BTEC HND in Business Module Booklet Unit 17 Marketing Intelligence Unit level 4 Unit code K/601/0955 Unit type Optional Block Start Date 21/11/2016 Hand out date 21/11/2016 Submission Deadline 12/02/2017 Lectures & Formative Assessments 8 Weeks Summative Assessment & Feedback 1 Weeks Guided learning hours 60 Module Leader Jonathan Sandling Lecturer 1.1 Introduction The aim of this unit is to enable learners to understand the purchase decision making process and how marketing research techniques are used to contribute to the development of marketing plans. This unit explores buyer behaviour and how this is influenced by a range of factors and situations. Learners will explore the marketing research process and assess the importance of different types of information. The approach is practical and learners will learn how to prepare and present a research proposal, assess the reliability of market research findings, and use secondary sources of data. Learners will then develop the skills needed to assess trends and carry out competitor analysis. Finally, learners will consider customer relationship management and how to assess levels of customer satisfaction. The unit seeks to combine a sound theoretical framework with the development of useful business skills. 1.2 Learning Outcome By the end of this unit a student will: ⦁ Understand buyer behaviour and the purchase decision-making process ⦁ Be able to use marketing research techniques ⦁ Be able to assess market size and future demand ⦁ Be able to measure customer satisfaction. 1.3 Essential Content LO1: Understand buyer behaviour and the purchase decision-making process Customers and markets: purchase decision-making process; buying situations and types of buying decision; dimensions of buyer behaviour Buyer behaviour: influences on buyer behaviour; stimulus response model; models of purchase behaviour; diffusion and innovation; model unitary and decision-making units Buying motives: psychological factors, socio-psychological factors, sociological factors, economic factors and cultural factors influencing customer behaviour; lifestyle and life-cycle factors; customer and prospect profiling Branding: relationship between brand loyalty, company image and repeat purchase LO2: Be able to use marketing research techniques Market research: role and importance of marketing research; research process, objectives; issues relating to the use of primary and secondary data sources and methods; existing sources of primary and secondary market research; internal sources; external sources; competitor data and sources and customer data; ethics Market research companies: benefits and limitations of use; cost; reliability and types Research techniques: stages of the market research process; research proposals; qualitative and quantitative methods; surveys; sources of information; value and interpretation of data Types: face to face, telephone/postal; data mining technique; focus groups; depth interviews; omnibus survey; psychological research; mystery shopper; sales, price and distribution research Reliability of research: validity; sampling process; sample size; sample and interviewer bias; methods of recruitment Researching developing and established markets: issues associated with researching the developing as well as the established consumer; industrial and service markets Use of research data: research data supporting marketing planning; producing actionable recommendations; evaluating research findings for business decision making LO3: Be able to assess market size and future demand Measuring: defining the market; estimating total market size, value and volume; growth and trends; forecasting future demand Competitive analysis: competitor analysis – market/product profiles of competition, brand and market share; characteristics of the competition – market innovator/follower; objectives of the competition; strategies of the competition; strengths and weakness of competition; future behaviour of the competition and their strategic intent LO4: Be able to measure customer satisfaction Measuring customer satisfaction: post-sale surveys; data mining – web behaviour analysis; guarantees; complaint handling and suggestion systems; mystery shopping; product placement; service agreements; customer follow-up Customer care: customer relationship management programmes, objectives, use and value in data collection, customer relationship management as a means of adding value and influencing purchase/repeat purchase behaviour, customer retention 1.4 Scheme of Work Week Session Lecture Schedule Outcome of session: The learner should be able to show understanding and ability to: Activity/seminar and formative assessment Resources 1 AM LO1: 1.1, 1.2 Describe the main stages of the purchase decision-making process Explain theories of buyer behaviour in terms of individuals and markets Group discussion and feedback. PM LO1: 1.3, 1.4 Explain the factors that affect buyer behaviour Evaluate the relationships between brand loyalty, corporate image and repeat purchasing Group discussion and feedback. 2 AM LO2: 2.1 Evaluate different types of market research Identify market research techniques and evaluate the effectiveness of each. PM LO2: 2.2 Use sources of secondary data to achieve marketing research objectives. Use secondary research techniques. 3 AM LO2: 2.2, 2.3 Use sources of secondary data to achieve marketing research objectives. Assess the validity and reliability of market research findings. Self-assessment of secondary research techniques used and information obtained. PM LO2: 2.4 Prepare a marketing research plan to obtain information in a given situation. Produce a market research plan. 4 AM LO3: 3.1 Assess market size trends within a given market. Assess trends and draw conclusions from findings. PM LO3: 3.2 Plan and carry out a competitor analysis for a given organisation. Plan competitor analysis. 5 AM LO3: 3.2 Plan a carry out a competitor analysis for a given organisation. Conduct competitor analysis. PM LO3: 3.3 Evaluate an organisation’s opportunities and threats for a given product or service. Produce a SWOT analysis with group work to evaluate opportunities and threats. 6 AM LO4: 4.1 Evaluate techniques of assessing customer response. Group work to review a range of customer response techniques. PM LO4: 4.2 Design and complete a customer satisfaction survey. Design a survey. 