Essays on Business

Scarcity induce psychological alluring attribute in customers towards goods and services. Psychologists argue that the only way to make a product desirable to customers is by making it scarce (Sobel.A, 2013). Rebecca Ratner, A professor of marketing At the University of Maryland’s Robert Smith School of Business, in an article...

Consumerism is the idea that increasing consumption is the best way to improve a country’s economy. It involves putting the needs of the consumers first and could be the motivation behind terms such as, “The customer is always right.” Furthermore, consumerism enables consumers to have access to luxury goods (Barber...

1. Based on your evaluations on entrepreneurial mindset, summarise your level of need for achievement, individualism, control, focus, and optimism, what strategies and tactics could enhance these in the next 6 months. The entrepreneurial mindset is “being an entrepreneur in the state of mind” the process involves...

Personally, for me it very unethical that a 20-year-old with no studies can earn so much by kicking a ball unlike compared to a doctor who studied most of their lives to save humans earn much less compared to footballers. In order to analyze and find out the reason for...

Transport is an important element in a stable economic setup. For this reason, the demand and supply of the service should be at equilibrium to enable the progress of necessary activities. The road usage in particular is vital since it connects all other transport systems including rail, water and aviation...

Due to the introduction of technology in businesses, it is crucial for retailers to be innovative to meet the demand of many customers. The retailers should also integrate marketing strategies that add in keeping the success of their firms. This paper compares the product, distribution, price and promotion strategies of...

The term opportunity cost The term opportunity cost, also referred to as the alternative cost, involves the choice of foregoing the next best alternative among a set of two choices. This is a fundamental concept in microeconomics that provides the consumer with the ability to budget between scarcity and choice. For...

Rolls-Royce PLC is an aircraft manufacture organization based in Britain. It was noted in the 20th century as a leading maker of luxury automobiles but it nationalized and separated from its car-manufacturing operations following the bankruptcy in 1971 (Harrison, 2017).  The organization has put in place several strategies for it...

The Organisation for Economic Co-operation and Development (OECD) The organisation for economic co-operation and development (OECD) has the objective of making improvements in the social well-being and economic growth of people across all regions in the world. OECD partners with different government bodies to determine the best policies to implement in...

The Role of the Industrial Revolution in Great Britain The industrial revolution played a major role in the establishment and expansion of various institutions in Great Britain. As more people migrated and settled in major towns, the health and education sectors were enhanced. An improvement in the average income for the...

The History of Red Bull Company The paper is devoted to the leader of the energy drink market Red Bull Company. The work gets a brief insight into the history of the producer. The paper lists the ingredients of this successful strategy and focuses on its peculiar features. There is also...

Adidas is an example of a firm that operates in a monopolistic competitive market. The first characteristic is that the sportswear industry has many numbers of firms which compete with Adidas; the firms include puma and the Nike brands. In the year 2013 Nike held 31% of the global market...