You are working as marketing consultant so a research had to be carried out on decision making process & behavior of clients by using different marketing technique.
- Provide understanding of buyer behavior and purchase decision making process of Primark
- Demonstrate the ability to use effective marketing research techniques for Primark.
- Provide assessment of the market size and future demand of Primark.
- Develop ability to measure customer satisfaction of Primark.
INTRODUCTION
Marketing intelligence (MI) is considered as method of collecting information about the firm. This helps in identifying the competitors in the market and actual position of the business unit (Goh, Heng and Lin, 2013). It is the specialised area of research that assist in developing effective strategies so that entity can grow well and can gain competitive advantage. Present study is based on Primark which is global retail firm. It provides high quality products to the consumers as per their requirements. Report will cover stage of purchase decision making. Furthermore, it will explain different marketing techniques to analysis satisfaction level of customers. In addition, assignment will explain relationship between brand loyalty, image and repeat purchase.
TASK 1
1.1 Main stages of purchase decision making process 192
All consumers undergone with several stages. They look for the company's actual performance, brand image before making their final choice. These phases provide guidelines to the markets and helps in understanding the needs of consumers so that they can provide them goods and services as per their requirements (Hair and et.al., 2012). Purchasing decision process are described as below:
Awareness and need recognition
It is the first phase of purchasing decision making in which individual identify their needs and problems due to which individual want to buy any products. Once they have identified their needs then they make their purchase decision. For example, if person wants to go to the party then they search for the party wear that can fulfil this desire (Solomon and et.al., 2014).
Information search
It is another stage of purchasing decision making in which consumer search necessary information in order to fulfil their requirements. For this searching they take support of internal and external sources. They take suggestion from their friends and then make their decision to buy any product (Wrenn, Stevens and Loudon, 2013).
Evaluation of alternatives
It is the next ways in which individual evaluate other options. If there is better option available then they go for that option and if selected option is the suitable then they purchase these goods for the same retailer (Zikmund and Babin, 2012).
Purchase
Once people have evaluated the option then they make their decision to buy particular product. Their purchase decision may get influenced by quality, price, reviews of the products. Primark concentrate on quality and provide goods to consumers as per their requirements (Sheth, 2011).
Post purchase behaviour
It is the last stage in which buyers show their behaviour towards the product. If they are satisfied then give positive review to others but if they are not happy then they become negative towards the firm. Each person gives different reaction after purchasing the product. The experience of the individual reflects in their behaviour (Persaud and Azhar, 2012). This is post purchase stage in which individual make their mind whether to buy product to company in the future or not.
1.2 Theories of buyer’s behaviour
It is essential for the markets that to understand needs of consumers and accordingly provide them goods and services. Understanding buying behaviour of consumers support in improving brand image and sales volume of the entity to great extent (UK retail sales rise eases pressure on high street, 2018). Theories to understand buying behaviour are explained as below:
Generic theory
It is most common theoretical aspect which supports in understanding buying decision process of individual. This theory explains that people analysis their needs before making purchase. They look at the quality and price of products. After that they search about the product and evaluate other alternative options that can fulfil this need (Influencing The Buyer Decision Proces,. 2011). After going through from all these phase people make their final decision to buy particular product. Primark has good knowledge about these phases thus, it always offers high quality products to consumers at affordable rate. This supports in increasing satisfaction level of buyers.
Cultural theory
This is another theoretical aspect which explain that buying decision of individual is highly depended upon their cultural aspects. Individual make purchase as per their beliefs and values (Marta., 2014). Income, occupation are another elements which impact on their decisions. Primark concentrate on these components thus, it offers variety of products to consumers so that needs of mass audience can be fulfilled.
1.3 Factors that affect buyer behaviour
Consumer buying decision depends upon various components. Sometimes they chosen products because their family members have suggested that. Whereas some time they chose product due to their cultural aspects. All things impact on their buying decision to great extent. It is essential for Primark that to considered all these aspect before offering products and services to consumers. If it takes cares of these elements then it will help the organization in providing satisfactory products to consumers and enhancing their satisfaction level. There are various factors that impact on buying behaviour of the consumers. These are explained as below:
- Social elements: Friends, family members influence the decision of the person to great extent (Goh, Heng and Lin, 2013). If friends give positive review about the product of the firm then individual take interest to buy such good but if individual gives negative reviews then it makes the person negative towards the products of the company.
