The Rate of Competition in all Sectors

Added on -2020-02-05

| 225 pages| 94407 words| 37 views

Trusted by 2+ million users,
1000+ happy students everyday

Showing pages 1 to 8 of 225 pages

DBA Thesis
ABSTRACT
Ultimate aim of any firm is to gain maximum profit. This is only possible when they are
able to understand the needs and requirement of customers and deliver them services
accordingly. Brand values among customers towards companies increases when the set of
requirements listed by service users are satisfied. The rate of competition has raised
tremendously in all sectors. Firms make use of strategies so that they attract more and more
customers. The focus is made on identifying the factors that affect the purchase intention of
customers in relation with event management.
In order to conduct the research both primary secondary method were used. More
specifically, there are 5 different event management firms are selected from UK. Among these
companies, there 1 manager and 20 customers selected from each company. So in total there are
5 managers and 100 customers from whom interview and questionnaire is conducted. These
respondents are selected as they are helpful enough to provide adequate information for the
research topic.
From the findings, it is analysed that individual’s perception is positive for the services
and products when firm has high brand recognition. Further, major focus need to be made on
high quality by organizations so as to raise brand loyalty among customers. Further, all the issues
that are faced by customers should be considered and appropriate steps should be taken so that
the rate of perception that is carried by individuals can be made positive.
TABLE OF CONTENTS
ABSTRACT.....................................................................................................................................2
Chapter 1: INTRODUCTION..........................................................................................................1
1.1 Overview..........................................................................................................................1
1.2 Significance of the study..................................................................................................4
1.3 Problem statement............................................................................................................7
1.4 Research aim and objectives............................................................................................8
1.5 Research questions...........................................................................................................9
1.6 Research framework.........................................................................................................9
1.7 Structure of the thesis.....................................................................................................11
1.8 Summary.........................................................................................................................13
Chapter 2: LITERATURE REVIEW.............................................................................................15
2.1 Introduction....................................................................................................................15
2.2 Concept of branding.......................................................................................................15
2.3 Importance of branding to mid-size businesses..............................................................22
2.4 Concept of brand awareness and intention to purchase..................................................26
2.5 Importance of brand awareness for event management industry in UK........................31
2.6 Impact of brand awareness on intention of purchasing..................................................38
2.7 Key factors influencing the intention to purchase..........................................................48
2.8 Effectiveness of customise sales strategy influencing purchase intention of target
customers..............................................................................................................................55
2.9 Branding strategies.........................................................................................................56
2.10 Role of branding in marketing......................................................................................57
2.11 Summary.......................................................................................................................59
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................60
3.1 Introduction....................................................................................................................60
3.2 Data collection methods.................................................................................................61
3.3 Research Philosophy......................................................................................................64
3.4 Research approach..........................................................................................................67
3.5 Research Design.............................................................................................................70
3.6 Sampling.........................................................................................................................71
3.7 Data analysis...................................................................................................................72
3.8 Accessibility Issues........................................................................................................74
3.9 Ethical consideration......................................................................................................76
3.10 Conclusion....................................................................................................................77
3.11 Summary.......................................................................................................................78
CHAPTER 4: DATA ANALYSIS................................................................................................79
4.1 Introduction....................................................................................................................79
4.2 Interview carried out from the managers of 5 mid-sized event companies....................79
4.3 Questionnaire collected from customers........................................................................90
