Introduction to Marketing Intelligence
Marketing intelligence is an aspect which considers and gathers the relevant information which is analyzed specifically to make an accurate decision to determine the buying aspects of consumers. The present report critically analyzes various aspects of the Topshop which influences the decision of consumers regarding the purchase. Proper evaluation is being done in this report in consideration to the brand loyalty and company’s image in order to enhance the repeat purchase and to build up a strong position of Topshop in the market. Along with that, competitor analysis is being done to modify the strategy of Topshop to maintain the brand value and to identify the opportunities for providing high level of customer satisfaction.
1.1 Stages of purchase decision-making process
Purchase decision making process is the decision process which consists of five elements which are used by the consumers before, during and after the purchase of product and service. The process consists of following five steps to make the decision which are:
This is the first step of purchase decision-making process as individuals recognize their need for something. The need can be recognized by the stimulus internally or externally. These stimuli determine the influence to which the needs are recognized to create successful purchase of the new product or the existing product of Topshop.
After the needs are recognized, it is essential to obtain the best information to select the best option to satisfy the needs. The customers of Topshop attain the information by using their past experience information and the external environment to make the decision.
Evaluation of alternatives
After the information is collected, different alternative attributes are evaluated which deliver the best benefits. Topshop consumers properly evaluate the alternatives and classify those alternatives which satisfy their needs.
With the evaluation of alternatives, the consumers make decision regarding the purchase of product or the brand which satisfies their needs. Consumers of Topshop make the purchase by analyzing the cost aspect which enables the customer to make decision regarding the purchase of product.
Post purchase evaluation
It is the evaluation which is made in context to develop the connection between buying process and the development of long-term customer relationship. This evaluation makes the customers of Topshop satisfied for the product that they have purchased.
1.2 Importance of buying behaviour and the theories in terms of individual and market
Buying behaviour refers to the systematic process which is adopted by the consumers to make the decision regarding purchase of products and services (Feldwick, 2002). The importance of buying behaviour influences various aspects of Topshop to sustain in the competitive work environment. These are discussed underneath:
Topshop should offer the products which can satisfy the needs of consumers.
Marketing mix development
Marketing mix of Topshop should be developed as per the response of customers. Better understanding of this aspect would lead to higher level of customer satisfaction.
New market opportunities
Better understanding buyer behaviour will help Topshop to locate new market opportunities to meet their unsatisfied needs.
Target market selection
By understanding the buyer behaviour, Topshop can effectively select the target market as per the needs of buyer.
Efficient resource use
Topshop can make an efficient use of resources to satisfy the needs of buyer with the use of various distribution channels.
There are many theories which influence the buyer behaviour of individuals and the market on which decisions are ascertained based on various aspects which are as follows:
- Cultural theory: The cultural factor influences the buying behaviour to a great extent as every individual have set of the values and beliefs which influence their buying behaviour. The market of Topshop is also influenced by the buying behaviour of the customers. Henceforth, the company needs to diversify its products’ portfolio as per consumers’ requirements.
- Environmental theory: This theory depicts the environmental aspects upon which the buyer behaviour is ascertained. It influences by the response from customers regarding the product in order to satisfy their needs. Topshop properly analyzes the market to sustain in the market with the analysis based upon the situation.
1.3 Factors affecting buyer behaviour
There are various factors which affect the behaviour of buyer regarding the purchase of various products and services to satisfy their needs. Various factors are discussed as below:
These are the factors which influence each aspect that is related to the marketing mix of product in consideration with the price, packaging, promotion and various other attributes to determine various modes through which buying behaviour of the customers of Topshop get affected. With proper planning, we can determine an effective decision-making of consumers regarding the product.
These factors also affect the buying behaviour of customers of Topshop as it includes various attributes such as age, gender, education and the level of income through which customers make the difference between actual and the desired needs to satisfy the factors which influence their status in society. They can properly evaluate the personal aspects of individuals to determine their needs and to meet them in a perspective manner.
This factor also influences the customers as it includes various social factors such as family, status, culture and various other aspects which determine that the customers of Topshop are affected by these factors while making purchase of the products and services. It also creates pressure on the customers as their cultural dimensions are involved in it. They can evaluate through the proper analysis and make the offering considering the social factors to satisfy the customer needs.
