Impact of Product Price and Brand Name on Quality Perception Essay Example for Free

Impact of Product Price and Brand Name on Quality Perception Essay In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services. In modern economies, prices are generally expressed in units of some form of currency (For commodities, they are expressed as currency per unit weight of the commodity, e.g. Tshs per kilogram.) Although prices could be quoted as quantities of other goods or services this sort of barter exchange is rarely seen. Prices are sometimes quoted in terms of vouchers such as trading stamps and air miles. Brand is the name, term, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers.Initially, Branding was adopted to differentiate one persons cattle from anothers by means of a distinctive symbol burned into the animals skin with a hot iron stamp, and was subsequently used in business, marketing and advertising. A modern example of a brand is Coca Cola which belongs to the Coca-Cola Company. A brand is the most valuable fixed asset of a Corporation. In general, the product is defined as a thing produced by labor or effort In marketing, a product is anything that can be offered to a market that might satisfy a want or need. 2.0 PROBLEM ANALYSIS 3.0 OBJECTIVES 3.1 general objectives name on customer’s quality perception of product To assess the effect of price and brand 3.2 specific objectives * To assess the effect of price on quality perception * To assess the effect of brand name on quality perception HYPOTHESES Null hypotheses * There is negative relationship between price and quality perception * There is negative relationship between brand name and quality perception Alternative hypotheses * There is positive relationship between price and quality perception * There is positive relationship between brand name and quality perception LITERATURE REVIEW The consumer quality perception has been a debatable topic for the past so many years around the world; previously many researchers have studied this topic and found exploratory findings in different contexts. The central purpose of the study is to investigate the impact of product price and brand name on consumer’s quality perception of the product. The marketer must inspect the consumer buying behavior by consumer psychological behavior and social concerns (Shabbir et.al 2012). According to Kurtulus et al. (2005) the influence of consumer psychographics on their tendency to purchase retailer brands, that must be valid and reliable so the consumers are more price conscious and prefer and purchase retailer brands. Most of the consumers need convenience and quality products that strongly motivate them to buy the same product more frequently in the future (Ahuja, Gupta, Raman, 2003). Ahmad, Vays, (2011) found that the pre-decision time of consumer purchasing behavior recognized solid link with the desire purchasing Behavior of the consumers. Product price The product price factor is always been an important factor in customer/consumer buying process in every context. They always examine price and brand name information differently when they are making judgments on the dimensions of quality: ease of use, usefulness, performance, durability, and status (Brucks, Zeithaml Naylor, 2000). The marketing managers have to think broader to have a common on two factors such as capability control and strategic dynamic pricing policies (Moe Fader, 2009). The customer must be facilitated with some packages in products. Bie Chiao (2001) found that the marketing managers should highlight the service quality as well as but also price fairness in total consumer satisfaction program. According to Chang Wildt (1998) the price has its significant influence on perceived quality when it is the only information indicated available. According the study of consumer prefers to have a price and quality rather than technical aspects in durable goods (Chui et al. 2006). Brand name Another benefit of branding , from the customer view point,is its ability to increase purchase confidence and enhance customer loyality (Aaker,1991 ; chaudhuri amp; holbrook ,2001).Brands work by facilitating the the customers buying decesions process.(Doyle,1990).In a competitive market customer face hundred of products and messages competing for attention.the buying decisions are reliant on their past experience and perception about a product and his habitual buying process is associated with brand loyalty

Industrial Revolution :: essays research papers

THE INDUSTRIAL REVOLUTION. The Industrial Revolution is the name given to the movement in which machines changed people's way of life as well as their methods of manufacture. About the time of the American Revolution, English People began to use machines to make cloth and steam engines to run the machines. Sometime later they invented locomotives. Productivity began a steep climb. By 1850 most Englishmen were laboring in industrial towns and Great Britain had become the workshop of the world. From Britain the Industrial Revolution spread gradually throughout Europe and to the United States. The most important of the changes that the Industrial Revolution brought were: 1. The invention of machines to do the work of hand tools. 2. The use of steam, and later of other kinds of power, in place of the muscles. 3. The adoption of the factory system. The Industrial Revolution came gradually. However, when measured against the centuries people had worked entirely by hand, it happened in a short span of time. Until the inventions of the flying shuttle in 1733 and the spinning jenny in 1764, the making of yarn and the weaving of cloth had been much the same for thousands of years. By 1800 a host of new and faster processes were in use in both manufacture and transportation. Several systems of making goods had grown up by the time of the Industrial Revolution. In country districts families produced most of the supplies that they used, while in the cities merchandise was made in shops, and manufacturing was strictly regulated by the guilds and by the government. The goods made in these shops were limited and costly. The merchants needed cheaper items, as well as larger quantities, for their growing trade. They had to establish another system of producing goods. The cottage or domestic industry filled in the gap for some time, because it gave the merchant a large supply of manufactured articles at a low price. It provided employment for every member of a craft worker's family and gave jobs to skilled workers who had no capital to start businesses for themselves. A few merchants who had enough capital had gone a step further. They brought workers together under one roof and supplied machines. These establishments were factories. After centuries of the craft guilds and the government having controlled commerce and industry, began the belief that it was better to let business be regulated by the free play of supply and demand rather than by laws The English government started to leave business free to adopt the new inventions and the methods of production which were best suited to them.

