In today’s complicated, information-driven culture, arguments affect our world understanding. Arguments are essential to good communication, from arguing complex matters to assessing product quality or understanding cause-and-effect linkages. This article discusses the four sorts of arguments, namely factual, definitional, evaluative, and causal, stressing their importance and showing their use with examples. Understanding these different forms of arguments increases our capacity to participate in meaningful debate. It gives us the critical thinking skills to navigate the numerous viewpoints and ideas surrounding us.
Arguments of Facts
Arguments of fact focus on a statement’s truthfulness or untruth. These arguments present evidence and reasoning favoring a particular stance or point of view. The contentious debate about the 1969 moon landing is an example of a factual argument. Some say that NASA planned a fraud regarding the moon expedition, arguing that the whole event never happened. Proponents of this theory usually cite purported discrepancies in the movie, abnormalities in the pictures, and the lack of stars in the images as proof of trickery. When the data is examined thoroughly, it is clear that the moon landing hoax argument lacks central credibility (Schwartz). The scientific consensus, backed up by substantial investigation and data, unambiguously confirms that humans landed on the moon. Multiple lines of evidence, including lunar samples returned to Earth, seismic data, and independent verification by other countries, testify to the moon landing’s credibility. Furthermore, the technical and logistical challenges connected with such a complicated deception would have been overwhelming at the time. Although factual arguments may give competing viewpoints, a complete study of the data reveals the authenticity of the moon landing and disproves the conspiracy idea.
Arguments of Definition
Arguments of Definition are those that involve the categorization or definition of an idea or phenomenon. These arguments attempt to define or categorize something by establishing the criteria and features that define or describe it. A definitional disagreement is a continuing discussion over social media addiction as a mental health problem. Some say that excessive social media usage should be classed as a mental health disease owing to the harmful consequences on users’ well-being and the addictive nature of these platforms. As proof, they highlight the harmful effect on mental health, such as increased anxiety, depression, and social isolation. However, classifying social media addiction as a mental health disease is challenging. Impaired functioning, distress, and departure from the norm are standard diagnostic criteria for mental health problems. Although excessive social media usage might have negative implications, it takes careful analysis to determine whether it satisfies these criteria. Although the addictive nature of social media is accepted, it does not qualify as a unique mental health issue in and of itself. Mental health experts and academics constantly debate the exact categorization and diagnostic criteria for social media addiction. As a result, definitional disagreements in this context include grappling with the subjectivity and complexities of identifying and categorizing social media addiction as a mental health illness.
Evaluations
Making judgements or assessments on the quality, worth, or effectiveness of a topic is what evaluations are all about. These arguments are meant to present criteria and evidence to back up an assessment assertion. A film evaluation, such as “Inception,” which gained universal praise, is an example of an evaluation. When assessing a film, the plot, visual effects, performances, and overall entertainment value must all be considered. Proponents of the assessment argue that “Inception” is a cinematic masterpiece, praising its sophisticated narrative, amazing graphics, and thought-provoking ideas. To assess the film “Inception,” several criteria might be devised. The criteria include, for example, story coherence, character depth and complexity, innovation and quality of visual effects, and overall impact and lasting impression on the viewer. The film’s merits and flaws and whether it fits the evaluation claim may be assessed using these criteria (Ebert). This method considers personal preferences, cultural context, and film industry norms and expectations.
Evidence such as good reviews from recognized culinary critics, customer comments, and awards or accolades the restaurant has achieved might be given to support the evaluation claim. The restaurant analysis based on the defined criteria allows for a complete review considering several aspects that impact the culinary experience. Individual likes and inclinations differ; thus, judgments are somewhat subjective. Furthermore, they depend on objective standards and facts to support their assessment claim. The context must be included in evaluations since cultural, social, and individual variables might alter the standards and expectations applied. Evaluating things fosters critical thinking, enhances our ability to recognize quality, and allows us to make educated decisions about the value or effectiveness of diverse entities or experiences.
