Monopolistic Competition Explained

Monopolistic Competition Explained There are four main market structures in an industry, namely, perfect competition, monopoly, oligopoly, and monopolistic competition. A perfect competition is a market structure that occurs when there are many small business organizations that engage in a competition with one another. On this basis, the decision of one seller does not create any impact on the price of the products under consideration (Parkin, 2012). It is important to denote that under this market structure, the products of the companies are standardized and they are identical. These small business organizations do not have any influence on the price of their products. It is the market that determines the prices of their products, through the laws of supply and demand. This market is also characterized by an absence of barriers that prevent new companies from leaving or entering the market. An example of an industry that operates under a perfect market structure is the agriculture industry (Schwartz, Carew and Maksimenko, 2010). In the agriculture industry, there are a variety of firms that seek to sale agricultural produce to consumers. The prices of agricultural products are always guided by the laws of demand and supply, and no individual business person can influence the prices of agricultural products. However, it is important to denote that a perfect competition is a theoretical type of market structure, and it rarely exists in the real life. This is because companies always advertise their services for purposes of gaining a market share, and reduce the prices of their products for purposes of increasing their sales. Companies will strive to control the prices of their products, in order to achieve profitability (Parkin, 2012). The perfect market structure is an opposite of a monopoly. Under monopoly, there is only a single company that provides a certain service or good. The company under consideration will always control the prices of its products because competition does not exist. In a monopoly, the product that is produced is unique, and hence there is no substitute for the products. A monopolistic market is highly regulated, whereby new entries are blocked and it is also difficult to move out of this market. The reason as to why there is a restriction in this market is because of the high costs of operating the business under consideration. Political, economic and social factors can also be the reason as to why new players might be reluctant to invest in this market (Schwartz, Carew and Maksimenko, 2010). For example, the government can decide to form a monopoly in an industry that it wants to control. A good example is the electricity and the oil industry. Another barrier might occur a company has an exclusive right over the production of a natural resource. An example is the oil industry in Saudi-Arabia where the Saudi Government has exclusive control over the oil resources in the country. A monopoly will also exist when an organization has a patent or copyright, which in turn will prevent other players from entering the market. An example is Pfizer, which had a patent right over the production and distribution of Viagra (Parkin, 2012). An oligopoly on the other hand is a market structure whereby there are only a few companies that are responsible for producing and supplying goods and services. These groups of companies have a control of the various prices of their products. It is similar to a monopoly in the sense that it has a high barrier of entry. This is because entering in this type of a market requires high capital base, which is always difficult to raise (Schwartz, Carew and Maksimenko, 2010). It is also similar to companies operating under a perfect competition in that the products of one firm, is very similar to the products of another firm. This is in terms of quality, and their features. In as much as companies operating under an oligopoly have a control over their prices, they are always inter-dependent on one another. This is because before formulating a policy, these companies will have to analyze the reactions of their competitors in terms of the prices of their commodities, advertising and selling strategies, etc. Examples of companies that operate under this type of market structure are the auto-mobile companies. These companies are few in nature, and it always requires a huge capital base for anybody to invest in an auto-mobile industry. The marketing policies of these companies are always inter-dependent with one another. For example, Mercedes/Daimler is a luxury brand whose main competitor is BMW. The prices of Mercedes vehicles will always be determined by the prices of BMW (Parkin, 2012). This is because they are both competing for the same market, and they produce a similar product. An example of an oligopolic market structure is the duopoly. A duopoly is a market structure characterized by the existence of two firms/ industries. A duopoly can have the same impact as a monopoly if the two organizations collude for purposes of controlling the prices of their products. An example of a duopoly is the master card and visa (Schwartz, Carew and Maksimenko, 2010). These two companies have a significant control of the electronic payment market. Other examples include Apple and Amazon, because of their significant dominance of the e-book market. Finally, a monopolistic competition on the other hand is highly similar to a perfect competition. In this type of market, there exist many companies each controlling a small percentage of the market share. This is similar to a perfect competition market which thrives on the availability of many small companies, competing for the same market (Parkin, 2012). However, the main difference between this type of market with that of a perfect competition market is that these companies produce different products, and is characterized by different pricing and advertisements strategies. A monopolistic competition market thrives on variety. Example of companies operating under this structure is the fast food restaurants. Restaurants produce a variety of foods, with different pricing strategies and brand names. They are also located in different areas, and this satisfies the characteristics of a monopolistic competition. s Bibliography: Parkin, M. (2012). Economics (10th ed.). Boston: Addison-Wesley. Schwartz, R. A., Carew, M. G., Maksimenko, T. (2010). Micro markets a market structure  approach to microeconomic analysis. Hoboken, N.J.: John Wiley Sons.

