The Price of Diamonds Is Too High Essay - 1215 Words

Introduction This essay supports the statement â€Å"The price of diamonds is too high†. Diamonds have always been presumed to be rare. They have been present in history as a symbol of wealth and luxury as they were so difficult to find. Nowadays diamonds are mined and are found all over the world but they are sold through a cartel. (Epstein 1982) A cartel limits the supply of a product in order to keep prices high and to limit competition. (South African Pocket Oxford Dictionary: 2002) This raises the question of whether diamonds are actually worth their price. This essay focuses on the origins and the basic theory behind the diamond cartel; the early operation of the cartel; De Beers’ strong market campaign; determining De Beers’ current†¦show more content†¦The diamond cartel shifts the market equilibrium to the shareholders’ preference – as shown in figure 3. This way a higher profit is made from the sales of diamonds because of the perceived scarc ity. Rhodes was insightful to use the number of wedding engagements as a ballpark figure for the supply of diamonds (Bergenstock and Maskulka: 2001) Graph showing the Relationship between Inelastic Supply and Demand Figure 3: Approximation from Parkin (2013) The diamond cartel has been in existence for over a hundred years. (Spar: 2006) It has faced many issues in order to survive and prosper. (Kretschmer: 1998) Rhodes’ method was sufficient during the early 1900s. (Spar:2006) By 1930, the price of diamonds had fallen and the war was looming; Europeans were not interested in buying diamonds. (Epstein: 1982) It changed ownership to the Oppenheimers around about the Great Depression. Thus began the exploitive marketing tactics of the 20th century. (Epstein: 1982) De Beers’ strong marketing campaign De Beers was aware that the only market where diamonds could sell was in the Unites States of America. Harry Oppenheimer used the American advertising agency N.W. Ayer to change the public’s perception on diamonds.(Epstein: 1982) The campaign used many tactics which included the slogan â€Å"A diamond isShow MoreRelatedThe Price of Diamonds is Too High Essays1079 Words   |  5 Pagesâ€Å"THE PRICE OF DIAMONDS IS TOO HIGH† For more than a century the diamond industry has flourished beyond expectations. The diamond has grown from a small yet rare gem stone to that of a rather large and powerful symbol of wealth. The industry has been controlled by one major corporation, De Beers. De beers along with the cartel it set up has built an industry that will last forever. (Spar, 2006) This paper will analyse the diamond industry, paying specific attention to the cartel, how it operates;Read MoreEssay on The Price of Diamonds Is too High984 Words   |  4 PagesThe Price of Diamonds Is Too High For centuries the diamond has fascinated man for its alluring sparkle and physical hardness. Formed about three billion years ago, the diamond may very well be the oldest and most precious item any person can own. The internationally accepted notion that this commodity is one of the most treasurable commodity of them all has led to the public being prepared to pay the prices that are set by a group of companies in an agreement known as a cartel. This essay willRead MoreThe Price of Diamonds Is too High Essay1119 Words   |  5 Pagesâ€Å"The price of diamonds is too high† This essay discusses the statement â€Å"the price of diamonds is too high†; it will analyze the diamond cartel and its history in order to determine the validity of this statement. Various microeconomic theories will be discussed and explained, all of which are involved in the diamond cartel. The Oxford Dictionary defines a cartel as â€Å"an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition†Read MoreEssay about The Price of Diamonds Is Too High1177 Words   |  5 PagesStatement: â€Å"The price of diamonds is too high.† The diamond cartel is the most successful and long-lasting cartel in history. The cartel created a scarcity for diamond and stabilized the prices at a high level. This essay will be discussing the validity of the statement with reference to the market of the diamond industry, history of the diamond cartel, how the price of diamonds is determined, and the implications thereof. â€Å"A cartel is a group of firms acting together†¦to limit output, raise prices, and increaseRead MoreThe Price of Diamonds Is too High in the Modern Market Essay1281 Words   |  6 Pagesmore dependent on diamonds as the years go by. From finding this rare gem in the depths of the earths’ crust, to it now being used as a certain love gesture. The rarity of this beautiful gem has changed, however has the price of diamonds changed accordingly with its value (placed upon by society). This essay will effectively argue that the price of diamonds is too high in the market in the present day as a result of various economic factors. The essay will give information on diamond cartels and howRead MoreThe Price of Diamonds Is Too High The price of diamonds has been controlled, up until recently, by1700 Words   |  7 PagesThe Price of Diamonds Is Too High The price of diamonds has been controlled, up until recently, by cartels. Cartels are formed when suppliers of a particular product or service formally agree not to compete with one another. Cartel agreements usually determine the price, output and supply levels as well as where and to whom the product will be distributed to. De Beers is one of the commonly heard names with regard to diamonds. Up until recently De Beers controlled the diamond industry. It bothRead MoreThe History of the Diamond Cartel and Its Role in Determining the Price of Diamonds1174 Words   |  5 PagesDiamonds have been identified as being precious but expensive gems for many decades. Diamonds were extremely rare, only found in India and Brazil until the late nineteenth century (Vogelsang, 2005: 5). After the discovery of diamonds in South Africa, the diamond industry began to flourish. Diamonds then became very abundant and cheap to produce. In order for the value of diamonds to remain as high as they were during the phase in which they were still rare, a diamond cartel was introduced. A cartelRead MoreShould Diamonds Cost so Much? Essay1132 Words   |  5 PagesDiamonds have long been considered some of the most prized and sought after possessions. They have been perceived as indicators of wealth and romance. The diamond market however; has been one of the most controversial and controlled markets in history run by a cartel â€Å"†¦an association of suppliers with the purpose of maintaining prices at a high level and restricting