Finalize Research Plan

Broad Objectives.

To find out whether the cost of coffee influences how much is purchased and how the company can lower its prices.

Specific Objectives.

To find out how much how much each coffee spice costs.

Research questions.

How does the cost of a coffee spice influence its purchase?

To what extent does the pricing of a coffee spice influence its purchases and the cost of the product?

Hypothesis.

The cost of a coffee spice influences its purchases or the cost of the product.

Research Methodology.

The questionnaire/survey is the research method that I will use. The data will be obtained quantitatively. By employing the quantitative method, it will match with the research questions since the research to be conducted requires empirical data that will be used in determining the number of people who will provide the data to show that the cost of the coffee spices drives them to purchase it.

I will collect the original data by going through the premises of the Starbucks company all the people I find giving them questionnaires to receive their responses regarding the influence of the cost of coffee spices on the purchasing of the coffee and also counting the number of people who have answered the questions correctly. Those who would have left some spaces or questions unanswered I will be made to go back and search for them or even discard those questionnaires. The study is going only to be based on or involve humans since they are the ones with the relevant information needed for the study to be a success. I obtained the permission to conduct the study by visiting the manager and informing him of the study and was granted the go ahead. I will use a sample that I will randomly select among the workers and then the data obtained I will use it to generalize.

After obtaining the data quantitatively, I will go ahead to critically analyze it and also interpret the figures and numbers appropriately. Finding rationale will also be a priority for me and trying to bring out the reasons for some of the findings that might be realized. I will also go ahead to bring out any limitations that I will find during the study, both which I can have control over and those that I cannot have control over.

LITERATURE REVIEW

Over the past years, a lot of studies have been made concerning the coffee making and marketing industries or companies. The studies indicate that a lot of companies have been striving to know of the ways to maintain their customers and their relations (Kotler and Armstrong, 2001). Some of them have even gone as far as making their products cheaper than other companies to attract more customers and retain the ones that they have already.

Besides the cost-effective nature of the products of the companies, some went ahead to even provide a conducive environment in the whole process, and this makes them get even more customers in addition to the ones they previously had. The behavior aspect of the companies also showed that it could be a way to promote their market even more. This mainly occurred through; how much the consumer buys of the product due to its cost-effectiveness, how frequent the product is bought by the consumer, the behavior patterns displayed by the consumers whenever they purchase the product (Kanuk & Wisenblit, 2010).

Studies showed that the only way to differentiate between the non-loyal customers and the loyal customers was by several ways, among them; the loyal customers keep coming to buy the same item or product regularly due to the affordable prices which are given by the company, the good customers will always go and bring more customers to the company to purchase and try consuming the products produced by the company, consumers who are true will always ask for other products produced by the company to try them and see the results (Bowen & Shoemaker, 1998).

Research also shows that the cost of the products also influences the purchasing of the products, since when the consumer buys a product and uses it and then the results he/she gets back will determine if the consumer will again come back to purchase the product again and again. If the costs are affordable and the product is good quality, then the likelihood of the consumer to come back is very high.

It has also been found that at times, the customers may feel to have a change of the same brand but from different companies. When they are doing this they also incur searching costs of information, whenever they find that the cost of searching or gathering more information on the product is high, then their morale on the purchase of the different product goes down since no one wishes to incur more costs on a product that they already have access to and works better (Fildes & Robertson, 2007).

Perceived product value is another key aspect that influences the purchasing of the product. When the customers feel that the product they are purchasing offers a greater value than the likelihood of re-purchasing the product becomes very high. This has helped a lot of companies develop regarding their business markets. These among other practices have been employed by various companies which have seen them develop both regionally and internationally (Young & Peterson, 2010).

Studies also proved that constant prices of the products by the companies made them gain and maintain their customers since the consumers get what they want readily and at a good cost.

References

Hankinson, P. (2001). Brand orientation in the charity sector: A framework for discussion and research. International Journal of Nonprofit and Voluntary Sector Marketing, 6(3), 231 242.

Jung, H. S., Namkung, Y., & Yoon, H. H. (2010). The effects of employees’ business ethical value on person–organization fit and turnover intent in the foodservice industry. International Journal of Hospitality Management, 29(3), 538-546.

Robertson, A., Soopramanien, D., & Fildes, R. (2007). Segmental new-product diffusion of residential broadband services. Telecommunications Policy, 31(5), 265-275.

Slavova, M. (2014). Consumerism as a Source for Innovation and Product Development.

Weigold, M. F. (2001). Communicating science: A review of the literature. Science communication, 23(2), 164-193.