Goals and Objectives Tied to Mission and Value Statements Essay

Apollonia have their goals and objectives tied to their mission and value statements. They ensure goals and objectives are specific, measurable, achievable, realistic and timely. This is crucial in their business because it is a high demand, and with a plan to follow and the ability to recognize the point that they achieve success. They update their goals and objectives when necessary, as business plans always have an ending date. The goals they set for the first year of business varies from the goals and objectives for year three or year 10. The planning stage is important in their business to make a good events location and a good restaurant for people to come to. Although planning is crucial in developing a good service, marketing is probably the most important aspect of their business. Their aims say that it is important to retain their existing customers base while growing the restaurant by attracting new customers. An example of a marketing goal might be to attract new customers from a particular area. Near or far. They include using social media to engage potential customers in conversations about food. They offer deals to come try out their food, sometimes free, sometimes deals that could benefit the potential customer. Aims and Objectives Apollonia have their goals and objectives tied to their mission and value statements. They ensure goals and objectives are specific, measurable, achievable, realistic and timely. This is crucial in their business because it is a high demand, and with a plan to follow and the ability to recognize the point that they achieve success. They update their goals and objectives when necessary, as business plans always have an ending date. The goals they set for the first year of business varies from the goals and objectives for year three or year 10. The planning stage is important in their business to make a good events location and a good restaurant for people to come to. Although planning is crucial in developing a good service, marketing is probably the most important aspect of their business. Their aims say that it is important to retain their existing customers base while growing the restaurant by attracting new customers. An example of a marketing goal might be to attract new customers from a particular area. Near or far. They include using social media to engage potential customers in conversations about food. They offer deals to come try out their food, sometimes free, sometimes deals that could benefit the  potential customer. Aims and Objectives Apollonia have their goals and objectives tied to their mission and value statements. They ensure goals and objectives are specific, measurable, achievable, realistic and timely. This is crucial in their business because it is a high demand, and with a plan to follow and the ability to recognize the point that they achieve success. They update their goals and objectives when necessary, as business plans always have an ending date. The goals they set for the first year of business varies from the goals and objectives for year three or year 10. The planning stage is important in their business to make a good events location and a good restaurant for people to come to. Although planning is crucial in developing a good service, marketing is probably the most important aspect of their business. Their aims say that it is important to retain their existing customers base while growing the restaurant by attracting new customers. An example of a marketing goal might be to attract new customers from a particular area. Near or far. They include using social media to engage potential customers in conversations about food. They offer deals to come try out their food, sometimes free, sometimes deals that could benefit the potential customer.

