Thomas Jefferson Essay - 951 Words

Thomas Jefferson, born 1743 in Albemarle, Virginia, was a self-made man. He had many endeavors, such as law, and politics in addition to running a 5,000-acre plantation that he inherited from his father. Jefferson graduated from William and Mary College, and was an accomplished lawyer. Tall, red haired, and freckled, he was not what most people would consider attractive. He married the widowed Martha Wayles Skelton and took her to live in his unfinished home in the mountains of Monticello. Jefferson was an awful public speaker, but he was a great diplomat. He sympathized with the situation in France at the time, and he easily filled the shoes of Ben Franklin as minister to France in 1785. He then went on as a member of George†¦show more content†¦However, amazingly, he was able to reduce the national debt of the United States. Although no precedents were set, he added land to the United States with the purchase of the Louisiana Territory from Napoleon Bonaparte in 18 03. This land purchase was important due to the fact that it nearly doubled the land size of the United States. Throughout his presidency, Jefferson maintained his beliefs in equality and democracy by getting rid of all of the racial and religious standards at his political gatherings. Jefferson left office after two terms in the year 1809, and moved to his mountaintop home in Virginia. In his latter post-political years, Jefferson became what many would call a sage. He advised new presidents on the Napoleonic Wars as well as many other topics of importance. Outside of politics, Jefferson lived life to its fullest. He was in great physical shape. He would rise early and read until breakfast. He would then follow up with a four to five hour horse ride on his farm, and then he would enjoy his dinner. Finally, he would read and write in his study before retiring to his bedroom to read and go to sleep. He never smoked or gambled, but rather spent much of his time designing use ful things for his house like plows, carriages, fences and gardens. In other words, he was something of an inventor. He loved flowers and built a garden with many flowers of rare origins. As an inventor, he played with gadgets and inventedShow MoreRelatedWho Is Thomas Jefferson?993 Words   |  4 Pages Who is Thomas Jefferson? Matthew Backlin United States History 1 A CP October 18, 2015 Who was Thomas Jefferson? Most people just think of him as the man who wrote the Declaration of Independence or just one of our many presidents. That’s not the case. Jefferson was more than that, He was a very intelligent man and a loving father and grandfather. Thomas Jefferson was also an inventor and one of the most significant men in the history of makingRead MoreThomas Jefferson And The Constitution911 Words   |  4 Pagesopinions. However Thomas Jefferson the 4th president of the United States also known as the father of the constitution and Alexander Hamilton who was the author of the majority papers written as well as the leading member of the constitutional convention the both of them took part in creating the(factions) that lead to the political systems also known as democracy being introduced. James Madison was the principle intellecteal leader of the constitutional convention while Thomas Jefferson contributedRead MoreEssay on Thomas Jefferson1532 Words   |  7 PagesThomas Jefferson He is best remembered as a great president and as the author of the Declaration of Independence. He also won lasting fame as a diplomat, a political thinker, and a founder of the Democratic Party. Jeffersons interests and talents covered an amazing range. He became one of the leading American architects of his time and designed the Virginia Capitol, the University of Virginia, and his own home, Monticello. He greatly appreciated art and music and tried to encourage theirRead MoreEssay Thomas Jefferson1012 Words   |  5 Pages Thomas Jefferson was born on April 13, 1743 in Albermarle County, Virginia. He was born in a simple four-room house in Shadwell, Virginia, what is now Monticello. His father, Peter Jefferson, was a planter who was a bright, brave, and strong man. His mother was a very gentle lady. She was boring under one of the most distinguished families in the area. His family had prospered since the first Jefferson arrived in America from Whales in 1612. Soon after Jef ferson’s birth, the French and British beganRead MoreThe Contributions Of Thomas Jefferson1474 Words   |  6 Pageshowever, there was a red-haired Virginian who was less than intimidating yet more literate and educated; he was credited for driving the nail in our retaliation against Britain’s lack of representation against the colonists. This man’s name was Thomas Jefferson, a historical figure who wasn’t expected to accomplish much based on his modesty; however, he achieved so many successful pursuits in which the most notable contributions will be included in the following main points: His general background/upbringingsRead MoreThomas Jefferson Essay753 Words   |  4 PagesThomas Jefferson Thomas Jeffersons ideals and beliefs were derived from a deep regard for life, liberty, and freedom. His concept of individual freedoms strongly disagreed with the notion of a guided republic which he believed concentrated a great deal unchecked power among a few people. This could have the potential of tyrannical government that might suppress personal freedoms of any kind especially those of religion, which Jefferson feels very strongly felt should be protected. AfterRead More Thomas Jefferson Essay869 Words   |  4 Pages Thomas Jefferson was born on April 13, 1743 to Peter and Jane Jefferson. His exact place of birth is not known. But it is believed to be about five miles outside of Charlottesville. He had ten brothers and sisters, but many of them died very young. Jefferson was one of two surviving sons. He was sandy-haired, tall, and awkward. His nickname was â€Å"Long Tom.