Causal Arguments
The purpose of these arguments is to present evidence that one thing was produced or influenced by another. Higher education’s role in spurring economic growth illustrates a causal argument. Those who hold this opinion argue that investing in children’s education is the best way to ensure a prosperous economy in the future. They support the argument that an educated labor force benefits a nation’s economy by increasing productivity, innovation, and competitiveness. Some research has shown that higher levels of education are associated with higher levels of economic development, specifically in terms of GDP per capita, employment rates, and technical advances. This may be accomplished using studies and other types of proof.
Furthermore, some nations prioritized education and saw extraordinary economic development. A complete evaluation of the link between schooling and economic growth is possible if the data is analyzed and other variables, such as the influence of things like natural resources and political stability, are considered. This paves the way for the creation of a refined causality assessment.
Finally, the four arguments highlight how we communicate, think about, and form judgments in response to the information we encounter. Arguments of definition tackle the difficulties of classifying and defining ideas, whereas arguments of fact evaluate the veracity of a claim. Evaluating anything means determining its worth or quality, whereas causal arguments look at the relationships between variables and how they are linked in a cause-and-effect pattern. Our capacity to think critically, to see things from several perspectives, and to further the body of human knowledge is enhanced by our exposure to and engagement with the various kinds of arguments. Understanding that arguments are inherently ambiguous and subjective may lead to more prosperous, complex dialogues. This will help us foster an environment where ideas are debated thoughtfully, and questions are asked critically.
Works Cited
Ebert, Roger. “Inception Movie Review & Film Summary (2010) | Roger Ebert.” Rogerebert.com, RogerEbert.com, 14 July 2010, www.rogerebert.com/reviews/inception-2010.
Schwartz, Ken. “Millions Still Believe the 1969 Moon Landing Was a Hoax.” VOA, 20 July 2019, www.voanews.com/a/usa_millions-still-believe-1969-moon-landing-was-hoax/6172262.html
Waste Reduction Project Measurement And Critical-to-Quality Analysis
Introduction
The waste reduction effort focuses on assembly line waste. The paper will focus on measurement, identification of critical-to-quality (CTQ) factors, and measuring process product capabilities, manufacturing process capability, and risk assessment. It will examine process definition, metrics, project baseline, and measurement system assessment to optimize process enhancement. The initiative attempts to simplify and reduce waste in production by targeting these areas. It involves monitoring current processes, identifying variables that affect product quality, and assessing production capacities. To minimize risks, the project will be evaluated. The project will also define the process, set metrics for measuring progress, create a baseline, and assess the measurement system.
Process Definition
The project focuses on the assembly line. It involves converting raw materials into completed products. Material efficiency utilization, manufacturing techniques, and staff involvement are required. Starting with natural materials, the production procedure can include machining, molding, or assembly, depending on the result. Each step is planned for efficiency and quality. The process emphasizes resource efficiency to reduce waste and boost output. Manufacturing success depends on employee engagement and motivation. Training, cooperation, and open communication enable them to offer their skills and knowledge.
Metrics for Measuring Process Improvement
Reduction in waste materials. The project’s success is measured by the percentage of waste reduced over time. To accomplish this, the project will reduce waste, analyze data, and compare results to records. The project intends to reduce waste using waste reduction measures. Examples include recycling, waste segregation, composting, and creative waste reduction methods across the industrial chain. The project promotes sustainable waste management procedures to reduce environmental effects. The project will collect and analyze data to quantify waste reduction. The team will track waste types and quantities before and after waste reduction measures. Comparing this data with previous records will reduce waste material (Katakojwala & Mohan, 2021). The project team will set benchmarks to assess progress and guarantee a large and sustained decrease. Reducing waste is important for several reasons. It reduces raw material extraction and manufacturing, conserving resources (Jacobs & Chase, 2021). Second, it reduces greenhouse gas emissions, soil and water pollution, and habitat devastation from garbage disposal. Waste minimization reduces disposal and transportation costs, saving money.