4.4 Chi-square test..............................................................................................................115
4.5 Discussion.....................................................................................................................119
4.6 Summary.......................................................................................................................132
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS.................................................133
5.1 Conclusion....................................................................................................................133
5.2 Recommendations........................................................................................................146
5.3 Summary.......................................................................................................................149
CONCEDPTUAL FRAMEWORK.............................................................................................150
REFERENCES............................................................................................................................151
APPENDIX 1...............................................................................................................................194
Interview with managers....................................................................................................194
APPENDIX 2...............................................................................................................................195
Questionnaires for customers.............................................................................................195
APPENDIX 3...............................................................................................................................199
Chapter 1: INTRODUCTION
1.1 Overview
Management of an event is a crucial task which require the active attention of parties
associated with the same so as to render perfect quality of services. It is considered as the project
management kind of approach under which varied activities are scheduled as per the cost and
time involved under each. This proves to be effective to integrate all business activities and
support management to carry out operation activities effectively. It is very important to shed
light on brand awareness in order to increase the purchase intention of customers. This is because
if a customer is well aware of particular brand. This aids to increase the attention of consumers
and create word of mouth (Mazodier and Merunka, 2012). This proves to be effective for
business to increase overall rate of return and increase the satisfaction level of customers
There are some key factors which aids to promote the customers purchase decision to a
great extent. It can be made possible only with the help of aspects such as brand, search, social
media and work of mouth as well as conversions. Along with that, other factors such as
intelligence, creativeness and trustworthiness are some of the factors which influence buyers to
purchase a particular product or service. This in turn it becomes easy to grab their attention and
ensure their inclusion in the process of repeat purchase decision (Chang and Chen, 2014). It
indicates clear link between a particular brand and repeat purchase decision of the customers.
This in turn, parties show their interest towards the brand by seeing advertisement and other
related strategies. Purchasing decisions of buyers gets affected and due to that overall sales
performance of the company gets influenced. It is critical that impact of these factors should be
considered so that improvements can be made in the performance of the organization. Along
with this Brand awareness gives impact on the consumer purchasing decisions of the business.
There are many external and internal elements that gives influences on the buying decisions and
due to that purchase of products and services in market gets affected. Advice and
recommendations given by friends and family members affect the thought process of the buyer.
Companies integrate the customer facing activities so that it becomes easy to provide
them quick information related to product and services. Not only had this but with the help of
customer focused activities firm gain the trust. Furthermore, online targeting strategies are
applied by markers so as to make it possible that customers are effectively connected with the
business and getting information regarding varied kind of products and services. For example,
1
information Websites and PR as well as loyalty programs (Aaker and Joachimsthaler, 2012). It
indicates that initiatives are taken by the business like Ticket desk through so as to attract clients
and make them aware related to new offerings of the business. In this manner, corporate gain
attraction of buyers and make it possible for them to get good quality of services and appropriate
business environment. Not only this but companies use aspects such as increasing the expertise
of personnel and enabling them to focus on the products and services of the corporation (Hafeez
and et.al., 2016). This proves to be effective to determine the long run success and development.
Branding of an event has its own importance such as promotion, creating brand strategy
and setting it up for success. In this manner, event management companies effective promote
their services just with the help of branding (Kalafatis, 2016). It enables firm to spread the
information related to event management organization and let them aware of the importance of
the particular brand. Furthermore, brand awareness is considered as the dominant choice tactic
among the aware group of people. However, some of the customers do refer a brand just because
of their involvement and emotional appeal with the same (Balakrishnan, Nekhili and Lewis,
2011). Though, they do not consider the same in term of price and quality due to their focus on
brand only. For this purpose, it becomes important for an organization to refer the given brand
and accordingly cater their requirement appropriate with introduction of several kind of
promotional tools and technologies (Zhao, Sun and Kakuda 2017).
Present investigation is based on Ticket desk companies which is associated with several
kind of west end shows, currency exchange and concert tickets as well tour packages. It contracts
with several companies such as big buss and golden tours as well as secondary agents in order to
increase the revenue and meet the expectations of all related stakeholders in an effectual manner
