Assignment On Customer Loyalty & Factors Influencing It | Morrisons
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Added on 2020-02-12
Assignment On Customer Loyalty & Factors Influencing It | Morrisons
Added on 2020-02-12
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RESEARCH METHODSFOR BUSINESS ANDMANAGEMENT
TABLE OF CONTENTS3.0 COURSE WORK B...................................................................................................................31.0 INTRODUCTION ...................................................................................................................33.0 RESEARCH DESIGN AND METHODOLOGY ....................................................................64.0 TIME TABLE AND REFERENCES........................................................................................9REFERENCES..............................................................................................................................11
3.0 COURSE WORK B1.0 INTRODUCTION a) Title of research:“To analyse the factors which influence customer loyalty - A study ofMorrisons, UK”b) Background of study:In the present business scenario, business organisations face a cut-throat competition withtheir rival firms. There is an increasing trend which is going on that firms and economies want todevelop at a fast pace. When organisations desire for more market benefits, they try to shift theirmarketing strategies from traditional to modern ways. The focus of firms in today's businesscontext has moved from transactions to relationships. There is an increasing tendency towardscustomer loyalty marketing in the current business scenario. While considering the currentmarket environment, customer loyalty is essential for business organisations. For companies,customers are their key assets and they can attain additional value from customers only whenthey are given with due attention (Pan Sheng and Xie, 2012). Taking the perspective of firms, todevelop customer relationships give them invaluable resources and get more reliable informationabout customers. From the perspective of customers, loyal customers are helpful in reducing costof firms. Along with that, they are like a part time employee who gives information aboutproducts and services to his family members, relatives and friends. This type of partnership reapseffective outcomes on the growth and development of companies. The customer loyaltystrategies make a significant effect on development and progress of firms. Due to the toughcompetition, firms have pressure to make cordial and strong relationship with their customers sothat more profits can be reaped (Tu Wang and Chang, 2012). There are many organisationswhich make investment to retain their customers. Generally, it is known that there is a positiverelationship between customer loyalty and firm’s profitability. c) Rationale of the study:In the modern business scenario, there have been a growing trend which has forced firmto change their traditional marketing methods to modern relationship methods of marketing .Under this procedure, several components make varied impacts on the loyalty of customers.Apart from this, relationship marketing and other concepts such as customer satisfaction and
customer loyalty strategies appeared in 1980s and 1990s. It is a very fresh subject and there havebeen various researches which have discussed about this topic. In the present study, factorswhich make their significant impact on customer loyalty in retail organisations of UnitedKingdom are being investigated. For this intent, Morrisons has been selected for the study. d) Research aim, objective and questions:Research aim: To analyse the factors which influence customer loyalty- A study of Morrisons,UK”.Research objectives:1) To investigate the factors which affect customer loyalty in Morrisons2) To understand the importance of customer loyalty in Morrisons 3) To recommend some effective strategies to retain and enhance customer loyalty Research questions: 1) What are the factors which influence customer loyalty in Morrisons?2) Why customer loyalty is important in Morrisons?2.0 LITERATURE REVIEWFactors that impact customer loyalty If a business organisation is not able to offer products and services to its customers whichwill satisfy them and if their rival firm are providing better deals after few months then there willbe very less chances to gain advantage of customer loyalty. Firm has to notice that loyalty is notmeasured in sales figure. Loyal and involved customers are the best brand advocates of businesswho act as the ambassadors for firm within their social group. According to Martínez and delBosque, (2013) core offer is one of the main factors that influence customer loyalty. It is notabout gimmicks or loyalty card programmes which put a direct impact on customer loyalty. It isthe main offer that decides how long will customer stay with a firm's products and services.Organisation has to know and understand what customer wants and then pay attention to it. Thisconsiders several variables such as location of firm, standards of products and services and theirquality. Paul and Rana, (2012) asserted that satisfaction also directly impacts customer loyalty toa great extent. Satisfaction is always expected by customers whenever they buy a product orservice. Even if they are satisfied with the products and services, then it is not essential that they
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