Describe in detail one difference you see in how consumer purchases are made and how businesses and institutions make purchase decisions.
The answer needs to be over 200 words
Consumers make purchase decision based on cost effectiveness quality consciousness and image perception after usage. For example it was fashionable to consider Kodak cameras for photography however this has now moved to smartphones photography . Businesses make decisions based on rate of return, growth rate, revenue generation and customser acquisition cost.
However the situation always does not favor the firm as customer is always the king. Kodaks no change and lack of innovation and high cost of products were amongst prime reasons for Kodak to be recognised as forgotten company .The assumption that No other competitor can beat the market share was perception behind lack of new ways of developing research prototype on digital imagery and photography. As snartphones rose with inexpensive and highly compatible and innovative photography Kodak was forced to focus on digital imaging which was too late and hence the strategy failed massively .
Off late Kodak focusses on partnerships with affiliate companies to achieve cost leaderships and hives off business into hardware, software, consumables, graphics art, publishing, packaging entertainment and commercial films. These businesses help them optimization of resources and digital imagery as well as revenue mobilisation without facing stiff competition and ever evolving innovation .
The companies must focus on fast mover advantages as well as constantly evolve processes to stay ahead of growth curve and maintain market share as well as brand positioning .
Kodak needs to successfully amalgamate various businesses and production houses within entertainment industry to achieve synergies, cost benefits and higher revenues generation across international and global markets as means of growth strategy
Describe in detail one difference you see in how consumer purchases are made and how businesses...
Describe in detail one difference you see in how consumer purchases are made and how businesses and institutions make purchase decisions. Please answer in at least 200 words
Most differences in how consumer purchases are made and how businesses and institutions make purchases have been covered, but I think impulse buying can be a large differentiator. There are a lot of consumers out there who take their time and go through the steps of a buyer's decision process, but in reality, there are also consumers who make split or last second decisions to purchase a product or service. Products may be placed strategically near a cashier to entice...
Individual consumers are more likely to buy things impulsively than businesses and institutions because there are less people involved in the decision making process and they are more likely to be influenced when making a purchase. At a business/institutional level there is likely more than one individual involved in the decision making process and whatever is purchased must be justifiable within the budget, overall needs of the company, etc. Businesses and institutions purchase mainly based on their needs, but an...
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