Een onderzoek naar het prijsimago van retailer X
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Een onderzoek naar het prijsimago van retailer X
The current research focused on the price image of retailer X. The research concerned the drivers of the price image and the relationship between the price image and the consumer (buying)behavior. Through the deskresearch and fieldresearch the goal was to manage the expected price image and the actual price policy to optimize the buying behavior of the current customers. The target audience consists of current customers in the age of 25-55 years old. The main question of this report is as follows:
‘Which factors influence the price image of the X concept stores of reatiler X from the perspective of the current customers?’
The literature review showed the process of creating a price image, where different drivers can influence the price image of a retailer. This research is based on retailer-based price image drivers and consumer-based price image drivers, which influence the price image. This price image results into consumer based outcomes. These outcomes can influence the consumer in two ways; their beliefs and their behavior. Based on the current situation of retailer X and previous research, hypotheses have been formed. The hypotheses focused on the measurable drivers which were tangible and physical for the current customers.
The first hypotheses focused on the influence of price-related factors; dispersion of prices (1a), price related communications (1b) and price dynamics (1c) on the price image. The second hypotheses focused on the influence of non-price related factors; physical attributes (2a), assortment (2b) and service level (2c) on price image. The third hypotheses focused on the influence of situational factors; financial consequences of the decision (3a) and time pressure (3b) on price image. The fourth hypotheses focused on the influence of consumer characteristics; price perception (4) on the price image. The fifth hypotheses focused on consumer beliefs and consumer behavior; price evaluations (5a), store choice (5b), store deferral (5c) and purchase quantity (5d) which will be influenced by the price image.
The field research was conducted in a qualitative way. This resulted in twelve long focused interviews which were collected by an online survey. The respondents of this online survey were contacted by phone, so the interviews could be planned. The interviews took place in the stores. Furthermore, 18 short focused interviews have been conducted, where respondents were approached in the stores itself. The requirements which were considered for a valid respondent were: a male or a female, between 25 and 55 years old and have visited and experienced the X concept store of retailer X.
With fieldresearch the drivers of the price image of retailer X have been indicated. Price dynamics, dispersion of prices, assortment and service have the most influence on the price image. The different drivers influence the price image in different ways. Price dynamics are discount actions and influences the price image negatively. This means that the price image went downwards. Dispersion of prices results in individual influences at the price image. The price of one article can influence the price image positively and negatively. The assortment of denims influences the price image positively. The denim look radiates expertise and respondents associate this with a higher price image. The assortment of fashion items on the other hand, influences the price image individually. An article can be associated with a low or a high price image and is not always in line with the total price image.
Service influences the price image in the way that through service a higher price image will be earlier accepted than when there will be no service at all. The situational factor financial consequences and the consumer characters’ price perceptions will keep the price image accepted or not. This means that if a customer does not have much money to spent on clothes or has a limit for a specific article, a higher price image will be less easily accepted.
The creation of the price image influences the customer’s behavior in different ways. Through the drivers’ assortment and service the customers visited especially retailer X. Discount actions, dispersion of prices and price perception decide the value of the purchase and the evaluation of individual prices of items.
Hypotheses 1a to 1c can be adopted. Hypothesis 2a can be rejected and hypotheses 2b can a part be adopted and 2c can be adopted. Hypotheses 3a can be rejected and 3b can be adopted. Hypotheses 4 and 5a to 5d can be adopted.
All the drivers together create a fluctuation in the price image. The actual price policy and expected price image are on one line. But the result of this price image is that the respondent will buy articles at a specific time. So, the only question retailer X has to ask herself is; if they influence the consumer (buying)behavior in an optimal way. The goal is to create more consistency in the price image, to prevent that the current customer will defer their purchase to a later moment. From this point of view, there will be looked at coordination between the realization of the price image and the real price policy to influence the buying behavior of the current customer. From here two recommendations have been drawn up.
Based on the results and conclusion of this research, the following two recommendations are established. The recommendations are related to the price related and non-price related factors.
- Full prices
The first recommendation is to use lower full prices for the fashion groups, to match the prices of the assortment better with the price image of the overall store. The goal of this recommendation is to match the price image of the fashion items with the market segment retailer X want to achieve. To put this recommendation into practice, the spread of prices need to be adjusted.
- Dispersion of prices and discount actions
The second recommendation is to create more consistency between the prices of one article to create a more realistic price image for the current customers. The goal of this recommendation is to create a customer who does not depend on actions with discounted prices anymore.
Both recommendations can be implemented separately, but when they will be exported together, they can strengthen each other.