What Everybody Dislikes About The Veldt Essay Topics and Why

What Everybody Dislikes About The Veldt Essay Topics and Why When you are finished with your essay, you must not simply check it for spelling and grammatical errors, but nevertheless, it also has to be checked for logical fallacies. In general, you can observe that writing a persuasive essay isn't a brain surgery. Good persuasive essay topics must be persuasive. The ideal topic for your essay is one which is aligned with your field of study. In open-ended essay assignments, deciding upon an essay topic gets crucial to the total success of the bit of writing. Moral argumentative essay topics are a few of the simplest to get carried away with. Choosing topics for argumentative essays is very important for your general success. Recent argumentative essay topics that are related to society is going to do. To compose a strong argumentative essay, students should start by familiarizing themselves with a number of the common, and frequently conflicting, positions on the research topic so they can write an educated paper. Therefore, many students and employees decide to purchase cheap essay rather than writing it themselves. Writing about nuclear weapons is always a superb idea. Some can require research although others may require using the five senses and figurative language. Type and purpose are the 2 standards that impact the choice of essay topic ideas. The objective isn't just to inform but to supply personal reflection and philosophies throughout the story-telling too. Application essays about challenges reveal how you respond to difficulty to individuals who are rather interested in how you'll take care of the subsequent four years all on your own. The success of a research paper mostly is dependent upon the topic, which is why a number of time is spent searching for the b est research paper topics for college students. Explain your commitments, and you're going to be the type of student colleges find immensely attractive. If you are able to write a really convincing piece on a real-world application utilizing unique facts and research, then your odds of receiving admission to a top level university will certainly grow! So you don't actually need to locate a topic! Since you can see, several of the topics listed are new and tackle the recent issues happening in the World today. Therefore, the topic ought to be debatable! It's possible to select an intriguing topic from any area of science. The Basics of the Veldt Essay Topics Attempt to conclude with an illustration of the way the failure improved the manner in which you deal with similar situations now. If you can select the matter all on your own, it's possible to develop the issue of interest! Write about a problem you have or wish to fix. Don't neglect to explain why the challenge is val uable to you! The standard of your topic will decide the grading of the paper. A distinctive title will capture the interest of the reader and enhance your odds of obtaining a high score. Vital Pieces of the Veldt Essay Topics Though you're just beginning to compose essays, you shouldn't struggle attempting to produce something to discuss. There are many steps that you should take to be able to compose a great essay. It's important to select debatable argumentative essay topics since you need opposing points which you can counter to your own points. Still, figuring out the very best topic for your essay isn't your only concern for a student. The new year gives one a whole lot of chances to research different essays and the ways how they may be written. Since you may see, there's a plethora of different argumentative paper titles it's possible to utilize. F. Bacon The main goal of the capital isn't to get as much money as possible, yet to make sure that money results in a better life. Ton s of students put on a uniform. The Importance of the Veldt Essay Topics It is preferable to grow up in a family with plenty of brothers and sisters. Peter, the son, regards his father as simply a kind of institution to resist against, instead of anything near his heart. On the flip side, the parents did indeed look after their children. Understanding how to compose a strong argumentative paper can help you advance your very own argumentative thinking. The reader ought to be impressed by how you defend your ideas. Picking the correct topic for a persuasive speech can be not such an easy issue to do as it might appear. College is an intellectual place so attempt to convince the board that you're the suitable person in their opinion.

