The effect of price elasticity in the decision of consumers in Saudi Dissertation

The effect of price elasticity in the decision of consumers in Saudi Arabia to acquire Toyota SUVs - Dissertation Example The paper tells that price elasticity is an important element when introducing products in a competitive market. As quoted from the book Principles of Economics by Alfred Marshall, â€Å"the elasticity (or receptiveness) of demand in a market is significant according as the amount demanded increases much or little for a given fall in price, and diminishes much or little for a given rise in price". Parkin, Powell, and Matthews noted that the following affect the elasticity of price for a certain commodity: availability of substitute goods; percentage of income; necessity; duration; brand loyalty; and who pays. Farris, P., et al. postulated that company decision makers have to understand price elasticity to boost pricing strategies. Own, cross, and residual elasticity appear to exhibit subtle differences but further examination shows significant pragmatic implications. A study conducted by Engage Research explored on the relationship between elasticity and pricing strategy. Results ba sed on the sales data showed significant difference between categories when equated with elasticity. The study indicated that the following product categories exhibited high elasticity: products with several brands; competitive market share among brands; insignificant trace of brand differentiation; and high price visibility. Studies that focus on consumer reaction to price elasticity are rarely made available to the public. Most marketing firms, which conduct such studies, are barred from disclosing relevant results without the permission of their client. Hence several literatures have founded their assumptions based on prevailing theories that explain consumer behavior when price spikes occur. Some companies also consider aspects other than price. Brand loyalty and product reliability are important elements that push manufacturers, distributors, and retailers to move prices despite the potential consumer backlash. In the automotive industry, for instance, car dealers offer improve payment schemes to compensate for the price movement. Objective The main objective of the study is to show the effect of price elasticity in the

What is Confucianism Essay Example | Topics and Well Written Essays - 250 words

What is Confucianism - Essay Example Confucius, in his teachings, sought to improve the traditions and social life of humans. He emphasized on the ethics of conduct, which in his view is the ways of a superior man. He argues that such a man is honest, respectful and loyal to both his leaders and culture. The greatest of all, a superior man is considered humane towards his interaction with others. Hidayat at al. (2014) further explains that a society is organized in different relations: the government and its subjects, the family and the friendship aspect among others. The guiding principle of Confucianism is humaneness, commonly referred to as ‘run’, which suggests an outstanding behavior in reference to the China ritual norms and virtues (Low and Patrick 2011, p.11-127). It is an element of optimistic nature of humans, which accords that human conditions are not permanent but are bound to changes. Confucianism also records that humans are capable of learning, improving and perfecting their lives which is typically Confucian. It then recognizes heaven and its influence towards human events. Apart from its ethical principle, Confucianism has no definite ritual or practice to follow like other religions prevalent in China. It is mainly about interactions for the families, where members of the family show love, concern and the respect to each other (Low and Patrick 2011 p.111-113). Confucianism ideals are considered inspirational in that they aim at perfection. It is of the opinion that if individuals could realize their potential in creating best relations with others, they would attain perfection in their personality (Hidayat at al.