Research Proposal on Business Strategy - Free Essay Example

Sample details Pages: 8 Words: 2539 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Narrative essay Level High school Did you like this example? Research proposal on business strategy Abstract Strategy and strategic planning is very important to maintain a business in a good way. It helps to be topper in the market. Mission, vision, goal, objective, and core competencies got new life through strategic planning. Ansoffà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth matrix, space matrixes are one of the factors that is needed to create strategic planning. So this thing is essential to flight in the market with quality and value for money product Introduction The success of a company depends how the management drives the company. Without making a good and efficient strategy it is impossible for a company to carry out their business successfully. The more efficient the strategies are of a company are the chances or probabilities are higher to see the face of the success. As mentioned that every business needs strategies which can be for long time or short time. Without strategy ità ¢Ã¢â€š ¬Ã¢â€ž ¢s not possible for any business to exist. Nowadays with the changing world it has become very tough for the companies to compete with their competitors and keep themselves alive in the market. With the changing world the tool of strategies has also been changed. It helps the businesses to do it in a more efficient ways nowadays, which was not possible before. Here on the report we will see how the business strategies of different companies are helping the businesses to run more efficiently and successfully. Don’t waste time! Our writers will create an original "Research Proposal on Business Strategy" essay for you Create order Organisational overview à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã¢â€ž ¢ICI Bangladesh Manufacturers Limited was a subsidiary of world renowned multinational ICI Plc and was a listed public limited company under Dhaka Stock Exchange. In 1992 ICI Plc divested its shareholding through a management buyout and the company name was changed from ICI Bangladesh Manufacturers Limited to Advanced Chemical Industries (ACI) Limited. ACI Formulations Limited, a subsidiary of ACI, became a public listed company through direct listing. ACI has diversified into four major strategic business divisions which include Health Care, Consumer Brands, Agribusinesses and Retail Chain.à ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ The Process of Strategic Planning Our Mission Mission of a company tells us about an organisation purpose, why do they exist and the reasons for existing. It also defines who your customers are, identify the products which you will serve and in which area you want to operate. à ¢Ã¢â€š ¬Ã…“ACIà ¢Ã¢â€š ¬Ã¢â€ž ¢s mission is to enrich the quality of life of people through responsible application of knowledge, skills and technology. ACI is committed to the pursuit of excellence through world-class products, innovative processes and empowered employees to provide the highest level of satisfaction to its customersà ¢Ã¢â€š ¬Ã‚ . ACI mission is to satisfy the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s needs by providing better quality products to their customers. They also want to enrich their customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ needs through their knowledge, skills, and technology. Our Vision A vision can be defined as an image of the future which a company wants to create. A companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s vision is all about their future plans with aims and objectives. à ¢Ã¢â€š ¬Ã…“To realize the mission ACI will: Endeavour to attain a position of leadership in each category of its businesses. Attain a high level of productivity in all its operations through effective and efficient use of resources, adoption of appropriate technology and alignment with our core competencies. Develop its employees by encouraging empowerment and rewarding innovation. Promote an environment for learning and personal growth of its employees. Provide products and services of high and consistent quality, ensuring value for money to its customers. Encourage and assist in the qualitative improvement of the services of its suppliers and distributors. Establish harmonious relationship with the community and promote greater Environmental responsibility within its sphere of influenceà ¢Ã¢â€š ¬Ã‚ . ACIà ¢Ã¢â€š ¬Ã¢â€ž ¢s vision is to be the leader in the industry, by providing better quality and also by providing reasonable price. Our Objectives Objective is a specific result that a company aims to achieve by using their resources within a time frame. Objectives of the company are more specific. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s mostly about companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s all planning and strategic activities. ACI also have some objectives like other companies. Their strategic objective is to increase market share and capturing market leading position by providing good quality and being honest. Their functional objective is to work on department wise. Then the individual objective of ACI is to work on their particular department like promotional departments work is to advertise the product more attractively to influence the customers. Our Goal Goal is something which leads a company to its success. Along with companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s mission, vision, objectives etc, it is also a part of them. Every company wants to achieve it. ACIs goal is to provide harmless aerosol with good quality in low price to their customers. Core