...Contents Decision-Making Unit page Buyer's Behaviour page The Report page What is Marketing Intelligence? Marketing intelligence This can be information gathered from many sources, including suppliers, customers, and distributors. Marketing intelligence is a catch-all term to include all the everyday information about developments in the market that helps a business prepare and adjust its marketing plans. It is possible to buy intelligence information from outside suppliers (e.g. Mintel, Dun & Bradstreet, and Mori) who set up data gathering systems to support commercial intelligence products that can be profitably sold to all players in a market. Quoted from: Tutors 2 u .com 1) LO1.1, LO1.2 A: Understand buyer behaviour, the purchase. The Decision Making Process. As follows I have explained the main stages of the D MP (Decision making process) for the individual and the industrial purchaser. The industrial buyer goes through a similar process to the individual customer but, the process for the industrial buyer is longer due to the DMU (Decision-Making Unit) to make a purchase a more rational decision needs to be made. Research advocates that a customer goes through a five stage decision-making process in order to make a purchase. This is shown in the stages below. Stage One : Problem / Need Recognition The buying process starts here with the need or problem...
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...Marketing Intelligence A consumer is that person who is engaged in the consumption process. The behavior of consumer denotes that activities at both mental and physical level that reflects the totality of consumer decisions with regard to acquisition, consumption and disposition of products or services (Best, 2014). In this assignment an understanding about the consumer behavior will form the basis of study of different market segments. Stages in purchase decision making process. In the purchase decision making process, customers have to go through five such stages which are very essential for making marketing related decisions. These stages are: * Need Recognition * Information Search * Evaluation of alternative * Post Purchase Evaluation The whole process of purchase begins from the first stage of need recognition which points that need or problem like hunger which derives him to go for purchase. Desire can also be the deriving factor for the customer such as the aroma of a chocolate muffin can attract a customer to buy it. In second stage of information search customer tries to obtain information about the market from various means like from family, friends, neighbors or advertising or retailers or by testing (Blas, 2012). If the need of customer is strong enough then he does not go for searching information and rather buy the product or service close to hand. The next stage is evaluation of alternative in which the customer choose between the available...
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...1.1 Introduction Post purchase evaluation Purchase Perception of need There is a process which a buyer follows consciously or sub- consciously when buying a product or service and this is called a decision- making process. Information search Evaluation of alternatives Perception of need: the process starts with a need of recognition of the product and with an awareness of problems (such as hunger etc.) The buyer will first recognise or notice the problem or need such as being hungry and then reacts to the influence of food such as a freshly baked pizza etc. If the need is strong then the buyer will float to the buying stage and if not then they will go onto the information stage. Information search: consumers or buyers will gain information from: * Personal sources - family, friends etc * Commercial sources – sales staff, packaging of product etc * Public sources – newspapers, radio etc * Experimental sources using the product, examining the product etc Evaluation of alternatives: * From the information gathered the consumer/buyer needs to determine how involved they are in purpose to the individual customer and its personal importance. * High involvement = high expenditure ( e.g. is buying a house or getting a mortgage) * Low involvement = low personal risk ( e.g. buying a sweet or chocolate) Purchase This is when the customer actually makes the decision to buy the product or service. Sometimes the decision can be influenced by...
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...•Why do companies gather market intelligence and conduct marketing research? Market intelligence is gathered by companies in order to stay in touch with what is happening in the marketplace. If a company would not gather market intelligence, it would leave the company vulnerable. Gathering market intelligence helps companies know what the competitors are up to and what the business environment is like. Marketing research is conducted in order to: develop product ideas and designs, figuring out if or not there will be demand for the product so as to know whether or not to produce it, ascertaining the market segments for the product, determining how much price consumers will be willing to pay so as to making pricing decisions, assessing the satisfaction of the consumers and so on. (Tanner & Raymond, 2010, p. 192). • What activities are part of market intelligence gathering? Activities that are a part of market intelligence gathering are: scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competitor firms are doing. (Tanner & Raymond, 2010, p. 195) Market intelligence can be gathered by observing the competitor firms’ web sites, using search engines and monitoring social networks such as Facebook and Twitter. • How do marketing professionals know if they have crossed the line in terms of gathering marketing intelligence? Marketing professionals can know if they have crossed the line in...
