Multi-Alternative Decision Making - 1227 Words

Introduction Some economists assume that people make a choice according to the principle of value maximisation and the ordering of the options is independent of the context. However, there are anomalies of decision making suggesting that the context matters. The three basic anomalies are the similarity effect (Tversky, 1972), the attraction effect (Huber, Payne and Puto, 1982) and the compromise effect (Simonson, 1989). Theorists have tried explaining these effects by various approaches. For example, the multi-alternative decision field theory (Roe, Busemeyer and Townsend, 2001) can explain all the three effects. In addition, Tversky (1972) applied the elimination by aspects model to illustrate the similarity effect and Tversky and Simonson (1993) introduced a componential context model to explain the attraction and compromise effects. The next section reviews the three anomalies of multi-alternative decision making. Then we illustrate how the three theories mentioned above explain t he anomalies. After that, the decision field theory is compared with the other two models respectively. Three context effects in decision making In real life, we may make choices among various options with a large number of attributes. For simplicity, we use five options with only two attributes to demonstrate the three anomalies as Figure 1 shows. Figure 1 Figure 1 - An example of the problem of choosing among options according to two attributes, which are represented by theShow MoreRelatedIntegrated Criteria Decision Making And Multi Criteria Aggregation1609 Words   |  7 PagesPrioritized Multi-Criteria Decision Making and Multi-Criteria Aggregation By Rizwan Umaid Ali Student # 3494784 Multi-Criteria decision making (MCDM) is an area of Artificial Intelligence which provides capabilities to assess complex decision problems. The decisions can depend on our preferences of some criteria over others. In this report, we analyze formulations of MCDM and Multi-Criteria Aggregation. To further understand this, we also see how we calculate prioritized measure of Multi-CriteriaRead MoreMulti Criteria ( Or ) Attribute Decision Making ( Mcdm / Madm ) Essay1076 Words   |  5 PagesMulti-criteria (or) attribute decision making (MCDM/MADM) methods have very high applications in industries for solving real world engineering problems. In the present work, MCDM methods of weighted sum method (WSM), Weighted Products Method (WPM) and TOPSIS, have been employed for the computational analysis of multi-responses. AA7075 has been taken as work piece for the experimentation and the experiments were done on CNC lathe as per the Taguchi’s standard L9 Orthogonal Array. The cutting parametersRead MoreEvaluating The Performance Of E Waste Recycling Programs Using Fuzzy Multi Attribute Group Decision Making Model1522 Words   |  7 PagesRecycling Programs using Fuzzy Multi-attribute group Decis ion Making Model† Haokun Li hli120@illinois.edu â€Æ' Contents Introduction 4 Performance Evaluation 5 (1) Define Criterions 5 (2) Score the Criterions 6 (3) Compute Weighting Factors 7 (4) Computing Weighted Matrix 8 (5) Find Positive and Negative Ideal Solutions 8 (6) Compute Overall Performance Index 8 Conclusions 9 References 10 â€Æ' Abstract: A fuzzy multi-attribute group decision making model is reviewed. Some typos inRead MoreThe Sustainability Of The Supplier1475 Words   |  6 Pagesbeen an important decision that affects the organisation objectives. So researches have been conducted and case studies have been explored and investigated to reach the optimal approach to select a supplier that satisfies both customers and stakeholders and to achieve the organisation goals. Therefore, a multi-criteria decisionmaking process should be adapted to execute supplier selection operation properly. Resources selection needs to go through many steps to assist decision-makers to do theirRead MoreJob Selection Is A Problem Faced With Everyone After Graduation1208 Words   |  5 Pagessuitable for him. Background Multi-Ctiteria Decision Analysis is simply called MCDA which is a very useful tool that the user can employ to many compound decisions. MCDA is an aid to integrating objective measurement with value judgment (Belton and Stewart, 2003), also, it can be used in a variety of different problems and field, such as ranking, scaling, assessment, and design. It is most suitable to fix problems which are featured as a selection among those alternatives. Meanwhile, MCDA has all theRead MoreWhere Is Facilities Location For A Favorable Site Location?1106 Words   |  5 Pagesand explore greater markets. The research has explored factors such as areas population, demand (present and future), and other factors affecting facility location. The methodological approaches employed are multiple attributives in nature and alternative ranking quantitative methods. This work offers risk evaluation methods, as an indispensable factor in facility location. I present it as a basic step for site identification that proceeds expensive and complex natural disaster simulations providedRead