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Core Concepts of Market Intelligence and Its Practical Application in the Supermarket Industry - Report Example

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This work "Core Concepts of Market Intelligence and Its Practical Application in the Supermarket Industry" describes a new client of ISR who needs to know and understand some basic elements and aspects of market intelligence. From this work, it is clear about the important elements and aspects of marketing intelligence. …
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Core Concepts of Market Intelligence and Its Practical Application in the Supermarket Industry
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Download file to see previous pages The second stage is an information search phase. This includes the acquisition of internal and external information about the various options that are available on the markets. The internal information includes what is in the customer’s memory, like a brand. The external information search includes the quest for information about possible products on the market.
The third stage of the consumer purchase decision-making process is an alternative evaluation. Here, the consumer examines and reviews the options on the market. This includes the consideration of different variations of the same product.
Therefore in the supermarket industry, a consumer might have the need for a given bathing soap. Once that need is recognized, the consumer gets to the first phase. After that, the consumer moves to search for information. In the beginning, he is going to remember some popular brands that he has used and found new products. This is the second stage. In the third stage, he will have to assess the options. And this will lead to the fourth stage of making a choice. After choosing, the last stage of building a perception of the product and making future choices will follow.
The individual purchasing behavior theory states that there are three core elements that determine what and how a consumer purchases – time, money, and effort. These three pointers play a significant role in defining the extent to which a consumer can spend time on the markets to examine possible products for meeting a particular need.
Also, the amount of money at the disposal of a consumer determines the kind of niches the consumer will want to search. A very wealthy consumer might search upmarket niches whilst a medium-wage earner might want to go for ostentation or less expensive products. On the other hand, a poor consumer might be limited to the cheapest brands available. Finally, effort refers to the extent to which a consumer is willing to go to secure the best product. This is strongly related to the value and importance of the product. For instance, a consumer might want to visit many supermarkets before purchasing a washing machine because it will be used for a longer time. On the other hand, a consumer might be okay with just a few searches for an everyday soap. ...Download file to see next pagesRead More
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