...Purchase Risk Assessment PROJ 595 – Project Risk Management Introduction Major life decisions should never be taken lightly. The only major life decision that I have ever made was buying my first car. When it comes to buying a car there are always a slew of risks that come with it. There were many things to consider here before even going out to visit the dealerships. First would I buy the car new, if so which car maker would I go with, each car maker has their own risks that come with buying their car. Or would I go the used route and tackle all the risks that come with buying a used car. I also needed to consider which route would be cheaper for me in the long run. In the end I ended up buying a new car despite the known risks and the sneaky unknown risks that snuck up on me. Risk 1 – Insurance One the biggest risk that people should look at when buying new, which I unfortunately did not do, is to see how much of an increase it will add to your insurance. Before buying my new car, my car insurance was in the mid hundreds. It was fine because I received my previous car as a hand me down and I did not have to make car payments. But, after everything was said and done and I got the new car I went to the insurance agency to update to my car insurance. To my surprise, the monthly car insurance jumped up nearly an extra two hundred. There were many reasons why, but one of the big reasons for the increase was the fact that 2012 models added a major increase. This was something...
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...good I have chosen for this supply and demand paper is buying a new car. I just bought a brand new 2012 Honda Accord LX from the Crystal lake, Illinois Honda dealer. I traded in my old 1999 Honda Accord EX which had 195000 miles on it. I had bought that car new as well from the Honda dealer. I was going to get my old car fixed but it would have cost me 2000.00 the Honda dealer said. They suggested I buy a new one and I was promised a good deal because sales were low for them. I made the decision to trade my old Honda Accord for 4000.00 and get the new one. I am so happy I made the right choice of buying a new car instead of throwing money away in the old one. In this paper I would like to talk about factors that could cause possible changes in the supply and demand when buying a new car. Determine at least two substitutes there may be for new cars. Also, check at least two complements there may be for new cars. Lastly, determine the key determinants of the price elasticity of demand. Some of the factors that could cause possible changes in supply and demand when buying a new car are when there are high unemployment rates and lower wages, the demand for new cars will be less. When people have a good job and make more than minimum wage they may buy a car for every driver in the house and then the demand for new cars will automatically increase. Also, when gas prices are really high people may avoid buying new cars especially since a lot of newer models have really big...
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...behavior or organizational buying behavior on the other hand is a decisions making process by which “formal organizations” identify, evaluate and select among alternative brands or suppliers to satisfy their needs for products or services. When, why, how, and where individual consumers buy or do not buy a product? What about the business customers? How do they behave? What kind of a buying process do the individuals and business customers go through? What are the factors affecting their behavior and in what ways the behavior of these two parties differ? Answers to all these questions raised will be examined through several examples to come up with the major differences between the individual consumer buying behavior and the business customer buying behavior. As individual consumers we make countless number of buying decisions throughout our lives. While some of our purchases are made unconsciously or requires low involvement, in some others we go through a long decision process. But in general, the individual consumer behavior is related to internal or external stimuli, shaped by consumer psychology and certain cultural, social or personal factors going through the buying process. The buying process starts with the recognition of a problem and followed by several stages like information search, evaluation of alternatives, purchase decision and postpurchase behavior. Personally, the purchase of my first car was one of the most important purchases of my life up till now....
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...on the purchaser from gatherings, for example, family, companions, games, reference gatherings, and society by and large. Understanding consumer behavior gives the marketer an opportunity to see the effects of demographical variables on consumer preferences (Solomonet al, 202). Marketers apply this knowledge to segment customers when marketing their services and products. The consumer’s responses vary depending on the product and individual background such as lifestyle (Schiffman et al, 2009). For instance, when a company is marketing a car it segments the consumer’s according to theirpreferences which differ across demographic variables. Individual lifestyle attributes of interest may affect consumer’s preferences. Lifestyle of an individual affects the consumer’s choice on products to buy. For instance, the type of car the consumer wants will be influenced by his lifestyle. An example of lifestyle that may influence the type of a car that a person wants to purchase is highly affected by his beliefs and value systems(Schiffman et al, 2009). A...