competition† (Oxford English dictionary) formed to prevent the market from becoming flooded with diamonds from too many suppliers, resultingRead MoreEssay on The DeBeers Diamond Cartel1139 Words   |  5 Pagesdiscovery of diamonds, the precious gem has always remained an item of luxury and great beauty and one that requires a great deal of financial sacrifice in order to acquire. Prices of diamonds have remained relatively stable over the last 100 years while prices of other commodities have fluctuated heavily (Hauser, 2002). Diamonds are a relatively rare commodity which gives them a high value and with the help of De Beer’s advertising campaign, spanning the last six decades, that high value appealRead MorePov Analysis Debeers1219 Words   |  5 PagesPOV ANALYSIS #1 De Beers Diamonds Corrin Wigren 10/10/11 Situation: The De Beers name has always been synonymous with diamonds due largely impart to the fact that in order for anyone to deal in the diamond business, at some point they will have to deal with at least one of our subsidiary companies, retailers or distributors. De Beers owns 43% of the worlds’ market shares of rough diamonds, but this is way down from the 80% we were at in the 80’s. The diamond demand is at the mercy of an

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The Differences Of Thomas Jefferson And Alexander Hamilton

The ratification of the Constitution introduced an era marked by individualism, political discourse, and the inevitable rise of the political party system. During the 1790s, rising tensions among members of George Washington’s cabinet fueled the development of two political parties, the Democratic Republicans and Republicans. At the forefront were Thomas Jefferson and Alexander Hamilton, respectively. Their divergent temperaments, views on government, and perception of each other in their individual letters to George Washington on â€Å"9 September 1792† reveal the early roots of the party system, and to an extent, political polarization. Hamilton’s self-made aristocratic upbringing likely shaped his urban values as Secretary of Treasury. He†¦show more content†¦5). In contrast, Hamilton displays a more mild-mannered temperament, deliberately bringing up his role in â€Å"preventing a very severe and systematic attack† on Jefferson (Hamilton, para. 5) to portray himself in a better light to Washington. The accusations the men address in their letters reveal in part the values they upheld. They were at odds on how to interpret the Constitution, with Hamilton favoring a â€Å"loose† or open-to-interpretation approach to the government, - granting it implied or suggested powers - and Jefferson preferring a â€Å"strict† interpretation: the government’s abilities are explicitly stated within the Constitution, with no room for interpretation (Kevin Mack, â€Å"Jefferson’s Republicanism†). Jefferson opposed Hamilton’s plans to establish a national bank and have the federal government carry the states’ debts, as it was not in line with his strict view of the Constitution, and heavily strengthened the national government as opposed to the states (Mack, â€Å"Jefferson’s Republicanism†). He implies his stance in his letter, writing that â€Å"...the general government has a right to exercise all powers which may be for the gene ral welfare, that is to say, all the legitimate powers of government† (Jefferson, para. 3). Jefferson asserts that it was not his intention to â€Å"intermeddle† with the legislature or his â€Å"co-departments,† and points a fingerShow MoreRelatedThomas Jefferson And The Constitution911 Words   |  4 Pagesopinions. However Thomas Jefferson the 4th president of the United States also known as the father of the constitution and Alexander Hamilton who was the author of the majority papers written as well as the leading member of the constitutional convention the both of them took part in creating the(factions) that lead to the political systems also known as democracy being introduced. James Madison was the principle intellecteal leader of the constitutional convention while Thomas Jefferson contributedRead MoreEssay on The Duel Between Aaron Burr and Alexander Hamilton1636 Words   |  7 PagesIn the battle between Aaron Burr and Alexander Hamilton was one of the most famous duels in the early 19th century. Both men were very significant political leaders of the United States. The men had clashes throughout the 1790’s which lead to a duel between the two and Alexander Hamilton lost his life. Aaron Burr was born in New Jersey in 1756. He was involved in many political events though out his life. He was the second president of Princeton, and he was the grandson of Jonathon EdwardsRead MoreFederalists vs. Democratic Republicans922 Words   |  4 PagesAmericans at that time wanted to keep America a free an independent nation with rights for its people. However there was two different groups, the Federalists lead by Alexander Hamilton and the Democratic-Republicans led by Thomas Jefferson, which thought this could be achieved in very different ways. Thomas Jefferson and Alexander Hamilton were very different in their methods to try and develop America as a nation. The two were very much alike because they both were avid Americans, and wanted toRead MoreThe Politics Of The United States868 Words   |  4 Pagesstructural views. Popularly known as the rivalry that forged a nation, the battle between Jefferson and Hamilton. When George Washington gave his farewell address (1796) he warned that the creation of political factions, â€Å"sharpened by the spirit of revenge,† would most certainly lead to â€Å"formal and permanent despotism’’. So it came as a surprise when his two wingmen Thomas Jefferson and Alexander Hamilton were the ones who proved his warnings to be true. The two political diplomats set up a dualRead MoreThomas Jefferson And Alexander Hamilton848 Words   |  4 PagesThomas Jefferson and Alexander Hamilton set the path for the two-party system of government we have today in the United St ates. In the 1790s, the Federalists were led by Hamilton and leading the Republicans was Thomas Jefferson (Bethel University, 2004). Many differences distinguished the two parties. The visions each person had for governing the states was compromised by the events leading up to the systems establishments and the later roles of wars, like the War of 1812, and national organizationRead MoreThe Philosophies of Alexander Hamilton and Thomas Jefferson Essay916 Words   |  4 Pageslone men, Alexander Hamilton and Thomas Jefferson. Both fought aggressively for a government based on their ideas, and both did make portions of the now-standing American government. This