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...UNIT 17: MARKETING INTELLIGENCE Written By: LO1: UNDERSTAND BUYER BEHAVIOUR AND PURCHASE MAKING DECISION 1.1 Describe the main stages of the purchase decision-making process for an individual consumer (i.e. business-to-consumer) Buyer Behaviour and Decision Making Process Customers go through five stages of decision making process in any kind of purchase. The diagram below summarises it. The above model is essential in making marketing decisions. Customer buying process starts with “Need Recognition”, in which buyer identify a need or a problem (hungry, fever). Some times in these stage customers respond to a marketing stimulus (aroma of chocolate muffins and coffee while passing the coffee shop). The next stage is “Information search” in this stage if the need is very strong then customers do not search a lot of information and buy product or service close to hand, if not then customers obtain information from family, friends, neighbours, advertising, TV, radio, retailers or by handling and examining or even testing. In the third stage “Evaluation of alternative” customers uses the information gathered and chooses between alternative brands, products or services. After evaluation, customer makes the purchase. The last stage is “Post-Purchase Evaluation”, this stage make a customer feel either satisfied or dissatisfied with the purchase, if customer feels satisfaction then they will stick to the brand, product or service in not then they will switch to...
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...ASSESSMENT COVER SHEET DECEMBER SUBMISSION Unit Number and Title Assessment Title Course Title Assessment Code Unit 17 – Marketing Intelligence - Level 4 Marketing Intelligence – Market Research HND Business HNDBUS Specialist Unit17/October2013 Hand Out Date 11th October 2013 Hand In Date Fri 20th December 2013 Lecturer(s) Kunal Mehta Eulina Ogiste Donna Guthrie Anand Tomar Internal Verifier Stephen Smith Sources of information 1. Course notes 2. Recommended learning textbooks Marketing Intelligence and Planning (2013) Learning Media BPP, London ISBN:9781445368542 Aaker, D. (2011) Marketing Research, John Wiley and Sons, USA ISBN:9781118321812 Robin, J, Birn. (2004) The Effective Use of Market Research, Kogan Page, London ISBN:9780749442002 3. Web Times100 Case studies Tutor2u To be filled by the student THIS IS MY FINAL SUBMISSION (Delete if necessary) Student Name Lecturer Student ID Group (e.g.) Assessment Requirements • An electronic copy of your assessment must be fully uploaded by the deadline date and time. • You must submit one single PDF or MS Office Word document. Any relevant images or screenshots must be included within the same MS Office Word or PDF document. • The last version you upload will be the one that is marked. Your paper will be marked if you have indicated this as your final submission. • Review the mitigating circumstances policy for information relating to extensions. • The file size must not exceed 20MB. •...
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...1. tétel Student’s registering software Tanulók beiratkozási software-e First of all, the most important to registrate the student's particulars: name, birth, address, their parent's name and their job, contact, the student's number of tax card and medical card. Először is, a legfontosabb hogy nyilvántartásba vegyük a tanulók adatait: név, születés, cím, a szulok neve és munkája, kapcsolat (ezt a telefonszámra érti), a tanulók adószama és orvosi száma. (ez a tajszám) Kiejtés: Förszt of ól, dö mószt importönt tu redzsisztréjt dö sztyúdenc pártikjulörz: néjm, börf, ödrissz, dhér párenc néjm end dhér dzsob, kontakt, dö sztyudenc námbör of táx kárd end mediköl kárd. Secondly, this programme has to registrate the identifying students, the previous identifying students, the number of student's card, the number of registry sheet, school fees, the date of expected of the school, cause of school leaving. Másodszor, ennek a programmnak regisztrálnia kell az azonosítandó tanulókat, az elozo (évi) azonosítandó tanulókat, a tanulók iskolai kartyájának a számát, a beiratkozási lap számát, a tandíjat, (szerintem ez az iskolakezdés várható dátuma és bejezési dátuma.) Szeköndli, disz progrem hez tu redzsisztréjt di ájdentifájing sztudenc, dö priviösz ájdentifájing sztyudenc, dö námber of sztyudenc kárd, dö námber of redzsisztri shít, szkúl fíz, dö déjt of ikszpektid of dö szkúl, koz of szkúl líving. It must contain data of student's social background: socially disadvantaged...
