... Doebbler-Chapter 6 Study Guide Chapter6: Consumer Behavior p. 116 AFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO: | 1 | Define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility. | 2 | Describe how rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase. | 3 | Explain how a demand curve can be derived by observing the outcomes of price changes in the utility-maximization model. | 4 | Discuss how the utility-maximization model helps highlight the income and substitution effects of a price change. | 5 | Relate how behavioral economics and prospect theory shed light on many consumer behaviors. | 6 | (Appendix) Relate how the indifference curve model of consumer behavior derives demand curves from budget lines, indifference curves, and utility maximization. | If you were to compare the shopping carts of almost any two consumers, you would observe striking differences. Why does Paula have potatoes, peaches, and Pepsi in her cart, while Sam has sugar, saltines, and 7-Up in his? Why didn't Paula also buy pasta and plums? Why didn't Sam have soup and spaghetti on his grocery list? In this chapter, you will see how individual consumers allocate their incomes among the various goods and services available to them. Given a certain budget, how does a consumer decide which goods and services to buy? This chapter will develop...
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...WHITE PAPER Process benchmarking to improve effectiveness, efficiency and structure in Fast Moving Consumer Goods (FMCG) firms June 2012 WHITE PAPER Contents Executive summary Introduction Problem definition Existing solutions Process benchmarking as a solution Business benefits Summary Contact us 2 3 5 7 8 14 14 15 Contact us on +61 2 8005 0753 or visit www.assentcg.com C:\Users\Hayley\Documents\OS Clients\Assent\White papers\12.06.26 WP Benchmarking processes.docx 1 © Copyright Assent Consulting Group 2012 WHITE PAPER Executive summary Benefits The benefit of benchmarking a firm’s processes is that one company can look at other companies with different strengths and learn then improve from them. FMCG is a truly global business and excellence varies by category and channel expertise. This is an industry in which there are several opportunities to learn and adopt best practice processes. Best practice has been derived from studies of 80 FMCG firms conducted from 2006 to 2012 in lead world markets. These studies observed, evaluated, measured and documented 12 major areas of work and described these as processes. Therefore FMCG has a standard against which one company’s ways of working (processes), and structures can be compared and evaluated against another’s. Why benchmark? The purpose of benchmarking is to help companies achieve maximum effectiveness and efficiency by comparing its processes to best in class in the FMCG industry. However strong...
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...A BRIEF STUDY ON MARKET SRUCTURE AND DEMAND ANALYSIS OF HINDUSTAN UNILEVER TABLE OF CONTENT Sl.no | Content | Page no. | 1.2.3.4.5.6. | Executive summaryIntroductionObjectives and MethodologyFindingsProduct LineSWOT AnalysisCompetitors AnalysisPerformance AnalysisFuture OpportunitiesFuture Projects of HULConclusionBibliography | 34-56789-1213-1515-18192021 | EXECUTIVE SUMMARY Hindustan Unilever Limited is the Indian arm of the Anglo-Dutch company –Unilever. Both Unilever and HUL have established themselves well in the Fast Moving Consumer Goods (FMCG) category. In India, the company offers many households brands like, Dove,Lifebuoy, Lipton,Lux, Pepsodent, Ponds, Rexona, Sunsilk, Surf, Vaseline etc. Some of its efforts were also rewarded when four of HUL brands found place in the ‘Top 10 brands’ list for the year 2008 published in The Economic Times. Unilever was a result of the merger between the Dutch margarine company, Margarine Unie, and the British soap-maker, Lever Brothers, way back in 1930. For 70 years, Unilever was the undisputed market leader but now faces tough competition from Proctor & Gamble and Colgate-Palmolive. HUL is also known for its strong distribution network in India. In order to further strengthen its distribution in the rural areas and to empower the local women, HUL launched a project Shakti in 2000 in a district in Andhra Pradesh. The idea behind...
