnaires, survey can be conducted.
- Focus groups: In the method, series of questions can be asked and discussed among a group of people related to subject matter.
- Personal Interviews: From selected group of people, unstructured, open and close ended questions can be asked to understand their view regarding to topic.
- Observation: Actual behaviour of people can be understood with help of individual responses from surveys and focus groups etc.
- Field Trails: To test the customers, firm can place a new products in a selected store and to encourage customers to purchase products and examined customers response under real life selling conditions.
Qualitative method would help firm to study the market in very detail and provides opportunity to the firm to collect information from various authorized sources like Magazine, Journals, Newspaper and Online medium etc.
By using this method, Sainsbury enterprise would be able to collect information in a proper manner. On the other hand, quantitative technique helps firm to collect data from large group of the customers with help of interview, survey and questionnaire etc. SPSS and SAS method can be used in analysis the result in an effective way.
Techniques that will used to know customer response towards brands
To examine the response of customers, enterprises can use various kinds of techniques including taking suggestion from the customers on particular thing, fill up the questionnaire, interacting with customers and by using social and online media etc. By using these techniques, organizations would be able to understand the customer buying patterns and their perception towards the products offered by the firm (López, 2010). While the Sainsbury’s company mainly used survey and questionnaire methods for data collection from their customers.
- Filling up the questionnaire: By using this method, the enterprise can be able to solve customers' queries regarding to products purchasing and solving their problems that occurred in their shopping process etc. Sainsbury was prepared research questions in a proper which including both the open and the close ended questions to know better communicate with customers and understand their views related to services of the firm (Sullivan, 2001). The structured questions were asked from the customers with help offline media and online medium (email can be send to regular customers).
- Taking suggestion from the customers: This method is differentiating from the questionnaire method in which method considers customer opinions and suggestions to improve the conditions of the enterprise. It is the best ways to collect information or suggestion from the customers and it will also help Sainsbury organizations to accomplish their research objectives in a proper manner and it also assist enterprise to determine the satisfaction level of the customers. By using this method, the enterprise can be able to identify the customer expectation and fulfilling their needs through deliver right product at right time at right place (Wilson and et.al., 2010).
- Customer Interaction: It is the easy but time consuming process because prior meet with the customers their permission and desire are required to collect the response of the customers related to know their satisfaction. This method is executed when customer reach at the store of the enterprise for the shopping purpose (Aaker, Lawley and Stewart, 2007).
- Using social and online media: It is the best method to reach wide customer in minimum time period without spending lot of time. Sainsbury organization has started its website and their connectivity provides with social media like face-book and twitters to interacts with them and know their opinions regarding to the products.
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Sources of Secondary Data collection to accomplish research objective
The main motto behind gather secondary data collections is to determine the perceptions of the customers towards the products of the Sainsbury. To meet the objectives of the research, data was collected from various authenticated sources including like Journals, Magazines, publish Research papers which are easy available on the Internet. These information collection medium helps to gather the useful insight in the subject matter and provide detail data which are essential to accomplish the research in an appropriate manner. Sainsbury magazine, newspapers and online articles related to customers reviews and feedback could help in understand the satisfaction of the customers towards brand awareness (McGonagle and Vella, 2002). By analyzing the data and interpreting the research, research objectives can be carried out in stipulate time period. Research outcomes would be helpful for the managers of the Sainsbury organization to clear assessment of the problem and solve out the queries of customers, so that they will retain with the organization for long time period because if customer will not satisfy with the products or services offered by the enterprise then they will shifting towards the competitors and business of the retail firm will negatively affect from it.