Second Punic War Timeline

Discussing Gender Differences Occur Among Preschool Children

Taking the opportunity to observe preschoolers in a childcare setting will help identify whether gender differences occur among preschool children. More specifically, observing children in their natural environment will help determine whether or not boys play differently than girls. On October 7th, at the Child Development Lab’s playground while the children were having playtime at 11 o’clock in the morning, I had the chance to observe thirteen boys and sixteen girls aged 3-4 years old. After observing, I was able to conclude that at the ages of three and four years old, boys and girls do not play differently; at the ages of three and four, both boys and girls play in rocks, on scooters, sing, and play with kitchen sets. To begin, the playground had three parts to it; there was the jungle gym, the cement area, and the corner area with plastic kitchen sets and tables. I will start off by sharing what I learned while observing the jungle gym. At any given time, there were four girls and four boys on the jungle gym; the jungle gym was never empty. The children on the jungle gym, whether boys or girls, were always smiling and climbing up everything. This proves that both boys and girls played in the same ways. At one point, there were three girls and two boys all on the big silver slide together. It seemed as if they were racing each other because when one got to the bottom, they would race right back to the top and do it all over again. The stereotype that presents girls asShow MoreRelatedThe Effects Of Post Traumatic Stress Disorder ( Ptsd )3001 Words   |  13 Pagesor interpersonal violence. In general, children who experience a single-occurring trauma display symptoms of PTSD within a year. In some cases this can be delayed and re-emerge in later life. The diagnosis of PTSD originated in the 1980s’s when war veterans displayed symptoms. PTSD was consequently only conceptualised for traumatised adults in the Diagnostic and Statistical Manu al of Mental Disorders (APA, 2013).However, recent studies proposed that children and adolescents between 1-18 years oldRead MoreCooperative Learning: Improving Social Skills in the Classroom2192 Words   |  9 Pagessocial behavior in families can produce negative responses. As educators, we first see characteristics of social behaviors in preschool. Most parents send their children to preschool to enhance socialization with children their own age. They do so in the hopes of giving a good foundation for social competence (Jalongo, 2006). Language development begins in preschool and is a tool used to create positive social behavior. According to Vygotsky, language is critical for cognitive growth. CollaborationRead MoreThis Paper Investigates The Application Of Attachment Theory2882 Words   |  12 Pagespatterns children learn to negotiate interpersonal relationships. It has proven of great explanatory value in helping us understand the role of relationships with caregivers in the socialization process and has had important practical applications for improving orphanages and foster care. Applying it to children with disabilities, though, is not a straightforward process, as the original form of Attachment Theory makes certain ableist assumptions about, for example, the ability of children to use sensesRead MoreFS 1 portfolio10152 Words   |  41 PagesOF THE STUDY III MY PERSONAL DATA IV EVIDENCES DTR’S CLASS PICTURES V EPISODES EPISODE 1- SCHOOL AT LEARNING ENVIRONMENT EPISODE 2 –LEARNER’S CHARACTERISTICS AND NEEDS EPISPODE 3 –CLASSROOM MANAGEMENT AND LERANING EPISODE 4 – IDIVIDUAL DIFFERENCES AND LEARNER’ EPISODE 5 -INDIVIDUAL DIFFRENCESS AND LEARNER’S INTERACTION EPISODE 6 – HOME-SCHOOL LINK MY PERSONAL DATA Rachel Shayne Abatayo Besangre Address: Purok 1-A Hinaplanon Proper, Iligan City Contact Number: 09276520620 Read MoreHigh School Student Essay20272 Words   |  82 PagesStudents Chapter 3 Learner Diversity: Differences in Today’s Students Chapter 4 Changes in American Society: Their Influences on Today’s Schools ISBN: 0-536-29980-3 Introduction to Teaching: Becoming a Professional, Second Edition, by Donald Kauchak and Paul Eggen Published by Prentice-Hall/Merrill. Copyright  © 2005 by Pearson Education, Inc. ISBN: 0-536-29980-3 Introduction to Teaching: Becoming a Professional, Second Edition, by Donald Kauchak and Paul Eggen Published by Prentice-Hall/MerrillRead MoreMy Fs 101 Portfolio7901 Words   |  32 Pagesrelation to their becoming a teacher. In this field study 1, the student teacher who undertakes this will be able to: âž ¢ Identify the stage of the physical, motor, linguistic, literacy, cognitive, social and emotional development of the children or adolescents as manifested in the actual classroom setting. âž ¢ Observed and reflect on the different approaches employed by the teacher in dealing with learners in the different stages of development. âž ¢ Analyze how the teachingRead MoreThe Effects of Advertising on Children33281 Words   |  134 PagesTelevision Advertising to Children