The factors, which affect demand Essay Example for Free

The factors, which affect demand Essay Demand is the quantity of goods or services consumers will buy at a particular price, at a particular time period. Market demand refers to the sum of individual demand for a good or service. It is assumed that the demand being represented is effective demand- the ability of consumers not just to want, but be able to buy the product. Quantity demanded is the inverse function of price, however there are other factors which influence the level of demand. Factors influencing individual demand differ from the factors influencing market demand. The price of other goods and services affects the demand for a product. If a product has close substitutes, then the responsiveness of demand to change in price is high. The level of income of an individual also influences demand (especially effective demand). The higher ones income the number of wants to be satisfied. People on higher incomes spend more money on goods and services in absolute terms, but less in proportional terms due to their lower average propensity to consume. Personal preference and trends in fashion also dictate the level of individual demand. The size of the population, age composition, distribution of people by sex, and socio-economic status influence the market demand. Big businesses study the composition of the population to best establish their most viable market place. Both consumer expectations and the level of technological progress influence market demand. These factors may affect demand either positively or negatively, resulting in an expansion or contraction of demand. The following model works on the assumption that aside from price all other factors will be kept constant. When the demand curve shifts to the right or left this results in consumers willing to buy more/less of the product at every possible price. A shift in the demand curve could be resulting from changes in tastes, real income, population size and composition, consumer expectations or technological progress. These factors often work simultaneously to increase or decrease demand. However these factors do not apply similarly to all goods. The demand for generic brand products decreases as income rises. The price elasticity of demand refers to the responsiveness of quantity demanded to a change in price. Elasticity is represented by the mathematical formula where the change in quantity demanded is divided by the change in price. If the resulting coefficient is less than one, the product is said to be inelastic. Thus, if prices change by a greater proportion than quantity demanded, the product is inelastic. This applies to basic goods and services, necessities such as bread, and habit-forming goods such as cigarettes. A good is unit elastic if the coefficient of the equation is equal to one. Thus the proportional change in price is equal to the proportional change in quantity demanded. If the proportional change in quantity is greater than the change in price, then the product is said to be elastic. These goods and services are usually quite durable, and high priced such as furniture. There are usually lots of close substitutes, and the industry of the good or service is very competitive. These concepts of elasticity can be visually represented by the gradient or slant of the demand curve. The steeper a curve, the greater the inelasticity, as changes in quantity demanded is quite small. The elasticity of a product is important to governments and producers in making economic decisions. For producers, the elasticity of a product determines any possible price changes. If a product is elastic for example, a price rise may lead to lower total revenue as demand sharply drops. Over the long term businesses try to overcome elasticity by building consumer goodwill and brand loyalty through advertising. Governments, likewise exploit elasticity to maximise total revenue. Governments usually impose high taxes on relatively inelastic goods such as alcohol and tobacco. Despite the higher cost of the product, the demand remains relatively similar, and thus governments earn more from their taxation policy. Both demand and elasticity work in conjunction to influence the decision making process of business and government. They are subject to change due to a number of external factors, yet help in maintaining equilibrium in the  market. Graphs *demand curve *expansion and contraction in demand *shifts in the demand curve *elasticity

