Marketing intelligence - Sample Essay
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 prepares and adjust its marketing plans. It is possible to buy intelligence information from outside suppliers who set up data gathering systems to support commercial intelligence products that can be profitably sold to all players in a market. Market research involves the collection of data to obtain insight and knowledge into the needs and wants of customers and the structure and dynamics of a market.
In nearly all cases, it would be very costly and time-consuming to collect data from the entire population of a market. Accordingly, in market research, extensive use is made of sampling from which, through careful design and analysis, Marketers can draw information about the market. Sample design covers the method of selection, the sample structure and plans for analysing and interpreting the results. Sample designs can vary from simple to complex and depend on the type of information required and the way the sample is selected. E. Jerome McCarthy divided marketing into four general sets of activities.
His typology has become so universally recognized that his four activity sets, the Four Ps, have passed into the language. The four Ps are: 1. Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user’s needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. John Lewis sells a variety of products including electrical, home and gardening, clothing, leisure and sport equipment, gifts, toys etc.
John Lewis gives various warranties and guarantees on their every product so customers can claim their refunds or repair that product if they have the receipt. 2. Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary – it can simply be what is exchanged for the product or services, e. g. time, energy, psychology or attention. ‘Never Knowingly Undersold’, is the unique promise to our customers that the price of any item John Lewis sells will always be as low as the lowest price in the neighborhood, has been the slogan for over 75 years.
Through the efforts of John Lewis Partners serving customers with their suppliers’ high quality goods. Every John Lewis shop has a team that checks the prices of local competitors, and they also encourage all Partners to discover if a product is being sold lower than their. If a customer finds that one of their products is sold for a lower price by another local retailer, they will lower their shelf price so that all customers benefit, rather than just the customer who spotted it.
Their commitment to checking and lowering prices applies on the same basis to products in their competitors’ Sales. Where a competitor has a very short term promotion lasting only one or two days, they may not have enough time to check and change each price. However, their refund promise still applies. 3. Promotion: This includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company.
John Lewis promotes its products mostly by advertising in their own website and also in all their stores. They have their own John Lewis catalogue. They give out different offers depending upon the season, e. g. free standard delivery for everything on Christmas helps their customers order from home through their catalogue or the website. They also have various catalogues in their stores to make it easier for the customer to check for its availability rather than searching for the particular product that they need.
4. Place: refers to how the product gets to the customer; for example, point of sale placement or retailing. John Lewis is usually situated on the main shopping area’s such as Kingston which makes it easier for the customers to find it, John Lewis also helps provides their customers the route to the nearest store in their website. The SIVA Model provides a demand customer centric version alternative to the well-known 4Ps supply side model (product, price, place, promotion) of marketing management.