- Personal factor: Age, income, occupation, attitude, learning etc. are several factors that impact on the buying behaviour of the person to great extent. Young people like to buy sporty things whereas old people buy traditional things (Solomon and et.al., 2014). Furthermore, if individual has adequate financial resources then they look at the quality and never compromise with quality due to prices. But in the absence of adequate monitory resources there buying decision get affected.
- Psychological factor: It is another most important factor which influence buying decision of the clients (Wrenn, Stevens and Loudon, 2013). Primark concentrate on psychology of the consumer and accordingly offer them goods and services so that they feel satisfied. Motivation, attitude of the person influences their decision and behaviour.
1.4 Relationship between brand loyalty, corporate image and repeat purchase
Brand can be recognised with its symbol, design, quality. Each brand has its unique feature. If the consumers feel satisfied with the product of the firm then they feel satisfied and become loyal towards the brand. Whereas if individual is not satisfied with the goods then they move towards other firms (UK retail sales rise eases pressure on high street, 2018). Corporate image can be defined as picture of the firm in the mind of consumer. Brand image can be enhanced through effective marketing strategies and by providing high quality products to the consumers. Brand loyalty shows the faithfulness of the consumers towards the firm. That depends upon the extent to which entity has become able to satisfy consumer needs. All these aspects are interested. If company is able to offer high quality products to consumers then it makes them loyal towards the brand (Goh, Heng and Lin, 2013). By this way they frequently buy its products and services. On other hand if company is unable to meet with their needs then it affects brand image of the entity and decrease repeat purchase of consumers.
TASK 2
2.1 Different types of market research techniques
Market research plays significant role in the success of business unit. It helps in gathering information about market condition and finding growth opportunities for the business. By this way entity can make effective strategies that can support in the development of firm (UK retail sales rise eases pressure on high street, 2018). Various research techniques are described as below:
Qualitative research
It is the type of methodology in which human being are involved in decision making process. Researcher takes support of interview or questionnaire techniques in order to know about the market condition and trends (Wrenn, Stevens and Loudon, 2013). Primark can take support of survey technique, by this way cited firm will be able to know better about needs and requirements of consumers.
Quantitative research
It is another type of technique of research. In this method researcher involves numbers, figures and apply mathematical tool in order to get results. On these bases of these calculation last results are find and valid conclusion are drawn (Solomon and et.al., 2014).
Secondary research
It is another type of research method in which Primark can take support of earlier data from books, journals, internet articles or from annual report of business unit. This assists in finding more detail about market trends and factors that influences buying behaviour of consumers (Goh, Heng and Lin, 2013). By this way Primark can become able to provide them goods and services as per their requirements.
2.2 Sources of secondary data to achieve marketing research activities
Secondary data sources are such methods in which already available information are being used by the researcher in order to find threats and opportunities of business unit. Sources of secondary data to achieve marketing research activities are described as below:
- Evaluating strategies of competitors
- Evaluating annual reports, consumer complains to measure satisfaction level of customers.
In order to gather secondary data researcher can take support of books, media, government records, annual records of competitors, internet etc (Solomon and et.al., 2014). These details help in analysing the needs of consumers and factors that influence their mind. By this way Primark can become able to provide high quality products to customers at lower prices.
2.3 Validity and reliability of market research findings
Data collection is most important part of any research, If scholar does not have adequate knowledge about research then it may be complex task for the investigators. Validity measures the actual facts whether the study is actual which it is claiming or not. It is essential that all the answers are given correctly otherwise overall results may not be valid (Sheth, 2011).
Research reliability is important aspect which depends upon the sources from which all details have been collected. If the scholar has applied valid sources then overall results may be reliable.
2.4 Marketing research plan
Marketing research plan is considered as overall planning of scholar regarding carrying out investigation about the particular topic.
Background of research
Primark is planning to launch its new shoes product in the new market for young consumers (Wrenn, Stevens and Loudon, 2013). For making this launching successful and enhancing the demand of new product it is planning to conduct market research about the consumer behaviour and their requirements. This new product is for male and female both.
Rationale
Young consumers like sporty footwear. In order to fulfil their demand this study is being conducted by the researcher.
Objective
- To identify consumer behaviour about sporty shoes.
- To analysis market opportunity for Primark.
UPTO50%
Avail The Benefit Today!
To View this & another 50000+ free