MoreMultiple Criteria Decision Analysis1777 Words   |  7 PagesChapter 2 Vendor Evaluation and Multiple Criteria Decision Analysis 2.1 Vendor Evaluation Supplier or vendor selection decisions are complicated by the fact that various criteria must be considered in decisions making process. The analysis of criteria for selection and measuring the performance of suppliers has been the focus of many scientists and purchasing practitioners since 1960s. The majority of research about supplier selection problem mentions Dickson’s study [9]. It is based on a questionnaireRead MoreIntroduction And Objectives Of The Study. Introduction1149 Words   |  5 Pagestemporary endeavour undertaken to create a unique product, service or result. Selecting projects is often a difficult task. Usually there are more than one dimension for measuring the impact of each project and especially when there is more than one decision maker. The criteria being considered always vary from one contractor to another. Some may only consider the revenue and value of project, whilst some may focus on its financial of owner, knowledge of supervisor and so on. Construction projects oftenRead MoreThe Properties Of Soft Multi Sets1529 Words   |  7 PagesAbstract—In this paper we define some properties of soft multi sets. We also define soft multi set topology, its interior exterior, boundary and their properties. We establish several important resul ts in mathematical modeling of spacial objects using fuzzy soft interior, fuzzy soft exterior, fuzzy soft boundary. Keywords—Fuzzy Sets, Soft Sets, Multi Sets, Fuzzy Topology. I. INTRODUCTION (Heading 1) We may have to face vagueness in most of the engineering, physics, computer sciences, economicsRead MoreSteps Of The Administrative Model Of Decision- Making857 Words   |  4 Pages There are five steps of the Administrative Model of Decision- Making. The initial steps of the model is to recognize and define the problem or issue. In this step the administrator recognizes and is aware of the potential difficulties of the problem. The administration defines the problem down in short and long term problem areas. Effective administrators are sensitive to organizational actions and attitudes that do not measure up to the prescribed standards. (pg.32) The recognition and definition

This Essay Will Examine The Differentiation That David

This essay will examine the differentiation that David Hume poses between natural and artificial virtues. I will first explain what Hume considers as a sense of virtue and whether this sense of virtue is natural. Then, I will discuss four distinctions he made between natural virtues and artificial virtues. I will discuss Mackie’s objection against one of Hume’s distinctions and argue why Mackie’s objection is ineffective. Finally, I will present a possible objection that concerns Hume’s third distinction, consider how Hume might response to the objection, and defend his response. According to Hume, to feel a sense of virtue is to â€Å"feel a satisfaction of a particular kind from the contemplation of a character† (3.1.2.3). This feeling,†¦show more content†¦The first distinction he makes is that natural virtues arise out of implanted instincts while artificial virtues are â€Å"not derived from nature, but [arise] necessarily from education and human conventions† (3.2.1.17). In other words, natural virtues are dispositions that people inherently have and naturally endorse, but artificial virtues are dispositions that people acquire by acting in accordance with human conventions that are products of human invention. For instance, to feed one’s own children is a natural virtue based on natural instincts – a mother doesn’t breastfeed her child out of conformity to societal rules, but out of instinctive, maternal love for her child. However, integrity, an artificial virtue, doesn’t arise from instinctual senti ment. To promise to return one’s debt to the bank isn’t an instinctive reflex, but originates from one’s respect for societal conventions and the society’s approbation of a trustworthy person. The second distinction is that natural virtues are partial while artificial virtues are impartial. A man naturally loves his closest families and friends more than strangers (3.2.2.8). If A has 3 apples, and there are 6 people starving (3 family members of A and 3 strangers), A would naturally give these 3 apples to his family members rather than strangers. However, artificial virtues like justice areShow MoreRelatedRelevance of Adornos Philosophy within Todays Culture of Popular Music841 Words   |  3 Pagesfurthering in essays about Tin Pan Alley and jazz-orientated variations of it. 2 Theodor Adorno Meets The Cadillacs is an article by Bernard Gendron that discusses the implications of Adorno’s lie in technological advances tends to promote individuality of music styles. Max Paddison suggests in The Critique Criticised: Adorno and Popular Music that there is substance of value within Adorno’s theory that can be appropriated into a more advanced concept of analysin g popular music. This essay will imploreRead MoreCountry Road Essay example1130 Words   |  5 Pagesobstacles which hindered their success in the US. 