Research proposal on the impact of marketing strategies and loyalty Dissertation

Research proposal on the impact of marketing strategies and loyalty scheme of TESCO - Dissertation Example The methodology to be adopted in conducting the research proposal consists of both primary research and secondary research aimed at the management and consumer base of Tesco. The data obtained from the research consist of qualitative data, through interview and observation and quantitative data, with the help of questionnaires. These quantitative and qualitative data were analysed based on the answers of the interviewee and also with the help of graphs and charts obtained from questionnaires. Description Background to Research Literature Review Marketing Strategies Ranchhod and Gurau (2012:1) reflect that the strategies framed by a business corporation reflecting on key changes in the external environment while working effectively based on its resource base to gain enhanced position in the existing market place constitutes the marketing strategies of the firm. The external environment of a business corporation is susceptible to large amount of changes owing to alterations in the dema nd pattern of the existing consumer base owing to alterations in the socio-economic profile of the people. Further the external environment of a business corporation is also subjected to legislative and policy changes where again new technologies are also introduced in the business unit. Depending on such changes the strategies of the company focusing on the market trends also tend to change accordingly. Marketing Strategies in Retail Retail companies operating in the global sphere also tend to act based on different marketing strategies to compete effectively in the different markets. Lamb, Hair and McDaniel (2011:241-245) state that the marketing strategies of retail corporations are created and made effective to fulfil certain key objectives like gaining an enhancement of consumer traffic in the different stores, enhancing the sale of its products and services and also in gaining an enhanced consumer awareness in the densely populated retail market. The first strategic initiative that needs to be taken by the retail companies is to focus on gaining the target market through effective segmentation based on demographic, psychographic and geographic profile of the total consumer base. Further the retail market being an integral part of the service marketing companies tend to work based on the seven Ps to formulate the total marketing mix strategy. Firstly retail companies’ work on enhancing the assortment depth of the products thereby helping consumers to choose from a plethora of different options in regards to a specific product category. Secondly in close conformity to the type of consumers in the target market based on social and economic conditions the retail companies are required to set the price for its products. The retail companies can also go for a price mix where certain categories of products can be priced in a premium fashion, while others in a discounted or low price fashion depending