competence Core competencies are major strengths or strategic advantages for a company. It is mixer of expertise and technical abilities that a company has which creates a competition in the business market. It helps a company to be unique from others and it is quite tough for other companies to copy it Factors That Need to Create any Strategic Plan Strategic thinking Is the mental process of an individual which is applied to achieve a goal or to achieve a success. In organizations strategic thinking is mainly done by the top management. It can be done by an individual or by a group which is more effective then the individual because group strategic thinking helps to share ideas. Top managers and chief executives are basically responsible for this work. Strategic thinking can create competitive advantages, which will benefit the organization. Competition Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s the contest of being better by a person or organization through competing with others. For organizations competitions are mainly for capturing more customers by making lower the price, keep the treed secrets, providing better quality etc. Customer needs Customer has some needs from the organizations and those are service, price, quality, action and appreciation Service à ¢Ã¢â€š ¬Ã¢â‚¬Å" Customer always want better services from the organization whatever they purchase. If the customer faces any problem with the product or service, they want the problem to be solved early. Price à ¢Ã¢â€š ¬Ã¢â‚¬Å" Customer always want the product in low or reasonable price. Price is a very important factor for any organization because customer buys the product if the price is comfortable for them. Quality à ¢Ã¢â€š ¬Ã¢â‚¬Å" Customer always want better quality product from the organization. If the product quality is better, customer do not think about the price and the product should be durable and comfortable for the customer. Action à ¢Ã¢â€š ¬Ã¢â‚¬Å" Organization should response on the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s objection or any kind of problem and the problem should be solved immediately. For the action the organization can provide after sale service through which the organization can response to the need for action. Appreciation à ¢Ã¢â€š ¬Ã¢â‚¬Å" Organization should appreciate the customers through which the customer can feel valuable. Organization appreciates the customers by welcoming, saying thank you. They can be also appreciated by recognizing through this the customer can become permanent for the organization. Ten think organization need to know about their customers Who they are: To find out or identify the customers, gender, age, marital status and occupation. And if the organization is doing b2b business then the organization should identify the size and kind of business. What they do: Organization should identify the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s occupation and interest. Why they buy: Organization should identify why the customer buy their product or service. It will help the organization to match the customer needs with their products. When they buy: If the organization can understand when the customer will buy the product, and if the organization can provide the product at that time there is a huge possibility for success. How they buy: In todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s world customer buy the product or service through web site or face to face and the organization should understand the buying pattern of customers through which they can be benefited. How muc h money they have: If the organization can understand the financial situation of customer, it will be helpful for the organization to provide the product or service based on the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s affordability. What makes them feel good about buying: If the organization can understand the feelings of the customer, it will help the organization to serve according to their preference. What they expect of you: If the organization can satisfy the customers expectation there will be possibility of repeat business. What they think about you: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s very important for the organization to understand what the customer thinks about them. What they think about your competitors: If the organization can understand what the customer thinks about their competitors, it helps to create competitive advantage and also to stay ahead from the competitor. Competitive advantage Competitive advantage is a very important factor for any organization. Basically comparative advantage is the benefits or advantage given by the organization then the competitors. It helps to stay ahead and in better position than the competitors. It can be create by providing low price, better quality etc. through competitive advantage an organization can capture more customer which will increase the sale and profit. Competitive advantage can be two types 1-Comparative advantage 2-Differential advantage Comparative advantage: ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a cost advantage, which means the organization is providing the product or service in low price compare to their competitors. Differential advantage: It means the organization is providing the products or services which are different in quality (better quality) then the competitors. Ansoffà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth-vector matrix Market penetration: It means existing product in existing market. Product development: It means new products in existing market. Market development: It means ex isting product in new market. Diversification: It means new product in new