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The motive of this essay is to determine the historic and political sources for the Rwandan Genocide through an â€Å"ethnic lens† in order to ascertain whether â€Å"ethnic division† was in fact the source for the cruelties, or was just an aspect of the conflict. First, the ideasRead MoreResearch Essay: Power and Negotiation2255 Words   |  10 Pagesexperienced mediator deal with this problem? Provide practical examples where appropriate. The issue of power is inherent in negotiations. In most negotiated conflict situations, one party has more power than another. They may use their greater share of power to shape and manipulate a negotiation to achieve their desired objectives. Furthermore, when the power differential is substantial, this usually has a significant effect on both the substance and process of the dispute. This imbalance in power can

Accounting Standards and Regulations for Impairment- myassignmenthelp

Question: Discuss about theAccounting Standards and Regulations for Impairment. Answer: According to the AASB 136 and IAS 36 rules of Impairment, business organizations do not have the right to write down the assets in the financial statements in a value that is higher than its recoverable amount (Guthrie Pang, 2013). The recoverable value of the assets is more among the used value and the fair value is lower than the disposal cost. Some intangible assets and goodwill are the exceptional case. In case the organizations can get the indication of their asset impairment, it is required for the organizations to conduct the test of impairment. In case the assets are not able to generate any cash flow, then the test can be conducted for the cash-generating unit and this process is largely independent compared to the other assets. At the end of the financial years, the business organizations need to assess whether there is any indication of asset impairment. In case, there is any indication about asset impairment, business organizations need to measure the recoverable amount. Different types of indications can be seen for asset impairment (Linnenluecke et al., 2015). They can be categories in external sources and internal sources. External Sources Reduction in the asset market value Negative changes in various aspects like laws, markets, economics and technologies Market interest rate increase Higher amount of net assets of the companies when compared to market capitalization Internal Sources Case of obsolesce or physical damage The asset is die for disposal or the asset is idle for restructuring Negative performance of the company Required Evidence for Myers Asset Impairment Testing Asset Flow: According to the provided data flow of Myer, it can be seen that the flow of all stores of the company has either increased or been stable. In addition, there is not any trend of reduction in the assets over the past one year. Thus, there is not any indication for impairment (DArcy Tarca, 2016). Asset Base: From the information of Myers asset base, it can be seen that there has not been any alteration in the assets and in the last few years, the percentage of contribution of the assets towards the net assets more or less the same. Thus, there is not any indication for impairment (Ji, 2013). Asset Turnover: After taking into consideration the asset turnover ratio of Myer, it can be observed that over the last five years, the asset turnover ratio of the company has been moving around 1.41 to 1.76. Thus, it can be see that there are not any significant fluctuations in the assets turnover ratio of the company over the last five years. Hence, from this test, it is also proved that there is not any indication of impairment (DArcy Tarca, 2016). Required Procedure for the Determination of Impairment According to the AASB 136 rules of Asset Impairment, business organizations need conduct the asset impairment test on yearly basis and Myer has been complying with this rule over the years. At the time of testing the asset impairment, Myer has found the recoverable amount with the help of discounted cash flow model. Based on the annual budget of Myer, this particular model uses to forecast the cash flow as per the approval of the management for the period of five years. In addition, with the help of terminal growth rate, the cash flows for the period of more than five years are extrapolated (Gros Koch, 2015). The key assumptions of this model are as follows: Pre-tax rate of discount at 14.4% Terminal growth rate at 2.5%, and Operational gross profit margin at 39.5% Thus, the management of the company determines the future cash flow level for the assets carrying value for the CGU of the company during the consideration period. In addition, the management of the company has also determined each store carrying value; and they are undertaken and indentified in the existence of assets impairment. In case there is any indication of asset impairment, the measurement of assets recoverable value is done with the