A review of contemporary research on the influence of television advertising directed to children Prepared for ACMA by Dr Jeffrey E. Brand May 2007  © Commonwealth of Australia 2007 This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth. Requests and inquiries concerning reproduction and rights should be addressed to the ManagerRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesCharacteristics of the U.S. Workforce 41 †¢ Levels of Diversity 42 †¢ Discrimination 42 Biographical Characteristics 44 Age 44 †¢ Sex 46 †¢ Race and Ethnicity 48 †¢ Disability 48 †¢ Other Biographical Characteristics: Tenure, Religion, Sexual Orientation, and Gender Identity 50 Ability 52 Intellectual Abilities 52 †¢ Physical Abilities 55 †¢ The Role of Disabilities 56 Implementing Diversity Management Strategies 56 Attracting, Selecting, Developing, and Retaining Diverse Employees 56 †¢ D iversity in Groups 58 †¢Read MoreStatement of Purpose23848 Words   |  96 PagesOhio Wesleyan University Writing Center  © 2011 Page 3 ï‚ · As you focus on the topics numbered above, reveal the personal qualities valued by the academic community, including intellectual curiosity, self-discipline, honesty, integrity, and, among other things, independence—that is, the ability to work independently. Remember, however, readers assume applicants have these qualities, so personal characteristics should not be the focus of your essays; reveal them indirectly as you discuss academicRead MoreDeveloping Management Skills404131 Words   |  1617 PagesManagement Skills 8 What Are Management Skills? 9 Improving Management Skills 12 An Approach to Skill Development 13 Leadership and Management 16 Contents of the Book 18 Organization of the Book 19 Practice and Application 21 Diversity and Individual Differences 21 Summary 23 SUPPLEMENTARY MATERIAL 24 Diagnostic Survey and Exercises 24 Personal Assessment of Management Skills (PAMS) 24 What Does It Take to Be an Effective Manager? 28 SSS Software In-Basket Exercise 30 SCORING KEY AND COMPARISON DATA

Mass Crime Lab Case Free Essays

Former Massachusetts State Crime Lab chemist, Annie Dookhan, has been indicted on twenty-seven counts of tampering with evidence, perjury, and obstruction of justice after a legal fallout that has jeopardized thousands of drug cases (Smith). Dookhan admitted to â€Å"dry-labbing† (distinguishing a sample is a narcotic based on appearance instead of actually testing), altering test results, and â€Å"deliberately turned a negative sample into a positive for narcotics a few times†. Another way in which she tampered with the testing samples was by exaggerating the weight of seized drugs in order to cause the accused party to receive harsher penalties. We will write a custom essay sample on Mass Crime Lab Case or any similar topic only for you Order Now As a result of the chemist’s actions, many innocent people have served jail time, while deserving criminals were let off the hook. Even though her coworkers and supervisors were suspicious on several occasions throughout the course of several years, she was not caught until 2011 when she admitted to forging a colleague’s signature on paperwork. It was not until this action, that she was finally suspended from her duties (The Living Case). The next thought that occurs to someone reading this story is â€Å"Why†. What would possess someone to risk his or her job and credentials? It is hard to understand what exactly would motivate Annie Dookhan to commit this type of crime considering that her life was not directly impacted by the fates of the defendants her samples belonged to. Frederick Herzberg’s motivation-hygiene theory, also known as the two-factor theory, could be applied in this case. Lab executives leadership style Crime labs would be better served if they were operated privately and contracted by states rather than run by a police department. There is cause for concern when a state prosecutor has intrinsic ties to the people testing the evidence he or she needs to convict a felon. It is an absolute conflict of interest to have a crime lab under the control of the police. Northeastern University law professor Daniel Medwed said, â€Å"There are often implicit pressures [on crime lab technicians] to help out prosecutors – to testify in cases in a way that supports their perceived colleagues in law enforcement† (The Living Case). As a result of the outcome of the Melendez-Diaz v. Massachusetts case, chemists are now required to be present at the trial of the substance they tested in order to be cross-examined on their testimony (Melendez-Diaz v. Massachusetts). Bearing in mind that their testimony carries a lot of weight in a trial, chemists should remain separate so that issues of prejudice or bias arise. Aside from that issue, being run be the state police produces problems in relation to the management of the crime lab reporting any errors in testing that may occur. The leaders may feel that exposing problems would only increase a backlog of paperwork and further testing as a result of an internal investigation. In this case, it does not seem that the leadership was affected by police involvement as the lab was run by the Department of Public Health during the period of the incidents. Sources: * I was unsure how to cite the case given to us as most of my information is derived from there, and I did not see where Kirkman provided source information. * http://www.supremecourt.gov/opinions/08pdf/07-591.pdf * http://www.npr.org/2013/03/14/174269211/mass-crime-lab-scandal-reverberates-across-state How to cite Mass Crime Lab Case, Papers

