Chick-fil-A revolves around religious standards and values; they allow the company to stand out of the crowd from their competitors. Their image is framed out by their religious reputation, which almost sets the company on a pedestal so that consumers feel as if the higher prices are worth the dedicated, friendly customer services, and quality product. Priorities- Being closed on Sunday gives Chick-fil-A a competitive advantage because it portrays the company with an image that sticks to its policies; it elevates the company’s image, making consumers more drawn to it and making the loyal customers remain loyal. Payments- are more expensive than many other fast-food restaurants. Chick-fil-a is a loyal consumers are willing to pay because of the company’s morals, customer service and quality product.
1.Describe Chick-fil-A marketing strategy? Chick-fil-A’s marketing strategy is based on two main points, which include quality products and brand awareness. The company works hard to make sure their overall quality is up to par for customers. They put quality first and let everything else fall into play like the price of our food, in which the company believes the customer will be willing to pay more for better quality. When it comes to brand awareness, it’s a marketing strategy that the company does very well with.
: The purchase of a new pair of shoes, a hamburger at the fast food restaurant, or the service of getting your house cleaned. Many aspects in economics explore how the income of families and individuals affects consumption and spending habits. 3.1.2. Role of Consumer Under Open and Closed Economy Consumer plays a very important role in any economy, be it open or closed. In fact, we can say that it is because of the consumers that economy has a growth and impact.
In the story “The Upside of Income Inequality”, Gary S. Becker and Kevin M. Murphy effectively express’s the importance and need for income inequality in our society. Furthermore, Holly Ellyatt’s newspaper article Income Inequality: Is It Good For Everyone? serves to also point out that economic success and greater productivity is linked to “income inequality”. Although it may seem extremely unfair for someone to make up to two hundred and fifty times as much money as someone else, this notion of “income inequality” actually benefits the society as a whole by encouraging others to work much harder in life and better themselves and their education. For example, the increase of income inequality in the 1980’s greatly increased the education for both women and men and other races such as African Americans.
An expansion of the economy brings about a corresponding increase in quantity demanded for normal goods while a contraction in the economy causes a decline in the demand for the normal goods. On the contrary, the demand for inferior goods is not recurrent (Pech 24). The more the positive value for income elasticity of demand for a product is, the more sensitive consumer demand is to the fluctuations in national income. Banks can take advantage of the income elasticity of demand by analyzing the patterns in demand for money by its customers as their real income changes. Banks can provide customers with more credit cards should there be a period of economic expansion marked by a substantial increase in the income of customers (Hosek 5).
3.0 Consequences of income inequality The consequences bring by the income inequality is still a contradictory arguments on whether it is good or bad for the economic growth. In positive view, income inequality stimulatesthe aggregate economic growth. In negative view, income inequality slows down the aggregate economic growth (Andriuskevicius, Ciegis&Dilius, 2017). 3.1 Positive impacts on economic growth Income inequality reflects the rich become richer and the poor become poorer. The rich may choose to spend,give away, invest or save their money.
The long term effect of the income equality can affect the economic growth of the country. This might also affect the education level and the lifespan of the people of the country. The income gap suppresses the economic growth as well as the job creation which makes the recovery of the country not so visible. The education level of the people of the country is also affected by the increase in the inequality of the income and this eventually affects the economic growth and the development of the country. The social life and the conditions of the people are also affected by the rise in the income inequality of the people of the country (Hargreaves,
this indirectly impacts the economy because human capital is one of the strongest factors that contribute to the economic growth. To conclude, Income inequality has been a great debate between economists and different arguments have been discussed for both sides, but I believe that inequality is such an interesting phase for growth. Without it, productivity will not take place allowing benefits for different social classes and creating strong incentives for an overall better economy and social
While earnings have always been the major cause of inequality in each and every country of the area, since the mid-1990s, their contribution to income inequality remarkably fell. Self-employment also impacts the overall earnings inequality since the income it engenders tends to be less even than traditional salaries. The self employed individuals are generally concentrated in the lower social classes in the majority of OECD countries, yet its effect on inequality continues to be modest because its share of the overall labor income decreased (ranges from 3% to 13%) and represents only 15% of inequality among all workers. (OECD, 2011) 2.2.2 Consequences of Income Inequality Social
There were only limited economic literatures that studied the effects of the distribution of educational attainment. Thus, the distribution of human capital to individuals have an important consequence that might affect the income distribution (Checchi, 2004); (De Gregorio and Lee, 2002); (Park, 1996) and economic