How low prices attract consumers
In a local furniture industry
1.Introduction
It all begins with the first drawings and the creative ideas of all the workers who
create and deliver the finished products. We are amazed at the process of how furniture
manufactures invent, design, and finally deliver the products and goods the local stores in our
neighborhoods. The whole process consists of and is defined by the 4Ps. The 4Ps are Product,
Price, Promotion, and Place.
In detail the design, construction, and marketing costs are equally as important as
promotion and control profit targets. All issues regarding material quality, warranties, and
discounts must be factored in to the cost. This allows the manufacture to calculate a pricing
strategy comparable to that of their competitors. Place suggests the channel of distribution.
This can be either direct or indirect. Direct distribution would be through following a
franchise model and indirect would be following a wholesale model. Promotion
communicates the type and quality of the products through advertising, public relations, trade
shows and events etc.
IKEA a well-known leader in the furniture industry who has led the way offering
unmatched designs and quality products. In a highly completive industry IKEA was one of
the first to offer an affordable customization scheme in which the products are built according
to individual customer’s preference. Many other furnishing companies have tried this same
approach to offer customized products but can not match the quality and price. IKEA stays
true to their mission to sell quality furniture products at affordable prices. (IKEA Systems
B.V, 2007).
Concerning the competition in furniture business, this paper will elaborate a research
proposal that focuses on pricing issues as one critical element in buyers purchase decisions of
furnishing products.
2.Research Objectives
- This paper intends to discuss the general competition in the local furniture
business and the process that contributes to the cost to the consumer.
Research Proposal Page 3 - Using the non-participant observation method collecting data and analyzing
information from journals, books, magazines and online materials. This paper is
intended to conduct analysis on factors that influence customers purchase
decision of furniture products. - In addition, the paper aims to formulate and suggest the appropriate pricing
models that attracts customers in furniture industry.
3.Identification of Key Issues
Considering many aspects of marketing that influence an industry, the research
statement for this paper will focus on answering “how does a low price attract consumers in a
local furniture industry?”
I choose to focus on pricing issue since it could be completely different from others
that may focus only on products issues like design or distribution like franchising and joint
ventures.
4.Methodology
Observation becomes an important technique for collecting data concerning what
occurs in a real-life situation. This method also helps us to reach an understanding about the
perceptions of those who are being studied. To be specific we employ non-participant
observation methods. Analyzing information from journals, books, magazines and many
more sources.
The data retrieval was performed through an indirect approach, which means that the
information obtained is secondary in nature. The data used within this study is generated
from direct observation performed by a member of the organization which we are about to
discuss. This approach is appropriate because a direct observation would provide a more
detail and more accurate information about the object of study.
The most important part of conducting an observation is the information it provides
researchers with an understanding about the perceptions about things or people we observe.
Observation deals with someone’s perception, we plan to avoid preconceptions since it would
provide this research with some bias.
In addition, to provide comprehension, I will employ various sources including
electronic journals and surceases investigations and books that relate to the topics of…
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