Sangeeta answered on
Apr 26 2020
To start with, within this era of speedy competition as well as innovations occu
ing on continuous basis, it has become quite important for corporations to frequently administer their business su
oundings for remaining competitive and being ahead of the rival firms (Ariff et. al., 2012). Companies employ a number of strategies and models for properly and effectively understanding the markets trends, customer preferences and the likely impact of different forces upon their operations and practices (Lin, 2013). Further, taking the above discussion into consideration this particular paper attempts to examine the factors influencing customer for Woolworth
anded product in Sydney.
Background of Woolworth
Ever since the time of its beginning in the year 1924 in Sydney, the company has evolved into a renowned household
and having presence in several regional as well as metropolitan centre in and around Australia. The corporation began establishing fresh food stores around 60 years ago when advancement in refrigeration approach modernized transport and storage (Woolworth, 2018). During 2010, the company cele
ated its 86th year in the retailing industry. The company makes sure that it takes every possible effort for facilitating its buyers with superior quality products and is incessantly searching latest ways of providing wider choice. This is the reason why Woolworth has spent a good amount of time in developing the Woolworth
ands (Woolworth, 2018). Additionally, the company very well understands that its buyers have diverse dietary or lifestyle needs and preferences. It has devised its Woolworth’s Organics as well as Naytura
ands for the purpose of satisfying their commitment towards making available wider options for the buyers (Woolworth, 2018). Moreover, with individual Woolworth
and, the buyers could have the assurance that whatever they are buying has gone through strict quality standards and sanctioned through Woolworth’s experts.
Moving ahead, the company continues to be acknowledged as being one of the leading employers in and around Australia offering employment of over 188,000 employees. During 2010, there was a remarkable down fall in staff turnover with a decrease of about 4.16% company-wide. Additionally, Supermarkets, Liquor, Consumer Electronics and Petrol were few among the key sectors that contributed to such decrease (Woolworth, 2018). Woolworth properly understands that its employees are important part to its success that is why all the staff members have proper access to training, provisions and education required. Moreover, the Woolworth employees are highly dedicated towards offering their buyers highest satisfaction and quality shopping experience. For doing so, Woolworth ensures that it makes available superior quality products and best possible consumer support (Woolworth, 2018).
Factors affecting Customers
Within such highly competitive worldwide marketplace, buyers want their products at co
ect place, co
ect time, right price and right quality (Lahiri, 2010). Because of the presence of several corporations within this industry, the buyers have many options to select from. The buyers would show more inclination towards corporations offering good quality products at a reasonable cost than the others. Sometimes, the buyers are also willing to shell out extra amount in case if they think the products provided by the corporations are worth spending additional amount. Additionally, the progress of the Woolworth greatly relies upon its buyers thus it’s quite significant to ensure that they are satisfied (Lahiri, 2010). As a result, with respect to Woolworth the buyers could anytime move onto other any
and offering superior products, therefore requiring innovative approaches for clients’ retention. Further, the continuing sections throw light upon several factors that influence the customers for Woolworth
anded products in Sydney.
One cannot deny the fact that offering high value to the customers is a key element for maintaining and creating long-term customer relationships (Lin, 2013). Corporations need to become providers of value although each needs to do it in a way different from the others; considering the fact that this skill would let them to differentiate themselves, enhance their outcome and augment their future existence prospects (Ariff et. al., 2012). Further, taking the above discussion into consideration the continuing sections highlight several factors that influence the customers for Woolworth
anded products in Sydney by taking into account the Customer Perceived Value (CPV) concept. CPV is basically a construct developed by two factors i.e. benefits attained (i.e. economic, relational and social) and sacrifices made (in terms of cost, time, efforts, convenience and risk) by the customers. Moreover, the general meaning of value is a customer’s perception about subjective worth of a product or service considering all the advantages and consumption costs.
Link between customers perceived value, loyalty and satisfaction for Woolworth’s Products
It has been highly...