The impact of pricing strategies on consumer preference and brand loyalty. A case study of Coldaz Investments (Pvt) Ltd
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The objective of this research is to evaluate the impact of pricing strategies on consumer preference and brand loyalty. The research has been carried out against the background of high competition in the supermarket retailing world. Products and services are becoming more alike; offering the same benefits. The key success in this marketing context is to price the products in such a manner that the products are easily preferred by a specific group of customers. A descriptive research design was employed mainly to describe the nature of customer reaction towards pricing strategies. Random sampling was employed in selecting a total of 74 respondents who were customers; all of the merchandisers were put in the research as well as the two managers. The data collection instruments used were questionnaires for the customers and merchandisers and an interview for management. The findings were presented in tables, figures and text and all findings were interpreted and analysed establishing links between the present findings and the reviewed literature. The research discovered that Zimbabwean customers are very sensitive to pricing and that can make them prefer a product or become loyal to a store. The study recommends that retailers should craft prices that are able to push a customer to buy. Store details need also to be taken into consideration as well as customer feedback so as to improve or increase customer store preference as well as their loyalty.
- Department of Marketing