Marketing Consumer behavior Nike

Question: Discuss about the Marketing Consumer behavior Nike. Answer: Introduction This report analyzes some of the social influences on the buying behavior of the consumers of Nike. Nike manufactures and sells a lot of products, one of which is the range of sportwear apparels. The customers of Nike come from different socioeconomic backgrounds and have different decision-making process for buying a product. There are a large number of factors present in the society that can affect the decision-making process of these consumers (Schlegelmilch, 2016). Social influences Social influences on the buying behavior of the customers can be defined as the factors present in the society that can affect the decision-making process of an individual for a product or service. There are a wide range of social factors that can affect the decision-making process of an individual for a product or service. This report focuses on the sportwear apparel sold by Nike and the social influences on the buying behavior of the corresponding customers in the market (Parente, 2014). Reference groups Each and every individual in the society has a number of people close to him or her. These people surround the individual to share his or her feelings, situation and condition. These people are considered to be the reference groups of an individual in the society. Each and every individual in the society are used to share their opinions, views and feedbacks with their close ones or the members of their reference groups. This in turn allows the members of the reference groups to have a lot of influence on an individual. The feedback, views and opinion of the members of the reference groups affect the buying behavior of an individual to a significant extent. This section of the report focuses on some of these reference groups that have significant influence of the buying behavior of an individual in the society (Shih, 2013). The reference groups can be divided into two major categories, primary and secondary group. Primary group This reference group of an individual consists of his or her family members, relatives, friends and colleagues. Basically, the people that an individual interacts regularly are considered to be a part of the primary reference group of an individual. The members of the primary reference group affect the buying behavior of the individual in a number of ways. They already have used the products from Nike and have their own opinion about the quality of the products. This in turn allows them to affect the buying decision of the individual to a significant extent. The primary group member might be loyal customers of Nike, which in turn affects the buyer behavior of the individual positively. If an individual has his or her family living together, then it affects the buying decision of the expensive premium sportswear. In such a scenario, the individual would prefer going for an average quality sportswear and spending rest of the money on the family members (Tuten, 2014). The buying behavior of an individual is greatly affected by the lifestyle of the members of the primary reference group of the individual. For example, if the members of an individual's primary reference group don't spend a lot on sportswear apparels, then it's unlikely that the individual is going to spend a lot on the premium sportswear apparels. The lifestyle of the members of the primary reference group of an individual in terms of health and fitness also affects the buying behavior of the individual. For example, if the members in the primary reference group of an individual don't focus a lot on buying the premium sportswear products, then the individual also might not be interested in buying expensive and premium sportswear products. Secondary group The secondary reference group of an individual consists of the people that the individual interacts less frequently. Some of the examples of the secondary reference group of an individual are the professional organizations, alumni associations and large public forums like clubs. The influence of these secondary reference groups on the buying behavior of the individual is minimal in comparison to the primary groups. So, the buying behavior of the individual for the sportswear products of Nike are influenced to a nonsignificant level (Mullin, 2014). Social class The individuals living in a society can be divided into various categories based on various factors. One such category is the economic value of the individuals in terms of their total revenue and income