help of discounted cash flow model. Consistency can be seen in the major assumptions and the above-mentioned assumptions (Zhuang, 2016). Thus, it can be said that for the year ended 2016, there is not any indication of asset impairment at the stores of Myer. Required Information for Impairment Determination Some other information is required for the determination of impairment of Myer Holdings Limited. They are as follows: In case it can be observed that there is an indication for asset impairment, then it is required to determined recoverable amount of the assets and the assets cash generation. When the recoverable amount is less than the carrying value of the assets, there is an indication of CGU or asset impairment. The recoverable amount of goodwill or intangible assets with indefinite useful life or the value of the intangible assets that are not ready to be used on the date of reporting, are needed to be valued at the end of each year at least for once, irrespective of the fact that whether there is any indication for impairment or not (Kabir, Rahman Su, 2017). In order to measure the value, the recoverable amount needs to be higher in the used value and fair value that is less than the selling cost. The amount of loss caused from the asset impairment is considered as the expenses and they come under the profit and loss account and needs to be carried out on cost basis. Under the permission of IAS 16 PPE (IAS 16) and intangible assets (IAS 38), the impacted assets are first revalued and then recognized as comprehensive income (Detzen, Stork genannt Wersborg Zlch, 2016). There is a requirement of wide disclosure for the impairment and recognition of loss in impairment. It is needed to reverse the impairment losses that are recognized in the last year for goodwill and others assets. It needs to be done in case there is any alteration regarding the determination of recoverable amount of the assets. Availability of Flexibility from Management for Impairment Determination From the analysis of the various aspects of the company, it can be seen that the management of Myer has great flexibility for carrying out assets impairment tests for each of the financial years. According to the rules and regulations of AASB 136, the management of the company provides assurance about carrying on the impairment tests of the assets at least once in a year (Malone, Tarca Wee, 2016). In addition, determination can be seen from the end of the companys management on different aspects like the determination of future cash flows of the company that carries the value of the assets of CGU of Myer. Apart from this, it is the responsibility of Myers management to review the carry out value of each of the stores of the company and the management needs to make it sure that whether there is any indication of impairment or not. In case the management finds any indication of impairment, it is needed to measure the recoverable amount of the assets with the help of discounted cash fl ow model. In this situation, it can be seen that there is collaboration between the major assumptions and above-mentioned assumptions of the asset impairment. In addition, it can also be seen that the management of the company uses to determine the value regarding recoverable amounts of the cash generating units based on VIU approach (Toms, 2012). Thus, based on the above discussion, it can be said that the management of Myer Holding Limited plays an active role in determining the impairments of assets of the company. On the other hand, the management of Myer actively complies with all the rules and regulations of AASB 136 in order to carry out various processes to determine the impairment of assets of the company. References DArcy, A., Tarca, A. (2016).Reviewing goodwill accounting research: What do we really know about IFRS 3 and IAS 36 implementation effects. Working paper. Detzen, D., Stork genannt Wersborg, T., Zlch, H. (2016). Impairment of Goodwill and Deferred Taxes Under IFRS.Australian Accounting Review,26(3), 301-311. Gros, M., Koch, S. (2015). Goodwill Impairment Test Disclosures Under IAS 36: Disclosure Quality and its Determinants in Europe. Guthrie, J., Pang, T. T. (2013). Disclosure of Goodwill Impairment under AASB 136 from 20052010.Australian Accounting Review,23(3), 216-231. Ji, K. (2013). Better late than never, the timing of goodwill impairment testing in Australia.Australian Accounting Review,23(4), 369-379. Kabir, H., Rahman, A. R., Su, L. (2017). The Association between Goodwill Impairment Loss and Goodwill Impairment Test-Related Disclosures in Australia. Linnenluecke, M. K., Birt, J., Lyon, J., Sidhu, B. K. (2015). Planetary boundaries: implications for asset impairment.Accounting Finance,55(4), 911-929. Malone, L., Tarca, A., Wee, M. (2016). IFRS non?GAAP earnings disclosures and fair value measurement.Accounting Finance,56(1), 59-97. Toms, S. (2012). Accounting based risk measurement: An alternative to CAPM derived discount factors. Zhuang, Z. (2016). Discussion of An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136.Accounting Finance,56(1), 289-294.

