The research has facilitated me in attaining a better learning experience that can be useful in attaining my career goals in the future years. The topic on which I carried out the research was “to analyze the impact of IFRS accounting standards on enhancing consumer loyalty within the retail sector of Australia”. This topic increased my understanding on the necessary IFRS accounting standards regarding development of several consumer loyalty schemes which can facilitate the organization in training increased consumer loyalty towards its retail brands. Attaining knowledge on such “consumer loyalty scheme” standards set out in the IFRS Standards can be useful for me in serving my company well through developing value added schemes that can increase purchase intention of my organization’s consumers (Abbott et al. 2017). In carrying out research on analyzing the use of IFRS accounting standards, my learning has become clear regarding the fact that I can develop consumer loyalty schemes in a way that can have a positive impact on the turnover value of my organization after sale.
The learning process in analyzing the impact of IFRS accounting standards regarding consumer loyalty schemes in increasing their purchase intention has facilitated me in attaining an increased understanding on my course, program, individual life and future career. I have also been able to implement my newly gathered insights and knowledge on the implication of IFRS Standards on enhancing consumer loyalty and purchase intention in the retail organization within which I will work in future (de Villiers and Sharma 2017). I have attained new knowledge and insights through carrying out research on IFRIC 13 “Consumer Loyalty Programmers” that has facilitated me in attaining increased understanding on the ways in which provisions of this accounting standards can be developed by the retail companies. Moreover, this has also increased my learning on the IFRIC 13 “Consumer Loyalty Programmers” implementation for developing retail market, brand along with consumer purchase intentions which can further facilitate in persuading “loyalty reward credits”.
I have attained several useful implications in carrying out the current research on analyzing the ways in which IFRS consumer loyalty standards can enhance their purchase intention for the Australian retail products. In carrying out in this research I read about the implications of IFRS accounting standards along with their impact on purchase intention and brand loyalty. I have also analyzed the existing literature and theories that establishes association among IFRS consumer loyalty accounting standards and consumer brand loyalty along with parkas intention (Sedlá?ek and Skalický 2015). Moreover, in attaining a detained understanding of this interrelationship I have carried out questionnaire analysis through involving 20 managers and 30 consumers from selected Australian retail companies. Moreover, in attaining a detailed insight on the research subject I have also considered using statistical data analysis tool such as MS Excel that has facilitated me in seeing necessary respondent’s insights.
The current business research on effect of accounting standards used in Australian retail sector has enhanced consumer loyalty and purchase intention has offered useful implications within my learning process. The research conducted by me in evaluating the aspects of the IFRS accounting standards in developing effective value added services for all the target consumers (Sinclair and Keller 2017). Moreover, the research also has an increased contribution on employing the suitable qualitative and quantitative data analyzing processes in attaining effective research outcomes. In addition, the business research has offered with effective learnt aspects on the ways in which the retail organizations can attain a sustainable image through developing brand identity. Moreover, in accomplishing the business research I have attained effective business implications as my study revealed that implementation of IFRS consumer loyalty schemes accounting standards and facilitate me in implementing techniques through which in future IFRS accounting regulations can be use by me in assessing certain loyalty schemes that can enhance consumer loyalty.
From analyzing the effect of IFRS accounting standards based “Consumer Loyalty Schemes” on increasing their purchase intention regarding the retail products in Australia. From the research carried out it I have attained better learning through testing of the set hypotheses. I have also attained findings on the hypotheses like provision of IFRIC 13 ‘Customer Loyalty Programmers’ impact on enhancing buying behaviour of consumers within Australian retail sectors (Travers, Morisano and Locke 2015). I have attended a detailed insight through conducting questionnaire survey analysis with the selected managers and consumers yet all the consumers have different levels of motivation. Based on such findings I will require to implement IFRIC 13 ‘Customer Loyalty Programmers’ in order to address all their self-definition needs of all the consumers of the organization in which I will be working. Moreover, through completing assignment 1 and assignment 2 of this research I have attained a detailed understanding on the existing literature on the topic based on which I have set research objectives and hypotheses for data analysis. Moreover, I have also been able to develop an effective research plan in accomplishing the tasks set for the research along with attaining suitable data for analyzing research variables.
The learning’s gathered from the current research will be helpful for me in implementing the knowledge gained in my future course add profession. The public interest theory has facilitated me in attaining increased understanding on the public interest theory through which I can attain increased shareholders attention towards the products (Travers, Morisano and Locke 2015). Through attaining learning’s from this business research I can also use advantages of the accounting regulations that can provide me chances of personal development as I can attain necessary opportunities in completing any accounting course in future at a global level. Attaining knowledge on such “consumer loyalty scheme” standards set out in the IFRS Standards can be useful for me in serving my company well through developing value added schemes that can increase purchase intention of my organization’s consumers.
Abbott, M., Beecher, C., Petersen, S., Greenwood, C.R. and Atwater, J., 2017. A Team Approach to Data-Driven Decision-Making Literacy Instruction in Preschool Classrooms: Child Assessment and Intervention Through Classroom Team Self-Reflection. Young exceptional children, 20(3), pp.117-132.
de Villiers, C. and Sharma, U., 2017. A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting. Critical Perspectives on Accounting, 4(2), pp.17-19.
Sedlá?ek, J. and Skalický, R., 2015. The Brand in Accounting and Economic Concepts-Comparison of the Czech and the International Approach. European Financial Systems 2015, p.507.
Sinclair, R. and Keller, K.L., 2017. Brand value, accounting standards, and mergers and acquisitions:“The Moribund Effect”. Journal of Brand Management, 24(2), pp.178-192.
Travers, C.J., Morisano, D. and Locke, E.A., 2015. Self?reflection, growth goals, and academic outcomes: A qualitative study. British Journal of Educational Psychology, 85(2), pp.224-241.
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