(Andaleeb, 2016). The organization is situated in Central London and customer foot falls is more
than 400 customers every day. It reflects higher sales turnover for the business and attract more
and more customers towards the same for getting the good quality of services. Company contact
with different suppliers or parties such as TUI and thetrainline.com as well Saga (Herzog, Lepa
and Egermann, 2016). The cultural exhibitions and sightseeing tends to form the integral part of
our product range. This in turn becomes easy to offer the services in competitive prices (Osakwe,
Chovancova and Ogbonna, 2016). On the other hand, restaurant packages and group rates are
charged in order to provide the rich experience for the users. Moreover, Ticket desk provide the
services in term of several tourist attraction such as London Zoo and London Eye and London
2
Aquarium (Booth and Matic, 2011). Along with that, Tower of London and London Dungeon.
Thus, firm is working under partnership with many other parties through which it becomes easy
to organize the most appropriate event in accordance with different parties. It proves to be
effective for deriving the higher level of satisfaction among varied parties and retain them for
longer time span (Pickering, 2017). In addition to this, sightseeing tour of centre includes
Charing Cross Island and Leicester Square Station as well as Criterion Theatre. These remain
open in accordance with convenience of visitors and provide them appropriate kind of service
package and also help them to organize their events in a most effective manner (Shaltoni, 2017).
Feedback taken from consumers aids in making positive improvements in overall
performance of the business and due to that weak; performing areas can be easily identified.
Along with this comment card systems can also be used so that difficulties and issues faced by
the consumers can be evaluated and on the basis of that strategies and action plans can be formed
(Liu, Z. and et.al., 2016). Event management sector is facing huge challenges and competition
and due to that it is critical that strategic approaches should be should so that competitive
advantage can be gained for the business (Padfield and et.al., 2016). Moreover, strategies and
action plans used by rival firms can also be identified so that better and effective measures can
be taken for meeting with the challenges that are created by the rival firms. Satisfaction level of
consumers is essential so that more number of consumers can be added in the business and
potential buyers can be identified. It will help for ensuring growth and success for the enterprise
(Nguyen and et.al., 2016).
The event management sector shed light on promoting their services and giving higher
level of satisfaction among customers. It is considered as the effective aspect whereby
competitive edge of the business is created (Green, 2016). For this purpose, focus is laid on
quality, price and other related aspects. For this purpose, Ticket desk follow its structured
approach under specific requirement of the customers are taken into account and they are
provided services accordingly. It can be critically evaluated that in case business does not follow
the most appropriate approach then company need to pay its cost in term of higher loss (Braimah
and Tweneboah-Koduah, 2011). Here, extra benefits associated with service delivery are
considered by the users or corporation under which customer satisfaction can be increased to a
great extent (Osakwe, Chovancova and Ogbonna., 2016). It contributes towards the generating
the positive attitude among customers and making them aware related to presence of a particular
3
brand. In addition to this, brand awareness among customers indicates that consumers are
possessing necessary knowledge regarding the brand (Pickering, 2017). It is the biggest reason
that corporation operating under event management industry prepare the emotional
communication package in order to create the positive affective response (Bruhn, Schoenmueller
and Schäfer, 2012). This leads to increase their intention towards the brand. On the other hand,
customers prefer the brand attracting them and meeting their requirement to a great extent. For
this purpose, good experience of their relatives is also important so as to have positive word of
mouth in the marketplace (Shaltoni, 2017).
Advice given by friends and family members play a vital role in influencing the though
process of buyers. If positive recommendations are given by friends, family members and
relatives than it will support for encouraging the buyer to purchase the products that are offered
by the organization (Liu, Z. and et.al., 2016). If negative reviews will be given by friends and
family members than it will create negative brand image of the firm. Company should regularly
make efforts for making interaction and communication with the buyers. Social media platforms
can be used for making proper interaction with consumers (Padfield and et.al., 2016). It will
support for enhancing the business experiences of buyers and they are most likely to repurchase
the products and services that are offered by the company. Along with this event management
companies can make use of innovative approaches so that positive reviews can be gained from
the buyers. It will aid for ensuring long term growth and survival of the business (Nguyen and
et.al., 2016).
1.2 Significance of the study
The brand awareness is very important for the purpose of upward direction of the
business which assists corporation to create strong market position. It aids to integrate all
business activities and support business in deriving valid outcome (Rexhepi and et.al., 2017). It
assists corporation to adopt the most suitable sales strategies so as to increase attention of
customers towards particular brand and access good brand which best meet their expectations. In
modern era, competition in increasing highly which made it typical for businesses to grab the
attention of the buyers (Brodie and et.al., 2016). For this purpose, it is very important to shed
light on expectations of customers. However, role of latest communication technology is very
important through which companies come into the contract of buyers and make them aware
related to range of products and services (Ewing, 2017). Though, it is the fact that brand
4

Found this document preview useful?

You are reading a preview
Upload your documents to download
or
Become a Desklib member to get accesss

Premium

$45

Q&A Library Access

Chat support

12

Document Unlocks

4

Answer Unlocks

Students who viewed this