Consumer Buying Behavior: Marks & Spencer
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Added on 2019-12-03
Consumer Buying Behavior: Marks & Spencer
Added on 2019-12-03
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PROPOSAL:Impact of promotional strategies on consumer buying behavior:A case study on Marks and Spencer, London
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LITERATURE REVIEW................................................................................................................1Significance of promotion for business..................................................................................1Promotional strategies in retail sector....................................................................................2Consumer buying behavior.....................................................................................................2Impact of promotional strategies on consumer buying behavior...........................................3AIMS AND OBJECTIVES.............................................................................................................4RESEACH METHODOLOGY.......................................................................................................4Research philosophy...............................................................................................................4Research approach..................................................................................................................5Research strategy....................................................................................................................5Time-horizon..........................................................................................................................6Data collection........................................................................................................................6Data analysis...........................................................................................................................7Sampling.................................................................................................................................7Ethical issues..........................................................................................................................7TIME PLAN....................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONRetail Industry has developed significantly in the recent past to create an effective impacton the growth and development of national economies of countries. Consumers has diverse needsand preferences, the industry seeks effective measures to attain the same (Silayoi and Speece,2007). Promotional strategy is one of the most significant tool to enhance sales within theindustry. Retail consumers tend to shift easily to competitive firms thus impacting the sales ofthe company. Effective promotional measures help business units in attracting consumers toenhance the sales of the company (Saunders, Lewis and Thornhill, 2012). LITERATURE REVIEWThis segment of the study focuses on analyzing and evaluating the secondary researchdata for the current topic. It helps the researcher in creating a broad perspective about variousissues involved with the research topic and its impact on various businesses as well. It is atheoretical base for the current investigation which will help in determining the nature of wholestudy. Significance of promotion for businessPromotion is the key resource which helps in growth and development of the company orbusiness. According to Kotler and et.al., (2012) Promotion is an effective measures which helpsthe business in creating its identity and growth within the market. This help companies inunderstanding the needs and demands of consumers and developing various strategies to enhancesales within the market. Ghodeswar (2008) define promotion as an act of publicizing the productor service of he company in order to create wide market demand and sales. Promotion is a crucialpart of the business as it helps organization in strengthening its market position by enhancing thecompetitiveness of the organization. According to Deliya and Parmar, (2012) promotion is the food for the growth and successof business. Global market prospects and vast reach of the businesses has developed wideprospects for business growth within the economy. Consumers have immense options within themarket. Promotion is the tool which helps business in creating market demand by analyzingconsumer needs and presenting the products in such a way that it effectively meets the needs andrequirement of the consumers thus creating wide market demand. Hence it can be clearly1
determines that promotion is a specific tool which helps in linking consumer needs with productfeatures for the company. Promotional strategies in retail sectorRetail industry is the most vibrant and vulnerable industry in the economy. The businessoperations of the industry focuses on charging margin for making product of different companiesavailable to the ultimate consumers under one roof. Egan, (2007) examines that retail segments ishighly volatile and that small change in the strategies creates vast impact on organizationalgrowth and profitability. The industry is continuously growing and has developed vast marketcompetition.The most successful promotional strategies used by the retail sector include productconcession, price discounts, advertisements, delivery promotions, sales promotion etc. Thesestrategies focus on creating a wide impact on overall growth of the business firms. According toFinne and Strandvik, (2012) these are the most common measures to communicate productavailability within the market and enhance market sales. Product concessions includes strategiessuch as buy one get one free, cross product sale, free samples, weekly or seasonal discounts fordriving timely sales. Price discounts are the measures where the businesses offer significant percent of pricecut discounts on products, fixed price amount discount is also implemented by the businesseswhile discount vouchers are modern measures which help companies in enhancing market sales.In addition to this advertisement is one of the most common and effective means of promotion.Companies presently are focusing on developing effective and unique means of advertisementsin order to enhance market sales. Online advertisements are a developed and digital version ofadvertisement where companies target digital consumers as well. Consumer buying behaviorGilligan, (2012) defines consumer buying behavior as the decision processes and acts ofpeople involved in buying and using products. Organizations analyses consumers buyingbehavior efficiently in order to enhance the growth and development of the company within thecompetitive market. The buying behavior of the consumer helps in creating an effective impacton the organizational growth and development within the market. Consumer buying behaviorincludes the following stages. 2
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