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Marketing intelligence is an each day information applicable to a business firm's markets, collected and evaluated particularly for the motive of exact and assured decision-making for determination of market opportunities, market penetration strategies. It is specifically essential when a firm has to enter a foreign market (Liu and et. al., 2017). It identifies the intelligence required, gathers it through search in environment and provides it to marketing managers who require them. These systems gather data from different data sources such as web analytics, business intelligence, data of sales, call centre etc. The present study is going to throw light on the major stages of purchase decision-making procedure in context of Tesco. Along with this it is going to cover market research goals and customer satisfaction survey.
There are six stages of decision-making procedure taken by the consumers. As a marketer, Tesco can market it in an effective manner.
The initial point to know behaviour of buyers is the stimulus response model. Marketing and environmental stimuli come in the purchaser's cognitive state. The characteristics and decision-making process of the buyer results in specific buying decisions. The task of Tesco is to know what is happening in the buyer's cognitive state of mind between the entering of outer stimuli and his buying decision (Buyer Behaviour: Stimulus-Response Model, 2017). The buying behaviour of the consumers is affected by factors such as culture, social and personal. Cultural factor exercise the widest and profound impact. They are the key determinant of buyer's needs and behaviours. Every culture comprises of small subcultures which offers more particular determination and socialisation for the members. The subcultures consists of national origin, religion, race and geographic area.Multicultural marketing emerged from careful research of market which reveals how different ethics and demographic places always does not responds favourably for mass market advertising. In virtual view, all human societies depict social stratification. Many time is takes the form of caste system in which people from various castes are given particular roles and they are not able to change their caste.Get the best coursework help at Assignment Desk.
The buying behaviour of consumers are influenced by various forces with reference to Tesco which are elaborated here:
Psychological factors: The buying behaviour of customers is affected by several internal or psychological force such as motivation, perception. Motivation is a factor which sparks the goal inclined behaviour (Baumgartner and Weijters, 2017). Perception consists of many factors such as subjectivity, categorisation, selectivity, past experience etc.
Social factors: Human being is a social animal and their behaviour patterns, likes, dislikes are affected by the person around him to great level. These factors comprises of family, reference groups, roles and status in society.
Cultural factors: Behaviour of human beings it an outcome of the learning procedure and they grow up learning through a set of values, perceptions, preferences and patterns of behaviours. These forces include factors such culture, subculture and social class.
Financial factors: Behaviour of buyer is affected by economic forces. These factors include personal income, family income, savings, liquid assets, consumer credit and other factors.
Personal factors: These type of factors impact consumer behaviour (Katsikeas and et. al., 2016). The most essential factors that affect buyer behaviour are age, job or business, income and life style.
Brand loyalty is the dedication and loyalty of consumers for a particular brand. It depicts the want of the buyer to purchase that specific brand. They are purely engaged with brand they prefer. When the buyer like the brand to great extent, he or she do not tend to prefer any other brand.
Corporate image depicts the psychological image of the brand in minds of broader community. The stated firm Tesco creates a particular picture of its brand in the market which it then tries to prolong and grow for attracting the customers.
Repeat purchasing show when buyers purchases a product or service first time, and he is happy with the product or service and after that he buys that product or service again.These three terms are interlinked with each other. The mentioned firm employs several creative and effective techniques of marketing to develop a favourable corporate image in consumer's mind (Zhang and et. al., 2016). They get attracted towards it and purchases it. The first purchase is the exam of the product or brand. If it succeeds, the buyer purchases it again and also suggest it to his friends, family and individual around him.
The various forms of techniques for research in market are described in the below heads:
Secondary marketing research takes use of data which is already existing and has been gathered by some other person for another motive. Sources of secondary data can be from the firm Tesco itself and so it is called as internal secondary data. External secondary data is the data which is already published by other enterprises.Internal sources of data comprises of profit and loss statements, balance sheets, sales figures, stock records, past market research findings etc. When the secondary information which the organisation has gathered from the internal sources is not adequate, it can opt for external sources of secondary data (Nishikawa and et. al., 2016). These sources can be government sources, corporate filings, trade, business and professional institutions, media, broadcast, print media, internet,national and international institutions, historical data and information etc.
1.To make the customers happy and contented with the products and services offered.
2.To grow the market share of Tesco
3.To increase the brand image of the company.
4.To increase the number of customers.
The mentioned retail company Tesco do not needs to undertake elaborate study of all its researches. But it must know that any kind of research done badly will not reap effective outcomes. Any study no matter how well it is controlled, has chances to be incorrect. There are several reasons why the study do not reap effective outcomes (Sheth, 2016). But mistakes must be identified with how data and information is collected.
The validity of the research can be assessed through many methods. The cited organisation which is examining the outcomes of the study can regularly ask a simple question: is the research computing what it is expected to compute? If the firm has any uncertainty with the answer for this easy question, then there are possibilities that outcomes are to be questioned.
Reliability is mainly concerned with assuring the ways of data collection leading to accordant outcomes. The firm has to ensure that research can be duplicated and may yield same output (Hamill, 2016). This is an essential component of scientific research method.
By taking out time to create a goal directed market research plan, Tesco can assure that iit is keeping its attention on high worth initiatives which will either provide good competitive position, enhance its link with its audience or both. The market research plan should consist of these areas:
A market is the place in which the customers make demand for specific product or service which can be fulfilled by business organisations. It usually comprises of present and prospective customers. Apart from customers, market includes retailers, suppliers, competitors, critics, middlemen etc.Quality assignment writing service available at Assignmenrt Desk.
