Introduction and Identification of Key Economic Issues and Concepts
Consumer behavior is a multidimensional phenomenon that proficiently influences business competence and productivity within a marketplace. In the research by Gokhale et al. (2021), the researchers focus on assessing significant factors that influence the purchasing decision among the clientele of luxurious vehicles. It is an initiative that enhances the restructuring of the marketing strategies. Over the decades, the establishment of competitive advantages fostered the intensification in acquiring significant market share (Han & Stoel, 2017). In this case, the article “Factors influencing purchase decision and consumer behavior in luxury cars” by Gokhale, Mishra, and Veluchamy renders a critical insight into the interdependent ideological relationship among the dynamic variables. The main economic issues within the mainframe enshrine pricing, social spectrum, style, performance index, fuel optimization, brand, space, and safety that influence patronage. Primarily, the concept of buyers’ intention is a framework encompassing an interplay of distinct entities to steer satisfaction.
Relevance of the Economic Issue
It is important to assess consumer behavioral patterns cause of the trickle-down effect of the profitability margin. Brand positioning is an ideology in the business market that demands a structural implementation approach mainly because of the resultant strategic management. The use of a structured perspective over an unstructured appeal contributes to creating a sustainable competitive advantage. The fabric phenomenon in trademarking is a tool in any organization since it contributes to developing crucial concepts in competence. One of the proficiencies geared by the initiative involves both internal and external administration of the operations. The intrinsically based governing operations encompass stimulators and inspirational acts, verification tools for planned activities, and promoting efficient employee relations. The extrinsic-based operations enshrine the strategic placement of the identity architecture, an indicator of the business’s growth objectives, and its communication strategy (Nguyen, 2019). Brand positioning is a pillar to the development of strategic management of an organization due to the integration of internal and external directorial tools.
The competence of an organization depends on the effective monitoring and control of vital business operations. The dynamic business operations that enhance competitive advantage engulf planning, analysis, implementation, and control (Liu & Zheng, 2019). On the one hand, the structural approach in brand positioning gears the development of competitive advantages at the organization. On the other hand, using an unstructured aspect involves the lack of definitive business goals and objectives. Over the decades, globalization fostered the intensification of business competition. Therefore, a lack of concise enterprise objectives limits a company’s efficiency incompetent service delivery. In this case, the disparate approach poses a challenge in boosting the firm’s competence than a structured approach in trademarking (Nguyen, 2019). Apart from establishing a corporation’s identity, brand marketing initiatives render a definitive solution to utilizing the strategic management of an organization.
Primarily, consumer behavioral studies are a multidimensional phenomenon that involves the coordinative efforts between the entrepreneurs and the customers. In this case, companies focus on restructuring the marketing initiatives such as branding to enhance the recognition and the alteration of the purchasing decision (Han, 2021). Different factors such as sustainable financing and the advent of the Coronavirus pandemic posed an imminent impact on the living quotient and spending among the personnel. According to Gokhale et al. (2021), the clients’ purchasing decision depends on the pricing and income of their counterparts. As a result, it is the responsibility of the management team to identify the needs and wants of the consumers to elevate the satisfactory essence of the involved parties.
Academic Explanation of the Economic Concepts
Sustainable financing is another emerging trend in the corporate banking due to the consequences of the COVID-19 pandemic. In the research by Shilling and Celner (2021), the authors note that there is a profound impact on the capital markets across Europe, Asia-Pacific, and American regions. Although the sector encountered dynamic challenges pre-pandemic era, the emergence of the event triggered the process based on the lockdown, social distance, and virtual work from home concept. Shilling and Celner (2021) further establish that International Monetary Fund approximates at least a 4.4% decline in the global gross domestic product that is equivalent to US$ 6.2 trillion. The distinction between the current pandemic effect and the global financial crisis encompasses the ability of the institutions to adopt proactive measures for minimal impact on depression.
