Market Intelligence - Marketing Essay Example
Unit 17: Market Intelligence Unit level: Unit level: 1 H1 Unit code: 20754P Description of unit The aim of this unit is to enable students to learn about different types of information needed for planning and monitoring in a competitive environment - Market Intelligence introduction. Students will examine and apply techniques used in marketing to identify sources of information, trends in customer demand and the wider competitive environment.
This unit gives the student the opportunity to develop further skills, knowledge and understanding of the concepts of marketing research. Summary of outcomes To achieve this unit students must: 1 Identify and evaluate models of buyer behaviour 2 Identify and evaluate market research techniques 3 Carry out a competitor analysis 4 Identify and apply methods of establishing customer satisfaction levels. B004517 – Higher Nationals in Business – Guidance and Units – Issue 2 – July 1999 117 Content
essay sample on "Market Intelligence"? We will write a cheap essay sample on "Market Intelligence" specifically for you for only $12.90/page
1 Buyer behaviour Customers and behaviour: approaches used to understand buyer behaviour and evaluate their contribution to marketing practice Buyer behaviour: stimulus response models, models of purchase behaviour, diffusion and innovation, model unitary and decision-making units Buying motives: psychological factors, socio-psychological factors, sociological factors, economic factors and cultural factors influencing customer behaviour Branding: relationship between brand loyalty, company image and repeat purchase 2 Market research techniques Market research: issues relating to the use of primary and secondary data sources and methods, existing sources
of primary and secondary market research, internal sources, external sources, competitor data and sources and customer data Market research companies: benefits and limitations of use, cost, reliability and types Research techniques: use of qualitative and quantitative methods, use of surveys, sources of information, value and interpretation of data Types: face-to-face, telephone/postal, electronic, focus groups, depth interviews, omnibus surveys, psychological research, mystery shoppers, sales, price and distribution research Reliability of research: sample size, sample and interviewer bias, methods of recruitment Researching developing and established markets: issues associated with researching developing as well as the established consumer, industrial and service markets 3 Competitor analysis Measuring: estimating total market size, value and volume, growth and trends Competitive analysis: competitor analysis – market/product profiles of competition, brand and market share, characteristic of the competition – market innovator/follower, objectives of the competition, strategies of the competition, strengths and weakness of competition, future behaviour of the competition and their strategic intent 4 Customer satisfaction Measuring customer satisfaction: post-sale surveys, guarantees, complaint handling, product placement, and service agreements, customer follow-up Customer care: customer care programmes, objectives, use and value in data collection, customer care as a means of adding value and influencing purchase/repeat purchase behaviour 118 B004517 – Higher Nationals in Business – Guidance and Units – Issue 2 – July 1999 Outcomes and assessment criteria
Outcomes Assessment criteria To achieve each outcome a student must demonstrate the ability to: 1 Identify and evaluate models of buyer behaviour • identify approaches and theories of buyer behaviour in terms of individuals and markets • evaluate the relationship between brand loyalty, corporate image and repeat purchasing • explain the factors that affect buyer behaviour. 2 Identify and evaluate market research techniques • review and evaluate differing types of market research techniques • identify and use sources of secondary data in two marketing contexts • assess the reliability of market research findings • propose a marketing research plan to obtain information in a given situation. 3 Carry out a competitor analysis • identify market size growth and trends within a given market • plan and carry out a competitor analysis for a given organisation • evaluate an organisation’s opportunities and threats for a given product or service.
4 Identify and apply methods of establishing customer satisfaction levels • identify and evaluate techniques of assessing customer response • design and complete a customer satisfaction survey. B004517 – Higher Nationals in Business – Guidance and Units – Issue 2 – July 1999 119 Guidance Generating evidence Evidence of outcomes may be in the form of written or oral assignments or tests. The assignments may focus on real problems or case studies. Learning and assessment can be across units, at unit level or at outcome level. Evidence could be at outcome level, although opportunities exist for covering more than one outcome in an assignment. Links This unit is part of the HN marketing pathway and forms a direct link with the other marketing units in the programme.
The unit is also linked with core ‘Marketing’ (Unit 1), ‘Quantitative Techniques for Business’ (Unit 5), ‘Advertising and Promotion’ (Unit 18), ‘Marketing Planning’ (Unit 19) and ‘Sales Planning and Operations’ (Unit 20). This unit offers opportunities for demonstrating Common Skills in Communicating, Managing Tasks and Solving Problems and Applying Design and Creativity. Resources Access should be available to a learning resource centre with a good range of market research texts. Texts should be supported by journals, company reports and government statistics. Case studies, videos and documented examples of current issues should illustrate the topical nature of this unit.
World Wide Web sites can be useful in providing information and case studies (eg http://www. bized. ac. uk which provides business case studies appropriate for educational purposes). Delivery This unit builds on ‘Quantitative Techniques for Business’ (Unit 5) and is designed to enable students to apply quantitative methods and research techniques in developing marketing research. It can be delivered as a stand-alone package or in combination with the marketing planning unit. Wherever possible a practical approach should be adopted with the use of case studies or the collection and evaluation of primary and secondary data for a given organisation, product or service.
The use of outside speakers and visits to organisations could be used where appropriate to support delivery. Efforts should be made to ensure that students gain a good understanding of the marketing knowledge they gain and can apply it to real-life situations and case studies. Suggested reading Adcock Dennis et al – Marketing Principles and Practice – 3rd Ed. (Pitman, 1998) Davies Mark – Understanding Marketing (Prentice-Hall, 1998) Marketing (BPP, 1996) Stokes David – Marketing: A Case Study Approach (Letts Educational, 1997) Woodruffe Helen – Services Marketing (M&E Pitman Publishing, 1995) 120 B004517 – Higher Nationals in Business – Guidance and Units – Issue 2 – July 1999