Investigating the Impact of Multiple Pricing Strategy on Consumer Purchasing Behaviour: A Study of River Island

This study investigates the impact of multiple pricing strategies on consumer purchasing behaviour, with a focus on River Island. It explores the conceptual framework of consumer buying behaviour and the different types of pricing strategies used by River Island. The study also analyses the benefits of pricing strategies and their impact on consumer buying decisions.

INVESTIGATING THE IMPACT OF MULTIPLE PRICING STRATEGIES ON
CONSUMER PURCHASING BEHAVIOUR
BEHAVIOUR: A STUDY OF RIVER ISLAND
A RESEARCH SUBMITTED TO THE
UNIVERSITY OF CHESTER, CHESTER BUSINESS SCHOOL, CHESTER
CAMPUS, PARKGATE ROAD, CHESTER, ENGLAND, UNITED KINGDOM.
IN FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF
MASTER OF BUSINESS ADMINISTRATION (MBA).
MAY 2022
 The work has not been submitted to other institutions for any other degree, or
certificate in this university or any other university in England.
 Whenever I used materials (data, theoretical analysis, and text) from other sources, I
have given due credit to them in the text of the report and given their details in the
references.
 I have followed the guidelines provided by the university in writing the report.
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 The work contained in the report is original and has been done by me under the
supervision of my supervisor.
I declare that copying someone’s project, or part of it without proper acknowledgement
is wrong, and understand that failure to do so amounts to plagiarism and will be considered
grounds for disciplinary action to be taken against me.
I declare that there is no plagiarism in the dissertation apart from properly referenced
quotations. This is my research.
Student’s Signature: AKINOLA OPEYEMI SUNDAY OLAWUYI
Date: MAY 2022
DEDICATION
This thesis is dedicated to the highest God, my creator and master. Who kept me going
throughout my journey and gave me the inspiration, wisdom, knowledge, understanding and
divine favour, all glory to God.
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ACKNOWLEDGEMENT
Foremost, I would like to express my sincere gratitude to my supervisor, Ms Luisa
Goncalves Rosado for the continuous support of my research, her patience, motivation,
enthusiasm, and immense knowledge. Her guidance helped me in my research and writing of
this thesis all the time. Besides my supervisor, I would like to thank my PAT, Henry Sidsaph.
My sincere thanks also go to my gleaming brother (Lawyer Abiodun Adekoya), my wife
Oluwaseun Olawuyi, Prophet Mr & Mrs Adeyemi Adesina, DSC Popoola Olawuyi, Adekola
Olawuyi, Tosin Olawuyi, and my friends Segun Lagastar, Raphael Oluwadamilola for their
support and encouragement throughout the process.
Last but not the least, I would like to thank my mother for giving birth to me in the first
place and supporting me spiritually throughout my life.
God bless you all.
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ABSTRACT
The main purpose of conducting the present study is to analyse and investigate the impact of
multiple pricing strategies on consumer purchasing behaviour. To understand the conceptual
framework of consumer buying behaviour. There will be a detailed overview of the various
theories associated with consumer buying behaviour. It will help to develop a detailed
understanding of how changing consumer buying behaviour is affecting the present retail
sector organisations in the long run.
Research methodology is a step-by-step process that is applied to collect and analyse
information efficiently. In this, there are different types of research methods that are applied
for collecting as well as analysing data systematically. The present study has carried out a
qualitative secondary piece of data. This study has only considered a secondary type of
information data for addressing each question of the research effectively and efficiently.
It is recommended that in the past few years, there is complete changes in the way River Island
focus on analysing the changing nature of consumer buying behaviour. For this purpose, it is
suggested that in River Island, the brand can focus on getting deeper knowledge about product
sales and consumer purchases.
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Contents
TOPIC: Investigating the impact of multiple pricing strategies on consumer purchasing
behaviour…………………………………………………………………………………………………………………………………..8
1. INTRODUCTION............................................................................................................................8
1.1 Background to the research..................................................................................................8
Research aim:..............................................................................................................................9
1.2 Research question................................................................................................................9
Research Objectives.....................................................................................................................9
1.3 Justification for the research...............................................................................................9
1.4 Outline methodology……………………………………………………………………………………………………10
1.5 Outline of the chapters......................................................................................................10
1.6 Definitions..........................................................................................................................11
1.7 Summary............................................................................................................................12
2. Literature review.......................................................................................................................12
2.1 Introduction.......................................................................................................................12
2.2 Parent disciplines/fields.....................................................................................................13
2.3 Main theme, analytical models and applicability to research questions............................13
2.4 Conceptual model................................................................................................................22
2.5 Summary............................................................................................................................22
3 Methodology.............................................................................................................................23
3.1 Introduction.......................................................................................................................23
3.2 Methodological considerations.........................................................................................23
3.2.1 Justification for the selected paradigm and methodology.............................................23
3.2.2 Rejected methodologies and methods...........................................................................25
3.3 Research design.................................................................................................................25
3.4 Research methods / procedures........................................................................................26
3.5 Ethical considerations........................................................................................................27
3.6 Summary............................................................................................................................28
4 Data analysis and Interpretation..............................................................................................28
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4.1 Introduction.......................................................................................................................28
4.2 Data analysis......................................................................................................................28
4.3 Findings for each research question discussed in the light of the literature....................35
4.4 Summary............................................................................................................................37
5 Conclusions.................................................................................................................................37
5.1 Introduction.......................................................................................................................37
5.2 Critical evaluation of adopted methodology.....................................................................37
5.3 Conclusions about each research objective (aim).............................................................38
5.4 Conclusions about the research question/s......................................................................39
5.5 Limitations of study.............................................................................................................41
5.6 Opportunities for further research......................................................................................42
6. Recommendations.....................................................................................................................42
6.1 Implementation plan...........................................................................................................44
REFERENCES...................................................................................................................................45
APPENDIX 1……………………………………………………………………………………………………………………………..51
APPENDIX 2……………………………………………………………………………………………………………………………..52
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TOPIC: Investigating the impact of multiple pricing strategies on consumer purchasing
behaviour
1. INTRODUCTION
1.1 Background to the research
Pricing strategy is defined as the methods that an organisation uses to determine the
price of its product and services. It is an important element that allows a company to maintain
its performance and retain customers as well (Steinhardt, 2019). There are various factors that
an organisation considers while deciding on the price of products, such as resources, demand
and supply, customer segment, and the ability of customers and the market (Kramer et al.,
2018).
On the other hand, consumer buying behaviour is undertaken as an inseparable part of
marketing and is the study of ways in buying goods and services to satisfy the requirements of
customers. In the present period of COVID-19, the behaviour and pattern of customers towards
consuming goods as well as services has changed. Most of the customers preferred to buy good
and quality products, whereas some do not purchase goods because of the high price. At
present, organisations need to consider the situation and analyse the behaviour of customers
before setting the price of their products and services offered in the market (Zhang et al., 2021).
For the present report, River Island is chosen as a base company. It is a high street fashion
brand established in 1948 and headquartered in London, UK. The company offers men’s and
women’s accessories, clothing and footwear and has its presence globally (River Island, 2017).
Due to the changing situation of COVID-19, the company has adopted multiple pricing
strategies so that it can deal with the changing consumer purchasing behaviour. The company is
now facing an issue as it is not able to maintain its performance and attract customers to its
offerings. The present study helps identify the impacts of multiple pricing strategies on
consumer purchasing behaviour to deal with this.
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Research aim:
“To identify the impacts of multiple pricing strategies on consumer purchasing
behaviour”: A study on River Island.
1.2 Research question
 What is the conceptual framework and significance of pricing strategy that influences
customers?
 What are the different types of pricing strategy which used by River Island to sell its
products?
 What are the impacts of multiple pricing strategies on consumer buying behaviour?
 What benefits of the pricing strategy are taken by River Island to influence consumers
and make a buying decision?
Research Objectives
 To determine the conceptual framework and significance of pricing strategy that
influences customers.
 To state the different types of pricing strategies used by River Island to sell its products.
 To describe the impacts of multiple pricing strategies on consumer buying behaviour.
 To state the benefits of the pricing strategy that is taken by River Island to influence
consumers and make a buying decision.
1.3 Justification for the research
In the present situation of COVID-19, the behaviour and attitude of customers towards buying
the product has changed as they prefer quality and good products as well as services. Along
with this, some of the customers are not able to buy products offered by the company as they
are not able or willing to spend money on them. To deal with this and to maintain and retain
their customers, companies need to make use of appropriate pricing strategies by considering
the buying behaviour of the customer (Çakır, Li and Yang, 2021). The present study help
company deal with this situation and help the company to develop effective pricing strategies
effectively. Along with this, it also helps the organisation to analyse the benefits of using an
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appropriate pricing strategy along with its impact on buying decisions of its customer segment
(Koku, 2020).
1.4 Outline methodology
Research methodology is one of the significant parts of the dissertation as it explains the
tools and techniques used by the researcher to implement the study along with its justification.
The present study is based on secondary information as it will help to perform the study in a
detailed and effective manner. In addition to this, it also helps the researcher to gain the views
of various authors on a particular research topic further leading to the development of valid
and reliable conclusions (Mahapatra et al., 2021).
Interpretivism is a research philosophy that is taken into consideration as it assists to
collect and evaluate secondary data without any issues (Hürlimann, 2019). An inductive research
approach will be used as it is more appropriate and useful to follow research questions
associated with the dissertation. A literature review has been applied as a research strategy as
it facilitates the gathering and analysing of secondary data about the topic. Moreover, the
presentation and findings are analysed with the help of thematic analysis. This helps in
presenting the findings in more effective ways based on the secondary information.
1.5 Outline of the chapters
It is the main and significant part of a study which assists the reader in the overall
identification of the structure of the dissertation. Various chapters have been included to
complete the study systematically and effectively. The research worker needs to develop an
effective outline to conduct the study as it assists in executing all the activities of research
properly because of which research objectives are attained timely and effectively. The chapters
of the present study are given below:
Chapter 1: Introduction: It is the first and most important part of the dissertation which
consists of detailed information regarding the research aim and objectives, an overview of the
topic, background of the study, justification of the study, research questions etc. All these are
the significant and main aspects of this chapter which are essential for the reader in the
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determination of chapters. The main purpose of this chapter is to effectively develop the
research aim and questions as other chapters are based on it.
Chapter 2: Literature review: This chapter consists of secondary information collected from
various sources such as books, articles, magazines, journals, and publications. The main
objective here is to identify research gaps from previous studies. With the help of this, the
investigator can fulfil the research gap appropriately.
Chapter 3: Research methodology: It is another vital chapter of the dissertation which
consists of tools and techniques, methods, data analysis and the methods used for data
collection. In addition to this, it includes methods which are research approach, research
design, research philosophy, research ethics and data collection. These are useful and
important parts which will be applied to implement the study systematically. The main purpose
of this section is to gather information from various sources and attain valid results for the
study.
Chapter 4: Research and findings: It is the fourth chapter of the dissertation that is
associated with the literature review. In this, the research worker finds and analyses outcomes
that are based on secondary information. Furthermore, the main objective of this chapter is to
discuss and find out results from secondary information systematically and effectively.
Chapter 5: Conclusion: This chapter takes place after the overall information is collected
and findings are developed. It is necessary for doing any nature of dissertation and includes the
entire data of the study briefly. This will further assist the researcher or reader in the
identification of whether objectives associated with research are attained or not.
Chapter 6: Recommendations: It is the last chapter which consists of some
recommendations associated with the topic. If there is less information regarding the topic and
its influence on industry and business, then there is a need to provide some suggestions to deal
with the issues appropriately.
1.6 Definitions
Pricing strategy: It is referred to as the methods which an organisation used in other to
price its products and services offered by them in the marketplace (Pricing strategy, 2019).
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Along with this, it is a tool that is used to fix the price of specific products by considering
different factors such as demand and supply, market conditions, resources, need of the product
etc (Dhen, 2022).
Consumer purchasing behaviour: It is referred to as the actions considered by consumers
before purchasing goods and services (Consumer buying behaviour, 2020). It is also the study of
ways of purchasing and disposing of products, ideas, and services to satisfy the requirements as
well as wants of customers (Seaman, 2018).
1.7 Summary
The above chapter summarised the research aim and objectives, and the research
questions based on which the overall study is conducted. Along with this, the justification of the
research and the methodology are briefly presented along with the structure of the
dissertation. The researcher needs to develop this chapter effectively as, with the help of this,
the dissertation can proceed in a detailed and appropriate way. Furthermore, it consists of all
the chapters and activities that lead research to complete a dissertation promptly.
2. Literature review
2.1 Introduction
A literature review is the overview of published work on a particular topic. In addition to
this, it is a piece of academic writing which demonstrate the basic understanding as well as
knowledge of academic literature on a particular topic (What is a literature review, 2020). It is
the secondary information that is gained through various sources such as books, articles,
journals, and online polls. The main objective of the literature review is to identify the gaps and
then fulfil them with the help of research questions (Ngendakuriyo & Taboubi, 2017).
In previous studies, there is a discussion about the importance of pricing strategy in the
context of the organisation. Along with this, there is information about various forms of pricing
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strategy that lacks data about the impact of multiple pricing strategies on consumer purchasing
behaviour. To fulfil this gap, some research questions were developed.
2.2 Parent disciplines/fields
The parent discipline field of the present research is based on different elements which affect
the pricing strategies. It encompasses the impact of pricing strategies on the consumer buying
decision. Here, pricing strategies put a major influence on the decision-making of the
customers. Pricing has a major influence on the overall process of consumer decision making
and it is possible to enhance the overall sales and revenue by making appropriate use of pricing
methodology (Nair, 2021).
For this reason, it is possible to earn substantial revenue and profit margin by setting adequate
pricing.
2.3 Main themes, analytical models and applicability to research questions
Basic conceptual framework of pricing strategies
A pricing strategy is a model which is implemented to determine the best possible price
of a product or service. It helps in choosing a suitable price to earn a higher amount of profit in
an efficient manner (Pricing strategy, 2019). The pricing strategies are used to earn profits while
providing value to various stakeholders (Hinterhuber & Liozu, 2019). Pricing strategy is
affected by ample internal as well as external elements which are mentioned below:
Brand positioning: If a brand is positioned positively, it helps in attracting ample people.
A positive brand position allows a company to charge a higher price from the customers. In
addition to this, a brand positioning also enables the organization to provide valuable products
to the customers so that they get ready to pay an additional amount (Rashid, 2019).
A pricing strategy is a model which is implemented to determine the best possible price
of a product or service. It helps in choosing a suitable price to earn a higher amount of profit
efficiently. The pricing strategies are used to earn profits while providing value to various
stakeholders (Moshirian et al., 2017). Pricing strategy is affected by ample internal as well as
external elements which are mentioned below:
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Revenue goals: The pricing of a company is influenced by its revenue goals. Every
organization aims to earn higher profit therefore, they determine such pricing which helps
them in meeting the revenue goals.
Consumer demand: Demand puts a tremendous impact on the overall pricing. Higher
demand strengthens the positioning of a company and makes them eligible to charge high
prices from the customers. High demand facilitates enhancement in the overall pricing that
further leads the organization towards sustainable growth (Yu & Kim, 2018).
Competitors’ pricing: It refers to the price that is being charged by rivals of a company
from its customers. It is often seen that customers are likely to compare the pricing and quality
of goods of the organization with their rivals (Steinhardt, G., 2019). Therefore, it is crucial to
analyse the pricing strategy of the competitors while setting their pricing.
Market and economic trends: These are analysed that marketing trends also play a
major role in the formation of pricing strategy. However, market and economic conditions are
likely to fluctuate over some time (Chen & Xie, 2017). Hence, there is a requirement to analyse
the prevailing marketing trend while setting the price of a product or service.
Cost-based pricing model:
It is the most common and widely used pricing model wherein the price is determined
based on the cost incurred during production. Here, the cost is used as the main base for
determining the final price of the product that will be offered to the final users (Pricing models,
2022). The main aim of every company is to recover the cost. In this, the price is determined
based on 2 to 3 times multiple the cost of production (Lang et al., 2017).
Market pricing model:
Market conditions are taken into consideration while using this strategy. In the present