Nintendo Marketing Report Essay Example

Nintendo Marketing Report Paper Report on Nintendo plc Table of contents Table of contents2 Introduction3 Exchange process4 P. E. S. T. E. L Analysis5 Segmenting markets6 Marketing information and research7 Product Anatomy8 Product Life Cycle9 New product development10 References12 Introduction Nintendo is the worldwide innovator in the creation of interactive entertainment. Based in Kyoto, Japan, Nintendo, Co, Ltd manufactures and markets hardware and software for its Wii, Nintendo DS, Game Boy Advance and Nintendo GameCube systems. Since 1983, Nintendo has sold nearly 2. billion video games and more than 420 million hardware units globally, and has created industry icons like Mario, Donkey Kong, Metroid, Zelda and Pokemon. Founded on September 23, 1983 by Fusajiro Yamauchi Nintendo has since The exchange process (Transactional marketing) The exchange process is essentially the â€Å"bottom line† when looking at the principles of marketing from an organisational perspective. Followed closely by profitabilit y, transactional marketing can be recognised within both popular and accepted definitions of marketing. Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. (Chartered Institute of Marketing 2001) †¢Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchange and satisfy individual and organisational objectives. (American Marketing Association 1985) The exchange process is identified specifically within the (AMA) definition where it refers to exchange as a result or goal of correct practice of pricing, promotion and distribution of goods and services. Below are a couple of examples of the transaction process when customers purchase Nintendo products. When a customer buys a Nintendo product they are entering into a luxury good transaction. This means that the customer is spending a fairly substantial amount of money. With this in mind the customer must have preconceptions and expectations of what they will get from the product. These will either come from advertisements or past experiences. Specifically, if an individual is willing to pay over a hundred pounds for a pocket sized Gameboy, the product must in turn provide the desired output which in this case is fun. We will write a custom essay sample on Nintendo Marketing Report specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Nintendo Marketing Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Nintendo Marketing Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Transactional marketing is simply the customer and organization entering into a deal where both parties receive something of value. Nintendo have recently expanded their market to include families and people of all ages. The reason for this expansion is the Nintendo Wii. This product can harbour up to 4 players and Nintendo have released an advertising campaign showing families enjoying product together. In exchange for their cash families and individuals are made aware that the Nintendo Wii will provide fun for years to come. P. E. S. T. E. L Analysis PoliticalEnvironmentalSocioculturalTechnologicalEconomicsLegal Health and safety is a key area the government look for when scrutinising companies. A way in which they are doing this is to ensure that all products pass strict Quality standards. Like all other major corporations Nintendo is subject to intense global pressure to go â€Å"greener† and protect the environment. According to the official Nintendo website all factories and offices recycle paper, plastic and cardboard and In all their shipping they use recyclable goods. Nintendo have recently been targeting older markets with their DS console. Games and applications such as brain age and Sudoku have been enticing sales from the over 25 market. (Note reference A. )During recent years Nintendo have had the majority market share of the portable videogame market. Yet it is currently in direct competition with Apple and the I-phone. (Note reference B)Nintendo’s quarterly profit rose by 31. 5 percent since last year, (2008) from 90. 63 billion yen a year earlier to 119. 19 billion yen. Thats roughly 500 million pounds. (Figures from www. itfacts. biz) Nintendo is involved with many legal issues to mainly ensure the safety of their products; Copyrights. Trademarks Patents Counterfeits Liscences. Etc. British and Quality standards are safeguards put in place to ensure that any products released into the UK market are safe for use or consumption. Nintendo have to take into consider many things when concern with quality standards. Nintendo have contracts with vendors to ensure proper recycling of all electrical goods. Products no longer include styrofoam in either software or hardware. Nintendo have greater than 99% recycling rate of all product returns and repair parts. They also offer a take back programme with consumers for all older products. The generic gamer market is males aged 18-34. After releasing the Nintendo Wii this market has expanded significantly. It is now common for a households and even pubs to incorporate The Wii entertainment system. Nintendo have been continuously innovative within the last 20 years and the technology introduced within the Nintendo Wii has proved highly effective in keeping ahead of its direct competitors; (Xbox, Playsatation 3)Sales of the Wii have jumped by 51 percent since Q1 2008 to 5. 17 million units since April. In the same quarter, PS3 sales reached 1. 