7 AM LO4: 4.2, 4.3 Design and complete a customer satisfaction survey. Review the success of a completed survey. Completed survey design and responses. PM LO4: 4.3 Review the success of a completed survey. Individual and peer review of survey findings. 8 Assignment support week 9 Assignment support week (and) Assignment submission: 12/02/2017 1.5 Teaching Ethos The college’s approach towards teaching and learning is simple and effective. The main aim of UKCBC is to assist learners in maximising their potential by ensuring that they are taught clearly and effectively. This will enable students to engage in the learning environment and promote success in both their academic studies and subsequent career. The module tutor(s) will aim to combine lectures, workshops and tutorial activities. This environment will provide opportunities for the student to understand the course material through case study and text and to apply it in a practical way. The intent is to facilitate interactive class activities, and discussion about the significant role of research in a global and local business environment. 1.6 Methods of Delivery LECTURES: These will be developed around the key concepts as mentioned in the indicative course content and will use a range of live examples and cases from business practice to demonstrate the application of theoretical concepts. This method is primarily used to identify and explain key aspects of the subject so that learners can utilise their private study time more effectively. SEMINARS: These are in addition to the lectures. The seminars are designed to give learners the opportunity to test their understanding of the material covered in the lectures and private study with the help of reference books. This methodology usually carries a set of questions identified in advance. Seminars are interactive sessions led by the learners. This method of study gives the learner an excellent opportunity to clarify any points of difficulty with the tutor and simultaneously develop their oral communication skills. CASE STUDIES An important learning methodology is the extensive use of case studies. They enable learners to apply the concepts that they learn in their subjects. The learners have to study the case, analyse the facts presented and arrive at conclusions and recommendations. This assists in the assessment of the learner’s ability to apply to the real world the tools and techniques of analysis which they have learnt. The case study serves as a supplement to the theoretical knowledge imparted through the course work. 1.7 Plagiarism Any act of plagiarism will be seriously dealt with according to the colleges and awarding bodies’ regulations. In this context the definition and scope of plagiarism are presented below: Plagiarism is presenting someone’s work as your won. It includes copying information directly from the web or books without referencing the material; submitting joint coursework as an individual effort; copying another student’s coursework; stealing coursework form another student and submitting it as your own work. Suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the college procedure. (For further details please refer to the plagiarism policy and the student code of conduct.) 1.8 Assignment brief Unit 17 Marketing Intelligence Unit code K/601/0955 Unit type Optional Block Start date 21/11/2016 Assignment/hand-out date 21/11/2016 Deadline/hand-in date 12/02/2017 Word count 3000 words approximately Scenario You are working as a marketing consultant and you have recently been assigned a new client. The client requires you to conduct market research for their organisation. In preparation for your research you are required to explore the behaviour and decision-making processes of their customers, the size and demand of the market they operate in, and review a range of different market research techniques. In order to successfully complete the assessment tasks you are required to select an organisation to use as your case study for this assignment. It is recommended that you select an organisation which is appropriate in size and scope as this will enable you to effectively apply the assessment tasks. You are also strongly encouraged to discuss your selected organisation with your lecturer before starting your assignment to ensure it is appropriate. Task 1 Evidence: Written essay Using your selected organisation: ⦁ You are required to describe the main stages of the purchase decision-making process. ⦁ Select relevant buyer behaviour theories and explain how they relate to the organisation in terms of individuals and markets. ⦁ Explain the factors that may affect the behaviour of the buyer. ⦁ Define the terms: brand loyalty; corporate image; and repeat purchasing – and evaluate the relationship between them. This task will provide you with the opportunity to achieve: 1.1: Describe the main stages of the purchase decision-making process. 1.2: Explain theories of buyer behaviour in terms of individuals and markets. 1.3: Explain the factors that affect buyer behaviour. 1.4: Evaluate the relationship between brand loyalty, corporate image and repeat purchasing. Task 2 Evidence: Written Report Using your selected organisation: ⦁ Identify your market research objectives. ⦁ Identify a range of market research techniques and evaluate their use and effectiveness. ⦁ Use secondary data to achieve your market research objectives. ⦁ Assess the validity and reliability of your market research findings. ⦁ Prepare a market research plan to obtain information in a given situation. This task will provide you with the opportunity to achieve: 2.1: Evaluate different types of market research techniques. 2.2: Use sources of secondary data to achieve marketing research objectives. 2.3: Assess the validity and reliability of market research findings 2.4: Prepare a marketing research plan to obtain information in a given situation. Task 3 Evidence: Written Report Using your selected organisation: ⦁ Assess market size trends within the market your selected organisation operates in. ⦁ Identify key competitors for your selected organisation and plan and carry out a competitive analysis. ⦁ Produce a SWOT analysis for your selected organisation and evaluate the opportunities and threats they face for a given product or service. This task will provide you with the opportunity to achieve: 3.1: Assess market size trends within a given market. 