Analyzing consumption trends between consumption theories Essay

Analyzing consumption trends between consumption theories - Essay Example It can be stated as a matter of fact that these two theories, relative to the concept of consumer consumption, was introduced at a wide difference of nearly four decades and certainly focuses on distinct assumptions which often tends to contradict each others’ view point. As in the case of Veblen approach, consumers are termed to have no such influence on the price of the commodity; whereas, in the neo-classical theory, customers are considered as one of the major catalysts to influence the commodity price (Himmelweit & et. al., 2001). The concept of consumer consumption is often demonstrated as the pattern of expenditure made by the consumers in exchange of a particular commodity. It is further stated by economists that consumer consumption or the decision taken by the consumers to buy a commodity depends on the price of the product or the services rendered, their requirement or individual preferences, the availability of the product and quality of the commodity served among others. Thus, it may vary according to the changes occurring in relation to any of these variables (Lee & et. al., 2009; Himmelweit & et. al., 2001). However, as mentioned in the theory of ‘consumer sovereignty’ by the neo-classical approach, individual preferences, amid the other factors tend to be one of the strongest influencing factors of consumer consumption. This theory further depicts that these preferences are endogenous in nature and thus tends to be highly influenced by the external factors such as choices favored by the society (King & et. al., 2006; O’Hara & Stagl, 2002). Based on these assumptions, according to the consumer consumption behavior demonstrated by neo-classical theory, the buyers are termed to be one of the major drivers of price change that subsequently leads to change in quantity. The theory further assumes that price and demand for a particular commodity is conversely related which depicts the equilibrium to be as

ISO 9000 Essay Example | Topics and Well Written Essays - 250 words

ISO 9000 - Essay Example It also checked compliance with standard documented procedures. The 2000 version was a game-changer as it introduced process management in companies. The 2000 version included the involvement of upper executives in quality delivery and improvement of the effectiveness through performance metrics. The 2008 version introduced clarifications to the requirements of the existing 2000 version. The new changes and clarifications aimed at improving consistency with earlier versions. The next version, 2015 version is under preparation. The standard undergoes auditing to improve, correct and prevent problems from arising. The auditing can be external (by an external independent body) or internal (by internal staff trained for the purpose). Auditing involves continuous review and assessment to ensure that the system is working. The 1994 auditing focuses on compliance while the 2000 version includes risks, status and importance Implementing ISO 9000 increases organization effectiveness, profits, promotes trade with other countries and makes marketing better. It also helps retain customers and improve satisfaction. In addition to improving employee motivation ISO 9000, reduces waste and increases company productivity. However, ISO 9000 faces various criticisms. Some criticize it for the large amount of money, paperwork and time needed for registration. Some view the standard as a failure especially if a company seeks certification before quality. Others accuse ISO standards of not gauging whether a company is following the right procedure for