essay will outline the political, social and economic philosophies of both men, how their philosophies influenced the government today, and a closing opinion. Politics The political standings of Hamilton and Jefferson were the foundation and beginning of their lifelong arguments and disagreements. Hamilton was theRead MoreHamiltons Curse Book Review1464 Words   |  6 PagesRevolution- and What It Means for America Today, the author, Thomas J. DiLorenzo, succeeds in answering the questions stated above. Even more, the author is able to identify America’s economic problems by narrowing them down to one source: Alexander Hamilton. The author of the book, Thomas J. DiLorenzo, presents excellent arguments with strong evidence of the contradicting political ideas between Thomas Jefferson and Alexander Hamilton. A thorough investigation and research is evidenced throughRead MoreAnalysis Of Aaron Burr s The Duel With Alexander Hamilton 1697 Words   |  7 PagesDuel† with Alexander Hamilton. Not only was dueling illegal in 1804 in New Jersey, which is where the duel occurred, but Aaron Burr was the current Vice President of the United States of America taking part in an event that led to the death of Alexander Hamilton. Hamilton himself was one of the most powerful figures in the Federalist Party and was so well known within the party that his advocates believed that he emulated the political energy of George Washington, so the death of Hamilton was a shockRead More Politician vs. Statesman Essay672 Words   |  3 Pagessynonyms when describing an individual, but they do have their subtle difference s. Both a politician and a statesman are defined as â€Å"man who is a leader in national or international affairs† or â€Å"a man who is a respected leader in a given field† (http://dictionary.reference.com/search?q=statesman / http://dictionary.reference.com/search?q=politician). Although these two words are termed the same, they do have their differences in their actual meanings. A politician is someone who attempts to gainRead MoreCompare And Contrast Alexander Hamilton And Thomas Jefferson1163 Words   |  5 Pagesclosest advisors, Alexander Hamilton and Thomas Jefferson, formed the gatherings that started the dual-party system in which the United States operates today. Although both men were important in the Revolution and in the establishment of the United States, they did not coordinate until Washington chose Hamilton to be the Secretary of the Treasury and Jefferson to be the Secretary of State. From the beginning, the two men harbored contradicting dreams of the nations way. Jefferson assumed that Americas

Economic Profile of the Airline Industry Essay - 2195 Words

Economic Profile of the Airline Industry Airlines use a formula of combining their yield and inventory costs to determine ticket prices. While it is imperative to focus on the idea of being profitable, the focus is to maximize the cost of the flight revenue. One huge factor that encourages an increase in the cost of tickets relates to a customer ordering a ticket close to the departing date, define this as a risk factor because they need to make up for all unsold seats. A high percentage of the revenue is dedicated to overhead costs such as fuel and labor. When a ticket price is higher with one airline than the other, the customer interprets this as being an excessive cost. The demand is greatly affected by the external market†¦show more content†¦Since the airline industry is a direct product of market conditions, it is greatly affected by all externalities. Many people noticed a decline in travel after the September 11th tragedy occurred due to safety concerns. When there is a huge increase in fares that definitely interferes with the demand for travel; it causes the price of tickets to continue to rise since a clear correlation between supply and demand exists. When the economy is doing well in terms of the employment rate, and when the dollar is strong people have the tendency to travel more (Jerram,1998). In the long run however, if there is persistent low demand, there can be job reductions in the airline industry and even the number of planes can be changed. So there is inelastic price elasticity of supply in the short run. This leads the airlines to reduce rates they charge to passengers when there is a lean season. In the long term the price elasticity of supply is elastic. The long term in this industry is defined as the time taken to reduce the fleet of planes and the time taken to re structure the workforce. The airline industry is interpreted as being very unstable due to the immediate reaction to tragedies. The airline industry was affected following the September 11th tragedy and it affected other industries indirectly. The airline industry plays a key role inShow MoreRelatedEconomic Profile: Airline Industry2794 Words   |  12 PagesEconomic Profile: Airline Industry Introduction The airline industry provides services for passenger and cargo transport. Over the years the airline industry has faired fairly decent. That is, until the September 11 tragedy in 2001. From 1995 through 2000, the airline industry earned about $23 billion then lost about $35 billion from 2001 through 2005 (McCabe, R., 2008). There are many factors that indicate the economic downfall of the airline industry after the September 11 incident. The purposeRead MorePest And 5 Forces Analysis1689 Words   |  7 PagesPEST and 5-Forces Analysis a. Like any industry, the Airlines industry is influenced by outside environmental forces. These forces can include Political, Environmental, Social, and Technological, or â€Å"PEST.† The â€Å"PEST† forces impact supply, demand, and competition differently in all industries and all firms. Based on the â€Å"PEST† analysis performed we will be able to better understand what external forces drive and influence competition in the airline industry today. This analysis will help provideRead MoreThe Flight Of The Airline Industry1231 Words   |  5 PagesOffice air mail), cargo services (e.g. Ford) and passenger service airlines had emerged during this period. With the passage of the Airline Deregulation Act in 1978, it opened a new chapter for the airline industry (Air Transport Industry, 2014). Thought out the past 110 years, the airline industry progressed with technology aspect as well as the economic aspect; recessions, economic downturns and oil crisis have im pacted the industry (Zarb B. , 2014). The air travel in the United States grew fast untilRead MoreHigh Cost Of Entry And Market Domination Limits Entrants Into The Industry863 Words   |  4 Pagesand market domination limits entrants into the industry. The