market. Planning system Top down planning: It means strategy or the plan are made by the top management and the then its send to the lower level for doing the activities according to the strategy or plan. Bottom up planning: Here the strategy or plan is taken by the lower level and then send it to the higher level management for the approval, so that the lower management can work based on their strategy. Behavioral approach It is mainly about the relationship with each other, behavioral approach basically about the social, political and cultural situation of an organization. there are four factors. Problem awareness- Sometimes in organization problem arises, like the management provides such work to the employees which they are not able to do. At that time there is a possibility of raising problems. Problem diagnoses: In this situation the managers try to identify the problems by analyzing or going insight the problem. Solution search: Here the manager tries to find out the solution of the problem by consulting with others. Memory search à ¢Ã¢â€š ¬Ã¢â‚¬Å" To use the solution witch was used before. Passive search à ¢Ã¢â€š ¬Ã¢â‚¬Å" Wafting for the solution. Solution selection: To select the appropriate solution Eliminate unacceptable plan- To ignore unnecessary plans. Endorsement à ¢Ã¢â€š ¬Ã¢â‚¬Å" To ignore lower employees for taking any decisions. Evaluate the effectiveness of techniques used when developing strategic business plans. Boston consulting group (BCG) Bruce D. Henderson created BCG matrices in 1970 to understand or identify what kind of resources and finances need to be used for the organization. BCG matrices help the organization for applying appropriate strategy through which they can identify the performance of the organization. BCG Matrix BCG matrix Stars: In star the market growth and market share is very high which means the organization in leading position because of the high market share they are able to utilize much investment in business. Cash cow: In cash cow the market share is very high and the market growth is very low. Here the organization have more money compare to their growth. Question mark: In question mark the market share is very low and the market growth is very high, they do not have much cash for that they are not able to invest. Dogs: In dogs market share and market growth is very low, usually the businesses those are in decline stage fall in dogs. As they do not have much cash so they are not able to invest. Space matrix Management usually use space matrix to analyze the organization, it helps the organization to identify the appropriate strategy or decision it needs. Through space matrix organization cam understand its current situation, it also helps which strategy the organization should follow: Conservative, aggressive, defensive or competitive. Space matrix suggests the organization for different issues: Financial strength, industrial strength, competitive strength and environmental strength. Internal strategic dimension Financial strength: here all the financial factors are included such as ROI, liquidity, working capital and cash flow. In financial strength one is the worst and six is the best variable. Competitive advantage Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s when an organization is providing advantages to the customers then the competitors. In competitive advantage -1 is the best and -6 is the worst va riable. External strategic dimensions Industry strength- industrial strength helps the organization to develop through growth potential, profit potential, and financial stability. In this strength 1 is the worst and 6 is the best variable. Environmental stability Environmental stability is the situation of the market where the technological changes, inflation, demand variability, price range of competitive products, risk of the industry, barriers to enter or exit the market are included. Here -1 is the best and -6 is the worst variable. Space matrix Conservative strategy Here the market share and market growth is very low which means the organization is in dog position and the organization is also very weak, for avoiding this position the organization can create competitive advantages or they can target niche market. They can also go for diversification. In this situation they should avoid market penetration, product development and market development. Ag gressive strategy The organizations economic concision is good which means they can create competitive advantage through their economical strength. In aggressive strategy the organization can use backward integration and forward integration. Backward integration is about vertical integration where the supplier will be eliminated. Through backward integration the organization will be beneficial and can make more profit. Forward integration is also about vertical integration where the distributor will be eliminated, it also helps the organization to make more profit. Defensive strategy Here the organization have less competitive product and they also have less financial strength for that they need to improve internal weakness and avoid external threads. Competitive strategy In this strategy the organization is in good situation where they can create competitive advantages. They also have a financial weakness because of the environmental instability. Conclusion Strategy is very much essential for any business, without a proper and appropriate strategy a business cannot be able to run successfully. Strategy helps the employees to work based on it, through which they can understand their role. Strategy is basically not for long time, it depends on the demand of the situation because every strategy is not appropriate for every situation. Usually the top management makes the strategy for the organization and lower management follow that strategy. In todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s world an organization cannot fight against competitors without an appropriate strategy. Therefore in this research proposal, it is proven that an organization definitely needs strategy to run. Reference Riley, P R, 2011.Business Strategy. 4th ed. new delhi: viva books. aci limited, (2000)company profile, https://www.aci-bd.com/corporate.php, 27/02/2013 aci limited, (2000)Mision Vision, https://www.aci-bd.com/mission-vision.php, 26/02/2015