† He really enjoyed outdoor activities, especially riding, shooting, and canoeing. Jefferson was also great musician and a diligent worker whoRead More thomas jefferson Essay912 Words   |  4 Pages Thomas Jefferson was Born on April 13, 1743,on a farm called Shadwell, what is now called Monticello, in the county of Albermarle, Virginia. Jefferson was the third child in the family and grew up with six sisters and one brother. At the age of five, Jefferson was placed by his father, Peter Jefferson, at an quot;English school, for four years, where he developed an interest in botany, geology, cartography, and North American explorationquot;. After English school, was transferred to a Latin schoolRead More Thomas Jefferson Essay1217 Words   |  5 Pagesthat I read is Thomas Jefferson by Norman K. Risjord. This book was published in 1994. The biography I read was Thomas Jefferson and it was very enlightening and informative. The story began in Shadwell, Virginia where Thomas Jefferson was born in 1743 and raised until he was approximately 18. Thomas Jefferson’s parents were well off, but his father died when Thomas was 14. When Jefferson was 17 years old, he got permission to attend the College of William and Mary. Thomas Jefferson did many thingsRead MoreEssay on Thomas Jefferson841 Words   |  4 PagesFrance Was in favor of this Alliance with France Wanted to work with the British Repelled the judiciary Act of 1801 They were all for it Jefferson had dismissed many federalist and judges so they were against it. Part 2: Response Write a 350-word response to the following question: How â€Å"Jeffersonian† was Thomas Jefferson as president? Jefferson doesnt fit neatly into the label Jeffersonian†. Jeffersons commitment to the separation of church and state, his  Virginia Act for Establishing

Accounting Standards And Financial Statements - 1881 Words

Introduction Every business has to prepare its financial statements for its investors and making its business decisions. Company’s financial conditions are of major concern to the investors and creditors. As capital providers they rely on the financial statement for safety and profitability of their investments. They are also interested in knowing where and for what purpose their money is being used. Financial statements present the financial health of the entity. What are Accounting Standards? A principle that guides and standardizes accounting principles. Accounting standards are necessary so that financial statements are meaningful across the world with wide variety of business, otherwise the accounting rules of different companies would make comparative analysis almost impossible. An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income and expense, assets and liabilities. Uk accounting standards are under institute of chartered accountants of England and wales (ICAEW). Financial reporting In UK is guided by a regulatory framework called UK GAAP (Generally accepted accounting principles) IFRSs (International financial reporting standards) are developed and issued by the IASB (International accounting standard board) Advantages of Accounting Standards †¢ It facilitates achieving harmonization of accounting practices across nations. †¢ It helps in reaching out to global investors. †¢ It helps in takingShow MoreRelatedFinancial Statements and Accounting Standards1216 Words   |  5 Pages | directors | | auditors | | | 6. The main functions of the Financial Reporting Council include: I. overseeing the process for the setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making of a particular standard V. the power to veto a standard recommended by the AASB. | I, II, III and V only | | I, II, andRead MoreAccounting Standards And Financial Statements1081 Words   |  5 Pagespositive spin on the financial statements. Over the years, there was a need for improvements in financial reporting. In 1999, the Governmental Accounting Standards Board (GASB) issued Statement No. 34; which caused a major change in the reporting requirements of the government (Fischer, Cheng, Taylor, 2009). This also led to a very comprehensive accounting process. GASB 34 made big improvements in how the government views their financial statements. History The GASB released statement 34 in June 1999Read MoreRules Based Accounting Standards And The Decision Making For Accountants Facing Financial Statements Essay892 Words   |  4 PagesIntroduction Nowadays, with the position of accounting becoming higher, accountants should have enough professional abilities to solve problems or make decisions. In addition, high quality accountants must follow a set of guiding principles for preparing financial reports during their careers. Therefore, numerous principles and rules are significant when it comes to accounting. The External Reporting Board (XRB) which called the New Zealand Conceptual Framework (CF) provides the basic principlesRead MoreUniform accounting standards produce uniform financial reporting. Discuss and evaluate the above statement in the context of the International Financial Reporting Standards (IFRS)1064 Words   |  5 Pagesidentify what the phrases â€Å"accounting standards† and â€Å"financial reporting† refer to. Accounting standards refer to the accounting methods used in an accounting system like the IFRS. Financial reporting refers to the representation of financial information, in order to be uniform the financial reporting must be based on a fixed set of rules, invole complete objectivity and no bias. The IFRS (International financial reporting standards) has indeed helped the uniformity of financial reporting. However, inRead MoreThe Important of Keeping Financial Records with Accounting711 Words   |  3 PagesThe meaning and importance of the accounting Accounting by definition from Merriam-Webster dictionary is â€Å"the skill, system, or job of keeping the financial records of a business or a person† (A) or according to investopedia â€Å"the systematic and comprehensive recording of financial transactions pertaining to a business† (B). These two do not show though, how important the accounting is for the company and how strongly it can influence the firm’s position in the stock market and investors’ approachRead