Controversial analysis about the consumption of luxury brand Essay

Controversial analysis about the consumption of luxury brand - Essay Example Two of these factors namely the increased adaptation of the western lifestyle among the China population and especially the youth and the increase in consumer buying power within this population, are considered the driving force behind the obsession with luxury brands. Luxury is a subjective concept which is ever evolving. However, to most of us, luxury is basically an inessential but desirable things or a state of obscene comfort or indulgence. In this regard, one can looks at luxury brands as any other product whose only difference from its counterpart is only in its extra premium that is not backed by obvious functional advantages. However, consumers are always willing to pay the premium simply because of a set of unique characteristics, recognizable, reputation, or exclusivity of the luxury brand. The irony of these features working for a luxury brand is that majority of them vary across culture and therefore societies, something that can essentially be blamed on varying consumer attitudes and belief. This particular characteristic of luxury market exposes it main contradiction because it exposes the greatest level of hedonistic and irrational that consumption can ever get. In this paper I will be exploring the contradiction and ironies of the phenomenal surge in luxury market in China. In doing so, I will use an interview that I have conducted to a Chinese youth by the name Crystal. This will complement the tomes of literature on this topic that are available and that I will be heavily relying on to navigating this topic. Chinese are paying attention to luxury brand, a phenomenon that is raising the overall price of the luxury brand without necessarily adding any functional advantage on them as would be expected. They also cut across various retail sectors that include; footwear, jewellery, perfume, liquor, automobile, cosmetics, and fashion wear and accessories. One thing that one notes about

Decision Analysis for Management Judgment Essay Example | Topics and Well Written Essays - 750 words

Decision Analysis for Management Judgment - Essay Example Heuristics are simple and efficient rules which are using by the managers of an organization when they will go to take any important decision or making any judgment. There are three types of Heuristics and those are Availability Heuristic, Representative Heuristic, and Base-Rate Heuristic. Availability Heuristic helps to bring some plan or judgment in mind very easily and make a decision in a simple way. Representative Heuristic helps in a comparison between information and mental prototypes. Base-Rate Heuristic is a mental shortcut which helps to make decisions by using probability (Gilovich, Griffin, and Kahneman, 2002, pp. 549-554). Notion of SMARTA comprehensive plan should be made by the manager to do work and implement a plan in a smart way. Hard work is required but in the present market scenario, smart work is more needed than the hard work. Otherwise, there will be no value only for hard work. Then also a growth of the organization will be improved in a smart way. The smart method also can be used to set management objectives. Here ‘S’ means specific, ‘M’ for measurable, ‘A’ for achievable, ‘R’ means realistic and ‘T’ indicates time-based which is very much essential to set the proper objectives of a business.Simulation can be explained as a form of science. This scientific tool can be used in experimental purpose without exposure to risk. Some real world factors and some good underlying assumptions help to do this experiment.