Role Of Technology In The Operations Of Argos Marketing Essay

Role Of Technology In The Operations Of Argos Marketing Essay The organisation, Argos was founded in 1973 and is part of Home Retail Group (Parent Company). It is a generalized store, which sells a vast number of household products such as: household appliances, toys and games, DIY, sports and leisure, etc. According to the Times: Argos has a formidable grasp in most of the aforementioned markets. This establishments business model is based on a simple initiative: combine the comfort and the convenience of home selection (catalogues, internet, and phone) with the nearness of its high street stores. Since it first started out, Argos has always been noticed for its innovative use of technology similar to the way other organisations like Walmart, Amazon or Tesco utilize this type of technology. Computer systems have always had a huge impact on the way Argos functions as a retailer. Argos uses ICT to monitor stock levels, to recognise market developments earlier, to avoid stock shortage situations and to eliminate product theft. Tesco has a very similar business structure/model. Argos is convenient because of its integration with its virtual online business and its retail stores, just like the way Tesco operates; using its stores as its main core of operations. Argos also publishes two catalogues a year, the spring/summer edition at the start of January and the autumn/winter catalogue around mid-July. Finance and Accounting Argos is one of the UKs major non-fare retail groups. In 1998, after poor financial results, it was taken over by GUS (Great Universal Stores) plc. The then new appointed managing director Terry Duddy then set out to improve its performance. Part of Terrys job was to change the values and beliefs (the culture) shared at Argos. As stated in the Times 100 case study: The culture he (Terry) developed is one that values: customer service, teamwork, encouraging managers to take their own decisions, respect for each other and wanting to be competitive and improve. The Times then goes on to say that these values were clearly communicated to the employees; so that they felt more a part of the business. This clearly shows how Argos consulted with its staff to build a sound team, with team values such as: Welcoming change Being impatient to win Having lots of opportunities Working in teams Argos has built these values into its culture. To support this change, they also provided good introductory training, promotional opportunities and performance goals. As well as changing the culture at Argos, managers changed the marketing fusion. This consisted of the traditional Four Ps along with other issues which Argos thought important. Product. Market studies showed that the Argos brand was seen as dull and old-fashioned. Argos then modernised the brand with a new logo and new slogan: Brighter Shopping. It also extended its product range. Promotion. Argos advertises to separate market sectors. It divides its market by traditional ways but also uses brand awareness. As quoted from the Times: The get it group who know and understand the brand are used to help bring on board the dont get it group. Price. Argos continually keeps its prices as low as possible. Place (distribution). Argos continues to expand its retail market by opening new shops. Its catalogue is a key part of its distribution system and is found in 70% of British homes.  [2]   People Argos provides good training for its staff as part of its culture change. Process Alongside traditional shopping methods, Argos introduced Quick Pay and Text and Take Home. (Customers text to see if an item is in stock, and then reserve it to collect later) Quick Pay cuts down on queues by allowing customers to check availability, order and pay using credit or debit cards. Physical environment. Argos invested in improvements to make shops more appealing to consumers. As a result of these implemented changes to Argoss culture and the employment of technology. Argos now out-performs the market as a whole: Between the periods (2002-2003) sales grew by 13% and profits by 17%.  [3]   Sales Marketing For advertising, it (Argos) uses a variety of different media to promote its retail market, such as: television, radio, newspapers, catalogues, magazines, posters and the internet. Depending on which is the most beneficial and efficient at the time. This method of utilizing technology is very effective relating to attracting new and old customers namely by proposing: Value for money Convenience. Marketing managers at Argos are continually concerned with addressing questions such as: Who are our consumers? (Argos wants to discover as much information as possible on its customers in order to meet their requirements.) Are we proposing enough variety of products, appeal and convenience? How can we gain advantages over competition? (How is Argos different from the opposition?) How can we defend what trade we already have and how can we expand? How do we successfully interact with our customers? According to the website, computerworlduk, this year Argoss internet website accounted for 32% of the organisations total sales, 22% of which used the online click and reserve service. This shows how much of a positive impact the technology of the internet has had on this retail giant. However, compared to last years same interim sales review this year was 11% down, but despite the 11% fall in profits, online sales had significant growth. Argos sales ( £M): 2006 = 3,859, 2007 = 4,164, 2008 = 4,321, 2009 = 4,282, 2010 = 4,347Description: % Sales across more than one channel: Totals: 2006: 32 2007: 35 2008: 37 2009: 40 2010: 43 2010: Home delivery Store 7.7 Phone 1.6 Internet 9.5 