Buying Decision Making Process Essay Example | Topics and Well Written Essays - 1250 words

Buying Decision Making Process - Essay Example Of those self-purchases, nearly 20 percent would likely buy diamond stud earrings, right-hand rings and other diamond fashion rings for themselves. Jewellery purchase is primarily by women and most of them are self-purchased and this makes the women a prime target segment required to be convinced to make the purchase. This has served as an eye-opener for the industry that sidelined women in their target advertising. The power of the female consumer has changed the way many companies are branding and positioning their products in the marketplace. Recognising the purchasing power of women has changed consumer marketing into a revolution that even traditionally male consumers in areas such as financial services, home improvement and automotive are wooing women buyers. In order to reach their target segment, companies are starting to seriously examine the lifestyles of women and come up with solutions that cater to their desires and needs. Today, it's all about individualism and personal style, wearing what works for you. It's an attitude of casualness, instead of looking too polished or too studied. Women do cater their cultural originalities and like subtle deviations from it rather than complete diversifications. Similarly, a trend is set and becomes popular and those designs and specifications reign until something else becomes the norm and the whole cyclic process is repeated. Jewellery trade is all about catering to current demands and trends, vintage designs come and go in seasons and demands are cyclical and move with the times. Jewellery purchase is a very personal decision by an individual consumer. The consumers may be of three buying types. The Impulsive Buyer who purchases products quickly, often the purchase is not premeditated and there is little or no analysis involved. Impulsive purchases are generally lower in value compared to premeditated ones. The easiest way to conclude them will be to make available products where they visually catch the eye. Point-of-service displays that attract the eye, instant discounts, sale prices and mass advertising often help in the sale of these products. This is probably attuned to the less-than-J500 impulsive shopper for whom it is an on-the-spot decision to make a purchase and does not involve too much analysis. The Patient Buyer purchases the product after some comparisons and has put in some thought to the purchase. Analytical Buyers do substantial research before buying and the purchase is definitely premeditated. The shopping done may be Utilitarian, meaning with a purpose or Hedonic, for just fun purposes. In the case of jewellery, the patient and analytical buyers who are mostly by women, mostly for self and, a good percentage of them end in high-end sales. This makes it important for the jewellery shops to lure the women into making purchases at their store by using the right marketing gimmick. The major process in decision-making would primarily begin with need identification. This may be a genuine demand for a special occasion like weddings etc, or a simple need for indulgence, a gift or a simply an impulsive buy. This may vary depending on age, ethnicity, education, and purchasing power and price of the product. It could also be influenced by word-of mouth, by friends and family, by the advertising campaigns, branding, social or economical

Impact of Reverse Logistics on Supply Chain Performance Essay

Impact of Reverse Logistics on Supply Chain Performance - Essay Example Hence, the importance of reverse logistics is becoming an integral point of consideration in corporate sector. Mastering the process of reverse logistics can have a direct impact on company’s ROI, operating cost and the level of customer service needed to compete in today’s economy. Competitive prices, product quality, on time deliveries, consistent order cycle times and low damage rates have always been important and will stay to be so in the future as well. As a procedure, Reverse Logistics can be referred to as those activities, which are related to getting goods (packaging, materials, products) back from the point of use so that they can be resold, refurbished, disposed or reused properly. Activities that are involved in the process of reverse logistics include collecting goods, sorting them out, establishing logistic providers’ network to return and transport good, remanufacturing or refurbishment of selected goods, reuse or resale and finally disposing of. For a practitioner, the choice can be determined by the most lucrative alternative. Reconditioning – is an activity in which a product is repaired and cleaned to bring it to a new state. Refurbishing – involved in overhauling of the product, refurbishing is similar to reconditioning. Remanufacturing – it requires more extensive work, in often cases, a product is completely disassembled and then prepared all over again Resell – it refers to selling the product again as a new product or to a new market Recycle – also called as asset recovery, in recycling the product is reduced to basic elements which can be used again The core purpose of reverse logistics is to plan and process effectively in order to reverse the supply chain. By doing so, firms can properly determine and allocate returned products for disposition. Disposition can be referred to as that area which offers several opportunities of supplementary revenue to business. Reverse logistics i s not about just counting defective or returned goods from customers. The purpose of reverse logistics include repairs processing, product recall protocols, return policy administration, parts management, product repackaging, maximizing value of liquidation, product disposition management, recycling and much more. Being inattentive to returned or defective goods can be harmful to company not only in terms of losing revenues, but also in terms of losing regular customers. Even the most loyal customers will begin to escape if they find continued offering of defective products. In today’s intense competition, it can become difficult for a firm to survive if it does not consider these minor points and does not choose to alter its supply chain activities as per the demand of the situation. With the passage of time, alterations and modifications are required in each step of supply chain. Failing to do so can cause firms huge loss of time and money. Impact of Reverse Logistic on Sup ply Chain Management The growth of reverse logistics in assembled products is increasing in direct proportion to the advancements in technology. It is also directly propotional to the subsequent price erosion