3.2: Plan and carry out a competitor analysis for a given organisation. 3.3: Evaluate an organisation’s opportunities and threats for a given product or service. Task 4 Evidence: Written Report Using your selected organisation: ⦁ Identify a range of techniques used for assessing customer response and evaluate their effectiveness. ⦁ Design a complete a customer satisfaction survey. ⦁ Review the success of the completed survey. This task will provide you with the opportunity to achieve: 4.1: Evaluate techniques of assessing customer response. 4.2: Design and complete a customer satisfaction survey. 4.3: Review the success of a completed survey. 1.9 Evidence to achieve Pass, Merit and Distinction Pass LO1 To achieve a Pass you must demonstrate your understanding of buyer behaviour and purchase decision making processes by addressing assessment criteria 1.1, 1.2, 1.3 & 1.4 as instructed. LO2 To achieve a Pass you must demonstrate your ability to use marketing research techniques by addressing assessment criteria 2.1, 2.2, 2.3 & 2.4 as instructed. LO3 To achieve a Pass you must demonstrate your ability to assess market size and future demand by addressing assessment criteria 3.1, 3.2 & 3.3 as instructed. LO4 To achieve a Pass you must demonstrate your ability to measure customer satisfaction by addressing assessment criteria 4.1, 4.2 & 4.3 as instructed. Merit M1. Identify and apply strategies to find appropriate solutions. Effective judgments have been made. An effective approach to study and research has been used. You will have an opportunity to achieve M1 in tasks 2 and 4 where you will be identifying and applying different research techniques to your selected organisation. M2. Select/ design and apply appropriate methods/ techniques. A range of methods and techniques have been applied. You will have an opportunity to achieve M2 in tasks 2 and 4 where you will design and apply market research techniques and also review your findings. Complex information/data have been synthesized and processed. M3. Present and communicate appropriate findings. Appropriate structure has been used. Technical language accurately used. A range of methods of presentation has been used. You will have an opportunity to achieve M3 in tasks 2 and 4 where you will be presenting the findings of your market research, considering the validity and reliability of your findings and also drawing conclusions from your results. Distinction D1. Use critical reflection to evaluate own work and justify valid conclusion. Synthesis has been used to generate and justify valid conclusions Evaluation has taken place using defined criteria Realistic improvements have been proposed against defined characteristics There opportunities throughout the assignment to achieve D1, using critical reflection to evaluate your own work. Particularly in reference to assessment criteria: 1.4, 2.1, 3.3 and 4.1 where an evaluation is already required. Also in reference to market research findings in tasks 2 and 4 where there is an opportunity to justify valid conclusions and evaluate findings in more details. D2. Take responsibility for managing and organizing activities. The importance of interdependence has been recognized. You will have the opportunity to achieve D2 when planning and managing your market research. You will need to use appropriate timings and resources to achieve this element of the assignment. D3. Demonstrate convergent, lateral and creative thinking Ideas generate and decisions taken. Lateral thinking have been applied. Capacity for innovation and creative thought has been used. Receptiveness to new ideas has demonstrated. There opportunities throughout the assignment to achieve D3, using critical reflection to evaluate your own work. Particularly in reference to tasks which require you to review and evaluate your findings to propose future plans. 2.0 Glossary of academic words used in this and other assignments Account for Give reasons for: explain why something happens. Analyse Examine something in very close detail and from a number of angles. Identify the important points and chief features, and understand their relationships. Argue Present a case for and against a proposal or statement and present your own opinion at the end. Compare Show how two or more things are similar. Contrast Look at two or more things and draw out differences. State whether the differences are significant. Critically evaluate Weigh arguments for and against something, assess the strength of evidence on both Faisales. Define Give the exact meaning of. Describe Give a detailed account of the main features or characteristics ... Discuss Write about the most important characteristics of something. Give arguments for and against, look at it from a variety of perspectives. Distinguish Identify the differences between two items. Evaluate Assess the worth or usefulness of something. Use evidence to support your opinion. Examine Look at something in detail. You may be expected to 'critically evaluate' it as well. Explain Make it clear why something happens or why it is the way it is. Identify Recognise name and briefly describe something. Illustrate Use examples to further explain or justify something. Could be visual or verbal. Interpret Explain the meaning or significance of information or data that you are presenting. Justify Provide evidence that supports an argument or idea. Outline Give only the main points, show only the main structure. Prove Present evidence in a logical structure to support an argument for a point of view. Relate (Two meanings) 1. Show how ideas / theories/ events etc are linked or connected. 2. Tell a story. Explain something in a narrative fashion. Review Survey and comment on the key aspects of something or a range of things. State Give the main features clearly and simply. Summarise Draw out the main points, omitting detail and examples. To what extent… How far is something true, or contributes to a final outcome. Also how far is it not true? In academic writing the answer is usually somewhere in the middle. Trace Describe the development of something; follow the order of different stages in an event or process. Adapted from Cottrell.S.(2003) The Study Skills Handbook. Basingstoke. Palgrave.