MorePurpose And Context Of International Financial Reporting1272 Words   |  6 Pages1.0 Purpose and context of International Financial Reporting 1.1 Description and Role of a Stock Exchange Companies issue share in the primary market through an initial public offering (IPO) in order to raise capital. The estimated value of the companies and number of shares issued determine the price of shares. Companies obtain the money from IPO and no longer receive any money in further trading activity while the shares will be traded in stock exchange market or secondary market. Investors buyRead MoreEvaluation And Disclosure Of Information Essay1674 Words   |  7 Pagesthe financial statements, the accompanying notes and accounting policies of MFT Ltd for the year 2014. This essay will pay specific interest to the application of the conceptual framework of accounting to the relevant Accounting Standards (NZ IAS 1, NZ IAS 7, NZ IAS 8 and NZ IAS 10). The report will comment on why it is essential to regulate external financial reporting by Mainfreight. The second part will discuss the role of conceptual framework to accounting standards in external financial reportingRead MoreSummar y of Research for Accounting Changes and Error Analysis1143 Words   |  5 PagesResearch for Accounting Changes and Error Analysis Companies have always faced issues of how to reflect changes in accounting methods and error corrections in financial statements. A change in accounting principle results when an entity adopts a generally accepted accounting principle different from the one it used previously (Hall 2007). A presumption exists that an accounting principle once adopted shall not be changed in accounting for events and transactions of a similar type (Financial AccountingRead MoreAccounting Regulatory Agencies1280 Words   |  6 PagesACCOUNTING REGULATORY AGENCIES Introduction Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. Numerous accounting bodies govern the accounting environment and accommodate the success of a business. The four main financial governing bodies includeRead MoreThe Focus Of This Assignment Is To Understand Accounting1070 Words   |  5 Pagesis to understand accounting terms, importance of accounting and reporting and how accounting and reporting take place in the business entity. It is also aimed to find out the flow of accounting information from the beginning to the end. And to understand accounting standards and principles. Accounting can be defined as a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. Accounting reveals profit or

Foundations of Business Computing for Pros- MyAssignmenthelp.com

Question: Discuss about theFoundations of Business Computingfor Pros and Cons. Answer: Pros and Cons of Information Technology Information technology is an application that assists human beings in storing, retrieving, manipulating and communicating information mostly in businesses and other enterprises. There are various advantages and disadvantages of always being available to your employees regardless of where you are and what you are doing. Advantages of Information Technology With the help of information systems, the right information is provided to the employees and clients and at the right time. There is the use of direct messaging, emails, voice and video calls which makes communication of important messages fast, contemptible and more efficient. Information technology is cost effective and productive; the business managers or owners can control the productivity in the enterprise using the automatic task managers. For instance, the temperature sensors can be used in bakeries to control increase or decrease of temperature. This saves time and leads to quality products. It improves financial management; using the bookkeepers and the quick books business owners and managers can balance their books of accounts with less knowledge about accounting (Willcocks 2013, p.65). Moreover, IT allows managers to work remotely. The ease of access allows one to boost productivity as one can get things done even when not physically in the office. The use of information technology helps business managers updated on the market trends. This helps them serve their clients with up to start and products and services. They are therefore able to overcome the competition in the market through creativity, innovation, and specialization. Consequently, information technology has made the world a global village because the business managers can reach out to their clients within a short period. Ultimately, information technology has allowed the economy to be interdependent (Orlikowski et al. 2016, p.68). Disadvantages of Information Technology to Employees and Clients Information technology fails in small businesses as the implementation expenses are costly than the services offered to the clients. This will, in turn, lead to loss of clients to big businesses which can manage them. There is also the initial purchasing cost and therefore the maintenance, updates and training costs. Additionally, cyber-crimes has been an emerging issue with any business using information technology. Carter ( 2014, p. 19) stipulates that information security is easily compromised with and sensitive information about the business can lead to a significant loss. With information technology, the manager is always available for his clients despite the location leads to the elimination of jobs to some employees. For instance, the accounting services can be handled by software. Five Forces of Porters Competitive Forces Model Porters competitive forces model is a psychoanalysis tool that uses the business forces to verify the intensity of competition in the market and its productivity level. They include; The threat of new entry: Its a force that limits how simple or tough it is to get in a particular business. In case the industry is lucrative and has few barriers for ingress, there will be a rivalry. This is because many organizations will compete for the same market share; therefore, the profits begin to fall. It is thus necessary for existing firms