The Problem Of A Social Problem Essay - 1450 Words

†¢ My understanding of a social problem is that a substantial group of individuals consider an issue to be problematic and that the matter in question does not reconcile itself between the good of the group and what has been done for society. Although the issue can be advantageous for some members of a culture or community, it can be detrimental to others and therefore must be examined. b) What are some social problems that currently exist in society? †¢ Problems that occur recycle themselves over time in a society. As an example, in the 1950’s many people believed that there could be a nuclear war at any time. Today, even though we have disarmed many nuclear warheads, the threat of a war is still a concern from nations who desire to use nuclear power as a weapon. Another concern is economic stability. During the â€Å"Great Depression† many people were out of work and families stood in soup lines to be fed. Today our economic situation is still a concern and we have shelters and foundations to feed and care for those unable to find work. Our government has also provided programs whereby individual and families can obtain food and shelter while trying to find work. I also recognize that many have given up the quest to find employment. Some other social concerns in society are: education, wage equality, and human trafficking only to name a few in the mountain of issues we face today. c) How do sociologists define a social problem? †¢ Every society and culture has rolesShow MoreRelatedSocial Problems Of A Social Problem Essay1458 Words   |  6 Pages Social Problem a) What is a Social Problem? †¢ My understanding of a social problem is that a substantial group of individuals consider an issue to be problematic and that the matter in question does not reconcile itself between the good of the group and what has been done for society. 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Defining Capitalism and Command Economies Free Essays

Defining Capitalism and Command Economies of Economics â€Å"Economics is the study of how wealth is created and distributed† which, includes â€Å"the products produced and sold by business† (Pride, Hughes, amp; Kapoor, 2011, p. 10). When studied, it is the science or the financial considerations of the buying, selling, and the production of goods and services that are consumed by our world and its people. We will write a custom essay sample on Defining Capitalism and Command Economies or any similar topic only for you Order Now There are two different perspectives when studying economics. Microeconomics and macroeconomics are different in that microeconomics is the study of the individual and business decisions that affect the economy, whereas macroeconomics is the study of national and global economy (Pride et al, 2011, p. 10). Together, micro and macroeconomics examine the decisions of individuals, businesses, the government, and society and how all of these people deal with making and distributing the money that is derived from the production of services and goods. These decisions combined with the prosperity of the nation, determine the economy. There are two different economic systems in today’s world. Capitalistic nations and those nations that are run under command economies are the two systems that can be found across the globe. The two systems differ in two major ways. First, they vary in the ownership of the factors of production. These factors are the land and natural resources, labor, capital, and entrepreneurship (Pride et al, 2011, pp. 10-11). Second, the way that particular nations system answers four questions listed by Pride, Hughes, and Kapoor (2011), determines a nation’s economy (p. 11). Those four questions listed are concerning what products, how the products, for whom the products are produced and who owns and controls the major factors of production as aforementioned. One major understanding on the impact a nation’s economic system has on all the economic activities of its citizens is when there is a consideration that a country’s system determines how the factors of production are used to meet the needs of the society it supports (Pride et al, 2011, p. 11). An eighteenth century Scottish economist, Adam Smith published a book in 1776, called Wealth of Nations. Smith argued that a â€Å"society’s interests are best served when the individuals within that society are allowed to pursue their own self-interest† (Pride et al, 2011, p. 11). Smith came up with a term called the â€Å"invisible hand† which describes how people work hard when they know they can benefit financially from the goods or services they can provide and as a result, these personal financial gains benefit others and that nation’s economy. Pride et al (2011), discusses how the success of people in the community and therefore the success of the nation, can be tied indirectly to the success of the individual small business owners (p. 1). Smith’s ideas promote individuals should have the ability to succeed and create wealth by owning property and resources. The government