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...New Products in Consumer Goods By Patrick Bower consumer packaged goods. There are no magical algorithms, forecasting tools, or proprietary process solutions that offer much more than a "like as" or analog-based planning solution. The companies that do the best job in forecasting new ¡Hnáucts work the details in a methodical way, challenge underlying assumptions, and examine all available data to givei: PATRICK BOWER Mr. Bower is Senior Director of Corporate Planning & Customer Service at Combe Incorporated, producer of high-quality personal care products. He is a frequent writer and speaker on supply chain subjects, and is a self-professed "S&OP geek." Prior to Combe, he was with a consulting firm where he worked for clients such as Diageo, Bayer, Glaxo Smith Kline, Pfizer, Foster Farms, Farley's and Sather, Cabot Industries, and American Girl. His experience also includes employment at Cadbury, Kraft Foods, Unisys, and Snapple. He has been twice recognized as a "Pro to Know" by Supply atid Detnand Chain Executive magazine. He is also the recipient of the IBF 2012 award for "Excellence in Business Forecasting & Planning." His expertise includes S&OP, demand planning, inventory, network optimization, and production scheduling. Copyright ©2013 Journal of Business Forecasting 1 All Rights Reserved I Winter 2012-2013 ne of the toughest demand planning tasks is forei goods world. Why? First, we don't really have good math tg^nnelp us. It would be great if there were...
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...perspective, e-commerce is the ability to deliver products, services, information, or payments via networks such as the Internet and the World Wide Web. 2. From an interface perspective, e-commerce involves various information and transaction exchanges: business-to-business, business-to-consumer, consumer-to-consumer. 3. From a business perspective, e-commerce includes activities that directly support commerce electronically by means of networked connections. 4. From an online perspective, e-commerce is an electronic environment that makes it possible to buy and sell products, services, and information on the Internet. 5. From a structural perspective, e-commerce involves various media: data, text, web pages, Internet telephony, and internet desktop video. 6. As a market, e-commerce is a worldwide network. A local store can open a Web storefront and find the world at its doorstep-customers, suppliers, competitors, and payment services. E-business: Connecting critical business systems and constituencies directly via the Internet, Extranets, and Intranets. It goes beyond a web site on the Internet to affect all aspects of business, from strategy and process to trading partners and the ultimate consumer. It combines the resources of traditional information systems with the global reach of the Web. E-business enables organizations to accomplish the following goals: 1. Reach new markets. 2. Create new products and services. 3. Build customer...
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...Human Resource Roles and Responsibilities Human resource roles and responsibilities are changing because business trends are changing. Technology, e-business, ethics, and globalization are changing the way companies do business and therefore, the human resource management need to make changes to keep up with the new trends. Globalization and Technology During the past century companies have made changes to the way human resource department’s run. Many companies created jobs overseas, which slowed down the hiring in the United States (Noe, R., Hollenbeck, J., Gerhart, B. & Wright, P., 2004). Companies are finding to survive they must compete in international markets and fend off their competitors. Companies are also outsourcing and offshoring the workload in order to compete and pay employees lower pay. Technology is constantly advancing forward. In today’s business world technology is changing rapidly and human resource department find they need to move with it. These days few companies use paper for job applications now businesses rely on the internet which combines data from several sources into a single site. Shared service centers consolidate different human resource functions into a single location (Noe, et al, 2004). Diversity and E-Business Diversity in the U.S. labor force is growing in racial, ethnic, and gender terms. Many U.S. companies have already committed themselves to ensuring they recognize the diversity of their internal labor force and use it to gain...
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...in technology and way of life. One of the most significant forces driving this development is the ability to record and deliver information across distances and at rates expanding exponentially. This is also referred to as the information age. Digital technology has changed the economy. The new terminology being used is e-marketing where the primary source of value creation for consumers has shifted from physical goods to services and information. This does not mean that everything we previously knew about business becomes irrelevant and obsolete, but it does mean that significant changes in business environment justify new approaches to thinking of the best marketing strategy and management. In summary E-commerce can be defined as an exchange of goods and services between parties, individuals and organizations as well as the electronically based intra and inter organizational activities that facilitate such exchanges.(Dave.C.,2007,p,4) There are four categories of E-commerce:- a) Business to business b) Business to consumer c) Consumer to business d) Consumer to consumer Most business still carries out the traditional ways of conducting business. This is by having a physical address where they have their products and services and translations are made there. Due to the new dot com community and ways of doing business many businesses have taken up the opportunity of conducting business online. This is because of the benefits brought about by...
