Luxury good Essay Example for Free

Luxury good Essay ? Introduction 1. 1 Background of Study For luxury product and brand in the past three decades, Chinese market is unprecedented booming. From Pierre Cardin dominate early, later Louis Vuitton Illustrious, to each proliferation of luxury brands, the Chinese luxury high-end consumer tasted bud grow vitality and enjoyed the excitement noisy fanatical pursuit of luxury brands. While luxury product appears to be the public think that is only a small number of people can have the products, but according to the Chinas current level of economic development and consumer purchasing level has been able to provide basic guarantee for the development of the luxury industry. Actually in the Chinese dictionary, the meaning of luxury is synonymous with waste. And luxury goods in English is originated from Latin roots luxus, meaning is strong reproductive capacity, this kind of description also expresses the luxury of the characteristics of too much and waste. But in the modern society, the meaning itself has completed the transformation from negative to neutral. At the book luxury brand management, zhouyun, P. 2010 gives a board definition to luxury goods, which is luxury goods as a hope, a dream. Because it is the hopes and dreams, so it is demanding for the people, once people have can get intense pleasure and enjoyment, but also shows it is not the necessities of human life. At present, a very noteworthy trend is the concept of luxury of being extended outward. The concept of new luxury arises at the historic moment; the new luxury refers to are those goods and services that better than other similar products in the quality of goods, higher grade, better service, more fascinated customer. However, these products are not cheap, but that does not mean it too expensive to afford (Michael Silverstein, 2005). Such as Apples IPOD, cell phone with new features, Swarovski, etc. In recent years, Chinese consumers have become the largest consumer group of luxury brands in the world (Husband, 2010). According to a new report compiled by HSBC, about a quarter of the world’s luxury purchases are now made by Chinese citizens, which means 25% of luxury goods. Go through the HSBC report it shows that in 2007, china only purchasing5% of luxury goods in the world. It’s increasing by 5% each years and the expert think the number of increasing will be more and more. The purchasing of Luxury goods was increasing by huge number and very fast speed. The increasing speed was similar with the China GDP growing (Bouee, 2012). Since 2000, the China economic GDP was increased a lot. Chinas gross domestic product stood at US$3. 38 trillion while Germany’s GDP was USD $3. 32 trillion for 2007. This made China the world’s third largest economy by gross domestic product. Based on these figures, in 2007 China recorded its fastest growth since 1994 when the GDP grew by 13. 1 percent (Xin, 2009). The increasing economic was the most important reason to push Chinese buying Luxury goods. There are also many other factors that irritate people to buy luxury goods, owning luxury goods that means have a kind of culture. In China, there mainly are three luxury consumer groups in China: the rich flaunting fortune and manifesting identity, the young people gaining a sense of satisfaction and the bribers for mutual collusion and commercially hidden rules. (Wood, Zoe, 2011). For luxury brands, they want to take advantage in the Chinese market; they must know more about China market and understand the Chinese consumer consumption. Only based on the understanding of Chinese people buying behavior, the luxury goods companies can make accurate and effective marketing strategy. Therefore, this study is titled â€Å"Factors that motivate customers towards buying decision of luxury product (A survey of Chinese customer in China)†. 1. 2 Problem Identification This study is according to the situation of Chinese social luxury consumption, analysis the factors that affecting Chinese customer purchasing decision of luxury product in China. The study intends to evaluate whether the value of buying luxury products, the attitude towards people who own luxury goods, income level and purpose of buying luxury products that motivate customers towards buying decision of luxury product. Based on the statement above, the title of this study is â€Å"Factors that motivate customers towards buying decision of luxury product (A survey of Chinese customer in China)†. 1. 3 Statement of Problem This study aimed to determine the Factors that motivate customers towards buying decision of luxury product in China; specifically it shed answer to following: Does the value of buying luxury products have positive and significant relationship with the customers buying decision? Does the attitude toward people who own luxury goods have positive and significant relationship with the customers buying decision? Does the income level have positive and significant relationship with the customers buying decision? Does the purpose of buying luxury products have positive and significant relationship with the customers buying decision? 1. 4 Research Objectives Based on the preceding research questions, the research objective of study can be translated as follow: To find out if the value of buying luxury products have positive and significant relationship with the customers buying decision. To find out if the attitude toward people who own luxury goods have positive and significant relationship with the customers buying decision. To find out if income level have positive and significant relationship with the customers buying decision. To find out if purpose of buying luxury products have positive and significant relationship with the customers buying decision. 1. 5 Significance of the Study 1. 5. 1 For researcher Research is a way that through the observed, robust, measurement and calculation to get the information what you want to need. So I can use the information of research to known what kind of factors that influence people buying the luxury products. 1. 5. 2 For luxury goods companiesÃ'Ž Through the research the luxury goods companies will understanding the customer buying behavior and decisions, so the companies can make accurate and effective marketing strategy to attract more customers. 1. 5. 3 For customer Through the research can guide the customer who buying the luxury goods has a right consumption view and values, buy luxury goods is focus on the intrinsic value rather than just for showing off wealth. 1. 5. 4 For future researcher Through the research, we can get some important data and the future researcher can use these data to do some analysis and get knowledge. 1. 6 Definition of Terms Luxury goods: In economics, a luxury good is a good for which demand increases more than proportionally as income rises, and is a contrast to a necessity good, for which demand increases proportionally less than income. Luxury goods are often synonymous with superior goods. Customer Psychology: an academic and applied discipline that involves the scientific study of customer mental functions and behaviors. Buying decision: the buying decision is series of choices made by a consumer prior to making a purchase that begins once the consumer has established a willingness to buy. Customer motivation: Consumer motivation is an internal state that drives people to identify and buy products or services that fulfill conscious and unconscious needs or desires. The fulfillment of those needs can then motivate them to make a repeat purchase or to find different goods and services to better fulfill those needs. Research methodology: research methodology is a collective term for the structured process of conducting research. There are many different methodologies used in various types of research and the term is usually considered to include research design, data gathering and data analysis. 1. 7 Scope and Limitation 1. 7. 1 Scope This research paper is study Factors that motivate customers towards buying decision of luxury product of Chinese customer. 1. 7. 2 Limitation For this research, the limitation of the study is: a. Place of research is China or PU Chinese student b. Young people and adults c. Number of respondents limited to 80 peoples d. The time limited from January 2014 until March 2014 References 1. Zhouyun P. (2010). Luxury brand management, 45-87 2. Michael Silverstein, P. (2005). Trading Up: The New American Luxury 3. Chadha, R. , Husband, P. (2010). The cult of the luxury brand: Inside Asias love affair with luxury. London: Nicholas Brealey International. 4. Charles Edouard Bouee. (2012) A brand awareness upgrade â€Å"Welcoming a new era in the Chinese luxury market† 5. China revises 2007 GDP growth rate to 13%. Xinhuanet. 2009-01-15. Retrieved 2009-01-15. 6. Wood, Zoe. LVMHs remarkable Half-year Results Reveal Luxury Is Back in Fashion. The Guardian. Guardian News and Media, 26 July 2011. Web. 20 Feb. 2012.