1.4 Evaluation of the brand loyalty, corporate image and repeat purchase
Brand is the product, service or the concept which make the company identically different from the companies which are offering the same product in the work environment in which they are operating. Products of the different brands are usually differentiated from the other in the form of the logo or the graphical representationBrand loyalty refers to the tendency of the customer to make the repeat purchase from the similar brand over another, irrespective of the marketing pressure by the other competitors who are offering the same product and service. Corporate image reflects the picture of the firm that is present in the mind of the customer of Topshop. It include the internal workforce which are employed to meet the needs of the customer and the general public which acquire the products in order to satisfy their needs. Customer of Topshop enhances the corporate image by maintaining the brand loyalty by making the repeat purchase of the product by adopting various techniques to motivate and influence the customer to purchase the product of the same brand with the additional benefits. This also enhances the corporate image of Topshop as the customer sustain in the long run to satisfy their needs.
The brand loyalty, corporate image and the repeat purchase are interrelated to each other as it ascertains the functioning of Topshop. They critically evaluate the market trends and ascertain the effective and creative workforce which adopts various tools and techniques which help to create the effective corporate image of Topshop in the mind of the customer. They also modify their various product and services range to satisfy the needs of the customer so that they are attracted towards Topshop. If they are able to meet the satisfaction of the customer needs they build up the brand loyalty against the products and services which Topshop is offering and which result in the repeat purchase of the products as the needs of the customer are fulfilled. This also helps Topshop to increase the market share as the people associated with them recommend it to the other as they are highly satisfied with the brand.
2.1 Evaluation of different market research techniques
Marketing research is a systematic analysis of the data which is related to the target market and the competition in the working environment. The market research is being used to determine the overall functioning of the company in order to increase it competitive advantage. The role of the marketing research is to determine various aspect of the research and choose the best alternative to make the effective decisions regarding the research in the context of the target market. It is important as it ascertain the various aspects to determine the purpose of the research. It provides the clear, concise and the quantifiable objectives which are related to the research which analyze the entire functioning of the Topshop in the market. There are different types of market research which investigate the various aspects of the market are discussed underneath.
Primary research technique
This is the research which is conducted in order to properly evaluate the objectives of collecting the information to improve their product, service and their functioning.
Qualitative research technique
It is the research technique which is adopted by the Topshop to evaluate the opinions and feeling of the customer with concern to the product and services which they offer. They are used in the form of conducting interviews with the clients to understand their feelings.
Quantitative research techniques
This is the research technique which is based on the facts and the statistical data rather than the feelings and opinions of the customer. It helps Topshop to properly evaluate the size of the competitors in the market. They conduct the questionnaires, exit surveys to obtain the information.
2.2 Sources of secondary data to achieve market research objectives
Secondary data are the data which are gathered beforehand are being analyzed with the perspective to ascertain some conclusion to determine the purpose of the research. Marketing research is the systematic procedure whose objective is to provide the accurate information that reflects the opportunities which Topshop can meet by designing the offering as per the preferences of the consumer. Marketing research objective is to monitor the trends and the competition which is present in the market in order to satisfy the needs of the customer of Topshop by selecting the target market which lies in the particular range of the products which are offered by them. There are two sources secondary data which are used to achieve marketing research objectives are stated below:
These are the sources in which the information is already collected in the database of the Topshop in order to use it in the future to modify the products and services to expand the market share. With the help of balance sheet, Profit and loss statements and the sales figures accurate information will be attained and the objectives will be achieved.
These are the sources which help Topshop to gather the information by using the external sources such as internet, competitors’ data and the government sources the marketing research objectives can monitor their functioning by keeping all the information related to the product.
2.3 Assessing the limitations validity and reliability of marketing research findings
The limitations of the marketing research findings are that they do not provide them ready-made solution to the problems which are faced by Topshop while functioning in the market to offer the product and services to the customers.These are the predictions which are made as per the trends which are followed in the market and it is not necessary that they are accurate as conclusions cannot be derived based on the predictions about the market trends. There are various forms through which it can be assessed as it determines the degree to measure the validity of the findings are:
This is generally assessed by the experts who test all the aspect which determine the success of Topshop in order to measure the anxiety of the customer regarding the product.