should not be involved in the market and should be limited to government duties owed to the nation. This system Smith describes, is known as laissez faire, declares the government should have no interference in the economy and solely provide defense against enemies, ensure internal order, and furnish public works and education (Pride et al, 2011, p. 2). Smith also believes in the concept of market economy, where the producers and buyers of good and services determine the amount produced and the selling price. As stated earlier, resources should be owned by individuals and they should be entitled to use and sell their goods as they choose, in addition to enjoying the benefits from ownership of these resources (Pride et al, 2011, p. 12). Very different from that of a capitalistic nation, is the economic system, called a command economy. Whereas capitalism suggests individuals own and operate the majority of businesses that provide goods and services; the government decides what goods and services, how they are produced, for whom will they be available to, and who owns and controls those four major factors of production discussed earlier in command economies (Pride et al, 2011, p. 14). In essence, the government is the controlling and deciding entity of how the resources are used and produced and by whom they are controlled by. Today, most countries that fall within a command economy are considered to be a socialistic economy. Key industries such as transportation, communications, utilities, banking, and important industries that produce material such as steel are owned by the government (Pride et al, 2011, p. 14-15). Although small private businesses may be allowed to certain degrees, many citizens work in state-owned industries. Communism is another example of a command economy. This is a â€Å"classless society whose citizens together owned all economic resources† (Pride et al, 2011, p. 15). These citizens would then contribute to the economy as they could and would receive benefits that were needed back from the distributions by the government. Different than a socialist economy, workers do not have much of any choice when given a job, but those who had special skills or talents were often viewed as being compensated more than that of an average citizen. Often citizens of command economies go without the essential needs or the wants of society because the supply of good and services is determined by the government and not the consumers themselves. Today, many traditional countries that were though of socialist nations are transitioning to a free-market economy. According to Pride et al (2011), this is also considered a market economy where businesses and individuals decide what to produce and buy, and the market determines prices and quantities sold. Communism is fading out and these economies are now similar to what was considered socialist. Northern Korea and Cuba are probably two countries that are the best examples of today’s communist economies whereas those that once were thought of communist countries are now considered socialist or even capitalist nations. The United States falls under what is considered a mixed economy, where there is both capitalism and socialism. Free market economies, which fall under capitalism, are those nations currently transitioning such as France, Sweden, and India (Pride et al, 2011, pp. 10-15). References Pride, W. M. , Hughes, R. J. , amp; Kapoor, J. R. (2011). Foundations of business (2nd ed. ). Mason, OH: South-Western. How to cite Defining Capitalism and Command Economies, Papers

Brand Strategies and Customer Experiences †MyAssignmenthelp.com

Question: Discuss about the Brand Strategies and Customer Experiences. Answer: Introduction The concept of luxury has become greatly ambiguous due to their high availability. In the current world where people are competing to show off their wealth to attain social recognition, one such way is by owning various luxury goods. This feeling is mostly observed in youngsters which results in innumerous factors that influence them to consume luxury products. The purpose of this study is to highlight these factors and understand the depth of their persuasion. It is important to understand the various factors that contribute to such behavior of people when it comes to owning luxury products (Gentina, Shrum and Lowrey 2016). With the rapid growth of technology and the zeal to be on top in every aspect of life, it becomes imperative for youngsters to follow all the latest trends. It is not an easy task to streamline the factors that may influence young peoples attitude towards consuming the luxury products but this research shall help to get a hold on a few the important factors that may play a huge role in modulating their behavior towards it. This research will unfold many important aspects of human behavior towards luxury product consumption. The demand for luxury goods is increasing gradually as the individuals have higher income and more consumption opportunities. The rich people have no monopoly on the luxury goods due to the expansion and growth in the market of luxury goods. The social status and motives drive luxury consumption and is important for shaping the buying process (Ko, Phau and Aiello 2016). Research Objectives The research objectives that shall be met through this research study would be: To determine the attitude of young people towards luxury products consumption. To review the literature on the factors that enhances purchase intention amongst the youth. To explore the relationship between attitude and purchase intention of luxury products. To determine the nature of products mostly used by the youth and the reasons behind their popularity. To