upfront cost for new airlines is capital intensive. In addition, it’s difficult for new airlines to obtain airport slots for takeoff and landing which are determined by the airports. Established airlines already hold the monopoly over slots at certain airports, making it harder for new airlines to infiltrate (Airlines Industry Profile, 2014). The industry is also dominated by five key airlines; American, United, Delta, Southwest and JetBlueRead MorePorters Five Forces Analysis1348 Words   |  5 PagesAnalyzing the External Environment: Southwest Airlines Porters Five Forces Threat of New Competition The Airline Industry: Trends, Challenges, Strategies. http://sydney.edu.au/business/__data/assets/pdf_file/0010/67789/johnw-presentation.pdf This Power Point presentation discusses the various factors that present challenges for new competition entrance in the airline industry. In terms of the Porters Five Forces evaluation, this document is a good starting point for determining the types ofRead MoreThe Success Of Delta Team896 Words   |  4 PagesConstant innovation is the key to Delta’s success. Delta realizes they compete in an industry where profit margins are small and the end product is essentially the same. Because of this, they believe that constant innovation and improvements to operations is the key for success. Delta has built a business around characteristic that other airlines don’t offer and have capitalized on the areas where other airlines need improvements. As they move forward, they will continue to bring innovative thinkingRead MoreSituational Analysis Of Jetblue1192 Words   |  5 Pagesdestinations in the United States, the Caribbean and Latin America. The airline uses various strate gies such as interlining to meet more consumer demands and introduce its premium service, Mint, which aids in the expansion into emerging markets and developing nations. This case analysis describes the history of JetBlue, it’s products and services, an assessment of the firm’s strategic position and performance within the airline industry, issues that pose a threat to the organization and areas of growthRead MoreMarketing Mix- Virgin Atlantic1112 Words   |  5 Pagespoint out some of these key strategies Isolating Its Target Market The airline decided early on that its target market would be business men and leisure travelers. By catering solely to this target, virgin created a niche market for itself giving it a slight advantage over its competitors, who at the time, dealt with all types of customers. This is market segmentation. [ (identifying-market-segments) ] It allowed the airline to focused all its efforts on ensuring its target audience It is easierRead MorePestel Analysis Thai Airways995 Words   |  4 Pages labour law, environmental law, trade restrictions, tariffs, and political stability by THAI airways Recently THAI airways stated that the growing economy will boost travel and passengers if Thailand has no political problems. Economic Economic factors include economic growth, interest rates, exchange rates and the inflation rate of THAI airways. These factors have major impacts on how businesses operate and make decisions. For example, interest rates affect THAI’s cost of capital and thereforeRead MoreMarketing Plan For A Company Essay1601 Words   |  7 Pagesanalyze the industry in which your selected Company/Brand operates. For example, Coach operates in the luxury handbag industry. 1 - Using outside sources (cite and reference each source), provide an analysis of the industry. Include specifics on competing brands when possible. Ideas of information to search for: market size/growth rate, industry sales, market share among competitors, current trends, consumer characteristics, product differentiation strategies, and other similar industry data. Industry

Impact of Product Diversity on Consumer Buying Behavior A Case Study

Question: Discuss about the Impact of Product Diversity on Consumer Buying Behaviorfor aCase Study of Retail Food Group Limited Answer: Introduction The purpose of this study is to identify the impact of the product diversity on consumers buying behavior in food retain industry. In this study, the selected organization is Retail Food Group Limited. Product diversity refers to the process of expanding product range for increasing business profitability (Coma et al., 2016). In case of the food industry, the organizations are providing different range of food products for influencing different cultural people. On the other hand, a vast product range influences buying behavior of the consumers by increasing consumers spending. In this study, a systematical process will be followed for getting accurate research result. Background of the Study Product diversification refers to the process of increasing product range, which increases business opportunity of an organization. This study will investigate regarding the impact of product diversity on consumers behavior. Product diversification is a globally acknowledge approach, which helps organizations to increase overall spending of consumer (Chen et al., 2016). On the other hand, consumers buying behavior refers to the consumers preferences, attitude and intentions while making the purchase decision. In recent days, different organizations have adopted product diversification strategy for maintaining sustainable business (Zhang et al., 2016). In this process, an organization can maintain sustainable profitability from one product, even if other products reach to the mature stage of product life cycle. This study will further investigate how availability of different product influences the consumers to increase their purchase unit. Background of the Organization Retail Food Group is a food retail chain of Australian market established in 1989. The company provides franchise opportunity to the Australian local businesses for increasing product availability in Australian market. In order to influence consumers buying behavior, the organization provides a vast range of product to the consumers. This strategy helps the organization to attract franchises along with consumers in Australian market. Rationale of the Study What is the Issue? Diversified product helps an organization to attract consumers towards the brand. On the other hand, it is highly important to establish the brand image of the organization for improving perceived value of the consumers (Kaushalya Fernando, 2015). However, offering a vast range of products prevents the organizations to establish high brand value, as the consumers may find difficulties to understand the offerings under the brand. Therefore, it can affect the consumers