era, it is quite easy to gather information regarding different marketing elements which make
an organization enable to set adequate prices (Oztaysi, Onar and Kahraman, 2020). With instant
internet research, it is possible to get information regarding competitors’ pricing and the firm
can set their price accordingly.
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Portfolio pricing model:
It is wise to use this strategy when the entity is offering a range of services. Here, the
business managers set pricing which is suitable for the entire portfolio of the product or
services (Salvi et al., 2021).
Conceptual framework and significance of pricing strategy that influences customers
As per the viewpoint of Wickford (2019), there are various factors of pricing strategy that have
a major influence on the consumers. There are four Ps in marketing which comprises
placement, promotion, price, and product. Various factors have a major influence on the setting
of the price for a particular service or product and it also has various internal and external
factors it also depends on the prices that keep on fluctuating over some time. An organisation
needs to ensure that an effective pricing strategy will be developed as it helps in attracting
many customers and help in maintaining performance in the marketplace. To analyse the
significance of pricing strategy, a competitive pricing strategy is used as a framework which
involves prices of a service or product which are highly based on the prices of the competition.
Whether you are in a competitive pricing strategy or not it is always important to take your
competitor's pricing into account (Koku, 2020). The laws of demand and supply should always
need to keep in mind while setting prices for the service or products (Bozev et at., 2020). The
setting of the prices without a grasp of brand objectives can easily destroy the brand-building
efforts. Price is an important aspect of the brand image. For example, Walmart has built its
empire with its low pricing strategy and companies such as Tiffany and Co, whose customers
expect high-end pricing. In context the companies, if they want to make a profit on the sale of
the products it is important to charge a high price as it involves the product cost and
transportation cost. The cost of any product or service plays a very important role and it is
important to keep the prices according to the category of the product or service (Faith, 2018).
Pricing plays a major role in the overall organisation's marketing strategy, and it is
important as it mainly affects the product's positioning and influences the best way for the
objective to promote a product or service (Price as a Competitive Weapon, 2019). Various
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pricing strategies are followed who have a major influence on the customers and it consists of
Skim Pricing, Strategic Pricing, discount pricing and various other pricing strategies. Skim pricing
involves shifting the focus away from people and this type of pricing framework works as an
effective strategy when an organisation delivers a product or appears to be delivered (Naumko,
and Kaliuzhna, 2019). Another pricing strategy involves the discounted pricing that helps in
reducing profits and always involves the plan of selling in high quantity and pursuing such type
of pricing strategy can result in harming the company's image. Furthermore, discounting your
prices or offering low prices may result in customers lacking confidence in the company's
product (Lin et al., 2017). The organisation needs to be free from the pressure of trying to
compete on prices. In such cases, it becomes difficult for a small retailer to compete in the
prices against companies such as Walmart or Target. The organisation focuses on changing its
pricing games by setting profit margins that will help in providing a tangible or reasonable profit
(Huo, 2021).
Different types of pricing strategy which used by River Island to sell its products
As per the viewpoint of Hammett (2018), the organisation (River Island) is an important
part of the British High Street for the last 30 years. In the context of the UK retail sector, there
has been a dramatic transformation due to various factors such as changes in consumer needs,
the rise of e-commerce, rapidly evolving technology, and inflated business rates. About River
Island, the organisation uses various pricing strategies to attract many customers and sell its
products. The organisation sells their products at a massive level and attracts customers using
the skimming strategy to attract the customers (Rida & Ibrahim, 2017). The organisation
focuses on lowering the prices and starting with a higher initial price. These pricing strategies
involve the sales that help in attracting customers. In context, price skimming is a product
pricing strategy that involves the price which is charged by the organisation. Under a price
skimming strategy, an organisation initially charges a high price for the products and then over
time, the organisation lowers the prices. In the context of price skimming, the organisation uses
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these strategies to recover the cost of development (River Island hopes Renewed Customer
Experience, 2018).
The skimming price strategy stimulates the mind of the prospective customers who are
ready to buy a product at higher prices as the high prices do not attract the competitors. There
are most common pricing strategies that involve penetration pricing which involves setting a
low price with the objective to enter the competitive market and further raising it. Another
pricing strategy is the cost-plus pricing strategy which involves the process of calculating the
costs and afterwards adding up a markup. A competitive pricing strategy involves setting up a
price which is based on the costs charged by the competitors. Value-based pricing involves
keeping or charging the cost based on the willingness of the customers to pay for a particular
product (Taleizadeh et al., 2018).
About the organisation, price skimming helps in building a perception and quality image of the
product. It helps the organisation to recover its costs of development and helps in generating
high-profit margins for the organisation.
Premium pricing is generally charged by the business entities which create high-quality
products and market those products to high-income groups of people. The customers get ready
to pay a higher price for a product if they found that such product is worth it. To charge a
premium price, it is required to produce high-value products so that the customers get ready to
pay the extra amount (Steinhardt, 2019). There is another pricing strategy for those people who
wish to save the amount on whatever goods or services, they are buying. It is a suitable strategy
to target such an audience who are looking forward to saving the maximum amount. With this
strategy, it is possible to gain the attention of a low and medium-income group of people
(Hinterhuber & Liozu, 2019).
As a result, it provides an opportunity for the company to target a huge audience
efficiently. Therefore, there are different types of pricing which can be adopted by a company
to ensure an adequate number of sales and revenue within the organization (Faith, 2018). It is
important to consider various factors such as purchasing power of customers, profitability and
much while selecting a suitable pricing strategy for the company.
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In the context of River Island, the organisation to attract customers is focusing on
renewing the experience of the customers and is focusing on increasing the use of digital
channels and platforms (Dementiev, Evsukov and Ustyuzhanina, 2020). The company's pricing
strategy helps the organisation attract customers and helps in increasing sales and generating
profits. The organisation firstly increases the price of the products and over the period it
reduces the prices of its products and services (Koku, 2020). Through the help of a digital-only
channel, the organisation can create a strong presence and opportunity and can deal with the
various challenges and hindrances.
Impacts of multiple pricing strategies on consumer buying behaviour
As per the viewpoint of Anwar (2021), Price plays an important role within an
organisation and has a significant impact on how the consumer behaves. An organisation needs
to set the price of its products and services by considering factors such as demand and supply,
target market, consumer requirement, the willingness of the customer segment and customer
demand. If consumers believe that the price charged by them is low than their competitors
then it develops a major hike in the sales that further increases the profitability of an
organisation (Pricing strategies and its impact on consumer behaviour, 2021). It is analysed that
if the price of a product and service is high then it negatively affects the performance of a
company. An organisation needs to set an appropriate pricing strategy as it helps in attracting
and retaining customers for a longer time frame. It is determined that there is both positive as
well as negative influence of pricing strategy on the buying behaviour of customers. Setting a
lower price than the expected price has various sets of impacts on the consumer (Hinterhuber
and Liozu, 2019). It is analysed that price-conscious customers are grateful for the price break
and is possible to stock the items which are of lower price. If an organisation adopts multiple
pricing strategies, then it helps the company to attract many customers and fight with its
competitors but on the other side, it arises a high cost to the organisation that declines the
profitability and revenue level of the organisation (Zhang & Wang, 2018). The price set for the
services or products plays a very important role in the behaviour of consumers. It may result in
a spike in sales if the consumers are believing that the prices an organisation charge is lower
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compared to its competitors (Liu, Zhai and Chen, 2019). In case the prices set are higher than
expected it might result in disappointing results and it might result in a change in prices due to
unexpected results which can arise from the consumer buying behaviour. Before an
organisation raise the prices of the service or product it can help in easy understanding of the
influence and effect it can have on the behaviour of the consumers and might result in turning
the consumers off (Roma et al., 2019).
According to Santos (2021), different pricing strategies can be adopted by a company
which depend on various factors like buying capacity of the consumer, profit, quality of product
etc. Pricing strategy has a direct impact on the buying decision of the individuals. Most of the
customers look forward to getting quality products at a reasonable price. In this situation, the
companies that are working on economic pricing can easily attract customers. Here, the buyer
will be able to get appropriate products at an affordable price. It is analysed that middle and
lower-income groups of people are likely to get influenced by discounts and other lucrative
offers (Santos, 2021). This is a reason that promotional pricing can easily get the attention of
buyers as they might purchase the product lower than the market rate. If buyers believe that
the company is charging lower amounts than the competitors, it could bring a spike in the
overall sales and revenue (HOU, Wu and Kong, 2021). On the other side, a higher price than the
expectation can affect the purchasing power or behaviour negatively. To stay in the
competition, it is imperative to work on competitive pricing. In this context, it is required to
embark on promotional offers so that customers can prefer a particular brand over others
(Andersson and et. al., 2022). On another side, certain people are interested in purchasing high-
value products and are even ready to pay some extra amount, if they are receiving quality
goods. To leverage this behaviour of the customers, companies implement premium or value-
based pricing. The behaviour of such customers does not change by the slight increment in the
price as they associate the quality with the price of the product. Therefore, there are ample
pricing strategies which can be adopted by an organization based on certain factors. The pricing
strategy adopted by the company has a profound influence on the purchasing behaviour of the
customers in the marketplace (Ampountolas, Shaw and James, 2019).
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The benefits of pricing strategy are taken by River Island to influence consumers and make
decision
According to (Nagle & Muller, 2017), pricing strategies put a major influence on the
decision-making of the customers. Pricing has a major influence on the overall process of
consumer decision making and it is possible to enhance the overall sales and revenue by
making appropriate use of pricing methodology. For this purpose, companies are likely to work
on different pricing strategies so that they can influence the decision making of the customers.
For example, if companies are offering discounts, it helps in attracting buyers. Lower pricing
helps in gaining the attention of the individuals and it also provides competitive benefits to the
organization. In addition to this, customers also prefer to get quality products at affordable
prices. Therefore, they also get attracted to the organization which eventually leads the sales
and profit margin of the entity at a higher level. Different pricing strategies have different
benefits in terms of perception of the customers, quality, sales, profit and more (Advantages of
pricing strategy, 2018). Value-based pricing delivers value to the buyers in return for the
product, they are purchasing from the company. It is important to satisfy the customers
efficiently. Additionally, promotional pricing helps attract buyers as it differentiates a company
from others. In this, the organizations offer various discounts and other such offers to the
individuals which eventually make a unique image of the organization in the marketplace. With
this, it is easy for the company to set a unique identity in a competitive marketplace. There is
premium pricing that is used to set a different perception in the mind of the buyers (Jansen et
al., 2017).
Premium customers are likely to get attracted to the products or services based on the quality.
Here, the firms can charge a high price from the buyers by making slight improvements in the
quality of products or services. Therefore, the pricing has the advantage to make the product
appealing to the customers (Chen and et. al., 2018). By setting a suitable price, it is possible to
attract individuals efficiently. Here, pricing is the major factor that is considered by the
customers while making a purchase. A company can make the product attractive by setting an
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appropriate price. In addition, pricing has the potential to cover the cost. In this context, the
organization can easily cover the cost by setting a suitable price. Cost and price components are
significantly associated with each other. The main aim of every organization is to set an
appropriate price so that the cost can be covered. As a result, the firm can earn the potential
amount of profit efficiently (Xing, Liu and Chen, 2018).
According to John (2020), in the case of River Island, they are using different pricing
strategies which have a direct influence on the buying decision of the buyers. Here, the pricing
makes the company unable to cover the cost to earn a significant amount of profit in the future
period. Cost is an important element of the overall production. By setting a suitable price, the
organization can easily cover the entire cost which further reduces the overall cost of
production and makes the entity enable to earn the potential amount of profit. In addition to
this, the pricing strategy also benefitted the company in terms of setting its unique image in the
marketplace (River Island, 2020).
Here, the organization can easily set a unique identity by including different elements in the
pricing strategy. For this purpose, they offer discounts, coupons and other lucrative offers
which might prove useful in gaining the attention of the customers and further will lead the
company towards higher sales and profitability. Pricing has a direct relation with the profit. For
this purpose, the organization determines the price after considering ample elements. They
have been set at price in such a way that will prove beneficial in the future period (Qiao, Shi and
Xu, 2019). Due to unique pricing strategies, they can grab the attention of several buyers which
will further lead the entity towards success. Additionally, a pricing strategy will help the
organization in enhancing its goodwill in the marketplace. With this, they can set a unique
image that will provide competitive benefits to the company in the future period. Therefore,
the pricing strategies of the entity are highly beneficial in terms of enhancement in the sales
and profit margin in an efficient manner.
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2.4 Conceptual model
Apart from the above-mentioned models, there are some other frameworks which can be used
by the company to set adequate pricing. These models are outlined as follows:
Value-based pricing model: Value-based pricing uses the perception of customers to set
the price for a particular product or service. Implementing this strategy is based on measuring
the ideas of the customers regarding the products. Here, the cost of production is not a
considerable factor hence it is the best suitable strategy when prices exceed a slight margin. It
is wise to implement value-based pricing for luxury goods or products (Value-based pricing,
2020). In this, customers are willing to pay a premium price as they are familiar with the brand
name and its prestige in the market.
Penetration pricing model: While a company is entering a new market, it is highly
advisable to keep the price lower at the initial level. Keeping the price low, initially helps in
gaining the attention of the buyers. With this, it is possible to ensure high sales than
competitors. Low price helps in gaining the attention of new customers which is important to
sustain in the competitive business environment for a longer duration (Liozu et al., 2017).
Skimming pricing model: Here, the higher price is charged initially which reduces over the
period. Business entities which have been made a positive image in the market can use this
strategy efficiently. Initially, a high price is set for the products or services to capture the
attention of the target segment (Avinadav et al., 2017). Reducing the price over time helps in
efficiently enhancing the target audiences.
2.5 Summary
Out of the above-mentioned information, it is analysed that pricing strategies are about
determining the price of a particular product or service to make it available to the customers in
the market. It is analysed that there are various types of pricing strategies implemented by
River Land which benefited the company in terms of making the product appealing and
enhancing the sales and revenue efficiently.
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3 Methodology
3.1 Introduction
Research methodology is one of the important parts of the dissertation as it represents the
methods, tools and techniques used by the researcher to conduct the study. About this, the
research worker needs to make use of appropriate research methods as the overall results or
outcome of the study is based on it the research methodology consists of various aspects such
as research philosophy, research design, research choice, data collection, and data analysis and
research instruments. In addition to this, using appropriate methods allow research worker to
attain valid and positive conclusion (Bairagi & Munot, 2019).
The main objective of this section is to provide information about research methods adopted
along with their justification that further leads to a collection of appropriate and accurate
information. The research methodology of the present dissertation is given below:
3.2 Methodological considerations
Quantitative and Qualitative are two major research methodologies which are often used
by the investigator to draw meaningful outcomes efficiently. Quantitative research
methodology refers to using numerical and statistical techniques to get reliable and systematic
results. It is used to collect, analyse as well as interpret the information using numerical and
statistical techniques. On the other hand, the qualitative method refers to collecting in-depth
and detailed information from different sources such as case studies, group discussions and
more (Flick, 2020).
Out of the two methodologies, the present study is based on qualitative analysis wherein the
information has been gathered from different sources to attain the pre-defined research goals
and objectives.
3.2.1 Justification for the selected paradigm and methodology
A research paradigm is defined as the approach which is used to investigate that has been
appropriately verified by the researcher. Along with this, it is a set of common agreements and
beliefs regarding how issues are addressed and understand as well. It is analysed that the
research worker needs to make use of an appropriate research paradigm as it helps in
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addressing the research question effectively and properly. The research paradigm is categorised
into various forms that are ontology, epistemology, and Axiology (Gursoy et al., 2020).
Epistemology is mainly associated with the acceptance of knowledge within the study field and
is also a philosophical view to seek reality. On the other side, ontology is the reality of
knowledge and information which exist, and that the investigator wants to seek. In the context
of the present study, Epistemology is taken into consideration (Kumar, 2018). One of the main
reasons to select this is it assists to know the reality and is help research workers get the
answer to research questions. Along with this, it is also suitable for conducting secondary
research in a cost-effective and timely manner. It also allows research workers to collect
qualitative data which is the basis of the present investigation.
Epistemology is associated with the type of knowledge and manner of learning as well as
knowing about reality. It is mainly categorised into two various forms that are positivism and
interpretivism (Mukherjee, 2019). Positivism research philosophy assumes that information is
independent of a particular area of study whereas interpretivism research philosophy state that
a person observes their perception and understanding of actuality (Lopez, 2021). To carry out
the present research on the impacts of multiple pricing strategies on consumer purchasing
behaviour, interpretivism philosophy is taken into consideration as it is much valuable and
suitable to gather as well as evaluate secondary information without any issues. One of the
main reasons to choose this philosophy is it focuses on secondary information and help
research worker in attaining appropriate and valid results of the dissertation in an effective as
well as efficient manner.
Research methodology: It is defined as the specific technique and the procedure that is
mainly used to identify, process, select and analyse data on a specific topic. Along with this, this
section allows the reader to evaluate the overall reliability and validity of the study. It is
significant for the research worker to make use of an effective method to research so that valid
and appropriate conclusion can be drawn (Shields, 2019). Two forms of research methodology
are qualitative and quantitative. Quantitative research is mainly conducted to confirm and test
assumptions and theories and is expressed in graphs and numbers (Mukherjee, 2019).
24

