Demand and investment for jewellery at the time of economic crisis
| Thesis title in Czech: | |
|---|---|
| Thesis title in English: | Demand and investment for jewellery at the time of economic crisis |
| Key words: | Elasticity of demand, luxury goods,investments,economic crises |
| English key words: | Elasticity of demand, luxury goods,investments,economic crises |
| Academic year of topic announcement: | 2014/2015 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | doc. Ing. Tomáš Cahlík, CSc. |
| Author: | hidden - assigned and confirmed by the Study Dept. |
| Date of registration: | 10.10.2014 |
| Date of assignment: | 10.10.2014 |
| Date and time of defence: | 08.09.2015 00:00 |
| Venue of defence: | IES |
| Date of electronic submission: | 30.07.2015 |
| Date of proceeded defence: | 08.09.2015 |
| Opponents: | Mgr. Josef Brechler |
| Preliminary scope of work |
| Topic Characteristics:
The consumer demand defines strategy and tactics of the organization of jewellery manufacture. The demand and its forecasting for short-term and long-term prospect is one of the major problems of marketing for the various organizations and firms. The demand size is influenced by price and non price factors which should be traced accurately on a constant basis by special departments of firms. During difficult times like times of economic crisis (oil crisis, Great Depression, Second World War) many investors try to preserve their assets and invest them into metals like gold or silver. That’s why in my work I will try to analyze the level of investment into gold and silver during crises. The concept of elasticity of demand has a direct bearing on the pricing policy of the companies. Therefore, considerable attention in this work is given to this economic category. In real life it is very difficult to obtain reliable and stable data on factors of cross elasticity to use it for pricing. I will try to analyze the price elasticity of jewels and see if it is low or high in most cases. Demand for luxury goods linearly depends on the personal income. The world economic crisis has brought a rise in prices for gold and falling incomes of the population. It has led consumers to switch demand in the market of jewellery in a direction of the goods of a lower price category. The requirement for jewellery from buyers in the conditions of crisis remains, however consumers in the majority cannot pay for it the same money, as before crisis. My research question is how the demand and investment for jewellery change at the time of economic crisis. In this work a number of the major factors will be identified which influence almost all buyers to get the jewellery. Hypotheses: 1. Economic crises caused income to fall; will it affect the demand for jewelry to fall? 2. How the investments to metals will be affected during economic crises 3. Since the economic crises, it must be true that even a small change in income would affect demand for luxury good a lot. Methodology: 1. Elasticity of demand for luxury goods 2. Functions of Tornkvist 3. Investment function Outline: Introduction Influence of the price on demand Influence of personal incomes of the population on demand Influence of crisis on demand on jewellery in Russia and other countries Conclusion Bibliography Core bibliography: 1.“RosBusinessConsulting” , Retail jewellery systems, Analytic rewiev, Moscow, 2010 2.O.O Zamkov, A.V. Tolstopetenko, U.M. Cheremnih , Mathematical methods in economics, Moscow , published by “Business and Service”,1999. 3.Nepsha V.I., Okoemov U.K., Svetkova N.V. Jewellery with diamonds: income and price elasticity of demand// Marketing in Russia and abroad.-2003.- — № 2 4. “Inventica”, Jewellery Russian Market, Marketing research, Moscow, 2007 5. http://www.gks.ru/bgd/free/B10_00/IssWWW.exe/Stg/d04/6-0.htm 6. http://www.humanities.edu.ru/db/msg/2320 7.Nepsha V.I., Okoemov U.K., Svetkova N.V. Jewellery with diamonds: valuation of price elasticity of demand on retail market in Japan// Marketing in Russia and abroad.-2004.- — № 2 8.http://www.gold.org/assets/file/pub_archive/pdf/what_are_commodities_0305.pdf 9.Nepsha V.I., Okoemov U.K., Svetkova N.V. Jewellery with diamonds: a unifactor model of retail market USA// Marketing in Russia and abroad.-2003.- — № 6 10.http://www.econfin.ru/rus/library/marketing/marketprice/index.php?8811 |
| Preliminary scope of work in English |
| Topic Characteristics:
The consumer demand defines strategy and tactics of the organization of jewellery manufacture. The demand and its forecasting for short-term and long-term prospect is one of the major problems of marketing for the various organizations and firms. The demand size is influenced by price and non price factors which should be traced accurately on a constant basis by special departments of firms. During difficult times like times of economic crisis (oil crisis, Great Depression, Second World War) many investors try to preserve their assets and invest them into metals like gold or silver. That’s why in my work I will try to analyze the level of investment into gold and silver during crises. The concept of elasticity of demand has a direct bearing on the pricing policy of the companies. Therefore, considerable attention in this work is given to this economic category. In real life it is very difficult to obtain reliable and stable data on factors of cross elasticity to use it for pricing. I will try to analyze the price elasticity of jewels and see if it is low or high in most cases. Demand for luxury goods linearly depends on the personal income. The world economic crisis has brought a rise in prices for gold and falling incomes of the population. It has led consumers to switch demand in the market of jewellery in a direction of the goods of a lower price category. The requirement for jewellery from buyers in the conditions of crisis remains, however consumers in the majority cannot pay for it the same money, as before crisis. My research question is how the demand and investment for jewellery change at the time of economic crisis. In this work a number of the major factors will be identified which influence almost all buyers to get the jewellery. Hypotheses: 1. Economic crises caused income to fall; will it affect the demand for jewelry to fall? 2. How the investments to metals will be affected during economic crises 3. Since the economic crises, it must be true that even a small change in income would affect demand for luxury good a lot. Methodology: 1. Elasticity of demand for luxury goods 2. Functions of Tornkvist 3. Investment function Outline: Introduction Influence of the price on demand Influence of personal incomes of the population on demand Influence of crisis on demand on jewellery in Russia and other countries Conclusion Bibliography Core bibliography: 1.“RosBusinessConsulting” , Retail jewellery systems, Analytic rewiev, Moscow, 2010 2.O.O Zamkov, A.V. Tolstopetenko, U.M. Cheremnih , Mathematical methods in economics, Moscow , published by “Business and Service”,1999. 3.Nepsha V.I., Okoemov U.K., Svetkova N.V. Jewellery with diamonds: income and price elasticity of demand// Marketing in Russia and abroad.-2003.- — № 2 4. “Inventica”, Jewellery Russian Market, Marketing research, Moscow, 2007 5. http://www.gks.ru/bgd/free/B10_00/IssWWW.exe/Stg/d04/6-0.htm 6. http://www.humanities.edu.ru/db/msg/2320 7.Nepsha V.I., Okoemov U.K., Svetkova N.V. Jewellery with diamonds: valuation of price elasticity of demand on retail market in Japan// Marketing in Russia and abroad.-2004.- — № 2 8.http://www.gold.org/assets/file/pub_archive/pdf/what_are_commodities_0305.pdf 9.Nepsha V.I., Okoemov U.K., Svetkova N.V. Jewellery with diamonds: a unifactor model of retail market USA// Marketing in Russia and abroad.-2003.- — № 6 10.http://www.econfin.ru/rus/library/marketing/marketprice/index.php?8811 |