56 million units and Xbox 360 shipments hit 1. million units. (Figures from www. itfacts. biz) A copyright gives the owner of the product exclusive rights to sell and reproduce it, Nintendo has copyrights over software, game visual display, game music, game characters etc. Two of the main issues associated with Nintendo’s products are ; Electrical goods and Safe for use of children. Nintendo also have their own company stand ards. (Ref D)Nintendo products tend to have long-lasting value, as many consumers hang on to them long after having upgraded to new consoles or hand held units, accessories or software. For used, working Nintendo products, there are a variety of online options to sell these products to interested fans. Specifically Nintendo has approached the female market by introducing applications for the Nintendo DS where users can follow recipes and watch videos while doing so. It has been said that up to 80% of the Nintendo Wii users are female. The Nintendo Wii is the only games console to date where physical activity has been introduced. In many people’s opinions the Wii fit games have arrived at right time within a health conscious society. Nintendo is taking up the largest market share of all the competitors within the global video game market, this recent influx is largely due to the success of the Nintendo Wii. A patent is a grant of the exclusive right in an invention for a period of time. Nintendo owns many software, hardware and design patents. (Reference A) ‘More than three million copies of Brain Age have been sold in Japan since 2004, and more than two-thirds of the buyers were older than 25. The U. S. version will cost $20 at Best Buy and other retailers. SEAN ONEILL’ Apr 2006. (Reference B) Nintendo, whose gadgets and software dominate the portable-videogame market, faces the greatest risk from the emergence of Apples iPhone and iPod Touch as gaming platforms. But Mr. Iwata says attempts to create a rivalry between the two companies make him uncomfortable, because he says it isnt true. He argues the companies appeal to different consumers. Yet Apple has made clear that it intends to go after Nint endos turf’ (Daisuke Wakabayashi. Nov 11, 2009) (Reference C) This Official seal of quality shows the consumer that the product is authentic. Segmenting markets (Psychographic) Geographic segmentation is dividing the market depending on its location. Nintendo is a worldwide corporation so it needs to be able to acknowledge all areas of the developed world. The global marketing strategy of the Nintendo Wii, is concentrated mainly on Nintendo’s three key markets of Japan, United Kingdom (UK) and United States of America (US). Demographic segmentation tells us specifically about the customer, they profile the customer into age, gender, race, income, occupation and social status. Nintendo have recently expanded their market targeting specifically women nd the over 25s. Geo-demographic can be defined by combining the above two segments. This particularly helps organisations to understand how and where their customers live. Behavioural segmentation takes into account the buyers relationship with the product. Factors such as benefits sought, usage rate, loyalty, attitudes and buyer readiness all come into behavioral segmentation. Multivariable segmentation refers to using a number of different variables and types of segmentation to develop a rich profile of a target group of customers. Nintendo undertake this process to access any underlying target market. Psychographic segmentation is also known as lifestyle segmentation. Psychographics go deeper than other variables and attempt to engage the customer on more of an emotional level. ‘The term lifestyle is used in its widest sense to cover not only demographic characteristics, but also attributes to life beliefs and aspirations’ (Brassington and Pettitt 2008, p. 205) With this in mind the marketer can make calculated assumptions about a lifestyle group’s buying habits or traits. In 2001 Mazzoli carried out extensive market research in France to identify and understand various lifestyle groups. After the research had been carried out he found that six lifestyle groups had emerged. (Brassington and Pettitt 2008 p. 203) Although the participants made up a small fraction of the French population, it was useful information because the groups clearly reflected a much larger number. It is also common for marketers to break this segment down into 4 bits; Activities, interests, opinions and demographics. It is important for Nintendo to be conscious of its target market’s activities because this is essentially what they are tapping into and emulating with their products. When the Wii was first released it was targeted at the younger gamer market (Males aged 12-25). The games that were introduced at this stage included Wii sports, bowling, golf, and the generic Nintendo games such as Mario cart. By releasing games such as these Nintendo put themselves at risk of closing off large sectors of potential markets. With many consumers the Wii was perceived as a â€Å"kiddie console†, this was not their aim. Nintendo has countered this by expanding their market to include older generations and females which they have done so successfully. So successfully in fact that the number of female users of the Wii now far surpasses males, (Note table A) Table A POLARIS MARKETING RESEARCH COMPANY2EUROPE INTERNATIONAL MARKETING RESEARCH COMPANY Customer satisfaction surveys. Polaris offers a service where they conduct a huge number of customer satisfaction surveys. This is done in a number of ways including telephone, internet, IVR, and mail. This would be very useful to Nintendo because it would provide them with valuable customer feedback. 2Europe provides a full range of qualitative marketing research services across Europe including, focus groups, face to face and telephone executive depth interviews. 