buying behavior negatively (Pandey Verma, 2015). Therefore, it is highly important to understand the way product diversity affects consumers buying behavior. Why is it an Issue? Consumers are sometimes influenced by the brand image while making the purchase decision. However, a diverse product range prevents the consumers to recall the brand name while making the purchase decision (Kwak, Jaju Zinkhan, 2015). In order to establish strong brand image of diversified product range, it is important to implement umbrella-branding strategy. In case if an organization fails to conduct efficient branding strategy, then it will be difficult for the company to influence buying behavior of coinsumers. What is the Issue Now? Now days, product diversification is a globally acknowledge strategy in which organizations are offering vast range of products in same category, which increase the product line (Morrison, 2015). In this manner, consumers spending can be increased in an effective manner. In food retail sector, it also increases consumers spending time as well as the consumers spending. However, a vast range of products prevents the organizations from establishing strong brand image. What could be the research shade light? This study will investigate the importance of product diversification and the issues faced by the Retail Food Group. It will help the company to influence the consumers buying behavior more efficiently with the help of efficient branding strategy (Kumar Kapoor, 2015). The findings of this study will helps the organization to improve the product strategy even better. Aim of the Research The aim of the research is to investigate the impact of product diversification on consumers buying behavior. Research Objectives The objectives of the research are as follows: To investigate the importance of product diversity in food retail industry To critically evaluate the impact of product diversification on consumers buying behavior To identify the issues faced by Retail Food Group while implementing product diversification for influencing consumers buying behavior To provide suitable recommendation to the Retail Food Group for reducing negative impact of product diversification Research Questions The research questions are as follows: What is the importance of product diversity in food retail industry? What is the impact if product diversity on consumers buying behavior? What are the issues faced by Retail Food Group while implementing product diversification strategy for influencing consumers buying behavior? What should be the possible procedures for improving product diversification strategy of Retail Food Group? Research Hypotheses H0: Product diversification does not have any impact on consumers buying behavior H1: Product diversification does have huge impact on consumers buying behavior Structure of the Dissertation In order to obtain accurate research result, appropriate research structure will be followed in this study. Following is the structure of the research study in which the researcher will conduct the research. Introduction In this section, the introductory part of the study will be provided. Moreover, this section of the study will consist of the research objectives, questions and hypotheses along with the rationale of the study. Literature review This section of this study will consist of a vast literature regarding product diversity and its impact on the consumers buying behavior. Moreover, different models and theories will be evaluated in this section. Research methodology This section of this study will consist of the chosen research methods. The researcher will also provide justifications for the chosen research methods. Implementing appropriate research methods will help the researcher to obtain accurate research result. Findings and Analysis In this section, the researcher will accumulate primary information regarding the research topic. Moreover, the researcher will evaluate the gathered data with efficient analytical tools such as statistical tools and focus group analysis tool. Conclusion and Recommendations In this section, the researcher will provide conclusion based on the research findings. Additionally, the researcher will provide suitable recommendations to the organization for improving product diversification strategy of Retail Food Group. Table 1: Structure of the dissertation Literature Review Introduction Consumers buying behavior refers to the attitude, perception and preference of the consumers. On the other hand, product diversification is a strategy, which allows the consumers to choose the required product as per needs and requirements. According to the previous research is consumers buying behavior, different researchers have shown that buying behavior is a factor, which is influenced by the purchasing decision process (Phan Vu, 2015). On the other hand, previous studies emphasize that it is not possible to measure consumers buying behavior accurately. Organizations just perceive the buying behavior for predicting the purchase decision of the consumers. On the other hand, a diversified product range helps the organizations to attract consumers from competitive market. Concept of Product Diversification Product diversification is a strategy of increasing range of products in which an organization provides different types of products in same category. In case of food retail industry, organizations provide different food products rather than offering same product. Now days, this approach is adopted by the organizations for maintaining business sustainability with diverse product range (Farooq et al., 2015). In this approach, if a particular product fails to attract consumers, then other products will help the organization to maintain sales figure. Concept of Consumers Buying Behavior Consumers buying behavior refers to the attitude and perception of the consumers while making purchase decision. In order to determine the required product, consumers follow a systematic process in which the first step is identification of requirements. There are different factors that influence behavior of consumers (Kim, 2015). The most important factor, which influences behavior of the consumers, is cultural background of the consumers. The psychological characteristic of consumers is another factor in which consumers take the purchase decision based on the product value. Process of Consumers Purchase Decision The changing trend of business environment influences the consumers to take the ultimate purchase decision in an elongated manner. In this process, consumers follow five steps such as need recognition, information search, and