to craft high barriers to discourage new entrants. E-business models enable easier access to the business. This, in turn, decreases the administration intricacy among the new entrants (Porter 2008, p. 25). Bargaining power of suppliers; suppliers possessing strong bargaining power sell high priced or low-quality products to their target market. This directly affects the profits margins. The suppliers have high bargaining power when they are few in the market or when there are few close substitutes of the raw materials. The internet has increased the suppliers bargaining power as information convenience is increased and information gap is narrowed (Porter 2008, p. 29). Bargaining power of the buyers; buyers with strong bargaining power demand for high-quality products and at a lower price. This results in low-profit margins to the producers. When there are only a few buyers in the market and multiple substitutes, the buyers have strong bargaining power. The Internet has significantly affected it as the e-business has enabled customers to reach which lowers their bargaining power (Porter 2008, p. 31). The threat of substitutes; this is when buyers can easily shift from one product to another which of higher quality and lower cost. This force studies the ease of a consumer to move from one competitor to another. It shows how their profit and excellence of products compare to theirs. For instance, switching from taking tea to coffee if the price of coffee is lower than that of tea (Porter 2008, p. 34). Rivalry among existing competitors; this force determines how profitable or competitive industry is. When products are not highly differentiated and can be easily substituted, rivalry among competitors increase. Rivalry increases when there is only few business selling equally the products and services. The rivalry is quantitatively measured using the concentration ratio (CR) (Porter 2008, p. 38). Is Google Making Us Stupid? The world has evolved from the traditional concepts of gaining knowledge. In the past, people had nurtured a reading culture, and the minds were used to searching for information in large books and turning pages in libraries. Currently, this trend has changed with technology that has facilitated online access of information. Notably, most people prefer reading articles online and books in soft copy rather than hard copy. This trend has manipulated the minds, and often people lack concentration when reading online. It is common for people to skim through paragraphs when reading a long article online instead of reading page deeply after page. Moreover, technology has had an influence of the circle of friends we keep and how we communicate and interact with them. The July/August 2008 issue of The Atlantic, features a cover story by Nicholas Carr: Is Google Making Us Stupid. The story analyses how the internet affects our brains. Nicholas discusses the transformations in reading habits a nd thinking habits about effects of the internet (Carr 2008). Although the internet has changed human thought process, I disapprove the point that the internet makes people stupid. Besides, the internet makes us think and act smarter rather than become stupid. With the global growth of new information, the internet makes us smart rather than stupid. Apparently, the reading habits have changed hence altering information processing (Lajoie Derry 2013, p.91). To sum it up, the society is changing, and it is imperative to keep up with the technological trends hence the broad reading is not necessary to the extensive growth of new information regularly. Ultimately, the society is changing hence people's interest are changing, it is therefore expected that old habits of life will fade away with technological advancement. Will Business Intelligence Replace Business Analysts? Robots will partially replace the human efforts in most businesses in a few years to come. The recent research shows that robots are now designed to solve problems in organizations. Business analysts will always be required for the triumph of the business intelligence (Wixom, Yen Relich 2013, p.10). This will be disadvantageous to the firms because the BI systems are not able to interact with the customers as the business analysts did. The understanding of customers needs is crucial for the decision making and the success of the business as a whole. On the other hand, business intelligence systems can do business calculations faster and accurate than the analysts. The emerging business intelligence has made the business organization more effective, nimble and responsive (Sharda et al. 2014). Is Security a Technical Issue, a Business Issue or Both? Gone are the days when security was only a technical issue. Its both a technical and security issue. Information security is a technical issue in business. The safety of any information in a computer can be compromised if the links are leaked since a mobile device can be accessed by hackers. On the other hand, security can be a business issue when an employee spends time on his or her personal or inappropriate things; it affects the business performance. There will be a breach in the business security to identify and solve the business problem. Security is more of business than a technical problem because the technology only needs to be maintained and advanced unlike the fact that all business plans should focus on its security (Peltier 2016, p.14). How an Organization Can Employ Social Computing Technologies and Applications to Benefit its Business Processes For a business to the full succeed in using the social tools and techniques, it must understand its goals and objectives. The execution plan should slot in with both the domestic and peripheral stakeholders. Organizations can begin small by initiating a Twitter or Facebook account, or they can take an enterprise-wide loom, such as developing a social plan and supporting it with an enterprise-wide employee association application or a social policy to better unite customers with brands (Ngai et al. 2015, p. 792). It is crucial for corporations