CONSUMER BEHAVIOUR - BRAND vs. PRICE IN UK PET INSURANCE MARKET

Consumer Behaviour - Brand vs. Price in UK Pet Insurance Market

Submitted in partial fulfilment of the requirements for the degree of BA (Hons) Business Studies

by

[Name of University]

[Department Name]

[Month and Year of Submission]

ACKNOWLEDGEMENT

I would first like to express my gratitude for my research supervisor, colleagues, peers and family whose immense and constant support has been a source of continuous guidance and inspiration.

DECLARATION

I [type your full first names & surname here], declare that the following dissertation/thesis and its entire content has been an individual, unaided effort and has not been submitted or published before. Furthermore, it reflects my opinion and take on the topic and is does not represent the opinion of the University.

Signature:

Dated:

ABSTRACT

Pet insurance has become a topic of increasing importance for the British insurance industry over the past decade. Several studies have suggested an increasing consumer awareness of health, brand and relationship and high interest in buying pet insurance. Consumers are the most important segment of the pet insurance system and they ultimately determine the success or failure of campaigns. Pet insurers must develop marketing strategies that serve consumer needs and wants. This study explores the impact of brand loyalty relating to pet insurance and insurance products through a primary quantitative research. The pet owners see their pets as status symbols or as extensions of themselves. The first chapter provides a brief introduction to the topic, followed by literature review in the second chapter. The second chapter focuses on customer behaviour in connection with purchasing decisions of purchasing insurance polices for their pets. The third chapter covers the concepts related to insurance costs and factors influencing the pricing strategies for pet insurance firms in the UK. The methodology is covered in the fourth chapter. The researcher has used primary data collection method to collect data. The mixed method research design was used as it was deemed appropriate for this particular research. The fifth chapter provides the findings and analysis of collected responses from questionnaire analysis and hypotheses tests. The researcher has used chi-squared tests to test hypotheses. The sixth chapter concludes the dissertation, providing implications and recommendations for future research.

TABLE OF CONTENTS

ACKNOWLEDGEMENTI

DECLARATIONII

ABSTRACTIII

CHAPTER 1: INTRODUCION1

Background of the Study1

Purpose of the Study3

Aim of the Study4

Objectives of the Study4

Research Questions5

Hypothesis5

Significance of the Study5

CHAPTER 2: LITERATURE REVIEW7

Consumer Behaviour7

Customer Retention7

Customer Loyalty8

Antecedents of Brand Loyalty9

Utilitarian and Hedonic Benefits10

Brand Trust12

Brand Affect14

The Quest for Ultimate Pet Brand15

CHAPTER 3: PRICE AND PRICING STRATEGIES18

Factors Affecting Price Decisions18

Overall Marketing Strategy18

The Market and Demand18

The Economy18

Importance of pricing methods for competitors19

Competition-Based Pricing21

Competitor Identification21

CHAPER 4: METHODOLOGY23

Research Method23

Research Design24

Pilot Study25

Sample25

Instrument and Data Collection25

Triangulation26

Reliability and Validity26

Ethical Considerations27

CHAPTER 5: DATA ANALYSIS AND FINDINGS29

Data Analysis29

Questionnaire Analysis29

Analysis of Hypotheses35

Discussion37

CHAPTER 6: CONCLUSION40

Summary40

Recommendations41

Limitations of the Study42

Future Implication43

REFERENCES45

APPENDIX- A51

APPENDIX- B55



CHAPTER 1: INTRODUCION

Background of the Study

Pet insurance has become a topic of increasing importance for the British insurance industry over the past decade. Several studies have suggested an increasing consumer awareness of health, brand and relationship and high interest in buying pet insurance policies. Although the recent ...