Application and development of relevant business management knowledge Essay

Application and exploitation of relevant business management knowledge - Essay ExampleHere the term Market refers to the guest base. In recent days, the entire area has become a marketplace and the entire population of the world has turned into customers, thanks to technology. Even a few decades back it used to be a conglomerate job to sell clothing and accessories in a foreign country. Today the advancement of technology has assimilate it possible to bring the customers across the world at the virtual shop where they are allowed to browse, select, try and make payments without being physically present at the store. This technological advancement has in turn fuelled the amount of contest among firms and the process of innovation has been continuously adapted by every(prenominal) firm in order to pull the customers. A countrys economy is highly stimulated by the production and consumption beat on one hand. On the other hand the cycle of production and consumption is totally restricted on the demand of the customers and the supply of goods by the marketer according to those demands. Therefore it is the key objective of every business to satisfy its customers and supply them with the demanded products and operate. In case a business fails to provide the necessary goods and services to its customers, the customer base shifts to the substitute market thus making the business lose its market contribution which proves to be a devastating outcome for the firm. Therefore each and every firm tries hard to obtain their subsisting customer base because it is believed that a satisfied customer is equal to an advertisement for the company and retaining the existing customer is more profitable than replacing them with the new ones. (Hawkins 2010). It is however a difficult task to check what exactly satisfies a customer (Customer is KING 2010). Some might get attracted towards a cheaper price while just about other might feel that cheaper price resembles cheap er quality. As a result it becomes difficult for the firm to appraise the customers expectation and fix the price accordingly because every customer has different needs. so it is necessary for the firms to study the market within which it sells its products and to divide the market according to the needs and preference of the customers (Bazerman 2001). The theme of the thesis deals with the topic What role does geographical location and brand play in influencing consumers manner? Further the research involves recognition of the consumer behavior of China, their perception towards Country of Origin and their purchase pattern towards the celebrated furniture manufacturer, IKEA. For proceeding with the given topic we need to discuss in details the various aspects of consumer behavior. Consumer carriage symbolizes the sum total of the buyers choice with respect to the possession, utilization and nature of products, activities, services, ideas, people, experiences, and by decision- making units (Hoyer & MacInnis 2008). Consumer look is a domain that covers all the aspects of buying, be it a tangible product or an intangible service. It is a dynamic, complex, multi facet process and the marketer makes all the