Cost savings, Financial savings are key indicators of waste reduction program performance. The project intends to minimize waste disposal costs and build an economically viable system using efficient waste management practices. Financial data and cost metrics before and after program execution will measure this parameter. Waste reduction optimizes resource use, reduces waste, and boosts operational efficiency (Jacobs & Chase, 2021). Waste segregation, recycling, and process optimization will simplify operations and minimize waste management costs. It seeks to save the organization or community much money. Before starting the waste reduction program, the project team will gather waste management expense data to analyze cost reductions. Waste collection, transportation, processing, and disposal charges will be included. The team will follow and compare these cost parameters after program execution to show a demonstrable cost decrease. Waste management reduces expenses. It boosts the program’s sponsor’s finances (Hariastuti & Saputra, 2019). Waste reduction frees up funds for research & development, employee wellness, and infrastructure upgrades. Waste reduction also helps the organization or community’s economy (Hariastuti & Saputra, 2019). It relieves waste management systems and infrastructure, ensuring long-term financial stability. Reducing trash expenditures may also boost the local economy by producing new companies, jobs, and waste management technology.
Improved productivity, the project improves workflows, streamlines processes, and eliminates non-value-added activities to boost productivity throughout the firm. The project maximizes operational efficiency and production within a certain period. Metrics can be used to evaluate these efforts (Jacobs & Chase, 2021). Tracking production over time is one such statistic. The project team can assess productivity-boosting efforts by tracking delivery quantities. Cycle timings also reveal a task’s length. Productivity may be increased by eliminating bottlenecks. Labor productivity indicators may assess human resources allocation (Jacobs & Chase, 2021). The project team may increase worker productivity by assessing worker output.
The environmental effect, the project aims to assess and reduce activities’ environmental impact. Assessing waste reduction strategies and their environmental impact. Several environmental indicators can evaluate these measures. Carbon emissions measure greenhouse gas production. The project’s environmental benefits may be quantified by reducing carbon emissions. Energy consumption also reveals resource efficiency (Hariastuti & Saputra, 2019). The project team may demonstrate their sustainability and minimize environmental impact by measuring energy use. Waste management also influences environmental impact assessment. The project team may improve waste management by measuring and minimizing landfill trash. Recycling, waste reduction, and appropriate trash disposal may accomplish this.
Critical-to-Quality (CTQ) Factors
CTQ factors affect customer satisfaction. Waste reduction project CTQ factors. Waste reduction effectiveness, the project’s main goal is to reduce waste and minimize its negative impacts on operations and the environment. The company aspires to maximize resource use and reduce waste using comprehensive waste management techniques and sustainable practices. It includes decreasing packaging waste, recycling, and studying waste-to-energy conversion. The initiative monitors and improves waste reduction efforts to reduce the company’s ecological impact.
Cost savings, the waste reduction program is meant to boost profitability and financial performance. The company strives to cut waste management, disposal, and procurement costs by simplifying operations, maximizing resource use, and reducing waste. Waste reduction cuts costs and boosts productivity (Machado et al., 2020). Lean manufacturing and eliminating material waste minimize raw material utilization and enhance production efficiency, saving money. The company may also try resource recovery or waste repurposing to increase income and save costs.
Reducing waste is important for product quality, but it should not affect product quality. Product quality must be maintained to satisfy customers and maintain the company’s reputation. Waste reduction should be properly planned and executed to avoid lowering product quality. It requires detailed manufacturing process audits, identifying places where waste may be eliminated without compromising product integrity, and applying suitable quality standards. The company may use statistical process control and quality assurance to verify product characteristics and meet criteria (Machado et al., 2020). The company can improve product quality and reduce waste by smoothly integrating waste reduction methods into manufacturing operations.