examine the relationship between quality of products and buying behavior of luxury products. The three basic classes of goods are: luxury, inferior and needs. According to Songer (2014), the basic necessities such as food and accommodation own the biggest market share. The consumption of goods increases with the increase in peoples income. The words luxury is derived from the Latin word luxus that means comfort, abundance, soft living. According to Ajitha and Sivakumar (2017), luxury products have a limited supply. From the perspective of economics, luxury goods are categorized as luxury on the needs depending on elasticity (Tuu, Olsen and Cong 2017). The consumers have a tendency to not only consider the performance of the product, but also the quality. Quality performance has been applied in various contexts and at different key levels such as loss avoidance, value, and fitness for use. Quality can be assessed for both pre-purchase and post-purchase and do not depend on a particular transaction. This study defines quality performance as the indicator of buying behavior (Park, Kim, Kwak and Wyer 2014). People purchase luxury goods for numerous reasons such as being high class and high quality. According to Young and Combs (2016), quality impacts purchase intention that in turn raises customer satisfaction and intention. A research study conducted by Zhang and Kim (2013) stated that the respondents showed positive attitudes towards luxury products. The purchase intention can be divided into four groups: regular, hard, potential and disinterested luxury consumers (Nwankwo, Hamelin and Khaled 2014). Research Methodology Research method is a systematic plan for conducting research. This section states the approaches and design chosen for the purpose of this study. Data collection refers to a process of collecting data. This study shall choose primary and secondary research methods for collecting data. Primary data refers to the method in which the data is gathered from the respondents directly. This method is reliable as the data collected shall be reliable and helpful in measuring the attitude of young people towards purchase and consumption of luxury products. Secondary method refers to collecting data from the previous studies conducted by researchers and scholars. This method shall be helpful in gathering data from the previous studies conducted and establish relationship between different variables such as purchase behavior and consumption of luxury goods (Gentina, Shrum and Lowrey 2016)s. To gather data, self-administered surveys shall be distributed to 120 people. The respondents shall participate in the research study and answer the survey questions. For qualitative data, interview shall be conducted for 20 participants where they can express their opinions and intention in detail. This study shall use deductive approach in which the aimed theory is tested. A set of hypotheses shall be formulated at the beginning of the research that shall be chosen to test and proven right or wrong. The study shall utilize the qualitative and quantitative approach. The quantitative analysis shall be done by representing data in numerical figures. The qualitative analysis shall be done to examine the reasoning behind purchase behavior of luxury goods consumption. As the purpose of this research is to analyze the factors that may influence young peoples attitude towards consuming the luxury products, raw data shall be collected from the target audience from the youngsters from age 19 to 35 years. Now being said that, it would be easier if sample data from the university, say a group of 100 university students from Fashion Designing branch. The quantitative approach shall use tools such as survey that shall comprise of Likert-scale questionnaire. The data shall be analyzed using Cronbachs alpha SPSS to measure consistency. Open ended questionnaire can be prepared for qualitative analysis of data. Conclusion The research study is expected to deliver results that factor such as high income and social status increase the luxury goods consumption. The youth are mainly influenced by factors that represent social symbol and status because of which the luxury goods consumption is expected to be high. Positive attitude is expected to increase luxury goods consumption. References Ajitha, S. and Sivakumar, V.J., 2017. Understanding the effect of personal and social value on attitude and usage behavior of luxury cosmetic brands.Journal of Retailing and Consumer Services,39, pp.103-113. Gentina, E., Shrum, L.J. and Lowrey, T.M., 2016. Teen attitudes toward luxury fashion brands from a social identity perspective: A cross-cultural study of French and US teenagers.Journal of Business Research,69(12), pp.5785-5792. Ko, E., Phau, I. and Aiello, G., 2016. Luxury brand strategies and customer experiences: Contributions to theory and practice.Journal of Business Research,69(12), pp.5749-5752. Nwankwo, S., Hamelin, N. and Khaled, M., 2014. Consumer values, motivation and purchase intention for luxury goods.Journal of Retailing and Consumer Services,21(5), pp.735-744. Park, J., Kim, K., Kwak, J. and Wyer Jr, R.S., 2014. Priming thoughts about extravagance: Implications for consumer decisions about luxury products.Journal of Experimental Psychology: Applied,20(1), p.40. Randhawa, P., Calantone, R.J. and Voorhees, C.M., 2015. The pursuit of counterfeited luxury: An examination of the negative side effects of close consumerbrand connections.Journal of Business Research,68(11), pp.2395-2403. Tuu, H.H., Olsen, S.O. and Cong, L.C., 2017. Patterns of Vietnamese buying behaviors on luxury branded products.Asia Pacific Journal of Marketing and Logistics,29(4), pp.778-795.