Planning for Management Information System

The biggest challenge and most critical success factor in reengineering projects are persuading the people within the organization to cooperate. When you begin to computerize a legacy system considers the advantages; reduced clerical cost, quicker processing time and improved customer service. Everyone knows that the computer capabilities alone make life a lot easier for all managers. The advantage of time and accuracy spread over the lifespan of the information system means improved long-term vision and focus for top, middle and lower managers. A management information system (MIS) focus is on information that management needs to prepare its job. This task becomes much more difficult when the major players have a tradition of high independence, are often confrontational to management, and are irreplaceable independent contractors. CIO's in major business organizations face exactly this situation; further complicated by the fact that the reengineering effort is crucial to the continued existence of the organization. Such discussion has driven the software industry to focus attention on software specifically designed to support the team approach essential to most service and customer oriented organizations. The importance of teamwork can not be over emphasize in achieving overall organizational goals, and the need to capture and manage an organization's knowledge base remain crucial. This teamwork enables the organization to achieve and sustain competitive advantage in their business. In considering the framework for an information system (IS) each level operational, tactical and strategic planning requires different IS. At the operational planning system, the IS collect, validate and record transactional data relating to acquisition or disbursement of resources. The data for account receivable and payables, payrolls, inventory level, shipping data, printed invoice and cash receipts recorded as they occur. The operational-level IS characteristic are repetitive, predictable, emphasizes the past and detailed in nature just to name a few. The focus of the operational system is the daily tasks performed at the user level. The operational level manager uses this data to check every day tasks, i. e. ordering, shipping, inventory control, the essence of the business processes. The second level in the framework is the tactical system. This system provide middle-level managers with information to monitor and control operation while allocating their resources efficiently. The data is summarized, aggregated, or analyzed with a wide range of reports, i. e. , summary, exception and ah hoc reports. The tactical information system differs from operational information system in the basic purpose: operational support the execution of tasks and a tactical information system supports a manager control over those tasks under their area of supervision as well as the allocation of resources to meet the company objectives set by top management. The data input and the information produced as outputs differ from the type of data involved, tactical characteristics are periodic in nature, with unexpected findings, comparative in nature with both internal and external sources. The tactical information system purpose and the regularity of report produced within the information system are drastically different from an operational system. The third level in the framework is strategic planning, designed to provide top managers with information that assist them in making long-range planning decisions for the business. The different in strategic and tactical are not always clear, because both types of information systems may use some of the same data, you might say that the systems sometimes overlap with the difference being in the data that the system uses. Typically, top management uses strategic planning system to forecast long-range company objectives. The characteristics are ah hoc basis, unstructured format, external source, and subjectivity, summary and predictive in nature. A MIS provides information for effective planning and tactical decision making, which is the foundation of operational level data system. A tactical planning system provides middle-level management with the ability to monitor and control resources. The tactical information system does not support the execution of operational tasks, but allow managers visibility over the operation. Information systems are costly, to deploy and maintain, yet the maximization of economic value of IS in the long-run balance out over the initial set-up cost. The right software products enable teams of people to integrate their knowledge, work processes and applications to achieve improved business effectiveness. It has been suggested that the implementation of such technologies is more difficult and yields more unintended consequences than is typically acknowledged. First, how such technologies are used reflect the effects. Second, how these technologies are likely used when alternative tools co-exist, meaning predictability is difficult from technological characteristics. Third, because people use groupware with other people, one person's choices about how to use groupware may have consequences for other group members, user satisfaction. The measurement for an effective MIS must be the users; usage and satisfaction have a strong correlation. Obvious, the effectiveness of MIS depends upon the use of the system and if the employees accept it. The information system department, managers and users together make the MIS process successful. The managers implement the MIS, their behavior and motivation play an important part in the variables for the system to be effective. Each designed MIS produce information for decision making throughout the organization. Let†s examine several case studies with the implementation of MIS as seen in three distinct companies, an insurance company, a food marketing company and a social service agency. The insurance company normal routine consisted of tons of policy paperwork generated daily to accomplish the company objectives. The company started on line systems supporting policy screening, creation and issuance in the 70†³s. An employee could key in new application information at his or her computer terminal, after the compilation of information an underwriter can evaluate the insurability of potential customers. After the approval process, the information system produces a policy data sheet. This business process makes it possible to handle inquiries from individual policyholders and sales agents seeking personal data information about policyholders. The home office linked to all locations of their sales agencies allowing sales agents to inquire on-line about policies with the capability to edit application information at their site. The home office can still update policies as well. Yes, this service provides the agencies with a competitive advantage in product marketing and customer service. The home office outsourced and purchased software that enable the sales agents to analyze alternative companies† product and service options, resulting in winning the customers† loyalty and a quicker sales. The company continues to grasp the future for innovations and anticipating their customers† needs in the future. This approach along ensures valuable information for the senior-level management to plan as well as reduce overhead cost with improved productivity and better decision-making ability. Next, let look at the food industry and view how information system improved their process. The MIS geared toward physical distribution at the operational level, where update orders and invoices sent to the distribution centers and the system updates the account receivable and associate system files. The system prints invoices at the origin and destination location, resulting in reduced cost and faster payments equal more cash flow. The food company produced numerous reports that enabled the managers to conduct on-line credit checks from their account receivable status report, and identify delinquent accounts, before shipping the merchandise to the distribution centers. The customer services personnel have immediate access to open account allowing for immediate visibility and response to customer inquiries about deliveries and shipments, similarly cash payments received automatically applied to customers† on-line account. Let us not forget to look at the marketing advantages with MIS as well. Sales analysis reports reflect the customers† history product information file; this data generates report by product line in each territory each month for middle-level managers to forecast demands for any specific product item. Normally, this begs the question about production and if the company can continue to support the demands of the customers. At this junction, the IS gives managers additional insight about demand and the need to forecast for future buys. The company established a bill-of-material file, which computerized the ingredients for each product line and created batch size for all products. This process minimized the work process and improved the manufacturing ordering process for each customer batch orders. The product specification file served as the database of reference information enabling the manager the ability to print text on all purchase orders. The text file produced a finished goods inventory, which is transferred to the branch warehouse stockroom in various locations; this information is based on sales analysis report (demand). In the finance and administration department, the updated account receivables correlates with customers' billing and cash receipts. A monthly exception report generated from the aged balances spits out a collection letter automatically to the respective recipients at specified intervals. The MIS enabled the food marketing company to process orders more timely, manage inventories more efficiently and organize their production section. Bottom line cost savings of MIS results in more revenue and a better customer relationship and senior-level managers focusing their attention on emerging trends in the market. A social service department utilizes MIS in the public sector by providing financial assistance to the residences, i. . medical assistance, food stamps, facilitate foster home and adoption, day care, school service, family planning, housing and legal services. The MIS processes new applications and payments. The applicant applies and become eligible then the system creates an on-line record for them. The system automatically prints an identification card for the payroll master file that entitles the recipient to service for which the bill goes to the social service department. An on-line inquiry and update of the applicant record are also possible. The payroll master file sorts, generates the welfare check, and lists them on the payroll register, which generates historical report for managers. In all three case studies, the information systems support transactional processing. The user involvement in each of the project selection ensures the effectiveness of the information system and its acceptability. How do you measure utilization and performance in MIS? The term utilization is the extent that the intended users use the information system (IS) for its intended purpose. The term performance measures the improvement of the business process that supports the IS implementation. These measurements observed through business records, visual or electronic inspections and take the personal opinions and attitudes out of the decision-making loop. The multiple variables sometimes are difficult to identify, but the IS department must be impartial if the true value is realized of a successful IS project. A successful IS project can be measure best with psychometric tests of attitude, interests, and opinions such as user information satisfaction in the broadest sense. The performance measures of the business determine the effectiveness of the MIS. You can see that information technology give companies a competitive edge, once an information based service enters other company either catch up or eliminate the original innovator competitive advantage thus raising the stake for those participating in the marketplace. Today, company can link its customer to its order entry system, thus improving efficiency and improve business performance. Sure, an effective information system, if efficient reduces needless paperwork and allows the customer access to available stock information before committing to the purchase of goods and services. Let not forget about effective too, the information system provide better service to its customers, for instance, i. e. the creation of electronic travel supermarket through on-line reservation system, i. e. www. priceline. com or www. Travelocity. com, which is transforming the basis of competition within this marketplace. To compete efficiently in this world, companies must establish information partnership as an integral part of successful business processes.