Engagement, the waste reduction effort depends on company-wide employee participation. The project should focus on staff training and allow workers to actively submit ideas and proposals to promote innovation, sustainability, and continual development. Educating and empowering workers on waste reduction ideas, methods, and importance helps foster ownership and accountability (Machado et al., 2020). Training, seminars, and awareness campaigns that emphasize waste reduction share success stories and encourage staff to discover improvements may accomplish this. Establishing cross-functional waste reduction teams or committees may help departments collaborate and share expertise, boosting project performance. Rewarding waste reduction initiatives boost employee engagement and create a proactive, sustainable culture.
Project Baseline and Verification
Establishing a project baseline is essential to every improvement program because it offers a reference for monitoring progress and change effectiveness. A waste reduction project baseline requires data gathering and analysis on waste creation, expenses, production, and environmental effect. The project team will first examine the organization’s waste management practices. It involves identifying all waste streams, establishing how much trash each process generates, and classifying waste as organic, recyclable, or hazardous. Accurate measurements and data collecting will guarantee baseline data dependability and validity (Fargnoli et al., 2022). Waste management expenses will also be considered. Direct costs include waste disposal, transportation, and equipment maintenance, while indirect costs include regulatory compliance and penalties (Javaid et al., 2021). The project team may justify improvement by evaluating the cost effect of waste creation. Production outputs and costs will be assessed. Understanding waste formation and production is crucial. Production rates, product quality, and waste-generating constraints will be recorded. The data will help optimize processes and save waste. The project baseline will also evaluate waste’s environmental effect (Sharma et al., 2021). The team will evaluate waste management’s carbon emissions, water use, and other ecological impacts.
Evaluation of Measurement System
Evaluating the measuring system to guarantee data reliability for waste reduction project results. The examination evaluates system accuracy, precision, repeatability, and reproducibility. Gauge repeatability and reproducibility (GR&R) studies may be used to assess measuring reliability of the system. These studies take measurements from various operators using the same equipment to identify measurement system variance. GR&R studies reveal system errors and dependability. Control charts can also monitor measuring system performance. Control charts compare measured values to control limits to identify data changes that may signal measurement process problems. Project managers may monitor the measurement system’s accuracy and consistency by reviewing control charts. Process capacity analysis helps assess the measuring system. It evaluates the system’s measurement tolerances. Project managers can assess whether the measurement system is accurate and precise by examining process capability indicators like Cp and Cpk. SPC approaches help to improve measuring system performance assessment. SPC procedures monitor and analyze measurement data in real-time to find deviations and irregularities. It allows quick data corrections to assure correctness. These assessment methods help project teams understand the measuring system’s strengths and weaknesses. The information may be utilized to identify areas for improvement, execute fixes, and improve waste reduction project data dependability.
Conclusion
The waste reduction project requires various measures to increase process efficiency. Measuring the current process state, identifying critical-to-quality aspects, defining the process, setting a project baseline, and evaluating the measurement system. The project can monitor waste reduction targets using effective measuring methods. It helps the project team find areas for improvement, make data-driven choices, and meet business goals. Effective measuring methods also validate waste reduction projects and show stakeholders their benefits. These stages may help the waste reduction project build a solid basis for continual development, focusing resources on the essential variables and creating a trustworthy framework for real change and long-term sustainability.
References
Fargnoli, M., Haber, N., & Tronci, M. (2022). Case study research to foster the optimization of supply chain management through the PSS approach. Sustainability, 14(4), 2235.
Hariastuti, N. L. P., & Saputra, D. I. (2019). Implementation of Waste Reduction at the Operational Division with a Lean Manufacturing Concept. In IOP Conference Series: Materials Science and Engineering (Vol. 462, No. 1, p. 012049). IOP Publishing.
Jacobs, F. R., & Chase, R. (2021). Operations and supply chain management (16th ed.) McGraw-Hill
Javaid, M., Haleem, A., Singh, R. P., Suman, R., & Rab, S. (2021). Role of additive manufacturing applications towards environmental sustainability. Advanced Industrial and Engineering Polymer Research, 4(4), 312–322.