On the other side, qualitative research is used to understand experiences, concepts and
thoughts and is expressed in words. Along with this, it enables research workers to collect in-
depth insight regarding the topic. In the context of the present study, the Qualitative method is
used as it helps in gathering secondary information in less time and cost. In addition to this, it
also allows research workers to explore the concepts as well as theories to achieve research
objectives (Thomas, 2021). Moreover, it also helps research workers to attain valid and reliable
conclusions effectively and appropriately. It is analysed that the qualitative method allows
understanding the concepts and incorporates experience due to which research objectives are
fulfilled (Knottnerus and Tugwell, 2018).
3.2.2 Rejected methodologies and methods
The rejected methodology is quantitative as it is not appropriate for the study and to
conduct the secondary investigation (Daniel, 2018). Along with this, it also consumes high time
and cost for the researcher which sometimes leads to ineffective execution of research
activities and non-attainment of research objectives as well. The ontology research paradigm is
not taken into consideration for the present study as it does not include any secondary
information on which the whole study is based. Along with this, they deal with whether the
issue the existence is here or not. On the other side, positivism philosophy is not undertaken in
the present study as it assumes that everything is measured and tends to be inflexible as well
(Patston et al., 2021).
Apart from this, positivism research philosophy claims certainty that considers only scientific
and valid knowledge. Moreover, positivism philosophy is not appropriate for qualitative study
as it requires significant time and access to different research sites for gaining in-depth
knowledge and study (Acharyya and Bhattacharya, 2019).
3.3 Research Design
It is an important as well as an essential part of research methodology which allow
research worker to identify, interpret as well as collect data. Research design is mainly of three
types exploratory, descriptive, and experimental as well. It is analysed that all these are
valuable and effective forms of research design which assist research workers in the
25

