Investigation of Luxurious Product Development Strategy in Relation to Consumer Buying Behavior

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CHAPTER NUMBER 1: INTRODUCTION3

Introduction3

Background of the Study3

Objectives of the Present Study3

Research Aims4

Research Problem4

Questions need to be investigated4

Hypotheses5

Research methods5

Previous Research5

Limitations6

Organization of the present study6

Chapter Summary7

References8

CHAPTER NUMBER 1: INTRODUCTION

Introduction

Marks and Spenser is one of the leading multinational organizations, specifically know for the production of luxurious goods and products, to meet the needs of specific class of costumers. It is essential to note that as the products are highly priced and most of the income of the organization is dependent on them, their marketing strategies have to be specifically designed and researched in order to come up with outstanding results. The following paragraphs would provide detailed account of the marketing strategy of Marks and Spencer for the production of luxurious products, with specific link to the consumer buying behavior.

Background of the Study

Of all the products and goods manufactured by the various organizations present across the globe, luxurious goods are granted highest importance and significance as huge portions of company's income are dependent on them (Cant, Strydm, Jooste and Du Plessis, 2009, Pp: 512). It is due to the same reason that these products are designed after serious consideration and proper research in order to ensure that these are in accordance with the needs and demands of the costumers, thus the same is well liked by them. Same is the case with Marks and Spenser, and this study deals with the investigation of buying pattern of costumer, in order to get a clear idea about their preferences and demands and thus formulate plans regarding the formulation of strategy for the development of luxurious products by the organization (Wright, 2006, Pp: 451). The same also seeks to focus on the buying pattern of costumers during routine and during special events, thus assisting Marks and Spenser in getting better idea about the market and consumer behavior at the same time.

Objectives of the Present Study

The following objectives have been achieved and fulfilled in this research:

To explore the concept of customer buying behaviour in regard to luxury goods at Marks and Spenser.

To determine marketing and promotion techniques of Marks and Spenser.

To determine if there is a link between what consumers are and how they behave while purchasing luxury goods.

To explore the idea of luxurious product development strategy with specific focus on the Marks and Spenser.

Research Aims

The aim of the study is to investigation of luxurious product development strategy in relation to consumer buying behavior (A case study of Marks and Spencer).

Research Problem

It has been noticed the different individuals show different behavior pattern, and the product that is highly liked by one costumer might be disliked by the other one. However, there are some similarities in the behavior pattern of costumers and there are certain products, or the range of products that become a hit, and at the same time, there are other that are out rightly rejected by the costumers (Kengthon, 2011, Pp: 149). Most of the organizations judge the buying pattern of costumer using trial ...