to take advantage of the global trends about social computing technologies. With the growth of online customers, business should utilize social media tools such as Tumblr, YouTube, Facebook, Twitter, WordPress, Instagram and Snapchat for customer relation and marketing purposes. Cybersquatting Cybersquatting is registering, using or selling a domain name with the intention of self-gains from the goodwill a registered trademark. A squatter can register a domain and sell it companies expensively. For instance, a non-profit organization website may be registered by another individual with an aim of selling it back to the rightful owner at a hefty profit. This case of cybersquatting is liege as provided by the Anti-cybersquatting Consumer Protection Act (ACPA), that gives domain owners authority to sue any alleged cyber squatter in a federal court as far as the domain owner provides legit lea claims to prove cybersquatting allegations. Under the set laws in effect, it is unethical to obtain a website domain with a bad-faith intent to get unwarranted profits from the original trademark owner (Jain 2015, p. 100). Another form of cybersquatting is whereby individuals register domains identical or confusingly similar to the original trademark. For instance, a cyber-squatter may register a company under the domain name samsvng.com to sell services and products similar to Samsung. This case, may attract buyers who are not aware of the misspelling errors and thus it is unethical that the cyber squatter will earn profits from the domain name. Under a federal court, the trademark owner, -Samsung, may sue the cyber squatter for registering a confusing similar website and earning profits from it. However, it may be ethical if a person registers a domain name similar to Samsung but for a different industry such as Samsung Tours. With the global trend of registering webpages with country specific suffixes, it is ethically illegal to take advantage of popular domain names to promote other businesses or to taint the companys image. For instance, suing the popularity of amazon.com to promote other business es or to upload immoral content (Janisand Dinwoodie 2014, p. 56). Role of the Web in Human Resource Management Human resource is a combination of different values, skills, knowledge behaviors and capabilities within an employee. The web is mostly used in recruitment, developing the human resource and management. Recruiting potential human resource using the web is cost-effective compared to the traditional ways of recruitments by use of newspapers, trade journals, and billboards. The web can easily reach out to a lot of candidates and at the same time advertise a lot of jobs. The companies can evaluate the potential candidates and decide on whom to hire using special search engines on the web. The recruited employees are evaluated, maintained and developed. All this is provided through information technology through the web. The web plays an important role in developing new ways of carrying businesses so as to remain marketable and ensure the employees remain knowledgeable. Information technology keeps track of payrolls and employees records. This is mostly done using the e-HRM (Electronic Hu man Resource Management) (Sparrow, Brewster Chung 2016). Difference Between Customer-Facing CRM and Customer-Touching CRM Applications Consumer facing refers to how a consumer views or sees a business service in an enterprise. The principal role of consumer relationship management (CRM) is to provide satisfaction to the customers. The operational CRM consist of direct interaction with the customers. The customer-facing CRM involves literal interaction between the customers and the organizations representatives. For example, when acquiring customers service and reports or while marketing. On the other hand, the customer-touching CRM application occurs when the customers interact with the employees indirectly using the systems (Choudhury Harrigan 2014, p.157). For example while searching for technical information about the organization or asking the frequently asked questions. References Alvarez, J.L. ed., 2016.The diffusion and consumption of business knowledge. Springer. Bratianu, C., 2016. Knowledge dynamics.Management Dynamics in the Knowledge Economy,4(3), p.323. Carr, N. (2008).Is Google Making Us Stupid?. [online] The Atlantic. Available at: https://www.theatlantic.com/magazine/archive/2008/07/is-google-making-us-stupid/306868/ Carter, R., 2014.Students' guide to information technology. Elsevier. Choudhury, M.M. and Harrigan, P., 2014. CRM to social CRM: the integration of new technologies into customer relationship management.Journal of Strategic Marketing,22(2), pp.149-176. Jain, S., 2015. Cyber Squatting: Concept, Types and Legal Regimes in India USA. Janis, M.D. and Dinwoodie, G.B., 2014.Trademarks and Unfair Competition: Law and Policy. Wolters Kluwer Law Business. Lajoie, S.P. and Derry, S.J. eds., 2013.Computers as cognitive tools. Routledge. Ngai, E.W., Moon, K.L.K., Lam, S.S., Chin, E.S. and Tao, S.S., 2015. Social media models, technologies, and applications: an academic review and case study.Industrial Management Data Systems,115(5), pp.769-802. Orlikowski, W.J., Walsham, G., Jones, M.R. and DeGross, J. eds., 2016.Information technology and changes in organizational work. Springer. Peltier, T.R., 2016.Information Security Policies, Procedures, and Standards: guidelines for effective information security management. CRC Press. Porter, M.E., 2008. The five competitive forces that shape strategy.Harvard business review,86(1), pp.25-40. Sharda, R., Delen, D., Turban, E., Aronson, J. and Liang, T.P., 2014.Businesss Intelligence and Analytics: Systems for Decision Support-(Required). Prentice Hall. Sparrow, P., Brewster, C. and Chung, C., 2016.Globalizing human resource management. Routledge. Willcocks, L., 2013.Information management: the evaluation of information systems investments. Springer. Wixom, B.H., Yen, B. and Relich, M., 2013. Maximizing Value from Business Analytics.MIS Quarterly Executive,12(2).

