Theoretical framework example reports to the specific theory discussed in the research paper. Depending on the topic or sub-topic of the research paper, researchers utilise various examples to get an idea of what is being said or explained in the research paper. It is a structure that explains the main ideas a dissertation or thesis describes. It restricts the study`s breadth by limiting its focus on the main variables and their relationship. It also helps give the researcher an accurate structure which helps to guide the interpretation and collection of the data relevant to the research paper.
One of the insurance companies suffering from hard times expressed that its products were cross-selling. The Department of Sales of the company notices that most customers hold only a single policy while the company offers 10 unique and different policies. Now, the company wants to enhance its customers by purchasing over 1 policy as they got to know that they have bought policies from some different companies as well.
The department of marketing and sales team of the insurance company wants to boost the awareness of their products. And they also explained that more awareness of products also helps in enhancing the consumption of other services and products by their existing consumers.
For this, firstly, the researcher needs to analyse the problem or the issue and then the objective and later on, the question of the research is formulated.
In this example, the problem is that most of the company’s customers buy additional insurance policies from different companies. The objective is to sell more and more services and products to existing consumers, and the research question is how the awareness of the product be enhanced to boost the cross-selling of products.
This example mainly focused on the theory and concept of awareness of products and services. Also, it was trying to enhance sales over other products and services. This example of the theoretical Framework helps analyse the concept and propose theories that explain the association of the two factors.
Association between sales and awareness of the product.
Information that the existing customers have regarding the products sold by the company.
Factors that help in determining the awareness of products.
In this section, the concept of awareness of products is discussed.
Marrs (2022) asserted that awareness of products is a leverage that relates a specific product with the organisation or company. It even links the visual cues with product awareness, ultimately identifying the product without the product’s name in the marketplace.
Kopp (2022) explained the definition of awareness of a product by understanding and identifying the product`s knowledge from the viewpoint of a strong sales driver. She also describes that the very initial stage in buying any product is the understanding of whether the product still endures in the company’s product line. She continued identifying the effects of target marketing to ensure that the right products are bought and delivered to the potential and the right customers.
Spacey (2017) stated that product awareness is defined as the extent to which consumers are getting much more attracted and familiar with the products being sold by the company. Furthermore, he explains that awareness of products is a crucial step if the company is selling any new product and informing their customers regarding different services or products that the company is selling.
The description of Kopp is much more adaptable and appropriate, as described in the study. This is so because it spotlights the significance of the marketing strategies that are conscious as well to enhance the awareness of the product. While Marrs and Spacey explain awareness of products clearly, they have yet to suggest any step that should be taken to analyse the awareness of products.
The insurance company needs to enhance its product awareness to develop the company long-term. Consequently, target marketing ensures that the products are split up and are advised to advertise the products to their potential consumers.
As per the view of Kopp, it is easier to sell products in large quantities to targeted customers if the targeted consumer knows that the company has a large range of products. She also describes that awareness of products clarifies the promotion of products with the help of various mediums, developing novel products, creating strong repute and holding on to the customers.
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