MARKETING

Buyer behaviour and market research

Buyer behaviour and market research

Introduction

Market Intelligence is defined as defined as the knowledge of the market through ongoing management of information flow to determine the behaviour of firms and market trends which are present. Likewise we can define the Market Intelligence as knowledge of the behaviour of the critical variables that define a target market. As a discipline of strategic management of firms, market intelligence allows, through a permanent flow of information, know more deeply the market and company performance within it. Thus, the market intelligence implies a possibility for adding value to the existing pricing systems, with the analysis of the trends and prospects for the future (Armstrong & Armstrong, 2009). It explains all of this through a clear language using the sense of market data, and by building the local capacity of the firm to make sound decisions based on market information. Marketing intelligence includes three basic disciplines which are;

Business Intelligence

The discipline that is responsible for feeding our system of market intelligence with information from the business itself

Competitive Intelligence

The discipline that provides information and competitive analysis of some of the key factors in a system of comprehensive market intelligence

Market Research

The discipline that provides consumer reviews

Discussion

Buyer behaviour and market research

Buyer behaviour refers to the behaviour of the purchaser in relation to the sale of goods. The behaviour of the sale of goods, from the planning to purchase the purchase transactions, completed the purchase, the contract has always character, to aftermarket behaviours is highly variable. The buying behaviour among traders that perhaps with the solicitation of offers and protracted negotiations, possibly in purchasing bodies is connected differs sometimes significantly from the buying behaviour of non-traders, be they government agencies, often on the basis of tenders , or decide whether they are consumers with very different patterns of behaviour. More generally, however, one can characterize the notion of consumer behaviour so as to encompass all the individual actions that can be associated with the purchase or consumption of economic goods observed (Hawkins & Mothersbaugh, 2010).

A market study or market research is a study in which information is collected on (potential) markets or customers. In principle, anyone can do market research: students, entrepreneurs, members of associations and anyone else who wants to know more about a market or market segment. Who wants to come to objective and reliable results would be well advised to learn the basics of the subject's own making. Important skills in doing market research, the ability to research question and translate it into sub-questions, determining the study population to assess the representativeness of the study, knowledge of the preparation of questionnaires, the ability to improve the quality of the data obtained to assess the ability to work with tables and graphs describing the research (Howard & Sheth, 1969).

Importance of customer satisfaction

In the globalized and competitive world we live in today, where the customer is king, it is essential to ensure that our customers are ...