Purchase and Product Involvement when Buying

Introduction Consumer involvement refers to that â€Å"state of mind that motivates a consumer to identify with a product or service offerings, their consumption patterns and consumption behavior†.Advertising We will write a custom essay sample on Purchase and Product Involvement when Buying specifically for you for only $16.05 $11/page Learn More Involvement enables consumers to develop the urge to search for or think about the available product categories before selecting a preferred brand and purchasing a product. Involvement reflects the amount of effort (physical and mental) that a person invests in the process of making a purchase decision. Involvement creates a level of relevance to the product or service offering and this, prompts the consumer to collect and interpret relevant information about the product before making a purchase decision (Schiffman and Hansen, 2011, p. 89).Thus, it influences the consumer’s decision making process , as well as, the process of searching, processing and transmitting information. Involvement varies across persons, situations, product offerings and time. The strength and intensity of involvement determines the consumer’s level of involvement. Thus, involvement can be high or low (East, Wright and Vanhucle, 2008, p. 132). Involvement can also be short-term and situational or long-term and enduring. Additionally, involvement is often directed at the elements of marketing mix. This paper focuses on purchase involvement and the process of consumer decision making. Purchase Involvement Purchase involvement refers to the â€Å"level of concern for or interest in the purchase process, once the purchase process has been triggered by the need to consider a particular purchase† (Quester, Pettigrew and Hawkins, 2011, p. 67). Purchase involvement is a temporary state that is typical of a consumer, and exists in a process. Purchase involvement is influenced by current external v ariables which include the product, situation, and communication. It is also influenced by past external factors such as enduring, ego, as well as, central values. Thus, purchase involvement reflects the time, thought, as well as, the energy that consumers dedicate to the process of purchasing a given product.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Difference between Purchase Involvement and Product Involvement Purchase involvement differs from product involvement in the following ways. First, purchase involvement refers to the consumer’s interest in the buying or purchase process (Kim and Sung, 2009, pp. 504-519). This interest is initiated by the need to purchase a product. Product involvement, on the other hand, refers to a consumer’s or a person’s interest in purchasing a given product and the consumer’s commitment to purchase a particular brand (Que ster and Lim, 2008, pp. 22-38). Thus, purchase involvement focuses on the interest in the purchase process, whereas product involvement focuses on the interest in a particular product or brand. In the context of product involvement, the arousal, interest, as well as, emotional attachment is evoked by the product, whereas in purchase involvement, these attachments are evoked by the need to purchase the product. Second, purchase involvement is situational, whereas product involvement is enduring. Situational involvement occurs when the consumer attaches relevance to a product in the short-term. Thus, it is temporary in nature. Purchasing a computer as a gift to a student on his birthday is an example of situational involvement. In this case, the involvement disappears as soon as the purchase is completed. Enduring involvement, on the other hand, occurs when the relevance attached to a particular product last for a long period. A high school student planning to purchase a computer to u se in collage three years from now is an example of enduring involvement. In this case, the student has three years to get involved with the product offering and plan for the purchase. Finally, consumers can have a high purchase involvement in a product without necessarily having a high product involvement. For example, a person purchasing a dish washing machine may have a high purchase involvement due to the high cost of the product. However, he may have a low product involvement due to band loyalty.Advertising We will write a custom essay sample on Purchase and Product Involvement when Buying specifically for you for only $16.05 $11/page Learn More Factors Influencing Purchase Involvement The factors influencing purchase involvement includes the following. First, the consumer and his personal characteristics such as interests, lifestyle, attitude and motives/ needs determine the level of purchase involvement (Bezenco and Blili, 2011, pp. 682-708). A p rudent consumer will always explore and evaluate the available alternatives before deciding on what to buy. A shrewd consumer tends to search for more information in adverts, and sale offers. Additionally, they are willing to spend more time in shopping in order to obtain the product with the lowest price. A consumer who is price conscious gives priority to price when making a purchase decision (Harari and Hornik, 2010, pp. 499-506). The consumer’s cognitive ability determines the extent to which he or she can process, as well as, draw conclusions before purchasing a product. These characteristics lead to high purchase involvement. In general, products associated with the consumer’s image and personality normally leads to high purchase involvement. Consumers associated with high levels of apathy and hassle-free attitudes tend to be less concerned with the shopping process. Thus, their levels of purchase involvement tend to be low. Second, purchase involvement is determ ined by the product or service to be purchased. The features or benefits associated with the product will influence the level of purchase involvement (Harari and Hornik, 2010, pp. 499-506). Thus, a consumer who is concerned about quality will be willing to spend more time comparing brands with varying benefits and features. Additionally, purchase involvement can be low if the consumer is loyal to a particular brand. The amount of risk associated with the consumption or purchase of the product will also determine the level of purchase involvement. The level of involvement will be high if the product is associated with high risk levels (Radder and Huang, 2008, pp. 232-243).