Check Reserve Phone 9.5 Internet 22.5 Sales ( £M) (Picture on left) Definition: Sales in the 52 weeks to 27 February 2010 increased by 1.5% in total. There was further strong growth in televisions and personal computers, offsetting weakness in the video gaming market. Toy sales grew strongly. Challenging market conditions continued in home-related areas such as furniture, but the rate of decline moderated over the year. Source: audited financial statements. Sales across more than one channel (%) (Picture on right) Multi-channel sales grew to  £1.9bn or 43% of Argos sales. The internet represented 32% of Argoss sales; over two-thirds of this or 22% of Argos total sales were customers using online Check Reserve for store collection, with this channel growing by 36% for a second year in a row. Definition: Percentage of sales across more than one channel. There are three ordering channels: the internet, phone or store and two fulfillment channels, store or home delivery. Source: Measured internally. Argos has a multitude of unique marketing and sales strategies in retail. Argoss stated mission statement is: We provide our customers with the best value for money through the most convenient shopping experience. This statement clearly sets out the main areas which differentiate Argos from its rivals, namely by offering its customers. As stated in 2002 by managing director of Argos, Kate Swann. Customers can: Pick up a catalogue Choose at home (internet) Use a store to collect or order Use a store for collection point Order at home (telephone) Use home delivery She also specified that Argoss drivers for growth were: Small kitchen appliances (which it was in top position in 2001 for both value and volume) Beds and mattresses Watches Jewellery Portable audio Toys Retail Structure Tesco was the first to use such a structure; by combining its online website(s) with its supermarkets. Argos most likely adopted this similar strategy based on Tescos overwhelming success. However, Argos retail stores have minimal staff (unlike Tesco), and exploit technology to its full potential (like Tesco and Amazon). On an independent case study by Databank Consulting, they stated that: Argoss business model is a multi-channel approach: customers are offered different types of outlets for shopping. Prior to the introduction of the new e-channels, the customers could only browse the offer in the catalogue or directly at the store  [4]   They also suggested that Argoss success as a retailer has been based on its influential decision to adopt a technological based approach, by stating: The Argos website was launched in 1995à ¢Ã¢â€š ¬Ã‚ ¦Nearly 10 years later, Argos can be called a pioneer and leader in e-commerce. With www.Argos.co.uk, the company became UKs number two Clicks and Bricks retailer, combining both store based and online sales.  [5]   Before its decision to introduce a system called Nominated Carrier Scheme, the problem of receiving and delivering products was problematic and complicated, because every supplier has its own form of transportation, its specific method of documenting and specific time schedules. The decision was therefore to adopt a single system to bring together all the produce from suppliers and have them offered as only one delivery. This stock chain solution by UPS receives, validates and handles shipments from several hundred Argos suppliers. UPS then checks that the order is accurate, merges it with other orders and then sends it to Argoss own warehouses for the final delivery. Possible Improvements Argos could implement an improved stock ordering and restocking system. Argos stated that it would continue to roll out a voice put away process across all stores over the next two years. They then went on to say: This technology (voice put away) helps to automatically guide stock room assistants to the correct location  [6]   The key benefits of this technology would be; quicker processing and enhanced stock accuracy, thereby improving availability of stock and the level of customer satisfaction. Another possible improvement could be directed towards their gaming sector; as this is one of the areas they do not perform well in. They could do this by adopting a similar strategy to gaming stores like; Gamestation or Granger games. Which will include a trade in system for games and the value of the trade in(s) would be deducted from their chosen purchase from the Argos stores. Argos could then go on to sell the traded in games. The key benefits of this adopted strategy would be; increased sales at Argos as many people who buy games would be more inclined to shop there, increased revenue and a larger share of the gaming market. Conclusion Overall, this organisation effectively utilizes technology for growth, stability and convenience for both Argos and its customers. Argos has gained competitive advantage over competitors by distinguishing itself on the basis of providing the best value for money for customers through the most convenient shopping experience  [7]  . Tesco was one of the first organisation giants to integrate its already existing chain of supermarkets with a virtual online one, Argos uses the similar strategy but with a difference; convenience of reserving products online and collecting at the customers nearest retail store (there Click and Reserve service). The dominance and success of Argos (and other organisations like Tesco and Amazon) are a result of each of them applying their own unique shopping experience  [8]  . Argos is popular and successful because it is focused around meeting the customers needs. By incorporating new technologies, Argos continues to provide the methods that are most appropriate to the modern-day retailing experience.