2Europe provides focus group venues of research partners in each European country, Nintendo are a global company so relations within foreign countries is very important. This will help to familiarise them with markets of different cultures and also public opinion. Unlike Polaris, 2Europe can help the organisations with Business to Business interviews. This would be beneficial to Nintendo as deals need to be made with wholesalers and distributors on a worldwide scale. Brand research and planning, Polaris state ‘Brands exist in the marketplace and as such there are three separate sets of forces working on your brand and determining how it is perceived in the marketplace. First is your company and the actions you are taking in the marketplace, next is your competitors and the actions they are taking for their brands and against yours. Finally, economic and social trends impact your brand. ’ Polaris claim to make your brand robust within current and future markets. Nintendo is one of the most successful brands in the world and thus does not require any external brand management. 2Europe also provides a range of qualitative research capabilities. These include face to face street interceptors, mall tests, Online surveys and telephone interviews. Quantitative research is predominantly the most reliable type of market research as it puts the company and its customers in direct contact. The data collected will be put into manageable charts and tables so the company can understand the results. This type of research is often required when companies are trying out new products and because Nintendo is a continuously innovative organisation it would be essential for it to undertake some sort of quantitative research. Employee Surveys Measure Employee Satisfaction, Polaris will conduct employee satisfaction surveys that will measure the organizational communication of the company emphasizing the downward and upward communication in the organization. This could prove very valuable to Nintendo as they are a large organisation and ‘it is an organization’s employees who influence the behaviour and attitudes of customers, and it is customers who drive an organization’s profitability through the purchase and use of its products. ’ (Research from Northwestern University)As indicated within the title, 2Europe are an international research company who attract businesses hoping to understand and work within the European market. This can at times seem like an insurmountable task and the barriers that often occur are languages, culture, local economy and lack of communication. Europe have put together a four step programme to minimise the risks. ‘Appoint an experienced project manager, Establish a clear ‘Implementation Process’. Create a baseline for analysis. Minimise the variables’ (2Europe marketing research official website) Nintendo are aware of their three most successful and import ant markets; Japan, United Kingdom (UK) and United States of America (US). In order to be more successful within central Europe It would be beneficial for Nintendo to incorporate a programme Similar to the one 2Europe offers. Customer Retention part of Customer Lifestyle Research, A customer lifecycle market research survey program could included surveying prospective customers, competitors customers, new customers, loyal customers and previous (lost) customers. Conducting these surveys could possibly make Nintendo aware of why they have lost customers to their competitors. This is important information because in order to stay ahead of your competitors Nintendo must understand what they are doing to entice customers from the same market,Similarly to Polaris, 2Europe recognise the importance of employee loyalty and satisfaction. Ways in which this can be measured is by asking employees for their feedback, Finding out how the employees rate key aspects of the organisation often provides the senior managers with valuable information on how to improve employee satisfaction. Nintendo currently have 3400 employees worldwide and to ignore their input would be counterproductive. With growing evidence to suggest employee satisfaction directly correlates with customer satisfaction it would seem wise for Nintendo to pay attention to this area of research. Anatomy of a product When looking at the anatomy of a product for Nintendo or any other organisation, it important to break the anatomy down into four key sections; core product, tangible product, augmented product and potential product. Nintendo’s current core product is the Wii console. The console on its own is obsolete and without such augmented products such as games and controllers the customers will be distinctly unsatisfied. However, when the console is used in conjunction with these products the core benefit of the product comes to life. As previously stated the Wii is an expensive luxury good and its main purpose is to provide the user(s) with endless interactive fun. The core product is a durable product meaning it will last for years and have multiple uses. Although the Wii is currently retailing at ? 169. 