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Third, purchase involvement is determined by the situation under which the act of purchasing a product is undertaken (Ozdipciner, Li and Muzaffer, 2012, pp. 34-43). For example, a person purchasing a gift for a loved one will tend to be highly involved in the purchase process in order to obtain the best product or brand. Social pressures such as shopping in the presence of friends also influence the level of purchase involvement. Socially, individuals tend to be more conscious of the products or brands they buy in the presence of their friends as compared to when they are alone. The amount of time devoted to the purchase process also has a bearing on the level of purchase involvement (Benerjee, Koshy and Shobha, 2007, pp. 746-763). In this case, the available time determines the consumer’s ability to collect and process or interpret the information about the product to be purchased. The level of purchase involvement will be low if the time to be spent in shopping is little an d vice versa. Consumer Decision Making Consumer purchasing decisions â€Å"fall along a continuum of three categories namely, habitual decisions-making, limited decision making and extended decision making† (Neal and Quester, 2007, p. 56). This continuum is anchored by habitual response behavior on one end and extended decision making process on the other extreme. The categories of decision making are influenced by, the level of involvement, available time, information, and the availability of alternatives. The difference between the three decision making categories can be explained as follows. Habitual Decision Making In habitual decision making, the consumers do not make any decisions regarding the purchase of a product (Quester, Pettigrew and Hawkins, 2011, p. 67). In this case, the consumers simply purchase a given product whenever there is a need to consume that particular product. The consumers normally depend on their long-term memory to identify the preferred band (Ch ang and Ling, 2003, pp. 94-107). Thus, no effort is devoted to the process of searching for information about the product. In habitual decision making, post-purchase evaluations are rarely done. In most cases, the consumers evaluate the product or brand only when it fails to function as expected. Habitual decisions are often made when the level of purchase involvement is very low. Additionally, the option of not purchasing the product is hardly considered by the consumer. For example, a person whose body lotion has run out may purchase the same brand. In this case, the decision is habitual since, the consumer is loyal to a particular band which she purchases without much thought or consideration of all available alternatives. Habitual consumer decision making can be classified into two categories namely, â€Å"brand loyalty and repeat purchase decisions† (Parsons and Maclaran, 2008, p. 88) Repeat purchase decisions occur when the consumer buys a particular brand repeatedly wi thout being committed to that particular brand. Repeat purchase can be made as a result of apathy. Apathy is a situation in which the consumer is indifferent towards the available brands (Grebila, Colson and Menapare, 2011, pp. 112-115). Consequently, the consumer can settle for any brand that is readily available. For example, a student can be indifferent towards the brands of pens available at a local store. Thus, the student will buy the pen she or he finds in the store. Repeat purchase decisions can also be made due to non-availability of alternative brands. For example, a student can continually purchase locally made pens if the government restrict importation of pens. In the context of brand loyalty, the consumer is usually committed to a particular brand. This usually occurs when the consumer is emotionally attached to a product due to the actual and perceived superior qualities of the product (Gunjan and Amitava, 2011, pp. 430-432). Due to the high level of loyalty, the cons umer will always prefer a particular brand over the rest in the market. For instance, a consumer can consistently purchase a particular brand of soft drink until a better brand is launched in the market. Limited Consumer Decision Making Limited consumer decision-making occurs or exists between the habitual and the extended decision making categories (Quester, Pettigrew and Hawkins, 2011, p. 69). The difference between limited and habitual decision making is that the former involves a limited search for information prior to making the purchase decision. For example, a consumer who is interested in purchasing coffee may spare some time to compare the prices of various coffee brands. The consumer may also be interested in trying a new coffee brand. Hence, he or she will have to seek information on the quality and prices of the available coffee brands. Limited decision making is likely to occur if the consumer has past experience with the product. For instance, a consumer interested in trying a new toothpaste brand may allocate limited time to compare available brands. Limited decision making can also occur if