The term ‘business’ is used to cover organisations as diverse as multinational companies and small local businesses, as well as organisations in the voluntary sector. Businesses have a wide range of purposes. Some supply goods and services, others manufacture goods. Some want to make profits to satisfy their shareholders, others do not. Businesses contribute to the national wellbeing and the unit considers the purposes of these different businesses.
In order for the desire for a good or service to become an economic want, cost has to be involved in its acquisition. Cost in this sense doesn’t necessarily mean money, but also, letting go of some other goods and services which one would have desired to have. In order to really identify an economic want, some of its features have to be identified. Listed below are some of the features of economic wants: 1. Economic wants are influenced by income, salesmanship and advertisement.
Urban Outfitters Continuing Case Study: Marketing a business Introduction to Business 08-29-2011 Urban Outfitters Continuing Case Study: Marketing a business Explain why Sears or Wal-Mart cannot effectively create a trendy counterculture image. Sears and Wal-Mart are both what are considered to be Big Box Stores. Big Box stores are known for selling a large amount of items for less because of their ability to buy in bulk and mass produce their own products. When a consumer thinks about a Sears or Wal-Mart they will be thinking of the common items purchased by a large number of consumers, not of items that are considered unique, rare or hard to find like the items you might come across at an Urban Outfitters. When customers think of a niche store like Urban Outfitters they will be thinking of items that will be specific to that type of store such as a specific type of shirt or hat.
| ANALYSIS VIA PORTER’S FIVE FORCES MODEL The threat of new entrants in the online grocery business could lead to the company having to lower their prices and also, may have to lower their delivery fee just to compete with the newer companies that are trying to start out in the online business. They will also need to advance their technology within the company. The bargaining power of buyers allow for the customers that purchase loyalty from the company to pick and choose the products they need for the best price. This helps with the growth of the company; the company depends on customer loyalty to stay in business but this allows for the competitors to compete against one another. The bargaining power of suppliers hurts
Super Bakery provided a unique strategy in how it did business. Management chose to outsource its selling, manufacturing, warehousing and shipping to other companies instead of maintaining those departments in house. They were able to bring many companies together and organize the work flow from those companies to fill customer orders. The company only performed certain functions in house which were strategic to the business. This allowed the company to maintain the maximum value for the company while minimizing the investment the company would require.
The school tokens are a good sales promotion because to get this sales promotion you have to buy products from the store to a certain price. This will not just be benefitting Tesco it will be benefitting the school, which you are giving the token, too whether that’s new computers, new sports equipment. These are two good ways to be able to offer customer the best value for money and another marketing objective in working directly with suppliers to make long-term business relationships based on strict quality and price
Customers earn points for £’s spent and these points can be redeemed against food, fuel and even days out; and this is what sets Tesco apart from the other stores. Their range of products and services is more attractive because the customer feels they are getting something back for spending their money at Tesco. By Stacey’s definition (Stacey, 2007) technical rationality is key in bringing together problem solving and decision making in any strategy. Stacey argues that Technical Rationality is decision making purely based on
Outline who are the winners and losers in a consumer society? Contemporary UK is what many social scientists call a ‘consumer society’. This is where status is defined by purchases rather than other factors such as jobs or class. However, for most people, the ability to be able to consume effectively involves having a job. So, jobs are important just they generally aren’t considered as important.
Here are the reasons why: Staple convenience products are customer products that are purchased regularly and without much thought. Examples of staple products are food items like eggs, bread, and milk. Customers usually buy staple products to replenish what has been used up. It is important that marketers make staple products easily available, so they must be mass marketed with wide distribution. You will not find milk, eggs, and bread only sold at Vons super markets.
The case study of Hershey Foods offered a different perspective on the effects of a company’s strategic plan or lack of one. Usually it just affects that company, employees and/or that specific industry. However, in this case, Hershey Foods and the decisions the CEO and board of directors make effect an entire town and economy. Even a school was involved. Hershey Foods is so integrated into the town of Hershey, PA that it was important that they made the right decision and not a decision that was only motivated by profit.