Analyzing an article Assignment Example | Topics and Well Written Essays - 1000 words

Analyzing an article - Assignment Example However, why should not there be a general product for a particular range products. For example, what would happen if Apple’s iPhone were priced similar to Samsung Galaxy? In this case, people would argue that customer’s choice between the Galaxy and the iPhone is based on the brand name. Now suppose we scrape off the brand names and give the two products a similar appearance. Which of the products would sell more and why? This and many other economic and marketing puzzles dominate the article. Issues of brands and prices dominate the technology market. However, the issue still applies even to most basic consumer services. For instance, why are some private doctors or lawyers busier than others are, despite having the same qualification? Consequently, why are some commodities costly and yet they have a better market than cheaper ones. For example, why do people always go for an expensive lawyer whenever they have legal requirements? This and other similar questions are tackled in the article. The author argues that customers are the sole determinants of prices and they control the market. What does being expensive really means. The issue of expensive and cheap commodities characterizes any market. Customers are complaining that a thing is either too expensive or it does not meet their expectations. Surprisingly a car valued at $3000 and a candy valued at $2 might be categorized as expensive products. It beats logic to analyze the price difference between the two products in terms of their price money. Indeed, $3000 is extremely greater than $2. Thus, it might be absurd to categorize both products as expensive products. Consequently, customers of each of the above products have a hypothetical price that they consider as fair or correct. However, how do sellers get access this price without going through the customer? The power to unlock this mystery is the key to successful marketing. Some like when the prices are high while others like it when the prices are at the lower extreme. Choice for either extreme depends on consumer's decisions. Surprisingly customers will always complain that the prices of commodities are extremely high independent of their purchasing power (Bade, and Michael 72). Are consumers always complaining about prices or can we achieve the reverse situation. Indeed, it is possible to manufacture the later scenario in an ideal market. According to the author, successful marketers know how to reverse customer’s view on expensive prices. Analyzing the News In a market system, successful products always have substitute. Availability of substitute is the main factor that distinguishes a competitive or an ideal market from a monopoly. Consumers distinguish different products based on brand names or their market label. Despite the differentiation, some products are more successful than others are. Consequently, customers would buy such products at even high cost defying key economic principles. Price is the key monetary representation of a product’s value. Thus, the price of a product reflects its true value in a particular market. Customers have they own definition of value that depends on the nature of a product and the subsequent economic environment. For example, people would be comfortable buying a bottle of water at $100 in a hot desert. Consequently, the same customers would not be able or willing to buy the same bottle in a place where water

Business mangament Essay Example | Topics and Well Written Essays - 500 words

Business mangament - Essay Example The underlying objective is to meet client demand with the desired tastes and preferences. Resource utilization is a critical aspect to monitor in operations management. The operations management purvey herein can take a number of forms, with the most commonly employed being strategic, tactical and/or operational. Activities that characterize each of the three depend on the operational decisions reached at an individual organization level. This is done by evaluating and assessment the market, customer base and the industry trends. The aim is to strike a long lasting relationship between stakeholders, so that the operational aspects of the firm are effective and efficient prior to the firm’s product and/or service line. The focus of operations management is primarily rooted in fundamental players in the business environment. These players highly influence the functionality and success of firms’ business aspects. Operations management focuses on the customers, suppliers, shareholders, employees and the society (Kumar, 2006, p.153). Customers are the main driving factor in the market. This is because they create market demand, prompting supply of products and services. In the case of shareholders, organizational welfare consequently influences shareholder wealth. The employee aspect of operations management accounts for working conditions at the workplace. Through corporate social responsibility, operations management integrates the society into the firm’s operations. This is done to ensure that business activities by a firm do not affect the society negatively. Based on the interests and the focus of operations management, five specific objectives are pursed. These are: quality, speed, dependability, flexibility and cost (Khanna, 2007, p.382). Quality addresses product and/or service specifications conformity. In other words, the quality of