The Euro :: Essays Papers

The Euro In Europe, the debut of the euro is widely hailed as the most important event affecting the international monetary landscape since the breakup of the Bretton Woods System in 1971 to 1973, or since the Bretton Woods Agreement in 1944, or maybe even since the founding of the Federal Reserve System in 1913. It has become a contest for European officials and commentators to see who can push the analogy back furthest in time. Eminences elsewhere in the world have similarly greeted the euro with high hopes and great expectations. Only in the United States has the euro been greeted with a yawn. It is not hard to see why. So far, its advent has not weakened the international financial position of the dollar; if anything the opposite has been true. The dollar has been strong against the euro rather than weak; for much of last autumn the fear was that the euro, which had started out being worth well more than a dollar, might plunge through the dreaded psychological barrier of one to one. There has been no sign of Asian and Latin American central banks replacing their dollars with euros en masse, as prominent commentators had predicted. The United States has not had to change the way it does business at Group of Seven summits, the OECD, or the IMF. Many Americans thus cannot help but feel that the euro is a tempest in a teapot. The Euro's Slow Start Perhaps Asian and Latin American central banks have been waiting to dump their dollars until the euro stabilizes. Through much of 1999 the euro was weak because the European economy was weak; governments and private investors were understandably reluctant to overweight a currency that seemed to be losing value by the day. Investors were slow to move into euros because they thought that Europe was less well prepared than the United States for Y2K. They worried about the stability of the European banking system because European banks had lent much more aggressively than their American counterparts to Indonesia, Korea, Malaysia a nd Thailand. But now that European growth is finally accelerating, the euro could strengthen, and the anticipated shift into euros at last could get under way. Perhaps governments and investors have been reluctant to embrace the euro because of a series of missteps by the European Central Bank. In the early months of 1999, ECB officials issued a series of confusing and contradictory statements, and on several occasions the ECB board's decision on whether or not to raise interest rates leaked to the press in advance of the official announcement.