alternative evaluation, purchase decision, post-purchase behavior (Chen et al., 2016). Following is the process undertaken by the consumers for making the purchase decision. Need Recognition: In this step, consumers identify their requirement in terms of product or service. This step is one of the most important phases of decision decision-making process. If there is no need, then there will be no purchase (Zhang et al., 2016). In case of food retail industry, the consumers first identify the type of food based on their needs and requirements. Sometimes, the consumers choose the food type depending on their cultural aspects. Information search: In this step, consumers gather product information in order to obtain the quality product (Kaushalya Fernando, 2015). In other word, consumers seek for additional information in order to resolve their problem. For example, consumers can seek information regarding different kinds of product. Alternative evaluation: This phase of decision-making process helps the consumers to evaluate the identified product with other brands. This process helps the consumers to obtain quality product at low price (Pandey Verma, 2015). This step further helps the consumers to increase product value and therefore, this is the most important phase in which organizations try to influence the consumers. Purchase decision: After going through the above stages, consumers take the final purchase decision of availing a particular product (Kwak, Jaju Zinkhan, 2015). In case of food sector, consumers have the ability to switch brand frequently due to high bargain power of consumers. Post-purchase behavior: This phase of decision-making process depends on the satisfaction level of the consumers after availing a particular product (Morrison, 2015). Therefore, it can be said that post-purchase behavior tends the consumers to decide regarding whether they will continue with the same brand or not. Cultural Theory of Buying Behavior Culture of an individual refers to the faith, behavior and perspectives, which influences the buying behavior. For example, an individual can be driven by the brand image of an organization. On the other hand, an individual may select a product depending on the quality and price (Phan Vu, 2015). Moreover, social class, income level, occupation and education of an individual are the parameters, which determine buying behavior of the consumers. According to the previous researches, food retail organizations identify the cultural aspects of the consumers for identifying the purchase decision-making process (Farooq et al., 2015). If product diversification is being considered, then it can be said that consumers from different cultural aspects prefer different products and therefore, with diversified product range organizations will be able to influence a vast range of consumers buying behavior (Banerjee Banerjee, 2015). Summary The overall literature review shows that food retail organizations of Australian market have adopted product diversification in order to satisfy different cultural groups. This section of the study emphasize that product diversification is the most effective approach, which helps organizations to reduce certain risk factors caused market forces. Research Methodology Introduction This section of the study determines the research methods applied in this research. Appropriate study method will help the researcher to get accurate research outcome. This research will be based on primary research method (Melling, 2015). It will help the researcher to gather relevant information from the consumers and management of Retail Food Group Limited. Research Outline In order to conduct this research, the researcher will select appropriate research methods such as research philosophy, research approach, research purpose and research strategy. As this research is based on primary data collection process, the researcher will select positivism research philosophy, deductive research approach, and descriptive research purpose and interview and survey strategy (Flick, 2015). These research tools will help the researcher to reduce negative impact of the time and budget constraint in an effective manner. Moreover, the researcher will select 50 consumers and 4 managers of Retail Food Limited in order to conduct the data collection process. Data Collection Methods There are two types of data collection process such as primary data collection and secondary data collection In case of primary data collection process, interview and survey are the data collection tools (Mansell, 2015). On the other hand, in secondary data collection process, researchers gather relevant information from authentic journals, articles and websites. In this study, the researcher will conduct primary data collection process in which the researcher will adopt qualitative and quantitative approach (Youssef Youssef, 2016). Data Analysis In this study, the researcher will implement statistical analysis tool for analyzing the primary data. On the other hand, the researcher will implement focus group analysis for analyzing the qualitative data (Ardrey et al., 2016). The researcher will also implement case study analysis for conducting the secondary data collection process; this process will help the researcher to conduct an efficient literature review. Gantt Chart Activity 1st week 2nd to 3rd week 4th to 5th week 6th to 8th week 9th to 12th week 13th to 18th week Introduction Literature Review Research Methods Data Collection and Findings Conclusion and Recommendations Table 2: Time Table Conclusion and Future work Conclusion After conducting the literature review, it can be concluded that product diversity influenced the purchase decision-making process of the consumers in an effective manner. This research will identify the extent in which diversified product range influences consumers buying behavior. The data collection process chosen for this study is appropriate for this research topic. In order to achieve the research objective, the researcher will create qualitative and quantitative questions based on the research questions. Future Work This study can be more effective by improving the literature review. In this section, a vast range of previous research needs to be evaluated in order to gather efficient knowledge regarding the research topic. Apart from that, it is highly important to comply with the ethical constraints for gathering non-manipulative information from the respondents. Additionally, the research can be improved with efficient data analytical tools. Reference list Ardrey, J., Desmond, N., Tolhurst, R. Mortimer, K., (2016). The Cooking and