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...essay week_3 Buying a Car Purchasing a vehicle can be real helpful for transportation. There are a lot of people out there that have no vehicle that are struggling to get where they want. That’s why buying a car is important to me because I remember when I didn’t have a car, I would always have to take the bus or ask a friend for a ride. I have always liked cars ever since I was a little kid. I like everything about cars. There are a lot of different things about different cars that you would have to look into before purchasing your vehicle. When I was seventeen I already had bought my first car. I had a 1998 ford escort station wagon. I bought that car for $800. The car was in a great condition but it was pretty old. That car was lucky for me because I passed my driving test in that car the very first time I took it. My family was also driving that car to go to work and for personal use. I had to put money into it to keep it running. That car lasted us about five years. Then we had to get rid of the car because the condition of the car was terrible. The second time I bought I car I knew I couldn’t buy a used car, so I was looking around for low mileage cars for cheap and great condition. I did a lot of research after all the research I came up with a great plan. I thought about buying a brand new car but I knew that was out of my budget. During the Christmas break in 2013 I went to the Nissan dealership near my house looking for good deals and also good cars. Then I...
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...experience in purchasing would be is a new car. In 2010 I had to purchase a new car because my old car transmission was about to go. I didn’t have enough money nor did I want to put that much money into my ten year old car. So I decided to buy a new one. I didn’t do much research on my new buy. I asked some people which car would give you more sterility and good warranty. Everyone told me Hyundia is the better choice out there. The factor that could cause possible changes in supply and demand for buying a new car is when the national income falls the demand for automobiles falls as well. When it raises so does the supply. The prices of automobiles fuel rises can change the demand for the supply as well. Also when a company has recalls it sends that companies demands down. Consumer becomes scared off from that product till the turn around. Cars that are gas guzzler demand also become down when gas prices are high. One substitute could be to buying a car is purchasing a year long bus pass. By purchasing a bus pass you will not have to worry about gas, maintenance up keep, and insurance. These are the biggest issues with having a car. The second substitutes would be to purchase a bike. A bike could also save you and give you daily exercise. Both of these substitutes are good if you live close to you job and local stores. One compliment to buying a car would have to purchase new tries. New tries will give you the right gas mileage for your car. This will keep cost down on the gas...
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...COMPOSITION AND COMMUNICATION I New or Used Car My daughter just got her driver’s license when she turned 18 years old now that she’s going to college and she is working a part time job, we are looking into different options of buying her either a new car or used car. We want to find the best car for her. Some of the factors we are considering are gas mileage, car repair bills, the reputation of the different dealerships, and would she be better off in a new car or a used car. We have fights everyday over to the use of my truck, if we were to get her a car of her own there would be no more fights. Regardless of what option we choose, new or used, it would still be new to her and she will be very happy about getting it. When she’s driving back and forth to school she is putting a lot of miles on a car. She has to go to school about twice a day for a short period of time. When she’s working, that’s not as bad as its, less than 2 minutes from our home. So on a normal day she starts outgoing to school, back home, where she does homework for about an hour, and then to work for 2 hours. After she’s done working she comes home and gets ready to go back to school for two more hours. With all the driving she does, we want to make sure she gets a car with good fuel performance. That way she’s not using all of her pay check to pay for gas. I don’t want her to buy a car and have to invest hundreds to thousands of dollars into fixing the car due to how much she has to drive it. ...
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...CAR Explain factors that could cause possible changes in supply and demand. 1. Time of year - at end of year people want to wait for next model year. At beginning of year the current model in more demand than last year’s model. 2. Price of gas - SUV (gas guzzlers) become less desirable when gas is high. 3.Fad - going green is chic so hybrids and flex fuel and smaller cars are desirable. 4. Taxes - governments can given lower taxes or rebates to stimulate purchase and purchase of specific types. Cash for Clunkers removed any cars from the market since they had to be destroyed and new cars had to be bought. 5. Politics xenophobia- makes purchase of foreign cars less desirable. Anti-Indian or Chinese may make sales of there cars fall in the US. 6. By American fads campaigns by manuafactures; union; patroit groups. 7. Bad news about product- run away Toyotas and the jokes on the Letterman and Leno shows. Substitutes: Truck; bicycle; motorcycle; public transportation; ride share; sharing car with others (like a time share). Complements are parking space; ski/bike rack; extended warranty; insurance; stereo system; gps; alarm system; vanity license plate; custom paint; trailer hitch; sexy rims. Most people require one car so you must by a new one or a used one. It not likes a pet rock where we can all walks away from buying one. There will be a residual market (demand) at all times but probably never zero demand, Example: The competitive market that we face today has...