COVID-19 rendered the adoption of a different system and human behavior mainly on the types and levels of engagements. Due to the decline in economic activities, Shilling and Celner (2021) postulate that banks across the various regions will loan at least US$318 billion between 2020 and 2022. It is a documentation that is lesser than the recorded loss incurred between 2008 and 2010 at 6.6%. However, the comparison between the US, Europe, and Asia-Pacific indicates that in the second fiscal quarter in 2020, the best performing banks had issued loans totalling to US$4103.4 billion, US$62.5 billion, and US$68.8 billion, respectively (Shilling & Celner, 2021). Primarily, the pandemic fostered the emergence of the trend as a necessary measure to boost the performance of enterprises within the various regions, with Asia-Pacific posing a higher chance of recovery. The global positioning of entities in the sector encounters the opportunity to boost the competence based on the necessity to remit loans to individuals for the growth of businesses. In this case, the emergence of sustainable financing is a strategy featuring as a baseline solution to the ideal operations within America.
Sustainable finance is a multifaceted phenomenon that involves the integration of dynamic facets during investment decision-making. The initiative’s main goal encompasses fostering a long-term effect and security for the client through the projects and activities. As a result, it is vital to consider the social structure, governance, and the environmental state in corporate banking. The initial policy in corporate financing engulfed the provision of capital without the regard for its benefit to the region (Lurie et al., 2021). However, the onset of the post-pandemic era renders the prominent factor in considering the importance of the facility to individuals and the effect on the governance structure in America. The major products involved in the conceptual framework encompass savings, insurance, credits, and investment funds.
Primarily, the advent of coronavirus fostered the profound loss of job opportunities globally, increasing the poverty rate. Lack of finances is an issue that affects the entire international community mainly due to the essence of poor living conditions, the flow of economic operations, the rise in debts, and dependence levels (Khan, 2020). As a result, it is the responsibility of the banking sector to establish green approaches in lending money while monitoring the optimal utilization of the resource to boost the quality of living within America.
Over the decades, technological advancement intensified the quality of business competition and management strategies. In this case, a significant percentage of enterprises focus on the essence of incorporating strategies that elevate productivity and customer service experience. Another factor that attributes to the prominent aspect of innovation enshrines the emergence of a well-informed consumer baseline (Askadilla & Krisjanti, 2017). Artificial intelligence is the key solution to the contemporary challenges encountered during service delivery. According to researchers, it is crucial for relevant stakeholders to incorporate approaches that integrate the computerized tool with discrete distribution statistical formulas to enhance the performance across the organization (Shilling & Celner, 2021). There is a profound interdependent relationship between purchasing behavior and the cultural structure of a company.
Conclusion and Reflection
There is a profound interdependent relationship between consumer behavior and the relative factors of production. In the article, the authors establish a profound relationship between purchasing decisions and buying luxurious cars. The integration of various facets, such as technological tools and marketing strategies, contributed to the perceptive approach in boosting the satisfaction index among people. Business competence is an essential element that regards the establishment of frameworks advocating for the optimal production and execution of certain initiatives. The study offers an in-depth insight into the evaluation of the processes engulfing the procuring and the authoritative perspective across the corporate world. Brand positioning is an ideology in the business market that demands a structural implementation approach mainly due to the resultant strategic management. The use of a structured perspective over an unstructured appeal contributes to creating a sustainable competitive advantage. On the one hand, enterprises engage in activities addressing the gap between the features and the demands. On the other hand, the strategies enhance the loyalty alignment among the parties involved.
References
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Gokhale, A., Mishra, A., & Veluchamy, D. R. (2021). Factors influencing purchase decision and consumer behavior in luxury cars. Dogo Rangsang Research Journal, 11(7). Web.
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Han, T. I., & Stoel, L. (2017). Explaining socially responsible consumer behavior: A meta-analytic review of theory of planned behavior. Journal of International Consumer Marketing, 29(2), 91-103. Web.
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Lurie, N., Keusch, G. T., & Dzau, V. J. (2021). Urgent lessons from COVID 19: Why the world needs a standing, coordinated system and sustainable financing for global research and development. The Lancet. Web.
Nguyen, V.Q.A. (2019). Digital marketing plan for an international event. Case: Guinness sauna event. Web.
Shilling, M., & Celner, A. 2021 banking and capital markets outlook. Deloitte Insights. Web.