This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Chapter 5 will state the conclusion of all the above chapters. This chapter will analyse the entire research question and conclude the aim and the objective of the research that is about the consumer behaviour and brand loyalty. Ranbaxy laboratories India has been taken as the case study organisation. So, the study will also conclude the information about the market value of the Ranbaxy India and does their potential customer understand their brand values which would be co-related with the brand loyalty of the consumers.
5.2 CRITICAL ANALYSIS OF ADOPTED METHODOLOGY
The research philosophy and an interpretivist, inductive approach as a part of chosen methodology was appropriate as it has enabled the researcher to address the research aims and objectives, thus allowing conclusion to be drawn. This has enabled an exploration into what is currently happening within the marketing department to influence the potential consumer. However there are a number of issues that have inhibited the research and they are discussed as follows:-
The findings presented in this research were based on a designed questionnaire. Questionnaires were distributed to 84 people but the validity of the questionnaire can be affected by the several factors:-
Questionnaires are like the evaluation method and the respondents can forgot many important issues.
Respondents may answer superficially especially if the questionnaire takes a long time to complete.
The question generated by the researcher are standardised so it is not possible to explain them specifically so the participants can misinterpret the question
The interview conducted with the employees of Ranbaxy Laboratories India was through Skype video chat. It took the researcher long time to get the appointment and the chat only lasted for few hours. Frequent disconnection of the call might lead to miscommunication.
A time line was produced which has enabled the researcher to prioritise and review a visual display of scheduled task and activities as recommended by (Saunders.et all 2003) for the purpose of this research.
In conclusion the methodology has worked out well as per the nature of the research is concerned. It has provided substantive and meaningful data in order to answer and address the research aims and objectives, despite of the issue raised above in this section.
5.3 ANALYSIS OF EACH RESEARCH QUESTIONS
The main objective of the research was to analyse the consumer behaviour and answer the question that, what are the factors that motivates a person to be loyal towards a particular brand and why consumer compromise to certain extent.
The basic of the research can be divided into three different questions they will lead to the end result of the research.
5.3.1 How important is the product?
Consumer purchase decision is effected, how important is the product for him. If the consumer seeks maximum satisfaction then the decision of the consumer would be effected by all the factors that are cultural, physical and social factors. The consumer will engage himself in both the internal as well as the external research.
Research revealed that the modern consumers are more aware of the market situation, thus the purchase decision would be end result of the market research.
The study is about the pharmacy market and most of the time it can fall under the safety needs as described as the second stage in Maslow hierarch of needs. Some times buying a pharmacy product is necessary for the consumer e.g. Medication, prescribed drugs etc but on the other half the social needs also arouse the need of the product.eg. Health care and beauty products.
5.3.2 Do consumer compromise on brands?
As every consumer has a variety seeking attitude and at time consumer compromise on brands which can be effected by several factors.
Purchase decision abilities vary from person to person. The case study on consumer behaviour by Van-Katwyk states that a growing family would more likely to compromise on the brand as the savings would be the priority but on the other half a well fed consumer would maintain his brand loyalty if he will get the desired satisfaction.
As discussed by the Nascio model that the companies try to pull their potential consumers through several schemes, advertisements and marketing strategy but at last it depends on the feedback or the experience of the consumer which encourages to be loyal towards a particular brand.Mordern consumer want to spend less thus he would compromise on the brand if he es not get the desired satisfaction.
In the pharmacy market consumer do compromise on brand on certain extent as it is based on the degree or the level of the medication used. If the patient is seriously ill then he would more likely to go for the most effective drug and if it's only a basic medication then he is more likely to compromise on the price basis.
5.3.3 What are the factors that affect purchase behaviour of consumer?
Marketing of the product is the key element which affects the consumer behaviour. Consumer learning abilities arouses the desire for the product. Most of the pharmacy company use the doctors in their advertisements to create a link between the consumer and the doctor which clearly states that the product is trusted and approved by several doctors which also states the effectiveness of the medication.
184.108.40.206 Income standard
A person is more likely to spend less when he earns less. A person earning less can be loyal towards a particular brand which satisfies him but the variety seeking attitude would be effected because the option available would be less.
220.127.116.11 Substitute available in the market
In the competitive market, where there is" cut and throat" competition and every small organisation is trying to reach each and every segment of the society and seek ways to success through consumer satisfaction. The substitute available gives the consumer more variety in products which ultimately influence the purchase decision.
5.4 OVERALL CONCLUSION
Different models of consumer behaviour describe satisfaction as the final output of purchase decision process or incorporate it in the feedback mechanism linking the past experience to the future behaviour. Nicosia (1796) describe the domain interest as the final act of the purchase of product.Further,the concept Howard and Seth(1973) also describes, satisfaction as the final output in the frame work of purchase decision.
The buyer behaviour model describes that if the actual outcome of a product is judged to be better than or equal to the expectation then the buyer feel satisfied and the end result may lead to the loyalty of the certain product. If on the other hand, actual outcome does not meet the expectation then the buyer will be dissatisfied. (Oliver 1977, 1980).
"The theory of self-concept determines that every product has its own self image and the degree of positive and negative effect is felt when the self image is activated".
Consumer behaviour and loyalty towards a particular brand can be summarised Kolb's four Learning Levels.
Experience:-A desire or a want is aroused to purchase a certain product. The consumer will perform internal as well as the external search to attain the desired satisfaction. The degree of research carried out would be directly proportional to the expectation from the product
Reflection:-The consumer reflects on the gained satisfaction to the desired satisfaction. If the consumer is satisfied then he would be motivated to purchase the product second time and it could lead to the brand loyalty of that product.
