Marketing Inteligence - Essay Example

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Extract of sample
Marketing Inteligence

This is a stage whereby a consumer realizes that he needs new clothes for example. The next stage is information search whereby the consumer analyzes all the possible companies selling clothes such as Tesco and its competitors. The alternative evaluation stage is the third stage in which the consumer evaluates the quality of clothes and prices charged by various companies. For example, a consumer can compare the prices of Asda and those of Tesco. In the fourth stage, purchase decision, the consumer makes his decision on which store to purchase clothes from and goes for the company that offers quality clothes at affordable prices. The last stage is post-purchase behavior whereby the consumer analyzes if the clothes he purchased from Tesco for example satisfied his needs or not and taken relevant actions.
Maslow’s theory of needs- This theory outlines that individual have certain needs that he needs to satisfy all through his life. In the buying behaviors of consumers, they first consider satisfying the most urgent needs necessary for their survival and good living (Kelly, 2002). Consumers start with satisfying basic needs then safety needs followed by social needs then self-esteem needs and lastly self-actualization needs.
Diffusion of innovation theory- This theory outlines how advancements such as new technologies spread throughout cultures and societies from introduction to wider adoption. The costs, accessibility and familiarity with the technological change influence that buying behavior of consumers (Lehman, Ramsey and David, 2000). If the cost of new advanced products and services is much higher than those of the old ones, consumers will prefer purchasing the old ones since they satisfy the same needs.
Cultural and religious factors- The consumer’s buying behavior is highly influenced by the cultural and religious beliefs of a consumer. For example Muslims cannot purchase pork products being offered by ...Show more

Summary

Marketing is one of the vital practices in an organization that contributes significantly to the success of the organization in terms of achievement of sales and revenue goals and objectives. In this report, the researcher will attempt to explain and analyze the consumer buying…
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