Why do consumers like to engage in conspicuous consumption What are Essay - 1

Why do consumers like to engage in conspicuous consumption What are the marketing implications - Essay Example This research paper examines why consumers buy some goods for conspicuous consumption at prices which are normally higher. The papers will examine the concepts that try to explain this behaviour, and examine other factors. The paper will also explain the goods which qualify to be termed as conspicuous consumption. Market implication of in accordance to the 7Ps in relation to this phenomenon will also be analysed and a conclusion drawn after the analysis. Veblen (1899) provided an explanation of conspicuous consumption behaviour in his prominent concept of â€Å"the leisure class†. He notes that in order for people to show their wealth or power their have to put it into evidence, since self esteem can only be rewarded through evidence. Thus, one way of an individual showing off his wealth is through conspicuous consumption. Using Veblen, conspicuous good can be defined as a product whose consumption can be viewed by all in the market economy. In this context â€Å"Veblen effect† will refer to conspicuous consumption, which is seen as an action of consciously displaying and consuming a product that is bought at a higher price that its marginal cost. Some literature has tried to give answers to the first question. It is assumed that a person’s value is directly enhanced by purchasing higher priced products. (Nagel, 2002) unfortunately, this approach does not explain why individuals will prefer premium pricing. To (Trigg, 2001) explains that people prefer conspicuous goods because of monopolistic goods. However, other scholars are in view that individuals use conspicuous consumption as means of evaluating their social status in the society. (Nagel, 2002) This agrees fully with Veblen’s concept. Yet again, it is not easy to generalize the â€Å"Veblen effect† in this competitive market. The second question that regards what product can be termed as conspicuous can only be answered by trying to examine the characteristics

Annotated Bibliography Assignment Example | Topics and Well Written Essays - 1000 words - 1

Annotated Bibliography - Assignment Example In this journal, the writer argues that there is no single organization that can perform better without a proper functioning department of human resource management; therefore it is important that the human resource managers cooperate. Elwood F. Holton II, James W. Trott, Jr. (1996). "Trends Toward a Closer Integration of Vocational Education and Human Resources Development", Journal of Vocational and Technical Education, Vol. 12, No. 2, p7. In this text, the writer describes the matter of human resource development in detain and explains all the issues involved for its success, as well as describing its importance to an organization as a whole. In this journal, we find that the writer describes human resource development in detail and then goes ahead to explain how it supports the sharing of knowledge in an organization, as well as the workforce. This journal discusses the issue of integrated managerial training in detail, and explains how it greatly helps or even how it is strategic for the development of management in an organization or company. In this book, the writers try to give the readers a clear understanding of the importance of human resources and its performance, and then describe the benefits that an organization can get from a well structured department of human resources. In this book, the writers try to describe in detail how a typical department of human resources should look like and goes ahead to explain the different components of the department and its leadership. The writer, in this article explains what a human resource management is and discusses the international human resource management comprehensively, which include integrating people, process and context. Budhwar, P. S., Schuler R. S. and Sparrow P.R. (eds.) (2009).   Major works in international human resource management.   Volumes