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 sat