capacity. This categorization of the individuals in the society is called the socioeconomic classification. The socioeconomic class of an individual also influences his or her buying behavior. Hence this factor influences the buying behavior of the customers of the sportswear products sold by Nike to a significant amount (van den Driest, 2014). The individuals in the high socioeconomic class generally dont bother about the price of the product as long as the quality is very high and the brand is a popular one. So, the customers of Nike in the high socioeconomic class are fine with the high price tags of the products and this social factor wont be an influence on their buying behavior. The individuals in the middle and upper middle socioeconomic classes focus on the value that they yield from the premium products that they buy. These customers of Nike focus on the value that they get by buying any of the products from the range of premium sportswear sold by Nike. So, the customers from this socioeconomic class are influenced a bit by the social factor in their buying behavior, but focus on the value they yield by purchasing the products. The individuals in the low socioeconomic class dont generally purchase premium products and put more importance on other aspects of their life than buying premium products. The customers of Nike from this social class generally wont buy the premium sportswear range of products. These customers generally purchase the premium products with promotional offers and discounts (Morgan, 2015). So, the social class of the individuals in the corresponding market of operation is a significant influence on the buying behavior of the customers of Nike premium sportswear products. The customers from the different social classes have different preference and priority depending on their purchasing capability. Marketing strategy The social factors identified in the previous section can be considered while designing the marketing strategy for the premium sportswear products sold by Nike. As these factors influence the buying behavior of the customers in the corresponding market of operation, their inclusion in the marketing strategy of the corresponding products allows the design and development of effective marketing strategy, which can lead to significant increase in the sales of these products (Gardner, 2015). Marketing mix The marketing mix of the premium sportswear products sold by Nike can be based on these social factors that influence the buying behavior of the customers. As shown in the above image the marketing mix of the range of premium sportswear products from Nike consists of 7 factors product, place, price, promotion, people, physical environment and process (Shank, 2014). Price From the analysis of the identified social influences, we can be clear that the price range of the existing premium sportswear products of Nike is a big factor in the buying behavior of the customers. The marketing professionals in Nike can focus on keeping an affordable price for the middle, upper-middle and high socioeconomic classes in the society (Burns, 2014). Place As per the social influences identified in the previous section, we analyzed that the demand of the premium sportswear products sold by Nike is high among the upper-middle and high socioeconomic class individuals with healthy lifestyle. So, the marketing professionals in Nike can ensure that the retail stores of the organization are placed at the locations having high frequency of these people. So, the retail stores of Nike can be opened at premium residential places and key locations of the corresponding markets (Kotler, 2015). Product The marketing professionals in Nike should ensure that the premium sportswear products sold by the organizations should be of high quality and should be innovative. The high quality of the products along with their innovativeness allows more number of customers to realize more value from them. The realization of more value from the products allows the customers from every social classes and with any reference group to take the decision of buying the corresponding products (Armstrong, 2014). Promotion The marketing professionals in Nike should ensure that the promotional activities and offers on the premium sportswear products of Nike are frequently provided to the customers. These promotional offers and activities attract more customers from any social class and with any reference group. This in turn allows the organization to have higher sales of the corresponding products. The marketing professionals at Nike can ensure that the promotional activities and offers are spanned across all the varieties of the premium sportswear range of products sold the organization, which in turn attracts the customers with various needs and requirements to buy the products. People The marketing professionals at Nike should ensure that the people allocated to interact with the customers at the retail stores of Nike should be efficient enough to persuade the customers of buying the products. The high efficiency of the people