The Prison Of Puberty :: essays research papers

We the teenagers, of the people, of this world submit this list of injustices and wrong doings that mother nature has laidupon us. She has put us in a horrible prison, the prison of puberty, where our sentence is all of adolescence and our punishmentis to endure the hardship which causes many of the institutionalized personal to crack under the pressure.We protest against acne, a cruel and horrifying thing that occurs to someselected teenagers. This punishment is cruel and undeserving. At times anindividual with this dilemma may experience young children questioning chickenpox are on the ill-fated person. Also the individual has quite a hard time finding a companion to flirt with without utterly humiliating themselves. As the opposite sexdoes not find it desirable to be chatting to a person who has hideous spots on his/her face and this will cause an excuse to be made up with the most famous "excuse me I have to go and wash my hair" One who has this problem may go through many circumstances that make the individual lose their dignity, self esteem, and pride, but the male prisoners tend to not have these in the first place and will move on to the next subject with no apparent concernOther unjust routines of the Puberty Prison are the unscheduled growth spurts. These are put on the prisoners randomly and causes the prisoner to feel akward and gangly. This brisk development directs one on a path of buying new pants or in the case of the uneducated cell mate wearing the same pants with your ankles showing.On some occasions this individual might feel taller than peers, but soon the persons colleagues have reached the same peak, and a sense of contentment is contained within the subject.In the male subjects the warden places a horrible, undeserved, and unjustified punishment. Where the inmate has uncontrollable leaps into sounds which only the prison dogs can hear. The voice break has caused many inmates grief and has resulted in many of them taking a vow of silence in fear that they will crack glass.Another undesirable punishment is the gaining of hair in every place of the body for most of the males and heaven forbid even some of the female subjects who have been deprived the right of a shaver. This gain of hair can becomeuncomfortable and disgusting and is an annoyance to many of the subjects. The horrible warden Mother earth also may bring on appetites that are unmanageably colossal.

Free Essays - The Character of Elizabeth Bennet in Pride and Prejudice :: Pride Prejudice Essays

The Character of Elizabeth Bennet in Pride and Prejudice "Pride and Prejudice" the novel by Jane Austin has a main theme of romance, but many other sub themes are present. I intend to demonstrate that Elizabeth Bennet is an interesting character in the book. The man plot of the story revolves around Elizabeth (or Eliza) Bennet, who belongs to a family of five sisters, and her relationship with eligible bachelor Mr Darcy. However, "Pride and Prejudice" is a very complex novel, with many different subplots going on. One of these is the relationship between Eliza's older sister Jane, and Bingley, Darcy's friend. There are many misunderstandings within their courtship which have an important role in the plot. Elizabeth's father and mother play a part, as do her relations, friends and acquaintances. In the story, Eliza hates Darcy at first, thinking him proud, but overcomes her prejudice and comes round to loving him in the end, and the two marry, as do Jane and Bingley. Another marriage is between Lydia, Elizabeth's younger sister, and Wickham, a man who Eliza was initially interested in. However, his true character comes to light, and his marriage proves to be far from uneventful. One reason why Elizabeth proves to be a very interesting character is her close friendship with her older sister Jane. The pair know each other very well, and they both feel a need to confide in one another due to the less that charming personality traits of the rest of their family. They are the only sensible ones if the household. Due to their constant contact, that are able to tell each other's moods with great ease, Eliza especially. When Jane returns from seeing Bingley "Elizabeth instantly read her feelings", so we know that they spend a lot of time in each other's company. Elizabeth obviously cares deeply about Jane, because when the later becomes ill while at Netherfield, Darcy's home, Eliza takes it upon herself to walk three miles through the mud to visit her. This greatly surprises the Netherfield party, but Eliza appears unconcerned. She mostly stays by Jane's bedside during the visit, preferring her company to the superciliousness of Miss Bingley and Hurst.