Analysis of To an Athlete Dying Young in Terms of the Tones, Word Choice, Imageries, Sounds and Symbols Free Essay Example, 1500 words

Choice of the appropriate words in poetry is so important that poets take great pains to find the right word. An effective poet is able to make use of words that suggests both connotations and denotations. Poets often strive for words that point to physical details and solid objects even when they are speaking about abstract ideas (Chapter 3: Word Choice and Word Order 49). On the other hand, there are poets who make use of concrete words that can be immediately perceived with the senses of the reader; there are also poets who employ allusions, rural diction, dialogues, colloquial and formal English, and specific dialects in their poems. In To an Athlete Dying Young" one can come across both concrete and abstract diction. The first two stanzas make use of concrete diction whereby the reader can feel both the processions of the athlete. Expressions such as won the race , chaired , market-place and shoulder-high bring concrete images to the minds of the reader. There is also rur al diction in the poem; diction such as fields , laurel , withers , and rose offer a rural background to the setting of the poem. We will write a custom essay sample on Analysis of To an Athlete Dying Young in Terms of the Tones, Word Choice, Imageries, Sounds and Symbols or any topic specifically for you Only $17.96 $11.86/page A variety of visual imageries dominate the poem. The first two stanzas offer the reader the visual images of the athlete being carried on shoulder-high , first during his victory march and later on his funeral procession. The images of the growth of the laurel and it's withering away in the third stanza bring tactile imageries to the imagination of the reader.