identification of issues associated with research (Peterson, 2019). Exploratory research design is
conducted regarding a research problem and relies on it to predict a result. Descriptive
research design aims to develop data to systematically describe a situation, phenomenon, or
population as well. The experimental research design refers to the procedure of carrying out a
study with the objective so that a particular conclusion can be drawn with an appropriate
hypothesis (Walker et al., 2018). To conduct the present study on the influence of pricing
multiple pricing strategies on consumer purchasing behaviour, the exploratory research design
is appropriate as it assists in providing knowledge regarding the nature of the research
problem. Along with this, it also helps research workers to analyse secondary data for literature
review effectively and systematically.
3.4 Research methods/procedures
Research philosophy: Research philosophy is a crucial part of the overall research as it
relates to the beliefs and assumptions regarding a particular phenomenon. The major types of
research philosophy are interpretivism and positivism (Ross and Call-Cummings, 2020).
Interpretivism philosophy is used to evaluate different elements of research work efficiently
whereas positivism is based on implementing numerical and quantitative observation to get the
best possible outcomes to accomplish the research project. In the given context, the
interpretivism approach has been selected as it will help in getting reliable outcomes based on
the analysis of different elements.
Research approach: It signifies the plans and procedure to accomplish a research
project efficiently. Inductive and deductive are the two major research approaches which are
used to collect, evaluate as well as interpret the data appropriately. For the given project, the
deductive approach is taken into consideration. This approach will help in analysing the already
existing information appropriately (Rodrigues and Rosa, 2019).
Research strategy: It refers to the plan that is prepared to complete a project
systematically. These are the plans, and strategies which guide the investigator to accomplish
the research on a particular topic in an efficient manner (Ross & Call-Cummings, 2020). In this
context, there are ample strategies used by the researcher. The present study is based on an
26

