The American Institute of Certified Public Accountants (AICPA) has published guidance on various ethical issues that may possibly arise from the shift in business strategy in this firm. The following paragraphs will explain this firm’s plan for ethical and economic success. Economics and Pricing Economic issues tend to dictate many aspects of business, including the pricing of services and products. Land values, inflation, access to healthcare, the cost of living, and unemployment are examples of key issues that indirectly affect economy as a whole. Inflation and cost of living change the way consumers spend their money.
According to Kelleher, the purpose of including power in the discussion of leadership lies in the critical link between our potential to influence (our power) and actual success we experience while influencing (our actions and behavior). 2. Discuss the factors that influence a customer to spend money and time at Ethel’s. The companies that
Sometimes we skip some of the other buying decision stages and go straight to the need recognition only. For instance someone buying a burrito would recognize the need of hunger and just go right to purchase decision and skip the decision of information search and evaluation. When we choose the deliberate on purchases, the model above is very useful. Buying always start with need recognition. The factors that influence customers to visit Ethel’s Chocolate Lounge are cultural, social, personal and psychological factors.
They influence the product or service they buy. ~ Market segmentation - The important thing is to influence your target group, to buy your products or services. ~ Bases of a segmentation * Geographic : Segmenting by content, country, city * Psychographic: Understanding the lifestyle and opinions of the consumers. * Demographic: Segmentation based on age, sex, marital status * Lifestyle : Segmentation based on state, neighborhood, region ~ Uses of geo-demographic systems to identify and reach target groups eg ACRON, MOSAIC * The ACORN is a geo-demographic tool the business use to identify and understand the UK population and local demand for products and services. They use the postcodes for demographic statistics and lifestyle variables to give business a guide to different regions.
This essay will outline what is meant by a consumer society and the role supermarkets play in contemporary UK today. It will go on to discuss the power supermarkets have, not just in the UK but globally and how this power equates to a ‘zero-sum’ game. Consumption may in simple terms be seen as a basic human need for food, clothing and necessities, but in reality it goes much deeper than simply buying things for their use. Consuming is a way for people to feel that they belong, that they are part of society. People buy items that define their personality and lifestyle and to convey a meaning to others, not simply for practical use (Susman cited in Hetherington, 2009, p. 43).
Many factors come into play when a consumer is considering whether the spend money and time at Ethel’s. Income level could influence financial affordability. Consumers with higher incomes would be more likely to frequent Ethel’s on a regular basis. The prices would likely limit people with lower incomes to an occasional indulgence. Gender may also be a factor in determining Ethel’s customers.
By using the information, manager can use cost of capital for restructure the market price and earning per share in order to bring advantage for company. By extension, it can help determine the decision whether to cancel or invest in project. Moreover, the cost of capital can help investors to determine the performance of the top management. With the intention of compare the ability of financial managers based on evaluation between the
The success of strategies depends on ability of an organization to satisfy customer needs better than its competitors in market. Krishna & Vasant (2006). Therefore it can be said that marketing mix strategies in retail are highly influenced by the customer’s needs and requirements and strategies adopted by competitors. That aim of marketing mix strategies in retail sector is to satisfy specific customer needs with price strategy that can make some profit for the organization (Kurtz et al,2009) Blankson(2010) explain that retail marketing mix strategies should aim to create distinct image in the mind of consumer while mix can vary on the basis type of specific market requirements. Many elements can be placed to form marketing mix of any organization but most significant elements are given as follows (i) Store location (ii) Merchandise and Category Management (iii) Pricing (iv) Inshore marketing (v) Customer Relationship Management These retail marketing mix strategies at Argos are discussed here in detail (i) Store Location:- The selection of store location is most significant and important decision and success of business heavily relies on this decision.
Geographically, the products are made available to the customers through outlets. Demographically, the middle classes and upper classes are allured towards the brand. Psychographic segmentation indicates interest towards the brand. At last, the behavioral segmentation is made out on the grounds of brand loyalty, user’s rate and satisfaction so derived from it. Target markets for the product are between age group of 6-60 years of age.
* Rising income environment * Overall large population * Desire to spend money on new types of foods that were not available before * Close proximity to Europe * Purchasing chocolate as gifts and “thank you” gestures on various occasions * High consumption of chocolate and confectionary products 2. Analyze, the local market and competitive situation and address the following: a. Recommend which Darling products should be the first ones to enter the St. Petersburg with? Enter market with first Milk chocolate then Milk chocolate with various flavors and fillings (nuts, caramel, etc.) Then dark chocolate b.