Marketing Researchpsychology Essay Example

promotion is influenced by customer information gathered. For instance, if the customer is frequently at work, leaflets can be mailed or emails can be sent with exclusive deals and product information. Sending emails helps establish long-term relationships with customers. Kingsbury benefits from secondary research provided by someone else, which offers quick and cost-effective information already collected. This secondary research aids in conducting primary research and guides the selection of interviewees for surveys to create customer-tailored products. In-house secondary research can be conducted using Electronic Point of Sale (EPOSES), which records sales per product. This accessible and accurate data assists the organization in making informed decisions but may not reflect current lifestyles or shopping habits.

Another internal secondary research option available to Kingsbury is website statistics, which provide information on internet shoppers' search preferences for products.The Financial Times regularly releases data on customer trends in both the country and industry.This information aids Kingsbury in identifying areas where their website may need updates or improvements.To understand competitors' strategies, Kingsbury must analyze how their rivals conduct business.Kingsbury can use observation as part of primary research to study their competition by employing mystery shoppers. These mystery shoppers visit competitor sources, such as stores, and act like regular shoppers to collect information for the organization. They have specific tasks to fulfill, including purchasing a product, asking questions, acting in a certain manner, and potentially making a complaint. Once all the necessary information is gathered, it is reported back to Kingsbury. By utilizing market research, Kingsbury can examine Tests' ideas on product, price, and place. Mystery shoppers can assess the types of products Tests has on their shelves and gather feedback

on whether Kingsbury's own products are comparable. This feedback will also help identify any new products introduced by Tests that Kingsbury can either replicate or improve upon. Furthermore, the mystery shoppers can observe Tests' pricing strategies and assist Kingsbury in devising better strategies to attract more customers by lowering prices in response to competitors like Sad who advertise price comparisons on TV. Lastly, these mystery shoppers can evaluate how Tests places their products in the store which provides insights for Kingsbury to develop new design layouts for their shop floor.
To increase customer attraction, it is important for Kingsbury to establish a cohesive arrangement of products within their store. By doing so, consumers will have an easier time locating items. Additionally, Kingsbury can enhance their advertising strategies and attract more customers by offering better deals and utilizing various types of advertisements, including celebrity endorsements like Jamie Oliver who promotes healthy eating - a trend that is gaining popularity among consumers.

Tests also play a crucial role in advertising as they promote multiple products and services. This can provide inspiration for Kingsbury to improve their own promotional ideas. Market research is another valuable tool for Kingsbury to analyze the market and gain insights for boosting their marketing initiatives.

By accessing financial data on competitors, Kingsbury can understand the profit generated by them. This information will help determine if there is a need to invest more time or money in launching new products or promotional campaigns. Furthermore, financial data will enable them to assess if lowering product prices would be necessary in order to maintain consumer interest.

Moreover,the data obtained through market research can reveal the level of consumer investment in

competitor supermarkets.This information will give Kingsbury an understanding of the level of share purchases in their organization compared to competitors. If Kingsbury notices that a competitor is gaining more customers, they need to develop strategies to attract more consumers. The marketing environment, consisting of internal and external factors beyond their control, plays a crucial role in Kingsbury's understanding of their market. PESTLE factors (political, economic, social, technological, legal, and environmental) also contribute to the market environment's impact on Kingsbury. Competitors influence this environment through brand recognition and analyzing customer preferences. Offering various services such as clothing lines, insurance, and banking further highlights Kingsbury's competitiveness. Additionally, competitors like Tests and Tests Mobile create pressure for innovation and better ideas at Kingsbury. Economic cycles affect the market environment differently for large organizations like Kingsbury compared to smaller ones due to fluctuations in strength, stagnation or slight decline.Kingsbury must be ready to adjust its operations, regardless of how often changes occur.