analysis of a systematic literature review that will help in the collection of detailed and in-depth
information from the available source of funds (Walker, Lin and McCline, 2018).
Research choice: Research choice is divided into three parts; multi, mixed and mono
methods. In the given context, the mono method has been chosen as it is based on the analysis
of a particular topic to complete the entire research work successfully (Flick, 2020). Here, the
respective method will help the investigator to develop significant knowledge of the research
topic.
Data collection: Data collection is the most important part of the entire research work.
In this context, primary and secondary data are used to gather a significant piece of information
to complete the research work (Tayebi Abolhasani, 2019). Raw and first handed information is
gathered in primary data collection whereas secondary sources are based on using different
websites, articles, journals and more (de Vries, 2020). The study is based on secondary sources
wherein data has been gathered from various sources like websites, articles and publications.
Through this, the investigator will be able to develop significant strategies for the future growth
of the research project.
3.5 Ethical considerations
Ethics is a valuable and important part to perform an investigation as it assists the research
worker in completing of study legally and ethically. Secondary data varies in the context of the
amount of finding information in it. If the information has no identifying data, then it does not
require complete review by the ethical board (Abolhasani, 2019). The use of secondary data
must meet various ethical conditions that information must be identified earlier than released
by the researcher. In addition to this, the consent of research subjects is presumed logically and
appropriately (Brandenburg and McDonough, 2019). There is various research ethics principle
that needs to be followed by the investigator while conducting secondary data.
The principles are discussed below:
 It is significant to collect data from valid and reliable sources as it helps in developing
appropriate conclusions and assists to neglect any ethical issues (Camic, 2021).
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 It is important for the investigator to be beware to if any of the data is used in collecting
data. It is vital to take consent in a way which might be probable and did not create any
harm.
3.6 Summary
In the present project, qualitative methodology is used to collect in-depth and detailed
information. Interpretivism philosophy has been selected to develop significant knowledge
regarding pricing strategies. In the context of the research approach, the deductive approach is
implemented to analyse the already existing information appropriately. For research, secondary
information will gather from various sources such as websites, articles, publications etc.
4 Data Analysis and Interpretation
4.1 Introduction
In research, data analysis is imperative to gain significant information regarding a
particular topic. It helps in analysing the information appropriately so that the research goals
and objectives can be attained (Newman et al., 2021).
In data analysis, already present information is evaluated effectively. This section of the report
will cover the suitable table, charts and graphs which are used to develop valuable inferences
for future betterment (Tabuena, Hilario and Buenaflor, 2021). The impact of different pricing
strategies on the success and growth of the company has been evaluated in the respective
section. In other words, it will prove helpful in developing a significant knowledge base
regarding the pricing strategies of the organization.
4.2 Data analysis
Theme 1: Conceptual framework and significance of pricing strategy that influences
customers
Pricing is an important element that plays a crucial role in the success and growth of a
company. It is about determining the cost of products and then setting such a price which can
be easily afforded by the target segment. Whether customers will purchase or not purchase the
product, completely depends upon the pricing. It is crucial to consider various elements while
28