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...Table of Content Title Page Background Introduction Rational Objectives Methodology Literature Review Limitations Analysis Recommendation Conclusion Reference Appendix Profile Unique Consulting Company Consulting Services (1994) Website-www.uniqueCC.org.com Address: 119 Street West Kill Road Kingston 10 Unique Consulting Company is a Jamaican management consulting firm that focuses on solving issues of concern to senior management. Unique serves as an adviser to business, governments and institutions around the island. This company is one of the most prestigious management consulting firms in the island and it is one of the market leading organizations in consulting services. This firm manages a wide array of investments for the firm’s Partners; an objective of the Investing Counseling Function is to help our investing partners create long term wealth by constructing appropriate investment portfolios and avoiding expensive and or inefficient products. At the same time, the products and advices offered must save Partners times relative to those which are available externally. This firm role is to provide investment education, counseling and select products to clients. UCC serves many successful clients like: Tracks & Records, NCB, MegaMart, Sandals, Digicel, Heart Trust Academy, Burger King, Intown supermarket Unique Consulting Company (UCC) was founded in Kingston Jamaica 1994 by Donald Spence and Amy Kindle, The...
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...Marketing Intelligence refers to the set of procedures used in acquiring everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of confident and accurate decision making in determining market opportunity, market penetration strategy, and market development metrics Kotler (2009). A Marketing Intelligence System is designed to be used by marketing managers and is often viewed by employees throughout an organization. They may have user interface that resemble consumer software as well as software around individual data sources, which are designed for use by analysts. There are various steps that can be taken by a company to improve the quality of its marketing intelligence function. These include; train and motivate the sales force, motivate distributors, retailers, and other intermediaries to pass along important intelligence, network externally, set up a customer, advisory panel optimal usage of government data resource, information bought from external supplies and collecting competitive intelligence through online customer feedback. A company’s sales force can be an excellent source of information about the current trends in the market. Hans Hedin (2010) states that it is important for the company to develop team effort and knowledge sharing sessions among the employees to understand the markets and to be able actively contribute more useful information into the system. As “intelligence gatherers the sales force needs to be motivated...
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... Over the course of the last week I had the privilege to study how to communicate and collaborate using the learning assessments in class. I’m much more informed and I look forward to using the techniques presented in chapter 2. Understanding my intelligence and personality will enable me to retain information effectively, and it will allow me to understand and communicate with my peers in a manner that is beneficial to our educational and career development. The three learning intelligences I will discuss are, verbal-linguistic, visual spatial, and interpersonal. I will also discuss the communication strategies for the following personalities: Organizer, Adventurer, and Giver. My strategy for communicating with a Verbal-Linguistic person would be to provide written information to them and verbally communicate information to him or her. In a team environment I would look to that person to be the communicator of the team or take on the role of teaching information, or assign him or her as the contact person. I would communicate with a visual spatial person through graphs, charts, and images. In a team environment I would look to this person to be the creative visual brain of the team, more on the lines of advertisement/marketing. Last, I would communicate with an Interpersonal person by interacting in social activities and working on teams. In a team environment I would look to them to sense the mood of the team, and set a motivating tone to arrive at the desired goals set...
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...The Contemporary Themes of the Hospitality Industry MGMT – M900 Success Strategies for the Hospitality and Service Industries Glion Institute of Higher Education – Glion Online Dr. Michael Powers December 21, 2013 Word Count: 2133 Statement of Authorship Statement of Authorship I certify that this assignment is my own work and contains no material which has been accepted for the award of any degree or diploma in any institute, college, or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the work. I also understand that no under circumstances should any part of this assignment be published, including on the internet or publicly displayed without receiving written permission from the university. Abstract: Cultural diversity, collaborative learning and networking have a huge impact in many business of today and that includes the Hospitality and Service Industries. This paper aims to provide insights, suggestions, benefits, challenges and understanding on how to deal with different people of different backgrounds and upbringings in the workplace. It discusses and summarizes the significance of intercultural perceptions, cultural collective thoughts, sharing experiences through storytelling, collaborative learning and the benefits of networking in the workplace. It states that in the hospitality industry and other work...
