Customer loyalty in retail. Case study of Marks and Spencer

Added on - 17 Dec 2019

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Research Project
Table of ContentsTASK 1............................................................................................................................................11.1 Formulation and record possible research project outline specifications.............................11.2 Factors that contribute to the process of research project selection......................................21.3 Critical review of key references..........................................................................................21.4 Research project specification...............................................................................................41.5 Appropriate plan and procedures for the agreed research specification...............................4TASK 2............................................................................................................................................62.1 Match resources efficiently to the research question or hypothesis......................................62.2 Proposed research investigation in accordance with the agreed specification andprocedures...................................................................................................................................72.3 Record and collate relevant data where appropriate.............................................................7TASK 3............................................................................................................................................83.1 Appropriate research evaluation techniques.........................................................................83.2 Interpretation and analyse of results in terms of the original research specification............93.3 Recommendations and justify areas for further consideration............................................12TASK 4..........................................................................................................................................134.1 Agreed format and appropriate media to present the outcomes of the research to anaudience.....................................................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
TASK 1TITLE“To identify the importance of customer loyalty for retail business organization: A casestudy on Marks and Spencer”1.1 Formulation and record possible research project outline specificationsThere are many organizations that provide their customers with similar products andservices. In this context, firms make sure of different set of strategies and techniques with thehelp of which they will be able to attract customers and compete with others. In order to attractcustomers, it is essential for the organization to understand their customers needs andrequirements (Siddiqi, 2011). Accordingly, services and products should be delivered. When thepurchases are raised, then it can be stated that the service users is getting loyal. There are certainset of expectations that a person has when they purchase a product. When all these expectationsare satisfied, then customer will frequently raise their purchases and they will ultimately becomeloyal. There are number of factors that a service user determines. It includes price, quality,distribution, etc. Among all these factors price can be determined as an essential factor thatchanges buying behaviour of customers. When the price is low, then customer will purchasemore. On the other hand, if the price of the product is high, then the sales will fall. Present reportis about Mark and Spencer which is one of the British multinational retailer which isheadquartered in UK. They provide products for luxury food products, clothing and homeproducts. Present study will focus over loyalty of customers towards retail business organization.Research Aim:Every research study has a particular aim and that aids the researcher to carry out theentire research work in effective manner. Therefore, research aim for the present study is “toidentify the importance of customer loyalty for retail business organization: A case study onMarks and Spencer”.Objectives:To identify the importance of customer loyaltyTo ascertain the relationship between customer satisfaction and customer loyaltyTo determine the impact of customer loyalty on business performance1
To recommend several strategies through which customer loyalty aspects can beincreasedResearch Questions:What is the importance of customer loyalty?What is the relationship between customer satisfaction and customer loyalty?What is the impact of customer loyalty on business performance?1.2 Factors that contribute to the process of research project selectionAt the time of selecting the research title, researcher has gone through with several topicsand subject matter and after ascertaining the feasibility of the research topic, this particularsubject matter has been selected (Mohsan, Nawaz and Aslam, 2011). Customers are the majorstakeholders of an organization; thus for a business entity, customer loyalty and satisfactionaspects matters a lot. Hence, in this respect researcher has selected the topic wherein focus willbe laid on importance of customer loyalty to the business entity. Along with that, researcher isalso highlighting the factors that drives the customers to show loyalty towards a brand and alsoto depict its importance for business success and profitability aspects. Moreover, in the studydiscussion has also been made on customer satisfaction and related terminologies. The specificsubject matter has been selected because researcher had various opportunities of data collection.Researcher has the availability of suitable data sources; hence selection has been madeconsidering the same.1.3 Critical review of key referencesThis part or research is an important section as it enables to identify the different set ofresearchers that has been done by diverse people on similar and related topics. It will be helpfulin understanding the concept the research gap and it will also help to develop knowledge andunderstanding.As perGhosh, Tripathi and Kumar, (2010)for an organization loyal customers are highlyvaluable as they contribute effectively towards the growth and development of the firm.However, it is important that the relationship with service users are maintained so that there is notype of issues and customers do not shift on to other companies which deliver similar productsand services. There are different type of importance that firm has because of loyal customers.Below given are few of the importance:2
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