involved in the process of making the sale to the customers allows the chance of a positive buying decision from the customers to be high. So, the people interacting with the customers at the Nike retail stores should have effective interpersonal and communication skills to ensure that the customers buy the products and get all their queries resolved to be able to take a positive buying decision for the premium sportwear products sold by Nike. Physical environment The marketing professionals at Nike should ensure that the physical environment of the retail stores of the organization is of high enough quality to attract more number of customers. The high-quality environment of the retail stores of the organization allows more number of customers to be impressed with the quality of the brand. The customers also perceive the brand to be of very high quality as per the quality of the physical environment in the retail stores (Iyer, 2015). Process The marketing professionals at Nike should ensure that the high-quality manufacturing process of the premium sportswear products sold by the organization are marketed effectively to the customers. The high quality of the manufacturing process allows the customers to perceive the products to be of high quality. This in turn allows the organization to attract more number of customers from the upper-middle and high social classes. The marketing activities focusing on the quality of the manufacturing process of the premium sportswear products sold by Nike ensure that the customers are familiar with the authenticity of the products and the value that the products provide for their price tags (Burgelman, 2015). Market segmentation and targeting The analysis of the social influences on the buying behavior of the customers of the premium sportswear products sold by Nike, revealed a number of factors that should be considered while deciding on the target market for these products. The marketing professionals at Nike should focus on the segmentation of the market based on the lifestyle and socioeconomic status of the customers. The marketing activities for the premium range of the sportwear products sold by the organization should focus on the middle, upper-middle and high socioeconomic classes in the society. This in turn allows the organization to attract more number of customers for the premium range of sportswear products sold by Nike. The marketing activities of the organization should also focus on the individuals in the society with the healthy lifestyle. This in turn allows the marketing activities to be focused on the individuals who put a lot of effort into being healthy and fit through their daily activities. The mar ket segmentation and targeting criteria for the premium range of sportswear products allows more number of customers to be attracted to the products, which in turn leads to increased sales of the products (Granzin, 2015). References Armstrong, G., Adam, S., Denize, S., Kotler, P. (2014).Principles of marketing. Pearson Australia. Burgelman, R. A. (2015). Complex Strategic Integration at Nike: Strategy Process and Strategy-as-Practice Combined. Burns, L. D. (2014, July). FASHION DESIGN AND MARKETING FOR SUSTAINABILITY AND SOCIAL CHANGE: THEORY AND PRACTICE. In2014 Global Marketing Conference at Singapore(pp. 1473-1476). Gardner, S. (2015). Social media marketing strategy: Driving traffic to and from your Facebook fans page. Granzin, K. L., Mason, M., Bahn, K. D. (2015). Personal Investment Theory: A Tool for Segmenting Markets When Devising Marketing Strategy. InProceedings of the 2000 Academy of Marketing Science (AMS) Annual Conference(pp. 444-451). Springer International Publishing. Iyer, G. R., Dunn, G. (2015). Some Considerations on the Links Between Marketing Strategy and Corporate Reputation. InProceedings of the 1999 Academy of Marketing Science (AMS) Annual Conference(pp. 371-378). Springer International Publishing. Kotler, P., Keller, K. L., Manceau, D., Hmonnet-Goujot, A. (2015).Marketing management(Vol. 14). Englewood Cliffs, NJ: Prentice Hall. Morgan, R., Magin, S., Huber, F., Herrmann, A. (2015). The Why of Buying NikeFindings of a Causal Analytical Study. InCreating and Delivering Value in Marketing(pp. 223-223). Springer International Publishing. Mullin, B. J., Hardy, S., Sutton, W. (2014).Sport Marketing 4th Edition. Human Kinetics. Parente, D., Strausbaugh-Hutchinson, K. (2014).Advertising campaign strategy: A guide to marketing communication plans. Cengage Learning. Schlegelmilch, B. B. (2016).Global Marketing Strategy. Springer International Publishing: Imprint: Springer,. Shank, M. D., Lyberger, M. R. (2014).Sports marketing: A strategic perspective. Routledge. Shih, B. Y., Chen, C. Y., Chen, Z. S. (2013). An empirical study of an internet marketing strategy for search engine optimization.Human Factors and Ergonomics in Manufacturing Service Industries,23(6), 528-540. Tuten, T. L., Solomon, M. R. (2014).Social media marketing. Sage. van den Driest, F., Weed, K. (2014). The ultimate marketing machine.Harvard Business Review,92, 54-63.