Reliability and Viability of the market research findings
Reliability and validity of the market research plays a vital role to accomplish the research objective in more successful manner. During conducting the research, both these terms should be taken properly to execute the research in stipulate time period. It is essential for the researcher to maintain the authenticity in the research process and data collect from reliable sources. Especially in the case of secondary data collection approach, select the most suitable and the authenticated sources so that validity of the data will be maintained (Calof, 2006). By comparing two research studies related to subject matter, manager of the organizations would be able better critical comparison their result and on the basis of those better outcomes will be produced. Hence, from the research, it is cleared that data collection and maintainace process, reliability and validity are required without these, researcher and manager would not be able to produce optimistic result and understand customers' satisfaction level towards the products. Sainsbury organization has been taken to clear assessment of the problem and solve out the queries of customers, so that they will retain with the organization for long time period. Most of the customers were agree with the services offered by the staff members of the firm but along with this, they also recommended that organization should provide training to their staffs so that they can able to better treat with their customers.
Assessment of market size trends of Acer Company
Acer organization is a Taiwan based leading and largest notebook manufacturing and Vendor Company in the world. It covers large space in the UK commercial market space and come in the second position after PC manufacturing company. It captured wide market in UK in various categories including laptop computers, notebooks, tablet and net books etc. According the company founders, the Taiwan abased firm will expand their business in Televisions and e-books by 2014
Acer organization has followed multi-branding strategy and it established cost ledership in the market by offering various categories of the products in below price as compare to their core competitors. In 2012, market size of Acer was 17.3%. The organization is also trying to introducing Gemstone Blue home entertainment system in the market to targeting the medium to high-end market in an appropriate manner. Acer organization is getting 69% of revenue from Notebooks & netbooks, 18% of revenue from 18% and 4% from other fields.
Competitive analysis for the Acer organization
Acer organization has more than 8000 employees across the world and it has a wide network which spread in around 38 countries. The organization works on the economy of the scale concept and produce larger amount of computer accessories and provide to customers in cheaper price as compare to their competitors. Price and cost leadership strategy followed by the firm also helped them to generate revenue in economic recession time period also. The enterprise is trying to focus on development of new innovative products like Aspire one laptop (user can connecting with the Net from anywhere and 8 hour battery back-up also provided with it. Acer organization continuous trying to focus on development of lucrative Tempo Smartphone series in low price to better compete with their strong rivals
Opportunities and threats for the Acer organization
In the Taiwan computer industry is very cost effective and dynamic and there people are more talented and capable to support new emerging technologies. The enterprise can take benefits from these factors and can targeted youth generation who are more techno-savvy. By investing in Research and development field and appoint talented persons from around the world, an organizations can also developed better quality Smartphone in compatible price. Flat hierarchy structure of the company motivated their employees to give their best and through involving in decision making process, an organization can take better advantage of their talent (Arthur, 2014). The Acer enterprise can integrate with existing firms or set up new manufacture plants to produce e-book readers, iPad and notebook applications in an appropriate manner. In Asia Pacific region, firm is perform better but through establishment of joint ventures in various countries like China (where brand preference is weaker) can capture their market segment also. The managers of the organization who have international experience can contribute in the making brand image of the firm and increase customer confidence in the products.
The main threat of the Acer firm is to better compete with existing business rivals in the segments of the laptop and PC. The enterprise has limited product portfolio in the midsize market and it is challenging task for the firm to overcome the negative perception of the customers towards their quality and without strong brand name, the enterprise would not be able to enter in global market (Market Research.com, 2000). The organization also facing problems related to acquisitions with their counterparty and fake products also created bad image of the company among the customers. Less presence in the business to business market is also creating challenge for the enterprise to expand their business at global level.
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From the research report, it can be concluded that marketing intelligence play a vital role in success of any organization and by applying proper marketing strategies, an enterprise can take advantage from the business and accomplish their goals in an appropriate manner. Questionnaires or survey method will be helpful for the Sainsbury’s organization to understand their customer preference and satisfaction level towards the brands. In the later section described that Acer enterprise can grasp market opportunities by appointing managers who have international experience to related field and develop more innovative products like e-book readers, iPad and notebook to penetrate more customers towards their brands.
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