Market size: Tesco has grown its market size of its grocery market with a regeneration of its supermarket brand range which is supporting to drive sales of fresh products. It is the only firm which has seen a growth. It market share increased from 28.1 percent to 28.2 percent year by year. Whereas its close rivals Sainsbury's, Asda, Morrisons all faced decrease in their market share. The sales volume of the company is increasing quickly, especially in the meat and fresh products sections. Sales of branded products did grown but most of the growth was due to its own labelled products, at inexpensive and superior prices.
Market trends: The retail industry has undergone immense changes in its structures over the last few years. The digital, e-commerce and technological advancements has caused several transformations in the retail sector of UK. The increase and utilization of digital and mobile technologies has resulted in a fundamental move in the manner consumers purchase and communicate with the retail companies of all size and type.
Tesco is a leading grocery firm in UK and retail company too whose key rivals are ASDA, Sainsbury, Morissons etc. that are often referred as the “Big Four” in the UK. The cited retail company also face competition from convenience stores that are increasing their popularity because consumer's preferences and tastes are moving towards more for few items (Martínez and et. al., 2016).
Both the companies represents varied features in the grocery retail sector. As the cited organisation is the leading firm in the industry, its share price depicts how it can make its impact on the entire grocery retail market. Whereas, Morrison as follower of market may be unsafe for Tesco.
Sainsbury is the third largest grocery firm in the UK having 1,304 locations. These locations are spread in half between supermarket and convenience stores. As per the customer surveys and reports on strengths of brand, it is the highest quality company among its colleagues.
The company hold a strong presence in 12 nations of Europe and Asia. For sustaining its position and create profits, it has to evaluate its strengths, weaknesses, threats and opportunities. For this purpose the grocery products of the company are being taken into consideration.
Strengths:The cited organisation is a strong retail brand across the globe, is is on the top of 100 world's most valuable brands. It is called as a organisation which provides value for money, broad range of products, comfort and locally inclined management.
Weaknesses: The profit of the firm has been influenced by bad debts from credit cards and high level household insurance claims.
Opportunities: There are ample of opportunities for the mentioned firm and its grocery products. It can expand its business in markets like digital entertainment. Additionally, expansion in overseas can take place in countries like Australia, where the grocery products market is having comparatively low competition and then also it is price sensitive (Alam, 2016).
Threats: The cited organisation is facing several threats in the market. The present position of the firm as number one in the grocery sector states that it is the target of accordant competition from Asda, Lidi, Aldi, Sainsbury. The threat which the firm tries to avoid and resist is the acquisition of Asda by Wal-Mart.
Customer response evaluation is collecting information from customers and identifying which reviews can be executed on the basis of Tesco's best interests. For this the company has to apply some techniques which are discussed here:
To asses the wants, desires, preferences and needs of the customers cited firm can use this technique (Berry and Berry, 2016). This consists of email surveys, mailed surveys, phone surveys etc.
They are the brief surveys which customers take when they contact the customer services employee due to any problem. In this questions are asked to the customers about the complaints, by asking them to give views about their shopping experience and fill the questionnaire regarding the problems about the product.
Many times it happens that customers give helpful suggestion of methods to improve services. The stated organisation can take use of these suggestions. They offer an opportunity for the firm to pay attention to their opinions and viewpoints.
The firm has to lay emphasis on responses made by every customer by assuring that changes are avoided on the basis of unfair and unjust requests (Lee Kim and Choi, 2016).
The survey has been conducted to meet the objective of identifying the satisfaction level of the customers with the products and services offered by Tesco. For this a questionnaires has been prepared by taking sample size of 10 customers. This is a primary research conducted by the firm.
How many times do you use products and services of the firm?
What terms you would like to use for the products?
To what extent does the products and services meet your wants and desires?
What rates would you like to give for the quality of the products and services?
What rates will you give for value for money of the products?
Would like to give any comments, questions, suggestions?
The survey which has been conducted for Tesco has proved effective in gaining information about the contentment level of the customer who are using its products and services. It has been learned from the survey that most of the customers prefer to use the products almost in a week or on daily basis. There are very few of them who prefer to use the product once in a month or year. The contentment level is very satisfied by half of the customers and half of them are only partly satisfied with the firm offerings. It has been determined that the products and services are meeting the needs and expectations of the customers to a great extent except a few. Most of the customer feel that the products and services provided by the firm are dependable with some of them saying that they are very costly. All the customers are have a common opinion about the quality of the product and that is very high quality. The customers gave many valuable suggestions, ideas in the comment box provided in the questionnaire. These recommendations and viewpoints will be given due consideration by the company while designing its marketing strategies. So, it can be concluded that the survey has been successful to a great extent as it covered all the necessary information to be gained.
The present report is made to assess the major phases in the purchaser decision-making process with reference to retail company Tesco. The study also elaborates the theories of buyer behaviour for which Stimulus response model is being evaluated. Further, the market research techniques such as surveys, focus groups, field trials etc. are applied in the cited company. The report also throws light on the SWOT analysis of the firm for its grocery products which has helped the firm to make further strategies for marketing of its offerings.
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