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Premium Pricing and Luxury Products
Two examples of brands that where manufacturing costs are well below selling price are Hermès (luxury fashion) and Beats (high-end consumer electronics). Beats headphones are often over $200 in stores but cost $20 in materials and manufacturing costs (Schiesser, 2015). Likewise, a Hermès handbag that costs $4800 in stores only costs $180 to manufactureContinue reading “Premium Pricing and Luxury Products”
Demographics as a Personal Factor for Consumer Behavior
Demographics are key personal factors that drive a customer’s purchasing decision. Age, sex, marital status, income, family background, and education are some of the common demographic factors (Pratap, 2021). People from different demographic groups behave differently. For instance, men shop differently than women. Men see something, decide they want it, and buy it, whereContinue reading “Demographics as a Personal Factor for Consumer Behavior”
Volkswagen’s Emissions Scandal and Recovery Strategy
Volkswagen, driven by their Strategy 2018, lied to the world with their claims of having ecologically friendly low-emissions diesel vehicles. When it was discovered that Volkswagen had tricked emissions testing with vehicles that were as much as forty times the permissible pollution limits, a scandal referred to as diesel-gate unfolded (Magadia. 2019, p.5-6). VolkswagenContinue reading “Volkswagen’s Emissions Scandal and Recovery Strategy”
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