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How a brand performs the function of a risk reducer. A brand performs the function of a risk reducer please elaborate the understanding of this statement. A brand is an identity that includes all sorts of components; depending on the brand, A brand can be said an image where the consumer perceives a brand as representing a particular reality or A brand can be explained that it is a relationship where the consumer reflects upon him or herself through the experience of consuming a product or service. In purchasing something a consumer would like to prefer branded products they know about rather than the local and unknown products. A risks connected with the brand may involves the physical risks, functional risks, financial risks, social risks. If you have found a brand that works for you, you are probably going to stick with it because there is a risk that changing brands will bring a less satisfactory result. The new brand may not help you achieve your goal, you will have wast...

The issues related to purchase and post purchase faced by consumer can be better explained by investigating consumer behavior on purchasing anything and after that. Purchase refers to the action which is taken by consumer to fulfill their need of some product or services by paying its value. When a consumer realizes the needs of anything that consumer used to search for the information related with that product or services, this information includes product quality, brands and alternatives. Consumer takes these steps to make the right decisions. The purchase decision may vary according to the age, gender and education of the consumer.  People purchases different items differently for example online and offline, online purchase happens via internet while offline purchase done personally by consumer through visiting the retailer or manufacturer. All the experiences and the observation about the product felt by consumer tells more about what the consumer thinks about that produc...

The 14 Steps of Crosby are following. 1. Management Commitment= It is necessary to consistently produce quality products and services at the optimum price. This commitment must also be transparent to all employees for the prevention of defects in all the operating departments. 2. Improved Quality= Search for team members who will model quality improvement commitment, every function of an operation must contributes to defect levels, every function must participate in the quality improvement effort . The quality improvement team should be able to effectively commit themselves to improvement of quality. 3. Measuring the Quality= Firstly you have to know exactly where your products and services lie when it comes to conforming to requirements. Thus, the third step on Crosby's list is to measure quality. Determine where there is room for improvement and where potential for improvement exists. 4. Cost of Quality= Explain how the cost of quality figures into the overal...

Written communication plays a vital role in day-to-day business activities. Effective written communication always drives people towards the business success. Written communication can do through various channels. People can communicate by writing effective emails, business letters, memos, presentations or notices. Selecting the most suitable communication channel is essential. In an organization, there are people with different abilities and skills. Use of appropriate writing styles is necessary. When communicate with company directors or managers, style is different. No one can use the same style when placing a notice for ground level workers. Most business professionals, such as marketing, finance, and research and development managers, need excellent writing skills to properly convey ideas and concepts. The components of writing style are given as following:       Attractive style= Writing styles are very important to advertising copywriters. These profession...

Vision= Successful entrepreneur must have specific vision and need to see special goals and success in mind first if you want to convert it into reality. Not only this, but entrepreneur also needs to visualize every step that it is going to take to get him to end results. Planning tricks= Planning is necessary for almost every task of life so this is the best technique which is used by all the successful entrepreneurs in order to stay focused with their efforts to achieve their goals. They plan all the activities of the whole day and follow the schedule accordingly to do every task on time. Planning also helps to let the entrepreneur do all the things without any pressure hence the entrepreneur do all the things smoothly. Managing time effectively= Time is money these words are familiar to almost every successful entrepreneur in the world. This is one of the main quality of entrepreneur to use the time efficiently and effectively .Proper time management is necessary fo...

Product cycle theory with example= Definition= The product life cycle is the life of the product from starting to the end of the product. It is the period of time over which an item is produced, brought to market and eventually removed from the market. First, the idea for a product undergoes research and development. If the idea is determined to be feasible and potentially profitable, the product will be produced, marketed and rolled out. its production will grow until the product becomes widely available. Eventually, demand for the product will decline and it will become obsolete. There are four stages of the product which is following: Introduction = This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the p...

Five steps to follow for the purpose of Goodwill.  Following are the five steps which are necessary part for making goodwill. (1) Reputation = Reputation plays vital role in developing good will for any organization. It is gained by making million worth efforts and sometimes it becomes tough to be maintained but successful organizations used to apply many tricks to maintain and keep the reputation in balance. (2) Dominant shares = Goodwill cannot be maintained or be gained without having large no of shares, not only this but these shares must be dominant in market over other organizations, which means the shares value must be better than competitors   share value. (3)   Powerful Advertising = Advertising is something which spread awareness and the true message about the vision of any business. Powerful advertising helps the business to grow effectively. Many businesses make the advertisement which attracts the viewer emotionally, socia...