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...Joshua Tollison Phase 4 Individual Project MGM310-1204B-01 Bari Courts 23 December 2012 If I were to start an e-business the main thing I would focus on would be functionality of the site and ease to make customers feel comfortable and confident about shopping with my storefront. By this I mean designing a site that gives customers several options for the products they are shopping for; along with that my customers would have access to multiple pictures of every product available, and a detailed description of the item they are interested in. My customers would also be able to compare similar items by their available options and provide a side by side analysis. The main thing for my e-business though would be the superior customer service that is provided to my clients by means of email, live chat, and a customer service hotline if you would prefer to talk to a representative. One of the final details that would make my site superior to others would be a hassle free return policy that even included return shipping for those who need to return their products for any reason. To be able to make this dream come true there are several other factors that I will be discussing throughout this paper as I present my business plan for establishing my storefront. I. E-Commerce Infrastructure Just as brick and mortar companies have an infrastructure to help them succeed in business, so do e-businesses. By having the correct infrastructure in place allows a company to run...
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...1. Introduction Electronic commerce has become an attractive market to the world, and the emerging business opportunities are now becoming a major factor in world economics. Although, investment through e-commerce channels returns high profits, but like many IT systems, it could lead business organizations to a risky situation or failing to deliver expected returns. The main cause of this is the inconsistency between the system design and the desired requirements or for the misunderstanding between IT professionals and business experts. Therefore, to design e-commerce system, a communication pattern is needed either between system developers and business owner, or between customers and the online business system. Moreover, e-commerce system should be adapted with the whole business environment such as business norms and behavior, customer practice, business rules and government policy. However, Semiotic that is ‘the science of signs’ has brought many approaches to facilitate the process of understand signs’ meaning. The approach of organizational semiotic defied the organization as a group of social norms and emphasizes on the people and their role and responsibility in order to merge them when analyzing and designing information system (Stamper et al, 2004). For e-commerce systems, there is a necessity of clear meaning for each symbol, icon and image because almost all transactions done through the web system without human agent involvement. Therefore, semiotic...
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...H-E-B grocery store https://www.heb.com/ fits the category of a non – news organization that utilizes social media feeds alongside traditional media feeds. Mixed media is the best way to describe H-E-B online communication (i.e. identified as a mixture of owned media, paid media shared/social media and earned media). The organization has its own website (owned media pg. 175) that allows the company to have control over information disseminated out to both its internal and external publics (pg. 118). When it comes to paid media (pg. 176), H-E-B paid to have control over 60 seconds of air time during the 2018 super bowl. Its commercial in this case demonstrated corporate advertising (pg. 176) as it promoted its annual contest Quest for Texas...
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...Web: www.beemanagement.com Email: bee@beemanagement.com Web: www.astrategies.com Email: info@astrategies.com ANALYSIS & EVALUATION OF DISTRIBUTION CHANNELS IN VARIOUS SECTORS The project involved analyzing and evaluating distribution channels of various companies belonging to sectors like: 1. Precious and semi precious stones, 2. White goods, 3. Cement, 4. FMCG Methodology: This research comprised of activities like listing down various agencies like manufacturers, distributors, etc and also chambers and libraries like the Indian merchant chambers and interacting with them in order to gather first hand information. PRECIOUS AND SEMI PRECIOUS STONES The Indian Gems and Jewellery industry is an age old industry and comprises mainly of two types of markets, viz the organized sector and the unorganized sector. The organized sector with branded jewelers, Public Sector Units (PSUs), etc forms only 10% of the precious and semi-precious stones market, whereas, the unorganized sector forms 90% of the gems and jewellery market in India. The unorganized sector employs around 1.5 million workers serving over 0.1 million gold jewelers and over 8000 diamond jewelers. Precious and semi-precious stones industry is a significant earner of foreign exchange. This sector contributes around 17% of India’s exports. The bulk of the Indian gems and jewellery exports comprise imports of rough diamonds, cutting and polishing in India, and re -exports. Cut and Polished Diamonds (CPD) and gold Jewellery...