the risk associated with the product or making the wrong choice is moderate. In this case, failing to search for some basic information about the product may be costly to the customer (Broderick, Graley, and Dentiste, 2007, pp. 678-681). However, the consumer may not devote a lot of time and resources in searching for product information since the risk associated with the product is moderate. Lack of knowledge about the available brands can also lead to limited decision making. With limited decision-making, consumers tend to depend on personal information rather than external sources of information. Limited decision making is also associated with low levels of purchase involvement. This is because the consumers devote limited time and effort to searching information or comparing available alternatives. Additionally, the post-purchase evaluations are hardly d one. Extended Decision Making This is the most complex purchase decision making process. Extended consumer decision making occurs when the consumer intends to buy a new product. In this case, lack of knowledge about the product will prompt the consumer to consider external sources of information (Torres-Moraga, Vasquez-Parraga and Zamora-Gonzalez, 2008, pp. 302-313). Extended decision making also occurs when the product is very expensive or the product is one that is seldom bought. For example, the purchase of a house involves extended decision making. The person intending to purchase the house must extensively search for information about the house, the financing options and the quality of the environment in which the house is located. Since a house is a very expensive product, purchasing it involves a high risk. This is because the consumer is likely to lose a large potion of his or her investments if the wrong choice is made. In order to avoid these risks, the consumer must engag e in extensive information search, as well as, evaluation of available options (Dobbelstein and Zielke, 2007, pp. 112-121). The evaluation normally involves reviewing the attributes of each brand at a time. The attributes of each brand are then matched to the desired characteristics or expectations of the consumer. The consumer will depend mainly on external sources of information to make the right decision, especially, if the consumer has no past experience with the product. The internal search or the consumer’s memory is also considered an important source of information in extended decision making. Other products that involve extended decision making include cars, and plasma TVs. Extended decision making involves high level of purchase involvement. The extended decision making differs from limited and habitual decision making in the following ways. First, limited and habitual decision making are characterized with low risk products and low purchase involvement. The extende d decision making on the other hand is characterized with high risk products and high purchase involvement. Second, limited and habitual decision-making involve little or no information search. The acquired information is often processed passively, and the consumer is likely to make in-store decisions. Extended decision making, on the other hand, involves extensive search for information about the product’s quality, price, promotions and discounts. In extended decision making, information is often processed actively. Additionally, the consumer usually consults multiple sources before settling on a preferred brand or product. Finally, habitual and limited decision making involves limited shopping time. The shopping process is normally self-service in nature with little or no help required from the store attendants. Additionally, the choice of products or brands is often influenced by the store or shop displays (Delgado-Ballester and Munuera-Allemon, 2001, pp. 1238-1258). The e xtended decision making, on the other hand, involves visiting several outlets in order to find the best shopping deal. Communication or assistance from the store personnel is normally required to help the consumer to make the right choice. Conclusion Consumer involvement is a high state of awareness that stimulates a person to search for, attend to, as well as, think about a product’s information before purchasing the product. It reflects the interest, as well as, the importance that a person attaches to the process of acquiring and consuming a given product. In this context, involvement can be conceptualized in terms of product and purchase involvement. Product involvement refers to the interest a person has in purchasing a product and the person’s commitment to a particular brand. Purchase involvement, on the other hand, refers to the consumer’s interest in the purchase process. The level of involvement influences the purchase decision making process. Consumer decision making can be classified into three categories namely, habitual, limited and extended decision making. Habitual decision making does not involve any decision. In limited decision making, the consumer searches for limited information before making any decision (Quester, Pettigrew and Hawkins, 2011, p. 69). Habitual and limited decision making are associated with low purchase involvement. Extended decision making, however, involves extensive search for information and high purchase involvement. References Benerjee, B., Koshy, A., and Shobha, G., 2007. Brand Specific Association and Consumer Involvement in the Evaluation of Brand Extension. Journal of International Business Studies, 28(5), pp. 746-763. Bezenco, V., and Blili, S., 2011. Segmenting the Market Through the Determinants of Involvement: the Case of Fair Trade. Psychology and Marketing, 28(7), pp. 682-708. Broderick, A., Graley, L., and Dentiste, R., 2007. 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