Katakojwala, R., & Mohan, S. V. (2021). A critical view on the environmental sustainability of biorefinery systems. Current Opinion in Green and Sustainable Chemistry, 27, 100392.
Machado, C. G., Winroth, M. P., & Ribeiro da Silva, E. H. D. (2020). Sustainable manufacturing in Industry 4.0: An emerging research agenda. International Journal of Production Research, 58(5), 1462-1484.
Sharma, G. V. S. S., Rao, P. S., & Babu, B. S. (2021). Establishing Process Capability Indices in a Sugar Manufacturing Industry-an Industrial Engineering Perspective. Jordan Journal of Mechanical & Industrial Engineering, 15(4).
Analyses Of Factors That Have Impacted The Operations Of Selfridges
Introduction
Selfridge Company was founded in 1909 by Harry Gordon, and its main purpose was to imagine and create a sustainable future that accommodates all individuals in the business arena. The business remains a landmark as a social center for online retail shops. Due to its innovation and creativity, the business has accommodated different social-cultural activities, thus enhancing its existence in the global online community. For instance, due to its extraordinary cultural programs, the business has evolved by designing, branding, and collaborating with other organizations to create an enabling environment for all its customers (Benson 1997, 374). Moreover, the organization thrives daily to revolutionize shopping to be more purposeful, fun, and responsible. Over the decays, the organization remains to embrace creative experimentation, cultural enrichment, and activism as one of its ways to enhance customer experience. Being a private limited organization, the company invests more in share capital, allowing other retail shops to run stores independently. The business adopts a corporation legal structure. Here, the business is considered a separate legal entity from its shareholders. In this type of organizational structure, the shareholders hold the company ownership through shares of stocks. The organization’s managing director is Andrew Keith, while the shareholders are Central Group and Signal Holding. Due to the diversity of the business’s social-cultural practices, this type of legal system enables the business to coexist peacefully as a united legal system.
In this organization, shareholders play a crucial role by placing the financial stakes even though Central Group owns 50% and Signal Holding 50% of the business shares; other shareholders play a vital role in the business operations. At Selfridge, Shareholders invest capital into the business, which they expect to get returns in terms of increased share value and dividends. Additionally, through purchases of products and services, customers aid the business in generating revenue. Based on the report issued by Selfridge.com Audience Demographic, statistics review that 36.17% of the customers are males while 63.83% are females. To achieve this, the company has thrived for decays to satisfy customer needs by providing high-quality products and services, which has enabled the organization to create and retain its loyal customers (Benson 1997, 374). As for the employees, they contribute their skills, labor, and expertise, which enables the company to run its operations smoothly. The organization’s suppliers also play a significant role in the company’s supply chain. The company suppliers range from individuals to big companies who provide services and goods that Selfridge Company sells (Newman & Atkinson 2012, 109). By maintaining good relationships with suppliers, the business has created a cost-effective supply of products, thus enhancing the organization’s efficiency. That said, as for the local community, Selfridge Company has been able to operate within a particular region, thus boosting its productivity. For instance, its operations have created job opportunities, social responsibility, and enhanced economic development. As for the creditors, they have played a significant role in providing financial stakes to facilitate the business’s financial needs.
Task 2: External Factors
PESTEL Analyses
| P | E | S | T | E | L |
| Political Factors
· The change in trade policies
· labor laws influence the productivity of the business
· Implementation of regulations related to retail operations
· Taxations |
Economic Factors
· Inflation rates impact the Selfridge operations
· Economic growth rates
· Customer spending patterns
· Interest rates
· Exchange rates |
Sociocultural Factors
· Lifestyle changes
· Demographic threads
· Customer attitudes towards the shopping experience
· Customer behavior |
Technological Factors
· Digital marketing strategies
· E-commerce threads
· Data Analytics
· Inventory management system
· Point-of-sale system
· Customer relationship |
Environmental factors
· Greenhouse gas emission
· Waste management
· Energy emission
· Sustainable sourcing practices |
Legal Factors
· Product safety regulations
· Employment laws
· Customer protection laws
· Data protection laws
· Intellectual property laws |
Selfridge Company SWOT Analyses
| Strengths
· The high volume of capital
· The company is both global and Local
· Social-cultural organization values (Newman & Atkinson 2012, 109).