Pneumonia Study (CAPS) in Malawi: A Nested Pilot of Photovoice Participatory Research Methodology.PloS one,11(6), p.e0156500 Banerjee, T., Banerjee, A. (2015).Evaluating the Purchase Process of Household Appliances Accounting for Consumers Attitudes towards Eco-Friendly and Sustainable Consumption Behavior(No. WP 2015-06-01). Indian Institute of Management Ahmedabad, Research and Publication Department Chen, H., Li, X., Zeng, S., Ma, H., Lin, H. (2016). Does state capitalism matter in firm internationalization? Pace, rhythm, location choice, and product diversity.Management Decision,54(6) Coma, M., Vilchez-Vargas, R., Roume, H., Jauregui, R., Pieper, D., Rabaey, K. (2016). Product diversity linked to substrate usage in chain elongation by mixed culture fermentation.Environmental science technology Farooq, Q., Shafique, N., Khurshid, M. M., Ahmad, N. (2015). Impact of comic factor in tv ads on buying behavior of university students.International Letters of Social and Humanistic Sciences,8(1), 12-20 Flick, U. (2015).Introducing research methodology: A beginner's guide to doing a research project. Sage Kaushalya, A. M., Fernando, P. I. N. (2015). Brand Image Impact on Consumers Buying Behavior: Special Reference to Fermented Dairy Products Kim, S. W. (2015). The impact of customer buying behavior on the optimal allocation decisions.International Journal of Production Economics,163, 71-88 Kumar, N., Kapoor, S. (2015). Does the consumers buying behavior differ for vegetarian and non-vegetarian food products? Evidences from an emerging market.British Food Journal,117(8), 1998-2016 Kwak, H., Jaju, A., Zinkhan, G. M. (2015). Astrology: Its influence on consumers buying patterns and consumers evaluations of products and services. InProceedings of the 2000 Academy of Marketing Science (AMS) Annual Conference(pp. 94-98). Springer International Publishing Mansell, W. (2015). Classification of psychopathology and unifying theory: The ingredients of a Darwinian paradigm shift in research methodology Melling, R. (2015). Single case research methodology: applications in Special Education and Behavioral Sciences.Educational Psychology in Practice,31(1), 106-107 Morrison, M. M. (2015). Compulsive Buying Behavior: Terminology and an Appucation to New Media such as the Internet. InProceedings of the 1998 Academy of Marketing Science (AMS) Annual Conference(pp. 344-348). Springer International Publishing Pandey, M., Verma, R. (2015). Factors Influencing the Buying Behavior of Consumers Towards Organized Retail Stores in Jalandhar, Punjab.IUP Journal of Marketing Management,14(1), 51 Phan, T. T. H., Vu, P. A. (2015). The Impact of Marketing Mix Elements on Food Buying Behavior: A Study of Supermarket Consumers in Vietnam.International Journal of Business and Management,10(10), 206 Youssef, E. M., Youssef, M. A. (2016). A critical investigation into cross-cultural research methodology: some insights and literature review.International Journal of Business Excellence,9(4), 441-462 Zhang, J., Bowling, J. J., Smithson, D., Clark, J., Jacob, M. R., Khan, S. I., ... Zaki, M. A. (2016). Diversity-oriented natural product platform identifies plant constituents targeting Plasmodium falciparum.Malaria journal,15(1), 1

Manufacturing Of 3D Printing Samples †MyAssignmenthelp.com

Question: Discuss about the Manufacturing Of 3D Printing. Answer: Introduction 3D printing refers to the process that works on the deposits of the binder material on the power bed with the inkjet printer heads that are set layer by layer. There is different encompassing of the variety of the additive manufacturing techniques that include the creation with the computer aided design package with the 3D scanner and the digital camera. This results in reduced errors which can be corrected before the printing and then allowing the verification in the design of the object as well (Campbell et al., 2011). The manual modelling process is for the arts like the sculpting and handling the process of collecting the digital data. This is based on the shape and appearance of the real object. 3D printing also called additive manufacturing This includes the proper description of the thin layers between 16 to 180 microns or more for creating the object. The 3D printing is for the construction of the object layer by layer for creating the complex shapes. Here, the major steps include the preparation just before printing where the design of the 3D file of the object is what one wants to print. It also includes the using of the CAD software with the 3D scanner (Weller et al., 2015). The second step focus on the actual printing process where there is a need to choose the material for the specific properties of the object. There are different variety of materials that are used for the same and works over the achievement of precise design result. The third process is the finishing process with specific skills and materials. It is also called as additive systems as this tends to reduce the construction of the model with the contemporary methods depending upon the size and model complexity. The additive manufacturing is faster, flexible and less expensive when there is a proper of the smaller part quantity (Rengier et al., 2010). Is 3D printing better suited for high or low volumes of production The low volume is better as it tends to save the money where it imposes the minimum order requirements for offset with the heavy production investments and then cover the costs as well. It has a lower overhead with the products that can be made without any demands for the minimum order. It is important to focus on the designing with avoiding the inundated with outdated inventory that is created by the large manufactures. It gives the companies a proper designing flexibility with rapid prototyping that is considered important with using the customer feedback. The product could be produced in the low volumes with the multiple variations that could be through realistic buying decisions. The companies tend to analyse the features that are for the production and meeting the customer demands (Lam et al., 2002). It also ensures the faster time to market and creating the high quality with unique products in the time possible. The manufacturing support works on optimising the low volume with working over allowing the products to hit the shelves days. The ability is to get the market with presenting the unique opportunities with capitalising the trends of consumer and the short live fads. The low volume also includes the option for the bridge production with low volume manufacturing that could be important between the prototyping and the full-scale production