Operations Management Comparison: DHL and FedEx Essay

Introduction Business logistics solutions have come a long way since the utilization of the postal system for business purposes during the Industrial Revolution. Its importance in achieving company goals of efficiency and profitability for the current corporate industries as well as several others can be pointed out as an evidence of the evolution of business logistics in the past years. During the peacetime era shortly right after the Second World War marked for the emergence of various forms of businesses and thereby increasing as well the need for faster and efficient logistics solutions that will satisfy the needs of these emerging industries. This signaled the surfacing of companies that specifically provide business logistics solutions with the primary goal of enabling companies meet their respective corporate objectives and thereby creating a particular industry in itself. Through the years, the range of services that these logistics companies offer grew from simple overnight parcel deliveries to sore sophisticated and complex services along with the ever increasing demands of the market which could substantiate the current market situations of our time (Averbook, 2005). In this particular service industry, a couple of firms that predominantly provide business logistics solutions to certain businesses came into view as industry leaders. Both of these service providers offer their clients a wide range of services that cater to a specific purpose and need. The evolution that has been evident in the industry can specifically be attributed to these service providers: Federal Express and DHL. Comparison of Company Mission Statements One specific reason as to how both business logistics solution providers, DHL and FedEx has reached their status as industry leaders among various firms that are also engaged in the same line of business is because of their commitment in proving services that caters specifically to every needs of their clients. For instance, what started out as an undergraduate thesis at Yale University came out to become a company of â€Å"firsts† this line of business. Federal Express which has changed its name into FedEx that most of us know of today, officially started out operations in 1973 delivering parcels from New York to Florida (â€Å"FedEx History†, 2006). FedEx’s mission statement states that the company will revolutionize global business practices that will define speed and reliability. Federal Express, through the years, did just that. The company’s particular ability to provide high value-added supply chain, as well as effective packages that also covers the transportation while relating information and business itself through specific operating companies. This was coupled with the assurance to every market segment they serve of the highest degree of quality in services. This has caused the development of harmonious relationships between its company clients and partners without sacrificing the issue of safety in its processes. Another American service provider, DHL, has pretty much the same mission statements as that of FedEx which aims primarily to aid their clients in achieving high quality and swift services that could improve company performance (â€Å"Press Release†, 2006). DHL attributes this to their expertise and knowledge of both local and global customer needs and demands. This emphasis on the significance of culture helps DHL provide an outstanding service in all levels of business specifications. Furthermore, one thing unique about DHL’s mission statement is the inclusion of concern not only for their clients and partners but as well as for the environment and their employees. This signifies the particular social responsibility that the company adheres itself to. Corporate Strategy Comparisons Corporate strategies employed by both companies also played a major role in establishing itself into the service providers that they are nowadays. For instance, these strategies have defined industry standards that were proved to become the benchmark other similar business logistic solutions providers’ offer for their clients (â€Å"Financial Results†, 2006). For the part of DHL, the company’s primary commitment to communities wherein their work is defined has helped a lot in increasing company services. Their advertisements that particularly emphasize on the knowledge of local traditions and beliefs have proven to be effective that even FedEx ran a similar advertisement about the same concept. The execution of such particular concept is necessary since the nature of the business is basically done in a cross country approach. Additionally, the promotion of DHL’s employees’ social commitment caps off the intent of the company to become a holistic service provider whose concerns stretch out not only for profits but also for social consciousness (â€Å"DHL Company History†, 2005). On the other hand, FedEx’s corporate strategy involves an array of techniques that they have well utilized over the years that they used to their own advantage. These strategies are designed to be implemented simultaneously along