Conceptulation:-If the consumer is not satisfied then he would seek the alternatives, evaluate the alternatives and choose the best available alternative.
Experimentation:-At the second time of the purchase of the same product he would draw references from his past experience before purchasing a particular product.
5.4 CONCLUSION ABOUT THE RESEARCH ANALYSIS
5.4.1 Conceptual Model
The research presented in this dissertation has investigated the appropriateness of the consumer behaviour and brand loyalty, Ranbaxy Laboratories was taken as the case study organisation. The results obtained from the survey through questiiooo and data collected from the interview can be concluded as follows:
Overall the company is mentioning Sales in India grew by 2% to Rs 3,617 Mn (USD 74.7 Mn).Retrieved from...........
Ranbaxy Laboratories Limited, pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. The other half of the research shows that the majority of the respondents do not agree with the statement that the brand values of the company is reflected by their marketing strategy. According to the survey 48 out of 84 respondents believe that the marketing of the products affects the consumer behaviour towards a particular brand.
Survey also reveals that 33% of the respondents have not been prescribed to Ranbaxy drugs. As above concluded experience pull the consumer towards the brand loyalty of certain products.
Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries
He said that Ranbaxy was seen as a research driven, global pharmaceutical company with 'strong doctor equity.' Malhotra, emphasized that RGCH would leverage this advantage to provide high quality, safe and efficacious solutions to consumers.
Ranbaxy, which has so far been aiming at the doctor-patient periphery, would now look at a new consumer-based field to push its OTC brands into the market.
Revital being the lead brand, RGCH would continue to seek involvement of the medical fraternity while the distribution coverage would envisage double chemist coverage, extending distribution to other outlet across the India.
Low cost of production, Efficient technology, Technical and stuffed manpower
Low level of Bio technology, low level of technology forecasting.
Growing Income, Growing attention towards health.
High cost of sales and marketing, Competition from Cipla and other substitute companies.
Good financial structure,
High share value in India.
Overtake by daichie-sankyo
Other sectors like Research and development to expand.
Other growing Competitors and political factors.
Serves every sector of society, competing in different field from basic level drugs to prescribed drugs.
Limited products in every field,
Still not defined as a brand name to the consumer.
Lift the profit by diversification of products.
Growing attention towards health
5.5 LIMITATION AND OPPERTUNITY FOR FURTHER RESEARCH
Since Research entails solving real world problems, it becomes expedient for users and readers of management research to have an in-depth understanding of the philosophical foundation of management research because this prior knowledge will enable them give a vivid interpretation of what really exists that requires awareness; it will also enable them have an understanding of what exists or said to exist, making it a prerequisite to understanding a given course (reality), (Cater-steel, 2009). Furthermore, understanding a reality provides an a priori knowledge to contribute to the knowledge of that course (reality), (Cater-steel, 2009).
Finally, it will enable them choose the right method of acquiring knowledge which will further determine the quality of their research work. (Landauer Jeff, Joseph Rowlands , 2001)
This is the judgement of a research work about its quality, (saunders et al, 2009). It shows credibility or plausibility of research findings; whether it can be trusted or not.
Research standard can be measured by Validity, Reliability and Generalisability. (Saunders et al, 2009).
Generalisability is the extent to which the observations gotten within a context can be applied in other context(s); Validity is the extent to which observations derived provide accurate representation of what they are supposed to be describing; Reliability is the extent to which the observation derived is consistent, (Easterby-Smith, 2008).
Research standard of the selected article:
The researcher findings are quite reliable and consistent. As the interview was personally conducted by the researcher. (Wagner, 2009) asserts that a test is reliable if the same results are gotten repeatedly.
The data collected focussed on management accountants, The case study has data of every thing required but data needs more depth to construct a definite stratergy, the generalisability of the researcher' results is in question because the sample size is too small and their findings may not be equally applicable due to regional differences. Therefore further research is required.
Since the research involves understanding human behaviour, the best instrument to measure human behaviour was used.
5.6 RECOMENDATION FOR IMPROVEMENT
Manager should identify the errors and learn about different aspect of management to lead a particular activity towards the desired goal. Each level of management process needs continuous learning and a good manager need that he should identify the errors from each aspect and learn from them.
Planning:-Planning comprises of forecasting the development. It is the psychological process of thinking. Manager should learn how to plan the activity and should maintain a rational mind or he should "think strategically"(N.Carter,1998). The plan made by the manager should not be void and he should consider all the aspect and about the consequences of the planned activity. As observed from the research the manager's of Ranbaxy Labritories India should plan strategically to reach the consumer through face to face marketing, logical advertisements.
Organising:-Organising can be defined as to place different objects in a logical arrangement. Manager should learn how to organise the particular activity as per the requirement of the planned activity, "manage activity information "for example organising an event and organising a conference has different criteria.
Staffing:-It is also called the selection phase. Managers should learn how to select the staff, so that the employees involved in the activity, working as a team help the overall management for the accomplishment of the target.
Directing: - Manager should learn how to direct several different activities as a good leader. "Leadership is ultimately about creating a way for people to contribute to make something extraordinary to happen" (Kaules.J, Posner.B, 2007)
Controlling:-It is the process of checking the errors. Managers should learn how to direct the activity in a controlled manner, so that the objective or motive of the activity is not lost in according to achieve the target. They should also learn how to minimize the hindrances faced by the activity