phase. Situations where 3D printing valuable It includes the ability to handle the consumerism with empowering the people to build the goods with customisation and the significant shift in manufacturing power. Some of the major focus is on: The innovation in health where there is a medical field set for the surgery details, with reduced likelihood of the error. The printed models are effective. The use of the fashion and designing takes the advantage for embracing the new trends with interior designers who work over the conventional counterparts which is one of the major benefits that is printed (Leukers et al., 2005). The important is to the inventors and DIY with the virtual ideas for the solid objects. It could be used for the low quantity of production, with rapid designing, printing and then testing the product. The personal applications are for the objects with customised doorsteps, bookends and the corner buffers. It allows the users to properly define and design the products which are important for creating the unique sculptures and the figures, where the designs can run the test prints on the different products. Research and investment firms forecast for 3D printing This includes the complete detail about how to handle the global and the regional projections with the global 3D printing which is at $23B USD by 2022, where the software and the services tend to benefit with the gearing of industry. The material industry tends to have a positive impact mainly due to the 3D printing with the largest app area set through 2022 which will be for the prototype tooling at $5B USD (Sun et al., 2013). The research is about the 3D printing market which tends to revolutionize the manufacturing for the lower volume parts. The applications are important for the customer market where the consumer market is set for the automotive and the manufacturing in the outer space. The research is about the additive manufacturing which have $22B with the setup that includes the presentation based on potential to amplify the growth and extend the usage with production. It is important to focus on the different parts that will drive the production and the operational cost savings that are set for the revolutionary production as well. The transformation of the customer experience and the services are based on improving the supply chain logistics and the sourcing that is depending upon the designing and the manufacturing (Gross et al., 2014). 3D printing makes some types of traditional manufacturing obsolete There is a possibility that the traditional manufacturing has a major impact on the system where: The waste prevention needs to be taken care for the organisations. All the waste resources generally have more than what is the final output which could lead to the greater loss. Here, the major challenge is about the final output which could lead to the changes that have been non-existent. The traditional manufacturing is where the manufacturers are compelled to over product the different variety of reasons with results to waste in the long run. The easy prototyping production focus on the endless rework and the evaluation of the strength. Here, the 3D printing also focusses on allowing the production mode with the assembling of the designs in the system. The working is mainly for the modelling that is set with the specialisation of the computer programs and then working over the time spent with the magnitude of work (Bak, 2003). The seamless production with the different procedures is set for the automation without any rigorous manual input. Here, the case is related to the advancement of the technology with the event of malfunctioning to avoid any hazards of production. The mass customisation is also important for producing the customised goods as per the individual production. It includes the 3D production and the customised designs. The ability is to bring the change that has been set to create a layer at a time. Conclusion The 3D printing works over the different designing patterns with the freedom and spur innovation. It works over the requirements with the creation of separate components that are for creating a complex and intricate geometries. The 3D manufacturing is set and gained with the ability to print the parts on demand rather than storing and maintaining them. Here, this will give rise to the manufacturing-as-a-service with the support for the multiple clients that will help in delivering the innovations over the network. Recommendations There is a need to focus on the reduced waste and then improve the usage of the resources through the recycling, or re-using the products. The efficiency is based on matching with product building. The zero waste is considered to be the best recommendation with supporting structures and handling the resource consumptions, that is based on the macroeconomic basis. (Lam et al., 2002). The development of the projections is mainly depending upon the production with the use of prototypes that could work with the manufacturing scrap rate as well. References Bak, D., 2003. Rapid prototyping or rapid production? 3D printing processes move industry towards the latter.Assembly Automation,23(4), pp.340-345. Campbell, T., Williams, C., Ivanova, O. and Garrett, B., 2011. Could 3D printing change the world.Technologies, Potential, and Implications of Additive Manufacturing, Atlantic Council, Washington, DC. Gross, B.C., Erkal, J.L., Lockwood, S.Y., Chen, C. and Spence, D.M., 2014. Evaluation of 3D printing and its potential impact on biotechnology and the chemical sciences. Lam, C.X.F., Mo, X.M., Teoh, S.H. and Hutmacher, D.W., 2002. Scaffold development using 3D printing with a starch-based polymer.Materials Science and Engineering: C,20(1), pp.49-56. Leukers, B., Glkan, H., Irsen, S.H., Milz, S., Tille, C., Schieker, M. and Seitz, H., 2005. Hydroxyapatite scaffolds for bone tissue engineering made by 3D printing.Journal of Materials Science: Materials in Medicine,16(12), pp.1121-1124. Rengier, F., Mehndiratta, A., von Tengg-Kobligk, H., Zechmann, C.M., Unterhinninghofen, R., Kauczor, H.U. and Giesel, F.L., 2010. 3D printing based on imaging data: review of medical applications.International journal of computer assisted radiology and surgery,5(4), pp.335-341. Sun, K., Wei, T.S., Ahn, B.Y., Seo, J.Y., Dillon, S.J. and Lewis, J.A., 2013. 3D printing of interdigitated Li?Ion microbattery architectures.Advanced Materials,25(33), pp.4539-4543. Weller, C., Kleer, R. and Piller, F.T., 2015. Economic implications of 3D printing: Market structure models in light of additive manufacturing revisited.International Journal of Production Economics,164, pp.43-56.