99 it is a relatively low risk product, this is because the customer will have used the product before purchase and Nintendo offers warranties and easily available repairs. With many customers the brand name Nintendo is linked with providing hardwearing quality goods, this is assumed by its millions of loyal customers worldwide. The tangible product is essentially the marketer turning the core product into a real product which embodies the core benefit. In the case of the Nintendo Wii the tangilble product includes product features, quality level and branding and packaging. The features the Wii boasts are Wii sports, a set of interactive games that emulate real sports including golf, boxing and tennis. Quality level can be related to the visual display of the console. The graphics of the gameplay, clear crisp pictures are more likely to encapsulate the user. The augmented product represents add-ons to the existing product. This is very important within the gamer market as successful augmented products can boost the sales of the core product. For example if a videogame is released exclusively on the Nintendo Wii and it brings in lots of revenue, customers who don’t own a Wii console will purchase one just to play this game. The Wii is often sold in packages including games and controllers. Customers are commonly subject to marketing ploys by Nintendo where they will have to buy various augmented products such as memory sticks and rumble packs. Customers are lead to believe these products will intensify the gaming experience. The three previous sections have described the product as it is now where as the potential product describes the product as where it could be in the future. If we look at the Wii when it was first released it was directly aimed at the younger gamer. After Nintendo’s successful market expansion it is now used by people of all generations and genders. This is a result of correct use of product potential when the product was in the early stages. Product mangement (Product life cycle) There are four key stages within the product life cycle and it is important to think of the product’s life within the market. These four stages are introduction, growth, maturity and decline. Introduction, when a product begins its life within a market, sales will be slow and profit will more often than not be negative. The speed in which sales and profit increase is a reflection of how well the product has been promoted and the levels of anticipation created. The marketer’s main aim within the introduction stage is to create wide spread awareness within the selected market it is essential that within the introduction phase the correct promotion is fulfilled because this could prove extremely damaging to sales and profit if the introduction stage is prolonged. Then Growth stage is where the sales begin to increase significantly, this could be because product awareness is spreading rapidly and reputation is building. This is also the stage where profits begin to rise quickly, in many cases this can be due to repeat purchases, but in the case of the Nintendo Wii it is likely to be due to reputation and widespread promotion and awareness. Competitors will often try to combat an organisations product during its growth by releasing a similar product at a cheaper price. This will threaten to flatten the growth curve unless something is done to retaliate. In order to maintain a growth curve the organisation may have to lower prices to compete. When the product reaches its maturity phase it has achieved the optimum sales and profit. This is essentially the stage where repeat and loyal customers have been established. There will be heavy price competition from competitors and the market is generally stable. There will be short run booms due to certain augmented products being released but the product will typically begin its decline hereafter. Once a product has reached its decline it is nearly impossible to stop it. This stage is where the sales and profit slow down rapidly and most people who liked the product have already purchased it. It is of the discretion of the marketer whether they want to milk the product, which means withdrawing support of investment or promotions and try to get as much profit out of it as possible, or regenerate some sales by increasing advertising etc. The Nintendo Wii is in the maturity stage of the product life cycle. The product has been on the market for over two years and after a recent successful regeneration due to releases of Wii fit and fifa 10, the Wii will sit in the maturity stage until subsiding to a decline. New product development ‘A market characterised by dynamically continuous innovation tends to involve new products with a significant degree of innovation’ (Brassington and Pettit 2008 p. 387) an example of a market that is dynamically innovative is the Men’s razor market. Companies such as Gillette, Mach and Braun are always competing for the next best razor. These are continuously innovative companies as roughly every 6 months they seem to release a razor that is different from the previous one. It is however important that these new products still resemble a generic razor. Companies can put themselves at risks of alienating themselves within a market if a product is too distinct or complicated. This type of innovation definitely applies to Nintendo because they are always competing with Playstation and Xbox within the gamer market, The Nintendo Wii has was the most innovative console to date and Nintendo’s competitors are working harder than ever to combat irs success. Discontinuous innovation is by far the hardest and most sought after market to be in. Usually linked with entrepreneurship, companies strive to come up with the next big thing. This type of market requires a whole new learning experience from the customer as they are dealing with something entirely new. Marketers have to make the customers aware of the product and try to explain it before purchase. This is extremely hard to achieve because if the product seems too complicated the company is at risk of losing a large customer base. References Beth Snyder Bulik. Advertising Age. (Midwest region edition). Chicago: May 8, 2006. Vol. 77, Iss. 9; pg. 24, 1 pgs SEAN ONEILL. Kiplingers Personal Finance. 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