The influence of loyalty and reward schemes on buying the loyalty of consumers
Added on 2020-07-23
11 Pages3451 Words482 Views
Research Project
TABLE OF CONTENTSTitle..................................................................................................................................................11.1 Background of the research.......................................................................................................1Aim..............................................................................................................................................1Objectives....................................................................................................................................1Research Questions.....................................................................................................................11.2 Rationale....................................................................................................................................11.3 Literature review .......................................................................................................................21.4 Research Methodology..............................................................................................................4Research approach......................................................................................................................5Research philosophy...................................................................................................................5Research strategy........................................................................................................................5Research design...........................................................................................................................5Sampling.....................................................................................................................................6Data collection............................................................................................................................6Research limitations....................................................................................................................61.5 Time scale..................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
TitleTo understand the influence of loyalty and reward schemes on buying the loyalty of theconsumers. 1.1 Background of the researchConsumer loyalty programs are considered as that programs that involves providingrewards to the frequent customers of the company. The rewards can include coupons, extra off'son specified products, free merchandise etc. The loyalty of customers can be analysed if theyhave selected some particular or store for the whole purchasing. Instead of changing the stores orproducts, if the consumers, for an extended period, shops from a particular and specifiedcompany, in that case, it can be said that the reward and loyalty schemes can actually buy theloyalty of the consumer (Gómez, Arranz and Cillán, 2012). If the processes, products andservices of the company are effective enough, then it is quite easy for the organisation to attractthe customers. This in turn can also help in buying the loyalty of the consumers because it helpsin building a sort of trust. The report is about understanding that are the reward and loyaltyschemes actually effective enough that it buys the loyalty of the consumers. AimTo understand whether the loyalty and reward schemes are effective enough to buy theloyalty of the consumers. ObjectivesTo analyse the loyalty and reward schemesTo determine the relationship between loyalty schemes and the loyalty of consumers. To recommend ways for understanding the role of reward and loyalty schemes oncustomer's loyalty.Research QuestionsQ1 What do you mean by the reward and loyalty schemes?Q2 What is the relationship between loyalty schemes and the loyalty of the consumers?1.2 RationaleThe topic “Does the loyalty and reward schemes can act beneficial enough in buying theloyalty of the customers” has been chosen because nowadays, various organisations haveinvolved such schemes to check whether there are customers loyal to them or not. Although it isa tough task to do because there are enormous number of organisations that can provide every1
possible factor which is required by the customers. But, there are some customers that prefershopping from a few brands and stores only. For such consumers, often the organisation involvessome loyalty and reward schemes so that they can be able to get the loyalty of the consumers.Also, they can focus on maintaining high quality and standard products and services available sothat it can help in building a sort of trust between consumers and the firm. So, for analysing thisonly, the topic has been selected. 1.3 Literature review 1.Loyalty program rewards and their effect on perceived justice, customersatisfaction, and re-patronize intentions (Söderlund and Colliander,2015). - Accordingto this article, there are three kinds of rewards within a loyalty program – equity-reward,under-reward and over-reward. The article proves that loyalty programs have the abilityof not boosting member's loyalty, simultaneously as they can trim loyalty within non-members. It is important for the research project as it determines the impact of loyaltyprograms on developing customer loyalty. Loyalty program is an important element ofthis research project based on the behaviour of customers. The article is easy tounderstand and follow in order to identify the impact of loyalty programs on customersatisfaction. The other literature are not too much effective, this literature is not lengthybut it is easy to understand. The concept of consumer behaviour can be analysed andunderstood easily with the help of this article. Consumer behaviour is affected by theloyalty programs as discussed in the above article. Loyalty of customers is important tounderstand for ensuring the satisfaction of the customers.2.Corporate social responsibility as a determinant of consumer loyalty: Anexamination of ethical standard, satisfaction, and trust(Park,Kim and Kwon,2017). –This article describes that customer loyalty is a worthy forecaster of successful business.According to this article there are two main elements of Corporate social responsibilitycommitment and quality. This article is important for the research as it is essential tounderstand that value of corporate social responsibility as an element of consumerloyalty. This article includes relevant information regarding the Corporate socialresponsibility and its role in developing the customer loyalty but on the other hand theabove article is not easy to understand due to the typical language used. The earlier articlewas much more simple than this one and can be understood easily. This literature can be2
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