In the next chapter we learn how sellers set the prices in which we pay for an item, why things cost what they do and not what they are worth. The key to prices are sellers that can sell their products as close to the cost of making the item. In a regular market, prices are the key. Businesses cannot afford to charge a higher price, customers are normally looking for a lower price and the lower the better, in today’s economy. Many customers ask the question, “What affects prices?” We learn that things happen beyond the sellers’ and buyers’ control to raise and lower prices in today’s market.
Describe and evaluate two or more theories of the formation of romantic relationships (9 marks + 16 marks) January 2011 One theory that outlines the formation of relationships is the reward/ need satisfaction theory that was developed by Byrne and Clore (1970). The theory suggests that we form a relationship because the presence of a particular individual is associated with reinforcement. This is because rewarding stimuli creates positive feelings and these stimuli may be people. These people therefore make us happy, so, due to operant conditioning, we seek to adopt behaviours that lead to a desirable outcome and avoid those that lead to an undesirable outcome. Therefore, the presence of an individual produces positive reinforcement as they have a more attractive appeal.
Question 1. Identify 3 inherent risks of Wesfarmers. I. Nature of entity’s business: * Wesfarmers main business is retail. This increases the inherent risk: * There could be problems like slow moving inventory for Target, Kmart or Officeworks * Also consumer preferences and tastes change frequently so this also increases the risk for slow moving stock * There are a lot of cash dealings.
Secondly, I mention the possible increase of ‘market economy’ and the decline in ‘gift economy’, the cultural devaluing of handmade gifts, how we mediate this, and whether money is an appropriate gift or not. Thirdly, there is a cultural message that waiting until marriage to have sex is the best choice, I use an article to prove this wrong and where I stand on this issue. And finally, I will conclude this essay. (Gifts) are used to forge and maintain alliances, and they replicate the divisions between the people involved in them (Mauss 2012). Gifts are also given at rather specific times, and an examination of the occasions involved may also help lead to an understanding of important events and stages in the lives of the people concerned (Hendry 1999) The gift that you receive will have to be appropriate depending on the relationship that you have with that person and for what occasion it is for.
However, income is the main factor that will decide the average consumer’s decision. If a new study was revealed (hypothetically, of course) that there are severe adverse effects from the consumption of Acetaminophen in general, substitute goods would gain an advantage in the market. Ibuprofen and Aspirin treat nearly all the same symptoms that Tylenol does, and as a result can be considered substitute goods. Another shift along the demand curve is the general taste of the consumer. There are many factors that affect this.
In William Lutzs’ essay “With These Words, I Can Sell You Anything” , he explains how advertisers use weasel words in advertisements. These words are misleading and often times leave it up to the consumers to fill in the blanks. This type of technique often lead the consumer to believe the product will do exactly what that want it to do. Many contemporary cosmetic ads use some of the techniques that Lutz addressed in his essay. Some of those techniques include: the use of unfinished comparisons, unfinished claims, scientific words, and the use of words that make consumers forget about the product and focus on something bigger, better, and more attractive.
It also has numerous of problem that one needs to understand. Analyzing and interpretation of the interviews are subjective and can be biased (Javalgi, Granot, & Brashear, 2011). Thus it is crucial that the facilitator is experienced and understands the culture’s verbal as well as nonverbal communication. Assumption about the interviews can lead to errors in the research. However, understanding the culture and values of foreign consumers can help boost the sales of the product and service because the sales teams can market and target their consumers.
Analytical Essay Overall wellbeing, an extravagant lifestyle, and wealth all come to mind when I ponder the good life but what does the good life actually cost? At first glance, this seems like a loaded question that requires multiple dissertations in order to answer. I even contemplated whether or not the good life had a cost at all. Breaking the good life into separate topics relieves much of the stress when it comes to giving an answer. In terms of consumerism, the good life is damaging to the environment, places too much emphasis on money, and it dwindles the importance of non-market values.
Another condition that affects the power of buyers is product differentiation. If the product is undifferentiated, the buyer has the power to play competitors against each other and reduce the cost. The premium chocolate has a differentiated product, which reduces the power of buyers. Rogers have brand identification and customer loyalty, which makes it hard for buyers especially the loyal ones not to consume Rogers for their premium chocolate consumption. 3.
Those actions seem all good; nonetheless, in real world, it often ends up the adverse consequences. Most of the time, politicians speak in the benefit of people; yet, in fact, they have a bigger goal to do so: to be popular or to get elected. Because of that reason, everyone should not look at the surface of the issue but dig down inside to see its real nature. Things just may not be the way it seems. It’s like a toxic candy with poison inside but sweet sugar covering outside.