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...There was a time in my life where I went through used car after used car and each one of them lasted six months to a year, at that point I was fed up with this because I had to make it to work and school. My big life decision came to me when I turned twenty one and I bought a brand new car. A side note the brand of the car is a Chevy Cruze. When buying a new car there comes responsibility with that came a long process but here I will describe it in a shorter way. The first step I took was researching what I wanted and being sure because once you buy it that’s it. No matter what you are doing in life you should always look at your options because you might miss out on something special. I will say that there are many things I wish I did do before buying my car. My issue was I was trading in a car that I still owed on and that was a problem because I was going to be upside down and when I made the decision to buy the car I was on the way to work and I stopped in to the dealership to look at deals and before I knew it I was leaving the dealership with a new car. I am struggling now just paying the payments because my payments went up 120.00 dollars more. My decision making would have been better if I would have stopped and thought about what I was...
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...paper but none stick out as much as my first and only brand new car buying experience. I had negotiated with my husband at the time for months on what kind of car we should buy. I had fallen in love with the new body style of Toyota Celica that came out in 2000. My husband wasn’t so sure. So we looked at Mustangs, Acuras, Eclipses, etc. The Mustang we ruled out because it wasn’t the same if you couldn’t get a Salleen or Rousch package and they were just too expensive. The Eclipse interior was lacking in creature comforts and the Acura was just too boring for me. We finally went to test drive a Celica and it was everything I wanted except it was bright red. (I read the statistics – I know better than to buy a red sports car). By this time it is getting late in the year and the 2003 models were coming out. We went in to a showroom to look at the new Celica colors and they had one in the show room in this light blue that looked almost purple on the edges in the lights. It was like one of those moments in the movies when a spotlight shines down on exactly what you have been looking for. My husband took one look at it and was like “Maybe you are right. Maybe we should get a Celica – in this color.” Now since that color was brand new that meant that a used Celica was out. I looked online to see what I could get the car for through my credit union’s car buying service (my parents got an incredible deal this way) but they didn’t have the new blue color so I had to use the 2002...
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...Have you ever thought about buying a new car? It requires a lot of thought and effort to choose the perfect car. Buying new or used? Does the white or even hot pink suit you better? Automatic or do I need to start getting better at “Stick”? Several questions come to mind while walking the lots and quite frankly it is exhausting. However this is what I found while searching for the perfect car for me. The Volkswagen Beetle or Chevrolet Equinox was my dilemma. Either the car I have wanted since a child or a something more suitable for my one day family, which I equally love. Now I spent several weeks debating the differences between the vehicles and although the choice was not easy I ended up driving off the lot with a brand new Chevrolet Equinox; and I will explain in further detail how I came to this conclusion. The next factor was price. No matter what kind of car you get, you’re going to be paying an arm and a leg for it. The 2010 was only on average about $23,000. While the 2013 was about $26,500. In the world of cars that's not that big of a difference. With the way gas prices are sky-rocketing, I wouldn't mind paying the extra money for the new one versus having to pay less on the car but paying to replace the fuel pump and the fuel injectors. In the long run, it is not a very good idea. The gas mileage on a 2010 Equinox is about 28 highway MPG. While the 2013 Equinox gets about 32 highway MPG. That's a big difference! With the way gas prices are, we need as many MPGS’...