· High principled customer-suppler value |
Weakness
· High cost of goods and services
· No customer guidance while shopping
· High cases of fragile goods which end up not being replaced
· Customer privacy is violated |
| Opportunities
· The company stands a greater chance of development due to its creativity and innovation.
· The cooperation aids with the global and local sharing of ideas
· The emerging digital marketing paves the way for the development |
Threats
· High cases of cyber insecurities
· High competition offering discounts and gifts
· Health safety regulations
· |
Task 3: Marketing
Marketing strategies involve the action designed to sell and promote the goods and services of a company. The whole process may involve many combined strategies to enhance the sales volume. As for Selfridge, the company invests much in promoting the customer shopping experience while at the same time retaining the integrity and social-cultural values of the business. That said, since the company majors much on online shopping, it became important to adopt e-marketing as its marketing strategy (Newman & Atkinson 2012, 109). This favored the business because it reaches a wide geographical location, thus reaching out to the majority of the targeted groups. Moreover, this strategy has a low cost of implementation, thus allowing the business to channel its funds elsewhere. The strategy enhanced the market outreach of Selfridge Company. For instance, due to the consumer segmentation that the company adopted while currying put market research, this approach became more active as it aided the organization in targeting different demographic groups. As for the employed individuals and families, the organization uses the shopping date receipts of the customer, thus segregating them into different classes, which makes it easy for them to identify the necessary features for each group in society.
The use of social media, such as podcasting, which give the organization a chance to interact one on one with its customers as while as its suppers, has created a chance for the company and suppliers to demonstrate how some of the products are used. This viral marketing strategy allows the company to gather sufficient data that will allow them to re-engineer the products and service features to match the needs of the customers. Additionally, Selfridge Company adopts well-written blogs as one way to provide valuable information that will attract more visitors. For instance, in 2021, the company’s sales volume increased from 67% to 97%. This was marked by the uploaded blogging content that was submitted on the organization’s website. That said, e-marketing has increased the engagement between consumers and suppliers through an online shopping center created by Selfridge (Newman & Atkinson 2012, 109). Here, suppliers can interact with customers as they give customers a chance to bind the prices of the products. Suppliers can come up with the best price for the products from these bids. E-mail marketing is another strategy that the company has adopted. Here, the company can send random mail messages to customers based on their historical shopping experiences. This allows the company to reduce time wastage as they focus the whole idea on a single group of customers.
Based on the e-marketing strategies of Selfridge Company and the existing innovation and creativity, the business stands a great chance of using product portfolio analyses as one of the ways to identify areas that need more forces. By conducting a product portfolio, the management can assess all the products and services that Selfridge deals with while, at the same time, examining the performance rate, growth potential, and the business market share. Additionally, determining the amount of time a product takes from being introduced into the market until it has taken off the shelves also aids companies in determining the efficiency of their marketing strategies (Winston & Mintu-Wimsatt 2013, 115). For instance, when suppliers deliver products and services to Selfridge shops, the company now does extensive marketing to enlighten consumers about the existing products by highlighting their features. By so doing, they go to the extent of offering gifts. After introducing a product, Selfridge Company uses market entry strategies such as offering gifts or selling at lower prices to convince customers and make them buy the new product.