microsoft :: essays research papers

There is a requirement for a Vehicle Data Management System (VDMS) by the United States. The military currently has numerous tracked and wheeled vehicles in its inventory, with technical data on their operation and performance available in manuals and reports. Alternatively, there are various vehicle performance computer models and applications, which manipulate characteristics of these vehicles for analytical purposes, but no standard data depot currently exists for collection and storage of this information. This project has developed a means of storing available information about these tracked and wheeled vehicles in a relational database which will allow the user to easily create, retrieve, update, and delete information via a user-interface connected to the database. The purpose of this project was to create a relational database of vehicle information and a user interface for accessing the database. The project allows for a user-friendly environment (Microsoft Excel and Access) that is convenient and efficient for storing, retrieving, updating and displaying vehicle information. The overall objective of this project was to create an updateable, computerized database application, the Vehicle Data Management System (VDMS), which provides a composite reference/storage retrieval system for current information pertinent to characteristics of standard military tracked and wheeled vehicles. VDMS is intended to minimize the individual need for periodic reference to technical manuals, reports, and large vehicle files containing large amounts of data. Currently, there exist much data in various places, (technical manuals, files, folders, envelopes, etc.) and no easy way to store, retrieve, update, and manipulate it. Using Visual C++ (programming language) and Access (database, the goal of this project was to provide a faster and more efficient method to create, retrieve, update, and delete the information contained in these vehicle files. VDMS manipulates vehicle data files that are currently being used as data for vehicle performance models such as the NATO Reference Mobility Model (NRMM). NRMM is an example of an computerized model developed in the early 1970's that combines many mobility-related technologies into one comprehensive package designed to predict the physically constrained terrain/vehicle interaction of vehicles operating in on-road and off-road terrain. Since it's beginning NRMM has been continually updated and expanded as a result of ongoing mobility research and is now in its second release (NRMM II). NRMM provides the NATO members with a standard reference for mobility performance evaluations. NRMM is integrated into other automated models providing the mobility predictions for several other tactical, analytical, and war-gaming models. Currently, the data files are rather large and are not easily read and the data pertaining to these vehicles are stored in text files. These files are not in a format that is easily understood. Having the data in a database allows the user to manipulate and access

Cultural enrichment Essay

Last February 17, 2009, I went to the ISU Juried Student Exhibition which was located in the Center for Performing and Arts Gallery building. The juror of the exhibition was Mr. Ronald Leax, Halsey C. an Ives Professor of Art in Washington; University, St. Louis, MO. Most of the paintings that were being exhibited illustrate beauty and nature. I’ve noticed that most of the people that were there during the time of my visit appear uninterested with the art that was surrounding them. They barely noticed and appreciated art in its raw form because most were just busy eating and chatting. They practically didn’t understand why their teacher sent them to the gallery; I believe they just went there for the sake of the class credits that they are going to get. But they were also a few who knew what art and beauty was, they showed their appreciation by praising and scrutinizing the works in the gallery. Other people were also busy having their pictures taken beside the beautiful paintings. As for myself, I was really intrigued by the works and the masters behind those paintings. How I wished I could come up with such art pieces that to me seemed like it was done during the middle ages. It was also entertaining to watch how some paintings depicted things about religion and politics it shows that people are really concerned with the current events happening and are even able to express it through art. It was also fascinating to watch the paintings that were cross-over from realism to non-objectivism. Those kinds of paintings are the ones that entertain the naked eye without much thought provocation. Those paintings are the ones that caught my eye because it is relaxing and entertaining to look at them. At the end of the day, I just hope that more would learn to appreciate the beauty of art rather than be overly absorbed from school or from work. They should see that art is relaxing to the soul and to the mind so people who are stressed out could go to art exhibits to unwind and to refresh their souls.