setting the price of a particular product or service. Profit also gets affected by the price of the
product set by the organization. While purchasing the product, customers are likely to consider
the price of that product. Every customer has a different buying capacity (Pricing, 2019).
If the company can match the requirement of their target customers, it helps in ensuring
success and growth in the future period. Pricing has the potential to cover up the cost so that
the entity can manage to earn a significant amount of profit. For example, it has a direct impact
on profitability which is crucial to running an organization for a long period.
From the above graph, it is analysed that there are several factors which caused changes in
the overall price of a product or service (Hounslow, 2018). These factors have been identified
as cost, demand, competitor’s change, exchange rate and more. It is monitored that 3.5 % of
firms are witnessing an increase in cost who are increasing the price. Demand has also been
29

analysed as a crucial factor in a price change. It is monitored that 2.7% of those who are
increasing prices are analysing the changes in the price (Price-setting Behaviour – Insights from
Australian Firms, 2010).
On the other side, there are some firms which are decreasing prices and are also witnessing a
change in their overall price due to the demand in the marketplace. The factor which is least
affecting the price of those firms which are reducing prices is a regular adjustment. Likely, the
firms which are increasing prices are the least effective by the exchange rate.
Theme 2: Different types of pricing strategy which used by River Island to sell its products
In the market, various pricing strategies are used by the companies to gain the attention of
the buyers. The pricing strategies are adopted to make a unique image of the company in the
marketplace (Types of pricing, 2021). Every strategy is used for a particular purpose. However,
it is imperative to consider various elements such as perception of customers, profitability,
revenue, sales and much while setting the price of a particular product or service. It is analysed
that price put a tremendous impact on the buying behaviour of the individuals hence it is vital
to make to set such a price that customers get easily attracted towards the products.
(Figure: Pricing strategies) Source: (Marketing insider, 2018)
30

It is monitored that pricing strategies are a crucial component of marketing. It is based on
determining the price of a particular product or service so that it becomes appealing to the
buyers. For this reason, various pricing strategies are used by the companies. Cost-plus pricing
is about determining the value of products by the overall cost incurred during production. In
this, the cost is majorly divided into two parts: fixed and variable. While determining the price
all the costs are combined to determine the overall cost of the product. Another is marginal
cost pricing wherein the price is determined based on the changes in the overall cost of
production. It is highly useful to use this strategy when the organization has short-term
capacity. This is not an appropriate strategy for a longer period. Nowadays, demand-based
pricing is often used by organizations wherein the marketers consider the prevailing demand of
the product in the marketplace. It allows the price to go up when demand increase and go
down when demand is weak. To work on such pricing, it is imperative to stay aware of the
current trends of the market. For this purpose, it is required to make forecasts regarding the
demand and supply of the product in the marketplace. In psychological pricing, sellers are likely
to consider the psychology of the buyers before setting a particular price for the product. If the
quality of the product is higher, customers also get ready to pay a higher price for such
products otherwise vice-versa.
(OVERVIEW OF PRICING STRATEGIES – FINDING THE RIGHT PRICING STRATEGY FOR YOUR
PRODUCTS, 2018). Therefore, there are various pricing strategies are adopted by the respective
company that has a direct impact on the existing sales and profit margin (Xu & Tao, 2021).
Theme 3: Impacts of multiple pricing strategies on consumer buying behaviour
Various pricing strategies can be adopted by a company. Different pricing strategies put a
profound impact on the overall decision-making of the individuals. A promotional pricing
strategy is important to gain the attention of the buyers. It helps in setting a unique
presentation of the company in the market. Apart from this, premium pricing provides quality
satisfaction. High-income group people often associate price with quality thus likely to purchase
31

higher valuable products at a premium price. In addition to this, discount-based pricing helps
facilitate positive changes in the behaviour of the customers. To ensure success in the
competitive market, the entities often reduce the overall price so that customers get attracted
to their offerings. Making modifications in the price is useful to set a unique identity on the
company that is important to ensure long-term growth and success of the business efficiently.
Price is the first and the most crucial factor that is considered by the buyers while making a
purchase. Here, the buyers are also likely to consider other elements like the quality, availability
and during the purchase. An organization must choose a suitable pricing strategy to gain the
attention of the buyers efficiently.
From the above graph, it is analysed that customers are likely to consider ample factors
while taking a particular decision of buying or not buying a particular product. Pricing plays an
important role in the decision-making. It is monitored that 32.4% of customers give importance
to the quality. Also, they are ready to pay a premium price, if they get a quality product (Impact
of multiple pricing, 2016).
On the other side, certain customers perceive the price as the most important component of
the purchase. It is analysed that 26.6% of customers agree that they regard price as the most
32

important component of decision-making. Additionally, it is monitored that reviews are also
important for the buyers to make a suitable choice of the products. In addition to this,
discounts, and promotions are important and affect the buying decision as well. These
customers are likely to get attracted to the discounts and other promotional offers profoundly.
Therefore, there are several elements which influence the decision-making of the customers
and affect their future decisions as well.
Theme 4: Benefits of pricing strategy is taken by River Island to influence consumers and
make a buying decision
Price is an essential element of a company as it affects the relationship of the company
with its customers. It allows the organization to attract buyers by making necessary
modifications to the existing price. Price helps in making the product or service attractive so
that the organization can maintain a strong competitive position in the marketplace. In addition
to this, it is useful to cover the cost of production of a particular company so that they can
manage to earn a significant amount of profit margin efficiently. Additionally, the price also
makes a company earn a significant amount of profit margin which is important to grow and
enrich in the current competitive marketplace (Al-Janabi, 2019). If a company can set an
adequate price, it allows them to enhance the market share by improving the existing sales.
Further, price is also used to enhance the profit margin of a company as it increases the number
of customers by introducing promotional and discount offers. In the context of River Island,
they are using different pricing strategies like premium pricing, discount, value-based pricing
and. These pricing strategies allow the business organization to improve the brand image by
creating an effective market presence. Here, promotional strategies help create a positive
image of the entity in the competitive market. With this, the organization can easily formulate
its positive goodwill that will contribute to the future enlargement of the company efficiently.
Following premium, pricing enables the entity to provide higher-value products to the buyers
that will lead to sustainable development in the future period.
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Figure: Impact profit
Source: (Deloittewsj.com, 2022)
With the above graph, it is analysed that price significantly contributes to the profit of an
organization. There are ample other components which also affect the profitability. These
components are variable cost, fixed cost and more. If the company sets an appropriate price, it
directly influences profitability. Every organization aims to earn a higher amount of profit
margin. Higher profit makes the company enable to set a unique identity in the competitive
market and strengthen its market position. In addition to this, profit is highly affected by the
price as it helps in attracting a potential number of buyers which leads the sales at a higher
level. If the sales increase, it directly influences the profit margin, which is imperative to ensure
the enlargement of business in the marketplace (Pricing for Profitability: Understanding the
Pocket Margin, 2022).
It is monitored that price puts 3 to 4 times much impact on the profit relative to the other
improvements. The above analysis demonstrates that profit and price are two significantly
associated elements. In this situation, it is required to set a suitable price so that the company
can efficiently earn the potential amount of profit. Therefore, river island is a valuable
organization which is gaining tremendous benefits in terms of enhancement in profit, revenue
and more. In comparison to other components such as variable, and fixed costs, the price has a
12.3% impact on the profit is high and can create a significant difference.
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4.3 Findings for each research question discussed in the light of the literature
Conceptual framework and significance of pricing strategy that influences customers
In the marketing mix, several components are included such as product, price place and
promotion. Price put a great influence on the purchasing decisions of the consumers as it
doesn’t remain the same but rather fluctuates over a period. In this context, it is crucial to
develop a suitable pricing strategy that is competitive too so that the organization can easily
sustain itself in the competitive environment for a longer duration. It is found that the cost of a
product plays an integral role in the price formulation hence it is imperative to keep the cost in
mind while determining price. It is monitored that price not only affects the marketing strategy
of a company but also. influence its overall positioning in the marketplace. In this regard, there
are different types of pricing strategies implemented by the company so that they can gain the
attention of a higher number of customers to enhance future profitability (Glazer, 2018).
Different types of pricing strategy which used by River Island to sell its products
In the market, various pricing strategies are present which can put a profound impact on
the overall sales and profit margin of the company. A skimming pricing strategy is used by the
company so that it can attract customers. In this, the organization focuses on offering the
products or services to the customers at the minimum possible price. The organization initially
charges a high price for the product and reduces it over time. In addition, penetration pricing is
also adopted by the company that is related to setting a lower price to enter a competitive
market, please. This type of pricing strategy allows the company to stay competitive and
maintain a different image in the competitive market. To sustain the competition, the
organization is also working on competitive pricing so that it can defeat the competition
efficiently. Additionally, the company is also offering some of its products in the premium range
to make a positive position among the premium segment of customers efficiently. It will allow
the company to maximise their profit by attracting a higher income group of people
appropriately. Therefore, River Island is working on different pricing strategies to maintain a
35