with other operating management standpoints. First up is the ability of FedEx to work and operate independently. This particular characteristic of FedEx focuses on their independent network sources which are being utilized to cope up with the changing preferences of their clients. A perfect example of this starts with the selection of the name itself that also connotes the tendency of its clients being patriotic. Specifically, the word â€Å"federal† appeals to a variety of clients who could easily attach the company name with the system of governance. Second is the capability of the firm to compete collectively by uniting as one organization that works for one objective under one name. For instance, FedEx has only one advertising agency that they hire so as to consolidate advertisements and reduce costs. Another tactic that they instituted in their organization is the strategic choice of headquarters which is in Memphis, Tennessee. The location of the city makes it possible for the service provider to be able to reach out to several cities in such a short span of time. The capability of FedEx to collectively tackle the market is also one of the major reasons why the firm has been a trend-setter in most aspects of the business. As a matter of fact, recent company acquisitions that FedEx made provided an avenue for the company to expand its services into a variety of offerings. The services that they offered significantly grew from the traditional overnight parcel deliveries up to 3PL logistics, express mail services, and e-commerce among others. This proves the point that the existence of both service providers improved and redefined the efficiency of the service industry for it tailored itself to the changing demands and preferences of the market which is at the same time adept with the current market trends. Last thing is the ability of FedEx to manage its resources collaboratively. As one of their publicity goes, the FedEx team works together to sustain loyal relationships among themselves and instill in them the camaraderie that is inherent with a group. This particular strategy is quite important so as to create a harmonious working environment wherein cooperation and helping out to each other is pretty evident. Company Goals and Values Both FedEx and DHL exhibit a considerable array of company goals that could deemed be useful for all the aspects of the business not mention the ability to tap all elements that makes the firms existence possible. FedEx to be particular revolves its company values around the major stakeholders that are involved with the business. Number one here is the people, clients who greatly influence the operations management of the firm and also the primary reason for the existence of the company. Second is the service whose maintenance of high quality affects the perception of the general public which is pivotal in achieving company objectives. Innovation comes in third wherein the needs of the clients are constantly kept in mind in devising new services which could in turn inspire or improve the way we live. Fourth is the maintenance of company integrity in the management of operations and other aspects of the business with the use of appropriate behaviors towards the company’s clientele as well as their co-workers. Last is the protection of company loyalty both of the market as well as in the workplace in the belief that this would earn the company the necessary respect that it deserves. On the last note, DHL envisions itself as the service provider of choice when it comes to express mail services and overall logistics network (DHL, 2006). At the same time, it aims to lead the industry in the provision of high standard quality services and at the same time being a favorably profitable business entity. Finally, to satisfy expectations of their stakeholders in reference to their performance in the ethical, social and environmental fields, concluding that the existence of both service providers do not only concern a small fraction but the whole components of the business as a whole. Averbook, J. (2005). Linking Performance to Corporate Missions Retrieved December 13, 2006, from http://www. wpsmag. com/content/templates/wps_article. asp? articleid=146&zoneid=19 DHL. (2006). DHL Mission, Vision, and Values. Retrieved December 13, 2006, from http://www. dhl. com/publish/etc/medialib/g0/downloads/general. Par. 0028. File. tmp/vision. pdf DHL Company History. (2005). Retrieved December 13, 2006, from http://www. dhl. com/publish/g0/en/about/history/history2. high. html FedEx History. (2006). FedEx Express. Financial Results. (2006). Retrieved December 13, 2006, from http://www. fedex. com/us/investorrelations/downloads/annualreport/2004annualreport_financials. pdf? link=4 Geneveive. (2005). Famous Quotations. Retrieved December 13, 2006, from http://www. famous-quotations. com/forum/forum_posts. asp? TID=193&PN=6 Press Release. (2006). Retrieved December 13, 2006, from http://www. dhl-usa. com/about/pr/PRDetail. asp? nav=AboutAirborne/CompanyInfo/PressReleases&seq=262.

What Is Workplace Violence - 1202 Words

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