Book report: sula Essay

Sula is a novel written by Toni Morrison about uncertainty. The novel embarks into the ideas of good and evil and how these two can sometimes become similar. The novel looks into the unsolved mysteries of human emotions and relationships. In the end, the author ultimately concludes that social conventions are insufficient as a basis in living one’s life and that there are far more significant matters to life than these. The novel (Sula, 2002) looks at the many different ways in which people employ to make their lives more meaningful by defying easy answers, signifying the ambiguity, beauty and terror of life, in its triumphs and horrors. The novel has been written by Morrison (2002) from the philosophical nature while having her personal insights or experiences fill some of the novel’s pages. She managed to show both good and evil and that two women can actually become one by presenting the lives of two friends who are the main protagonists. The novel revolves around Bottom which is a mostly black community in Ohio, located in the hills above the community of Medallion. The novel tells about the special friendship of Nel and Sula who come from varying levels. Nel is a product of a family that believes profoundly in social conventions. She comes from a stable home. Nel is unsure of the conservative life her mother, Helene, wants for her. Nel’s doubts become more pronounced when she meets her grandmother Rochelle, a former prostitute and the only unconventional woman in her family line. Meanwhile, Sula’s family is different from that of Nel. Sula lives with her grandmother, Eva and her mother, Hannah, who are being viewed by the people as eccentric and loose. Their house serves as a home for three informally adopted boys all named Dewey and a perpetual number of borders. Sula and Nel may be different but they become attached with each other during their adolescent years until a traumatic accident changed all that. Sula accidentally dropped a boy named Chicken Little in a river and drowned when she losses her grip to the boy as he swung him around her hands. The two never told anyone about the accident having no intention of harming the boy. Soon, they simply grew apart. Eventually, Nel married and settled into the conventional role of wife and mother. Sula, on the other hand, took a different path and lived a life of independence and total disdain for social conventions. When she left her community, Sula had many affairs with men, some of whom were white. When she found others doing the same routine, she easily got bored and went back to the Bottom and to her friend Nel after 10 years. Because of her past, the town regarded Sula as an epitome of evil because of her obvious disregard of social conventions. Sula will soon develop an affair with her friend’s husband Jude who later abandoned Nel. This led to the breakup of the friendship of the two characters. Sula’s evilness somehow improved the lives of people in the community by providing them the motivation to live harmoniously with one another. Sula and Nel renewed their friendship before the former died. The novel is filled with a string of colorful characters in the persons of the following. Cecile is Helene’s strict and religious grandmother. She raised Helene since birth and made her marry Wiley Wright who happens to be her grand nephew. Nel, meanwhile, is the daughter of Helene, who developed an intense friendship with Sula in her adolescent years Nel marries Jude in the novel and was later abandoned by him. The other characters are Chicken Little who is a neighborhood boy who Sula accidentally dropped into the river and drowned when Sula swung him around by his hands. The Deweys are Eva’s three adopted children she all named Dewey. The three looked different from each other but people somehow saw them looked alike. The Deweys did not grow into full adult size. Old Willy Fields is another character in the novel who is an elderly in the local hospital. Mr. Finley is a resident of the Bottom who choked to death from a chicken bone soon after Sula returned to the community. Jude Greene is Nel’s husband and works as a waiter in the Hotel Medallion. Ajax is the oldest from seven siblings who had lovers fighting over him Ajax’s only true loves were his mother, a conjure woman and airplanes. He had a distinct way of instilling the most ordinary words with power. BoyBoy peach was Eva’s husband who abandoned her when the three children were still small. Eva worked so hard to keep her family away from hunger. She later became the energetic matriarch over a busy household, which included Hannah, Sula, Ralph, Tar Baby, the Deweys, among others. Hannah Peace is Eva’s oldest child. She moved back in with her mother after her husband, Rekus, died when their daughter, Sula, was three years old. Like her mother, Hannah loves â€Å"maleness. † She has frequent, brief affairs with the men who take her fancy. Many women resent her, but they don’t hate her. Men don’t gossip about her because she is a kind and generous woman. They often defend her against the harsh words of their wives. Pearl is Eva’s second child who married at the tender age of 14 and moved to Flint, Michigan. Ralph, nicknamed Plum, is Eva’s youngest and best-loved child who fought in the First World War and returned home with disturbing memories and an addiction to heroin. Rekus was Hannah’s husband and Sula’s father who died when Sula was only three years old. The novel is an interesting read. Anyone can easily relate with the characters presented. Good and evil may seem different, but like Morrison (2002) emphasized, the two may also appear similar. We can look at it at the way we view life. The evil actually teaches us to be string individuals and they pose as challenges for us to take. Without them, we may not be able to achieve the ultimate goodness. Work Cited: Toni Morrison, Sula. Plume; Oprah edition (April 5, 2002)