competitive position in the existing business environment. Here, they can maintain a positive
influence on the existing customer group by making modifications to the existing prices
(Hinterhuber & Liozu, 2017).
Impacts of multiple pricing strategies on consumer buying behaviour
Price is an essential element of marketing and promotion and affects how the consumer
behaves while purchasing a product. For an organization, it is crucial to consider various
elements such as the requirement of customers, target market, demand and much while setting
the price of a product or service. It is often seen that customers are likely to get attracted to the
quality product which is available at affordable prices. In this situation, promotional offers such
as discounts, coupons and play an imperative role in attracting buyers. It is found that pricing
strategy can put both positive as well as a negative influence on the buying decision of the
customers. Lower pricing helps attract the customers on the other side higher prices than
expected can also affect the purchasing decision of the buyers. It is analysed that buyers
consider several factors during the decision making. These factors are quality, price, reviews
and more. However, price plays an important role in the decision-making of the customers to
buy or not to buy a particular product or service. Therefore, the respective company is required
to analyse the market before setting the price of goods or services.
Benefits of pricing strategy is taking by River Island to influence consumers and make a
buying decision
Pricing strategies provide several benefits to the company in terms of enhancing the overall
profit, strengthening the market image, setting a unique identity and more. Pricing is a crucial
element that can directly affect the overall profit margin of an entity. It is analysed that
appropriate pricing strategies are used to make the product much more attractive or appealing
for the target group. In addition to this, it also helps the company to enhance its existing level
of sales and revenue which further leads to long term sustainability and growth. It is monitored
that there are ample other elements which also affect the profitability (Benefits of pricing
strategy, 2018).
36

However, pricing strategies have been identified as the major influencing factor for profitability.
It is analysed that pricing has a profound impact on cost and profit. An appropriate price makes
the entity enable to earn a higher amount of profit to gain success and growth in the future
period.
4.4 Summary
From the above discussion, it is analysed that pricing is a major component which affects
how the customer behaves while purchasing a product. Along with ample other elements, it has
a direct impact on the decision-making of the buyers. It is found that there are various
strategies used by companies to determine the price of a product. River land is likely to adopt a
suitable strategy to maximize profitability. Furthermore, the pricing strategy provides benefits
to the company in terms of strengthening the market image, and enhancing profitability, sales,
and revenue.
5 Conclusions
5.1 Introduction
This section is related to summarizing the information that has been collected throughout the
analysis. In this context, it will cover an analysis of the collected information.
5.2 Critical evaluation of adopted methodology
There is a focus on qualitative methodology to evaluate the information systematically
and properly. This is based on a detailed and in-depth analysis of the data that has been
collected from different sources. The use of interpretivism philosophy will assist the researcher
in the proper alignment of research objectives and strategies (Interpretivism research
philosophy, 2016).
It will help in completing the project scientifically so that the pre-defined goals of the
project can be accomplished. In terms of data collection, there is the use of secondary sources
to collect detailed and in-depth information efficiently. For this purpose, information will be
drawn from well-known articles, publications, websites and much more that will allow the
researcher to bring valuable insights into restraint work efficiently.
37

5.3 Conclusions about each research objective (aim)
Conceptual framework and significance of pricing strategy that influences customers
From the above information, it is analysed that price is an essential component of marketing
and has the potential to affect the way, customer behaves. Customers are likely to give
importance to price while making purchases. For this purpose, organizations are also required
to set adequate prices for the product to gain a significant amount of profit in the future period.
Pricing is the value which customers are willing to pay in return for the benefits, they are
getting from the product or service (Conceptual framework and significance of pricing strategy
that influences customers, 2016).
Different pricing strategies can be adapted for different groups of customers. It is important to
select the most suitable pricing strategy to maintain a unique image among the customers.
Different types of pricing strategy which used by River Island to sell its products
If analysed out of the above information, it is imperative to utilize different pricing strategies to
stimulate the audience to make the final purchase of a product or service. In this context,
various pricing strategies can be implemented by a company. These strategies are cost-plus
pricing, differentiation pricing, value-based pricing, premium pricing and more. River Island,
they are working at a large level, hence adopting different pricing strategies which best fit the
existing market scenario (River Island Omni Channel Strategy, 2022).
They have been working on a price skimming strategy wherein they offer products to the
buyers at t lower level and enhance the rate over a period. Along with this, they are adopting
discount and promotional pricing methods to set a unique image of the organization in the
competitive marketplace. Premium pricing is also implemented to target high-value customers.
There are different pricing strategies are adopted by the company so that they can maintain a
positive image among the customer groups.
Impacts of multiple pricing strategies on consumer buying behaviour
After going through the above-mentioned information, it can be said that pricing strategies
have a direct impact on the buying nature of the customers. While purchasing a particular
38

product, customers are likely to focus on its price. It is analysed that lower pricing can easily
grab the attention of buyers. If customers are getting better products at a reasonable price,
they are likely to purchase them. Price is the crucial element to create differentiation in the
products. Premium pricing also affects the behaviour of the customers as high-income group
people are likely to associate quality with price (Impacts of multiple pricing strategies on
consumer buying behaviour, 2022).
Hence, they are likely to get attracted to premium products. Additionally, promotions and
another such discount offer also help in developing a positive attitude of the customers towards
the offerings of the company.
Benefits of pricing strategy is taking by River Island to influence consumers and make a
buying decision
It is analysed that River Island is getting various benefits out of the pricing strategies. These
strategies have a direct influence on the buying decision of the individuals and help in setting a
unique image of the organization in the marketplace (How pricing influences the consumer
decision-making process,2022).
It is analysed that pricing is used to make the products appealing. In addition, it is also used to
enhance the competitive image of the entity to facilitate long-term sustainability and growth
efficiently.
5.4 Conclusions about the research questions
Research Question1: What is the conceptual framework and significance of pricing strategy
that influences customers?
The concept of pricing is related to determining the value of the product for the customers.
The main reason for pricing is to cover the cost and makes the company enable to earn a
substantial amount of profit efficiently. In business, pricing is vital so that the organization can
make an adequate profit to run the business successfully for a longer period. In this context,
different pricing is set by the companies which further allows them to influence the behaviour
of buyers efficiently. However, it is quite difficult to set an appropriate price as it might affect
39

