Literature Review
Literature Review April 27 2018
This research includes literature review with Background of Woolworth ,Factors affecting Customers, Link between customers perceived value, loyalty and satisfaction for Woolworth’s Products, Customer perceived value and Product quality, Customer perceived value and e-business. Factors Influencing Customer for Woolworth Branded Product In Sydney
1. Introduction……………………………………………………………2
2. Project objective……………………………………………………….2
3. Project scope……………………………………………………………3….
4. Literature review ………………………………………………………3…
4.1 Background of Woolworth……………………………………………………….3,4
4.2 Factors affecting Customers……………………………………………………..4,5
4.3 Link between customers perceived value, loyalty and satisfaction for Woolworth’s Products……………………………………………………………5,6
4.4 Customer perceived value and Product quality………………………………..6
4.5 Customer perceived value and e-business……………………………………6,7,8
5. Conclusion………………………………………………………………8,9
6. References ……………………………………………………………….10
1. Introduction
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., XXXXXXXXXXCompanies 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, XXXXXXXXXXFurther, taking the above discussion into consideration this particular paper attempts to examine the factors influencing customer for Woolworth
anded product in Sydney.
2. Project Objective
The objective of the research is to describe the factors influencing customer for Woolworth
and products in Sydney. This project gives a clear view of the customers engaged to buy the Woolworth product in various ways that gives a clear reason in buying or choosing the Woolworth
anded products regularly. Similarly, it represents the state of Woolworth determined to obtain the customer satisfaction and need regularly used by the customers.
The competitive market deals with the traditional techniques and home
ands that pulls the clients to buy the products with the reasonable price. Budget concerning customers also gets the product in a flexible way without any hesitation which makes a customer friendly environment.
Marking Understand what a
and is and how marking functions Understand the procedure and significance of building up a
and and how to gauge its esteem Identify and assess prominent marking systems and
and situating New Product Development (NPD) Outline the phases in growing new items Understand the variables that influence the rate of dissemination and shopper selection of new items
3. Project Scope
The project make the clear understanding of the satisfaction level of the customer with the products and its influence to visit the Woolworth for buying the grocessaries in day to day basis. Similarly this project shows the initiation of the staff to attract the customers with best alternatives to choose the products identically and specifically. Obtaining the loyalty through online banking (e banking ) makes the best form to facilitate and make flexible shopping for the welfare and benefit of the public.
4. Literature Review
4.1 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, XXXXXXXXXXDuring 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, XXXXXXXXXXAdditionally, 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, XXXXXXXXXXMoreover, 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, XXXXXXXXXXWoolworth 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).
4.2 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, XXXXXXXXXXBecause 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, XXXXXXXXXXAs 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, XXXXXXXXXXCorporations 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., XXXXXXXXXXFurther, 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.
4.3 Link between customers perceived value, loyalty and satisfaction for Woolworth’s Products
It has been highly observed that the customers perceived service quality, satisfaction and customer value have been the most vital success elements of organizational competition for either service providers or manufacturers. Examining the concept of perceived value is vital because, in contrast to perceived quality; perceived value has been observed to be more directly associated with the customers’ readiness-to-purchase. Additionally, a greater degree of perceived service performance results a greater amount of perceived value particularly in case of grocery food products at Woolworth (Ariff et. al., XXXXXXXXXXThe overall goal of offering value to consumers incessantly and more efficiently as compared to the competitors is to catch the attention of the customers and retain highly contented customers. Going further, satisfaction has been greatly viewed as an analyst of customer loyalty. This overall satisfaction holds a strong constructive impact on the customer’s loyalty intentions over a huge range of services and products offered by Woolworth. It is a vital element for a long-term association amid the company as well as its customers.
A study ca
ied out to examine the relationship between customer perceived value, satisfaction and loyalty of Woolworth’s customers
ought to light the fact that the most dominant force influencing customer satisfaction with respect to household and health products is the customers’ perceived emotional value (Ariff et. al., XXXXXXXXXXMoreover, the research also highlighted that perceived emotional value of the Woolworth’s products have high association with the satisfaction level of the customers. The research also authenticated the formation of satisfaction, customers’ perceived value and loyalty. Within services marketing literature, it has been discovered that customer perceived value of a service or product would have an effect on their satisfaction level. Consumers, who are contented with the products or services offered by Woolworth, would continuously make use of the product or service including all food items, non-food items, health products, household items and beauty products and become loyal buyers. As a result, any effort towards enhancement of the customers’ perceived values of the services would enhance their satisfaction and loyalty for a particular product or corporation as a whole.
4.4 Customer perceived value and Product quality
There doesn’t exist; any consensus highlighting the connection between satisfaction and quality at both the global and transaction-particular level of examination (Lin, XXXXXXXXXXEven though, a huge amount of research has been ca
ied out on customer satisfaction with respect to customer services, b-to-b services have hardly been ever addressed. Additionally, recognition of CPV has been highlighted as one among the most vital measures in attaining competitive edge and a chief element in strategic management (Ariff et. al., XXXXXXXXXXIt is believed that the customer perceived value and product quality have noteworthy impacts on the satisfaction level of Woolworth’s customers. Moreover, a study ca
ied out to examine the relationship between customers perceived value, product quality as well as customer satisfaction at Woolworth discovered that corporate image and customer satisfaction are predecessors of customer loyalty, while customer satisfaction is closely associated with corporate image (Razavi et. al., XXXXXXXXXXA key fact revealed in the research was that the association amid customer satisfaction and service quality has been stronger as compared to that of customer satisfaction and customer perceived value in case of Woolworth. Thus, Woolworth should lay high focus on enhancing service quality compared to its cost so as to enhance customer satisfaction
4.5 Customer perceived value and e-business
Taking a step ahead, a study ca
ied out to recognize the key dimensions of CPV and find out if CPV performs a moderating role among customer satisfaction and e-business discovered that all the basis for deciding makes an efficient e-business were all factors concerning customer satisfaction and confirmed a partial moderating impact of CPV on e-business customer satisfaction (Lin, XXXXXXXXXXWoolworth through its online platform makes every possible effort to offer maximum value with their services and products. Nevertheless, online promised value may be different from CPV. The CPV and not the promised value which the organizations tries to create, would impact customer satisfaction. Thus, this implies that the key to creating high customer satisfaction at Woolworth is