This only goes on for a few days, and then the growth rate of the product in the market starts picking up. During the growth stage, customers have accepted the product in the market, and customers have truly embraced the products and services and are buying it (Gilaninia et al. 2013, 5). As for the maturity stage, the sales have leveled off from the rapid growth period. This is a crucial stage for every business as it can easily lose all its customers if they are not keen on the prices. Due to high rates of competition, the company needs to reduce its prices to compete favorably with other retail shops. Moreover, to be able to make firm decisions, then Selfridge Company utilizes the product life cycle to determine the maturity time of the product in the market arena and come up with the best ways to reduce their prices. Since they are not the producers, they cannot change the product features and rely on suppliers. That said, after the maturity stage escalates, the product reaches its market peak and thus starts declining (Winston & Mintu-Wimsatt 2013, 115). At this stage, new products start penetrating the market, thus making the existing products less irrelevant. To ensure that Selfridge Company retain its online sales volume, the company needs to adopt multicultural social practices that welcome all manufacturers to start supplying their products wholesale. This will ensure that the company has all the products based on the customer needs and that they get satisfaction.
Task 4 The Impacts of External Factors on the Marketing Mix
Based on the PESTEL analyses above, price is one of the marketing mix elements directly influenced by external factors. For instance, if tax policies are numerous, Selfridge Company will sell their products and services at high prices to ensure that they generate some gain. In addition, political factors such as trade barriers and international relations impact the business directly by reducing its imports and exports relations. However, economic interest rates, foreign exchange rates, cost of raw materials, and supply and demand of the products influence the price of a product (Gilaninia et al. 2013, 5). For instance, when the cost of raw materials is high, the cost of production increases, thus increasing the cost of the end product. At the same time, when the inflation rates are high, the prices of products tend to shoot high as manufacturers adjust to the new market prices. Additionally, based on the population growth rates and individual income levels, the price of a product is directly influenced by social factors. For instance, when an individual level of income is low, their purchasing power is low. This gives us more insight into the individual level of income influences purchasing power (Purcell et al. 208, 46). Emerging technology and technological infrastructure influence the price of a product. Due to high rates of creativity and innovation in Selfridge Company, the organization has been able to influence suppliers to adopt new technologies in manufacturing products that enhance the quality of their products at low cost. This influences the growth rates of companies significantly. As for the legal factors, once health and safety laws are regulated, the product prices change to accommodate the new laws. This directly increases the price of products and services.
Based on the above illustrations, the shareholders of Selfridge Company are vulnerable to any slight change in external factors, which they have less power to regulate. For instance, due to high inflation, the stock owned by the shareholders loses its value; thus, they make losses. This is because the stock price they had invested in has lost its value based on the economic conditions (Purcell et al. 208, 46). The future effects of import and export restrictions are devastating regarding marketing. This is because when the volume of suppliers exceeds the demand, the company is forced to perform below its capability, making it less economical. How can this be solved? Here, trade unions should be enacted and issued mandates to look for markets and enact laws to control manufacturing. In addition, when the prices of products are extremely high, most unemployed individuals need help to meet their daily needs.
References
- Benson, S.P., 1997. The Department Store: A Social History. The Journal of American History, 84(2), p.674.
- Gilaninia, S., Taleghani, M. and Aziz, N., 2013. Marketing mix and consumer behavior. Kuwait Chapter of Arabian Journal of Business and Management Review, 2(12), pp.1-6.
- Newman, A.J. and Atkinson, N., 2012. The role of store image in the re-branding of Selfridges. In Fashion Marketing: Contemporary Issues (pp. 109-124). Routledge.
- Purcell, J., Kinnie, N., Swart, J., Rayton, B. and Hutchinson, S., 2008. People management and performance. Routledge.pp.46.
- Smith, P. (2023) Selfridges Retail Ltd: Revenue worldwide 2022, Statista. Available at: https://www.statista.com/statistics/861908/selfridges-retail-limited-revenue-worldwide/#:~:text=In2022theretailerdelivered,year2020severelylimitedfootfall.
- Winston, W. and Mintu-Wimsatt, A.T., 2013. Environmental marketing: strategies, practice, theory, and research. Routledge. pp. 115.