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...OVERVIEW OF AN FMCG SECTOR Fast moving consumer goods (FMCG) companies are among the most visible across the world. Who has not heard of Nestle or Unilever or of Dabur or Parle? The FMCG companies may go global, with operations around the world or may operate only in India. They have one common feature and that is ownership of powerful brands. Fast Moving Consumer Goods (FMCG), are products that are sold quickly at relatively low cost. Though the absolute profit made on FMCG products is relatively small, they generally sell in large quantities, so the cumulative profit on such products can be large. Examples of FMCG generally include a wide range of frequently purchased consumer products such as toiletries, soap, cosmetics, teeth cleaning products, shaving products and detergents, as well as other non-durables such as glassware, light bulbs, batteries, paper products and plastic goods. FMCG may also include pharmaceuticals, consumer electronics, packaged food products and drinks, although these are often categorized separately. FMCG products contrast with durable goods or major appliances such as kitchen appliances, which are generally replaced less than once a year. In Britain, "white goods" in FMCG refers to large household electronic items such as refrigerators. Smaller items such as TV sets and stereo systems are sometimes termed "brown goods". Some of the best known examples of Fast Moving Consumer Goods companies include Colgate-Palmolive, General Mills, H. J. Heinz...
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...Vertical marketing This relatively recent development integrates the channel with the original supplier - producer, wholesalers and retailers working in one unified system. This may arise becauseone member of the chain owns the other elements (often called `corporate systemsintegration'); a supplier owning its own retail outlets, this being 'forward' integration. It is perhaps more likely that a retailer will own its own suppliers, this being 'backward'integration. (For example, MFI, the furniture retailer, owns Hygena which makes its kitchenand bedroom units.) The integration can also be by franchise (such as that offered byMcDonald's hamburgers and Benetton clothes) or simple co-operation (in the way thatMarks & Spencer co-operates with its suppliers).Alternative approaches are 'contractual systems', often led by a wholesale or retail co-operative, and `administered marketing systems' where one (dominant) member of thedistribution chain uses its position to co-ordinate the other members' activities. This hastraditionally been the form led by manufacturers.The intention of vertical marketing is to give all those involved (and particularly thesupplier at one end, and the retailer at the other) 'control' over the distribution chain. Thisremoves one set of variables from the marketing equations.Other research indicates that vertical integration is a strategy which is best pursued at themature stage of the market (or product). At earlier stages it can actually reduce profits. It...
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...A Project On Consumer Behaviour Submitted To University of Mumbai In the partial fulfillment of the B.M.S. Degree By Vivek .R. Jaiswal Roll No. 29 Uder the guidance of Prof. Furquan Shaikh Studying at Rizvi Education Society’s Rizvi College of Art, Science & Commerce Rizvi Educational Complex, Bandra (West), Mumbai Academic Year 2012-2013 Declaration I Mr.Vivek .R. Jaiswal a student of the TYBMS class, Roll No.29 of the academic year 2011-2013 studying at Rizvi College of Art, Science & Commerce, herby declare that the work done on the project entitled CONSUMER BEHAVIOUR is true and original to the best of my knowledge and my any reference used in the project is duly acknowledged. Date: Signature of Student (Name of student Vivek .R. Jaiswal) Cerificate This is to certify that Mr.Vivek.R.Jaiswal a student of TYBMS class, Roll No. 29 of the academic year 2012-2013 studying at Rizvi College of Art, Science & Commerce, has successful completed the project entitled Consumer Behaviour. Prof. Furqan Shaikh Prof. Furqan Shaikh (Project Guide) (Prof. Furqan Shaikh) External Examiner Dr.M.Z. Farooqui (Principal) . Introduction As the twentieth century has come to a close and we have move into the third millennium...
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...8 A CPP Report TITLED ‘GODREJ FOOD LTD’ For fulfilling the requirement of the award of degree of BBA Subject: CPP (IMS-206) Under the supervision of Dr. RAJAN SHARMA Assistant professor Submitted to: - Submitted by:- The Director RAVINDER SINGH MBA 5 Year 3rdSeM Roll No. 12 Registration No.14UIM6 Institute of Management Studies Kurukshetra University Kurukshetra Sept.2015 DECLARATION I, Ravindersingh hereby declare that I have completed the report entitled assigned to me by the Institute, to be submitted in the partial fulfillment of the MBA 5 Year Degree from Kurukshetra University. Further, I declared that this is original work done by me and the information provided in the study is authentic to the best of my knowledge and belief. Signature RAVINDER SINGH ACKNOWLEDGEMENT In this project, I have made an honest and dedicated attempt to make the Project Report so easy to understand for a person who is willing to get knowledge about the ‘HOMESHOP18’. I am deeply indebted to my esteemed teacher & our chairman Prof. , K.U.K., because he gave me opportunity of making project report. I am also thankful to my lecturer as well as my supervisor (Guide) Dr. RAJAN SHARMA...
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