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...effective collaboration are good leadership, resources, teamwork, and understanding each person’s role relative to the final goal. To communicate and collaborate effectively team members must develop strategies that fully take advantage of the learning styles and compliment the personality types of the members. A learning style is the way the mind takes in and processes information. This process differs for everybody. Howard Gardner has broken learning styles into eight multiple intelligences based on individuals strengths and weaknesses. It is important to know and understand a person’s learning style before employing strategies to make use of it. A person with intrapersonal learning style is self-driven, assertive, and understands himself in relation to others. They reason on higher levels and are considerate of how other people feel. Giving them the latitude to take charge brings out the best in them. Verbal linguistic is crucial to the success of the group. People with this learning intelligence are basically smart. They are good teachers because they remember terms, understand syntax, and word meanings. They are motivators who use humor to simplify complex...
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...tests are also being used more and more frequently. Psychological Tests A psychological test is a series of standardized problems or questions that assess a certain individual characteristic. Tests are commonly used to assess many KSAOs, including knowledge, skill, ability, attitudes, interests, and personality (Spector, 2008). There are three types of psychological tests used in the workplace to help differentiate between those used for pre-employment or retention. Essentially pre-employment is called the "recruiting radar." These tests are ability tests, personality tests, and emotional intelligence tests (Spector, 2008). Ability tests Ability tests are the ability or aptitude with the capacity to do or learn to do a particular task (Spector, 2008). Ability tests have been split into many subcategories such as cognitive ability tests, which is an IQ or also known as an intelligence test, or a test of general cognitive ability. Cognitive tests are also done on an individual that focus on the mathematical or verbal...
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...Anthony Giroux Although the future seems hopeless after reading this book, Fear Nothing actually supports the idea of a positive future for mankind. The animals in the story are all very intelligent. Communication with animals may be easier. The things scientists are able to do and come up with are increasing. The intelligence the animals show in this book provides a positive outlook. The monkeys, although they cause a lot of trouble and chaos, are very intelligent. They take the cameras from Chris, and they nearly kill everyone. If the intelligence could be somehow turned into good, then the future with monkeys would be very bright. Orson, Chris’s dog, also shows a lot of intelligence. He knows and remembers where the jar in the back yard is, and he puts any fears aside to save Chris from the fire. The future for dogs looks very bright as well. This story shows that communication with animals may be easier. Roosevelt Frost can communicate in a way with animals, and understand them better than the average person. He has the ability to read and interpret their thoughts in a new way. Chris, although he doesn’t have that power, can understand Orson very well. The understanding of animals is increasing, and this book provides a bright outlook for humanity. The things the scientists were able to do in this book were fascinating. They created their own animals, and they created a virus. The future of science is looking good. The story actually...
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...Learning Styles When it comes to learning styles everyone is quite different. Everyone has different capabilities, forms, and styles of learning. There have been many studies concluded to try to better understand what style helps a person better learn and retain information. Some of those styles of learning are discussed in the book written by Gardner, Jewler and Barefoot (2009). A few of the styles that are mentioned are Kolb Inventory, Myer-Briggs Indicator and the Multiple Intelligence Inventory. According to the Kolb Inventory style of learning there are four qualities a person must obtain to be a successful learner. The four stages are Concrete Experience, Reflective Observation, Abstract Conceptualization, and Active Experimentation. Once the four stages are developed a person falls into one of four groups of learning which are Divergers, Assimilators, Convergers, and Accommodators. Out of the four groups I would better identify myself under the Accommodator learning style. Accommodator is defined as a person who better learns by hands-on techniques. Sometimes I find that even after I finish reading the material on how to do something I do not completely grasp the concept of it until I physically go out and do it. The Myers-Briggs Type Indicator describes a persons’ learning abilities by their personality type. Under the Myers-Briggs Type Indicator I am described as a ISFJ learning type, which stands for Introverts Sensing Feeling and Judging. Many times before...
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