This help to assess the areas in which Topshop is lacking and provide the necessary information through which they can modify their work and adopts the necessary measure to improve.While the assessment is being done on the reliability of the research findings to determine that the measure are reliable and can be randomly used as per the circumstances. They help to measure the consistency through which Topshop operates.
Parallel forms reliability
The reliability of the research is assessed by using the different tools and techniques to evaluate the consistency of the result on the same groups of the individual.
This help to effectively assess the reliability across the time at different time interval in order to determine the stability of the customer as per their requirement.
2.4 A business plan
It is the proposal which is prepared by the researcher to plan the launch of the new product in the market for the young customers by Topshop to diversify in the product range which they are offering to the customers.
Objectives of research
The objective of the research is to get the better understanding about the needs and requirement of the customer. Its objectives are to determine the ways to reach the customer by adopting the various channel of distribution through which Topshop can expand their market share.
Proper qualitative and quantitative analysis is being done to determine the needs and adopt the methods which will help to analyse the accurate information regarding the needs of the customer (Eldabi, 2002.). They adopt the survey methods and questionnaire tools to collect the data regarding the needs of the customer.
The data which is gathered is properly analyzed with the help of the various methods which help to ascertain the validity and reliability of the plan of launching the new product in the market by Topshop.
They state the time frame in which they carry the research in the market to determine whether the customers are ready to adopt the change and outline the important milestones.
The plan determines the project budget which will provide the quotation to the Topshop about the cost they may offer as per the different sizes of the customer groups.
3.1 Assessment of the size and trends for the fashion industry in UK
The market consists of the various styles in respect to the fashion trend which is present in the industry to meet the demands of the customer. It consists of various products which influences the fashion industry The size of the fashion industry is measured by the total volume and the value of the sales of the product in the fashion industry. It helps to identify the trends which are present in the market and the necessary modification can be done to ascertain the large market share. The assessment help to analysis the position where Topshop is operating and help to obtain the place to develop in the market to launch the new product in the market in order to make the market smart for the consumer to satisfy their needs. This also helps the aware the customer regarding the new product in the market and building a bigger image in the market by following the trends which help to make the right choice.
3.2 Competitor analysis for Topshop
There are various competitors which compete with Topshop in context of expanding their market share and customer base. The entire store has the different ways through which they advertise their brand keeping in mind the strategies which may affect their market functioning. Topshop uses the social media which provide the platform to attract the customer for the products which they are launching in the market. They adopt the diversification strategy to compete with Zara and other fashion brands. Topshop also bought modification in their product range by offering the new shoe product for the young consumer with analyzing that other brands are not showcasing the same product which they are offering.
3.3 Evaluation of opportunities and threats for the new shoe product of Topshop
The opportunities for the new shoe product of topshop are..
- It is target the young consumer who is very fashion cautions and they will spend more to follow the new fashion trend.
- The price range will may increase the sustainability of the product as it will be easily affordable by the consumers. It will help Topshop to expand its brand and enter the new product market.
4.1 Techniques for assessing customer response
Assessment of the customer response helps to collect the information about the product which they are offering to the customer. Topshop totally rely on the customer response as they launch the new product keeping in mind the requirement of the customers . They adopt various techniques to gather the customer response regarding the new product.They are as follows...
Customer service Questionnaire
they are the brief surveys which are taken from the customer regarding the new product which is offered by Topshop. It is the assessment tool which helps in proper evaluation of the customer perception regarding the brand and its product offerings. It is beneficial as it is practical and efficient amount of information is gathered from the customer by conducting this survey. It also affects the in certain forms as there are frequent changes in the behaviour of the customer for the services which are offered to them by Topshop.
Home Customer survey
These are the surveys which are conducted to assess the needs and expectations of the customer of Topshop. It includes the online survey which is essential to obtain the customer response. It is beneficial as the cost incurred on this is very low as they do not have to make greater investment on it. It also affect the unavailability of the customer response as they customer have less access to internet. It is the constraint for the Topshop as they will not get the effective response from the customer.
With the adoption of the various tools and techniques and the launch of the new product by Topshop led to the customer satisfaction and also help to analyze the market trends and modify their functioning in order to sustain in the market. With the survey Topshop adopted an effective feedback from the customer and designed the strategies to have effective customer satisfaction.
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