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Impact of social media and high pricing policy on consumer b
Transcript of Impact of social media and high pricing policy on consumer b
Introduction of the Study
Hypothesis of the Study
Theoretical Framework Model
Results of the Study
Implication of the Study
Impact of Social Media and High Pricing Policy on consumer Buying Behavior of Luxury Branded Goods
This study aims to find out the impact of social media on consumer buying behavior of luxury branded goods. Previous studies has also been done on overall social media not on separate social media types, with the positive results. Therefore focus of the study will be on each social media platform and their impact on consumer buying behavior.
Various studies presents overall marketing strategies of luxury brands but this study intended to focus on the impact of high pricing policy on consumer buying behavior of luxury branded goods.
Prior studies only just include the students and working students but the stream of this study included working students, employees, business owners and housewives
This study focus to examine whether Facebook, Instagram and Twitter have significant impact on consumer buying behavior of luxury branded goods. Consumer’s affiliations with the blogs will also be studied whether blogs have significant impact on consumer buying behavior of luxury branded goods. Regarding pricing policy this study will also examine whether high pricing policy have significant impact on consumer buying behavior of luxury branded goods.
Hypotheses of the Study
H1: Facebook has significant impact on consumer buying behavior for luxury branded goods
H2: Instagram has significant impact on consumer buying behavior for luxury branded goods
H3: Twitter has significant impact on consumer buying behavior for luxury branded goods
H4: Blogs have significant impact on consumer buying behavior for luxury branded goods
H5: High pricing policy has significant impact on consumer buying behavior for luxury branded goods
Theoretical framework Model
Consumer buying behavior of luxury branded goods
Primary data collected through survey questionnaire
The survey were conducted both by electronically and personally administrating the questionnaire
Quantitative Research quantitative method was chose to accomplish the objectives of this study,
For the purpose to collect the data from the buyers a research survey was carried out through non probability sampling technique and convenience sampling technique was chosen as subcategory.
The population was selected as the general public of Pakistan from Punjab province and Islamabad territory.
Sample of the study were included the working students, employees, business owners and housewife from the Punjab Province and Islamabad city who are between the ages 18-40 and have luxury buying power.
Simple Percentage method were used to analyze the research data.
Reliability of the Study
The reliability was examined through the Cronbach Alpha that was introduced by Lee Cronbach in 1951. For a reliable Cronbach Alpha the results must be greater that or equal to 0.70 (Nunnally, 1978)
The usage of social media has been increased now a days this social media platform has significant impact both on sellers and buyers therefore This study could help the markets to better understand which social media channel most impact the consumers to purchase the luxury items and which types of consumer mostly purchase the luxury products. this platform is very important for the luxury brands to settle down the right strategies that are purely meant for social media types
this study also meant to understand the high pricing policy impact on consumer perceptions. This variable directly related to psychological perception about consumer purchase behavior so the marketers have to manage this aspect as well.
Finally, the policy makers and luxury marketers can get better benefits from this study by comprehending the meaning of gratifying the promise.
data collection time was limited to 14 weeks and the study was cross-sectional
second this study restricted to small sample size
In a demographic variable this study includes only certain age group of people and variables akin to qualification and marital status was not conferred
the research was carried out on Punjab province of Pakistan. Therefore, the simplification of the outcomes of our research to other nations cannot be made
This Study is cross-sectional it can be conducted by longitudinal design
potential study would be carrying out with related model in different countries and industries
Generally the purpose of the research was to check the link among consumer buying behavior of luxury goods, social media and high pricing policy
Current research tinted the value of facebook, Instagram, twitter, blogs and pricing policy according to the consumer perspectives. The findings were talked the noteworthy association among these variables
Overall the results from the survey correspond very well and making the findings somewhat generalize and reliable. This research departs with some interesting topics for future studies beside with the requirement of revision the topics further in sort to discover new detail outcomes
Consumer’s interactions and the way they communicate with brands have been significantly changed due to constantly increasing trend of using the internet. According to Okonkwo (2010) luxury brands did n0t have potential with the internet when it first became popular with the consumers, and although this approach would quickly change they were comparatively slow to embrace it, and entered the world of social media, already quite very well recognized, with hardly few years wait
Given the values to Luxury fashion bands, i pointed out the need to investigate the role of social media and pricing strategies.
It was widely believed that Social media affect the Consumer buying behavior of luxury goods. However the study was conducted to scrutinized the outcomes of social media like facebook, Instagram, Twitter and Blogs with respect to luxury marketing sector
It was also found that High pricing policy significantly impact the consumer buying behavior of luxury goods.
Further the Study looked at the following demographics characteristics like Age, Gender, Social status and Income