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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.

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Answer #1

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  

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