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....... 23 March 2015 ii 1 ProQuest Document 1 of 1 Linkages between Brand Personality and Brand Loyalty: A Qualitative Study in an Emerging Market in the Indian Context Author: Kumar, Ramesh; Luthra, Amit; Datta, Gaurav ProQuest document link Abstract: There are two topical areas, which are of interest to marketers - brand personality and brand loyalty. Brand associations/brand personality and brand loyalty may be associated with one another and may have important implications for marketers. There is a gap in the literature on how each relates to the other and this study attempts to linkages between the two in both consumable and durable categories. The study uses a focus group among the buyers of toothpastes and cars, and suggests a framework linking brand loyalty and brand personality after qualitatively analyzing the responses obtained from the focus group. This would enable marketers in an emerging market like India to formulate brand appeals and branding strategies for different kinds of consumers. [PUBLICATION ABSTRACT] Links: Linking Service Full text: Headnote There are two topical areas, which are of interest to marketers - brand personality and brand loyalty. Brand associations/brand personality and brand loyalty may be associated with one another and may have important...
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...in a car accident that left the truck I had, from the day I got my license, totaled. Buying a car involves a lot of focus, attention to detail, and research. After taking a few days to recover from the chaos of the accident, I dove into car searching in all the wrong ways. I did complete many stages of the Decision-Making Process which I believe led me in the direction to make an optimizing choice. Stage one of the process had already been decided on for me when I got the news that I was not going to be getting my truck back but I still needed a vehicle. The next thing I had to do was come up with solutions to the predicament I was in. Managerial Decision Making describes there being two types of solutions when generating alternatives (Bateman & Snell, 2011, p. 90). The ready-made solution I came up with was to take what money I already had and buy an inexpensive car that would not require a car payment. My custom-made solution was to wait to get the money from the truck and get whatever vehicle I could afford even with a small car payment. The following two weeks was spent with my mother and I scanning Craigslist and CarMax for anything within our price range and comparable safety features. Many people told me I did not evaluate my alternatives enough because I was so set on getting a small SUV and would not even consider a car. Buying a car was what I considered my contingency plan (Bateman & Snell, 2011, p. 92). The vehicle I ended up buying was found by my mother...
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...skit released a sketch called, “Don’t Buy Stuff You Can’t Afford.” It was a spoof about a couple who didn’t quite understand saving your money instead of just buying on credit. “If you don’t have any money, you should not buy anything. Hmm…Sounds interesting.” The wife sarcastically remarks. “Sounds confusing!” The husband replies. As funny as it was, it still made a great point. American’s have a problem with buying things on credit but not having the money for it. My financial literacy class always taught me to have an achievable goal and save your money. Ever sense I was a little child, I have been taught to save, save, save, and plan for any expenses I may need. My parents also taught me the difference between a need and a want. They taught me to only buy things on credit if it is a necessity like a car, college, house, etc. I try to always keep their advice in the back of my head, but I’ve noticed a different path that buying on credit provides. Buying on credit is a type of borrowing but you may suffer a grave price if you cannot pay back your bill in full each month. The nation previous to 1929 became caught up buying luxury items on credit and borrowing money to invest in the stock market. It seemed harmless enough, the idea was that one could repay the loan when they sold their stocks and because of so much buying, people were making a lot of money. Stores were selling plenty of goods which in turn made the stocks rise. But at some point, all good must come to an end....
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...Leasing vs. Buying a Vehicle The great debate to lease or buy a car? Which one of the two options is the smarter or he better choice? The answer to this question is both and neither are the best options. Confusing one may think so, however, the best way to get to the answer is to ask yourself what is important to you. Every person is different with different values and priorities that determine for them whether leasing or buying is the answer. There are people who desire to drive a new vehicle every few years with little or no maintenance costs. Some people have a strong desire to own the vehicle, as opposed to lower upfront costs with no ownership. One of the two of the biggest temptations for many people to lease verses buying are that the monthly costs to lease are cheaper than the monthly payments to buy a car. The other is that they are able to have a new car every 2-3 years, as opposed to the people who purchase. People who purchase generally hold on to the car for an additional 2 years after the last car payment. Let’s review the pros and cons of leasing. The advantages of leasing are it offers lower monthly payment and the ability to drive a new car with all the new bells and whistles every 2-3 years (ehow). There is a tax benefit of paying lower taxes since the individual is paying the taxes on the monthly payments verses the full value of the car. From the two examples so far it appears that leasing is a great situation, and everyone should lease; once...
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