various elements. Therefore, it is required to make necessary modifications in the pricing
strategy to ensure future growth and enlargement of business.
Research Question 2: What are the different types of pricing strategy which used by River
Island to sell its products?
To gain the attention of customers, River Island has determined several pricing strategies.
In this regard, they are using different pricing strategies like promotional pricing, competitive
pricing, cost-plus pricing, value-based pricing, premium pricing and more. Here, they are likely
to provide discounts and other lucrative offers to sustain themselves in the competitive
environment. In addition to this, competitive pricing allows the company to make a unique
presence in the market which further enhances the sales and revenue of the entity efficiently.
Apart from this, premium pricing is also used by the respective organization to gain the
attention of a high-income group of people. Therefore, River Island uses different strategies of
pricing to ensure adequate sales and profit margin.
Research Question 3: What are the impacts of multiple pricing strategies on consumer buying
behaviour?
In the market, there are multiple pricing strategies implemented to make the product or
service attractive to the buyers. These pricing strategies have a profound impact on the buying
behaviour of individuals. In competitive pricing, companies are likely to offer various discounts
and other lucrative offers to the buyers to set a unique image in their minds regarding the
products. Here, these pricing strategies influence the decision of buyers toward the products
and affect the market image of the entity profoundly.
Research Question 4: What benefits of the pricing strategy are taken by River Island to
influence consumers and make a buying decision?
Pricing strategies are used by the organization to gain the attention of buyers. It makes the
organization enable to cover the cost and enhance the profit margin. By setting a suitable price,
River Island can easily control the cost of production which will further lead to an increment in
40

profit and revenue. Additionally, it is analysed that price is an important component that is
directly related to profit. If the company set an appropriate price, it allows them to create a
positive image in the market. With this, it is possible to enhance future profitability by setting a
suitable price for the product or service. In addition to this, the pricing strategy will also benefit
the organization in terms of strengthening its market image, brand positioning and more.
5.5 Limitations of the study
The present study has certain limitations as outlined below:
 In the research, secondary sources have been used to collect the data. Hence, it is
lacking in terms of authenticity and reliability as the secondary information is gathered
from an already existing data set which is less reliable and authentic. It might affect the
authenticity of work in the future period.
 It is quite difficult to collect such information that is related to the internal process of
the organization. The entire project has been prepared based on secondary data thus it
lacks in terms of primary information which can gather from the internal resources of
the organization.
 Furthermore, the research is based on the pricing strategies which can be changed at
any point in time. Price is a highly dynamic element that is changed by the organization
to meet the existing requirements of the business environment (Research Limitations,
2018). There is a requirement to make modifications in the pricing that might affect the
outcome of a research project in the future period.
 The information is limited due to the lack of applications from primary sources. In the
current context, there is the only use of literature review and already existing
information that will put a direct impact on the overall outcomes. Further, the work is
only based on qualitative analysis which means there is no use of numerical tools and
techniques that might affect the authenticity of the overall research outcomes. Another
limitation is the use of research outcomes which cannot be expanded to a wider
population as there is huge uncertainty associated with the research project.
41

 The merely use of qualitative research can create constraints in terms of getting
potential outcomes as it makes the entire work highly descriptive. Due to this, there is a
lack of scientific information in the research project which will create complications to
draw relevant outcomes.
5.6 Opportunities for further research
While conducting research in future, the researcher has scope to use primary sources
along with secondary sources of data collection. The first handed information will help the
researcher to facilitate relevancy and authenticity in the research work. In addition, it will prove
helpful in terms of enhancing validity, reliability and authenticity in the overall research work
that is imperative to attain potential outcomes in the future period. Now, there will be a focus
on using different strategies for data collection as a questionnaire can be used here to collect
detailed information from the respondents. In this context, the data will be gathered from the
employees who are working across different domains of River Island.
Additionally, researchers can focus on a quantitative approach rather than qualitative
methodology while conducting research in the future period (Using quantitative research
effectively, 2022).
In the context of the qualitative method, the researcher does not use any sort of numerical or
statistical tools to collect the information rather the entire information is gathered in non-
numerical form. Here, the application of both qualitative and quantitative methods will help in
drawing reliable and authentic results for the success of the research work.
6. Recommendations
Based on the above-mentioned information, some of the necessary recommendations for
the company are mentioned below:
 It is suggested that there is a requirement to understand the nature of customers to
develop an adequate pricing strategy. Pricing is significantly associated with the buying
nature of the customers. For this purpose, it is important to understand the nature of
the target audience as it will help in setting such a price that will be willingly accepted by
the target audience of the company. In this regard, River Island can adopt different ways
42

to study the buying decisions of individuals to develop deeper knowledge regarding
pricing strategies.
 River Island needs to focus on data collection regarding the prevailing trends in the
market so that they can set appropriate pricing. Demand and supply trends also need to
analyse for this purpose. Here, market information will assist the managers of the
respective company to develop a pricing strategy that can be easily accepted by the
target customer groups (Improve pricing strategy, 2022).
 For this purpose, data can be collected using advanced and updated technology.
Analysing such data will prove a great help in the formulation of an appropriate pricing
strategy.
 Another suggestion is to set unique pricing so that the customers easily get attracted to
the products. River Island is working in a highly competitive environment. To ensure
long-term sustainability in a competitive market, it is crucial to adopt competitive
pricing. Analysing competitors’ pricing strategies allows the company to make
improvements in their pricing strategy. For this purpose, the entity can offer discounts,
coupons, and other such offers to provide their products to the customers at lower than
the market price.
 To face the extensive competition, River Island can work on a loss-leader strategy. In
this, they need to gain the attention of buyers by offering products at a lower range for
a particular period. This is the best suitable strategy to gain the attention of the
customers in the current competitive environment. It will allow them to take buyers
from rival firms. Here, it is important to analyse the results wisely to make necessary
modifications to the existing pricing as per requirement.
 It is suggested that River Island is required to deliver the values to the customers
constantly as it will help them in capturing much margin in the future period. For this
purpose, it is required to understand the price-sensitive nature of the buyers to know
what they value the most (Pricing strategy to enhance profitability, 2016).
43

 They need to focus on the values, they are delivering to the final customers. In this
context, there is a requirement to maintain proper communication with the buyers to
know how the products fulfil their needs uniquely. This will allow the organization to
charge high prices to the customers efficiently.
6.1 Implementation plan
To implement the above-mentioned recommendations, there is a requirement to prepare
a proper implementation plan that will assist River Island to attain the process of
transformation efficiently in the future period (Implementation plan, 2021).
Here, an implementation plan will cover the steps that need to be undertaken to implement
the strategic recommendations in a real context so that the objectives can be accomplished. In
this context, the improvement plan for River Island is given in Appendix 1.
44

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APPENDIX 1
In this context, the improvement plan for River Island is given below:
53

Initiate Strategies and
context
Cost Time Future
implications
In the present
context, River
Island is required
to analyse the
market trend to
understand
various elements
which might
affect the overall
pricing. For this
purpose, it is
required to
conduct some
sort of external
analysis by using
suitable tools and
frameworks.
For this purpose,
there will be an
analysis of target
segments. In this
context, it is
important to
evaluate the
external
conditions that
will provide
information
regarding
different elements
which will assist in
the formulation of
an effective
pricing strategy.
To conduct
market analysis,
River Island will
be required to
incur a particular
cost. It will cover
the expenses
related to the
salary of
employees,
overhead
expenses,
travelling
expenses and
much
To conduct the
market
analysis, there
is a
requirement of
nearly 6
months.
However, it is a
constant
process that is
used by
business
managers to
gather market
information.
Here, the
information that
has been
gathered from
the market can
be used to
prepare an
adequate pricing
strategy to earn
a significant
amount of profit
efficiently.
54