A High Involvement PurchaseEssay Preview: A High Involvement PurchaseReport this essayIntroductionIn December of 2002, Nick decided to purchase his girlfriend, of two and a half, years an engagement ring that would symbolize his commitment and dedication to her. Nick and his girlfriend, Karen, met through work where they both were tellers at Wells Fargo Bank in Glendale, Arizona. Karen graduated from Arizona State University with a degree in Economics and is currently working for DeWalt/Black and Decker in Florida. Nick plans on graduating from ASU in December with a degree in Finance. He will then pursue his career in Florida along with going to school for his MBA. Nick feels that “everyone should go to college, but the ultimate is obtaining an even higher degree”.
The Bachelor
Nick’s first step to getting a Bachelor in Business was his introduction to banking. Nick had already completed a Business degree at a small business school and had also completed an Engineering degree at Florida State. Nick’s desire to have a Bachelor’s degree was one of the factors contributing to his desire to work at the start of his second year of college. Nick found this goal to be appealing due to his desire to be at the cutting edge of how business and financial markets actually worked, although his experience at the major industry players before him was limited – such as JP Morgan Chase, Wells Fargo Bank, and UBS. Nick worked much of his career at the banks he worked for. Nick had experience with managing financial firms, in which he was familiar with their culture and the financial services industry, as well as the traditional finance and finance business model, all of which Nick saw as being outdated. Nick was a “categorical player” who preferred a traditional business approach to the business models at a major industry. Nick was able to work with a number of major banks in his position (such as CIBC), but he understood also of their business model, business practices, and their own values. Nick believed that his business would be best utilized within an industry model that was consistent, predictable, and aligned with market expectations. This view was supported by his “familiarity” in the finance business model, as many high net worth people know well. Nick utilized his familiarity of the business models as a means to evaluate potential investment opportunities. He felt that, given the level of risk at which people are now taking their personal financial resources without forethought or oversight, the use of financial products would be more financially viable and that it would be much more feasible to make investments by making money. As a result, Nick worked through experience with large multi-year investments and took an active role in the process. Nick felt that the industry had been unfairly treated as little more than a financial industry. Nick took time out to teach high school student loan management courses, learn how to navigate various industries such as mortgage brokerage, financial services, and banking. He also continued his education of the legal profession. Nick began to gain more experience with the various types of legal and commercial services available from the financial industry. He began experimenting with his options as an asset manager. He also became a full time consultant with the Paine-Brown Asset Management company as well as working in his own businesses (such as a jewelry store, auto parts shop, and jewelry/mintage store). Nick also went through the transition from being a financial advisor to assisting his partner in setting up the business relationship. Nick was also able to make the transition through his partner to investing with Paine Black & Decker. With knowledge of the financial services industry within the financial sector, Nick felt that while he did not work directly on his partner’s business, he had a good understanding of the investment concepts within the financial
The Bachelor
Nick’s first step to getting a Bachelor in Business was his introduction to banking. Nick had already completed a Business degree at a small business school and had also completed an Engineering degree at Florida State. Nick’s desire to have a Bachelor’s degree was one of the factors contributing to his desire to work at the start of his second year of college. Nick found this goal to be appealing due to his desire to be at the cutting edge of how business and financial markets actually worked, although his experience at the major industry players before him was limited – such as JP Morgan Chase, Wells Fargo Bank, and UBS. Nick worked much of his career at the banks he worked for. Nick had experience with managing financial firms, in which he was familiar with their culture and the financial services industry, as well as the traditional finance and finance business model, all of which Nick saw as being outdated. Nick was a “categorical player” who preferred a traditional business approach to the business models at a major industry. Nick was able to work with a number of major banks in his position (such as CIBC), but he understood also of their business model, business practices, and their own values. Nick believed that his business would be best utilized within an industry model that was consistent, predictable, and aligned with market expectations. This view was supported by his “familiarity” in the finance business model, as many high net worth people know well. Nick utilized his familiarity of the business models as a means to evaluate potential investment opportunities. He felt that, given the level of risk at which people are now taking their personal financial resources without forethought or oversight, the use of financial products would be more financially viable and that it would be much more feasible to make investments by making money. As a result, Nick worked through experience with large multi-year investments and took an active role in the process. Nick felt that the industry had been unfairly treated as little more than a financial industry. Nick took time out to teach high school student loan management courses, learn how to navigate various industries such as mortgage brokerage, financial services, and banking. He also continued his education of the legal profession. Nick began to gain more experience with the various types of legal and commercial services available from the financial industry. He began experimenting with his options as an asset manager. He also became a full time consultant with the Paine-Brown Asset Management company as well as working in his own businesses (such as a jewelry store, auto parts shop, and jewelry/mintage store). Nick also went through the transition from being a financial advisor to assisting his partner in setting up the business relationship. Nick was also able to make the transition through his partner to investing with Paine Black & Decker. With knowledge of the financial services industry within the financial sector, Nick felt that while he did not work directly on his partner’s business, he had a good understanding of the investment concepts within the financial
The Bachelor
Nick’s first step to getting a Bachelor in Business was his introduction to banking. Nick had already completed a Business degree at a small business school and had also completed an Engineering degree at Florida State. Nick’s desire to have a Bachelor’s degree was one of the factors contributing to his desire to work at the start of his second year of college. Nick found this goal to be appealing due to his desire to be at the cutting edge of how business and financial markets actually worked, although his experience at the major industry players before him was limited – such as JP Morgan Chase, Wells Fargo Bank, and UBS. Nick worked much of his career at the banks he worked for. Nick had experience with managing financial firms, in which he was familiar with their culture and the financial services industry, as well as the traditional finance and finance business model, all of which Nick saw as being outdated. Nick was a “categorical player” who preferred a traditional business approach to the business models at a major industry. Nick was able to work with a number of major banks in his position (such as CIBC), but he understood also of their business model, business practices, and their own values. Nick believed that his business would be best utilized within an industry model that was consistent, predictable, and aligned with market expectations. This view was supported by his “familiarity” in the finance business model, as many high net worth people know well. Nick utilized his familiarity of the business models as a means to evaluate potential investment opportunities. He felt that, given the level of risk at which people are now taking their personal financial resources without forethought or oversight, the use of financial products would be more financially viable and that it would be much more feasible to make investments by making money. As a result, Nick worked through experience with large multi-year investments and took an active role in the process. Nick felt that the industry had been unfairly treated as little more than a financial industry. Nick took time out to teach high school student loan management courses, learn how to navigate various industries such as mortgage brokerage, financial services, and banking. He also continued his education of the legal profession. Nick began to gain more experience with the various types of legal and commercial services available from the financial industry. He began experimenting with his options as an asset manager. He also became a full time consultant with the Paine-Brown Asset Management company as well as working in his own businesses (such as a jewelry store, auto parts shop, and jewelry/mintage store). Nick also went through the transition from being a financial advisor to assisting his partner in setting up the business relationship. Nick was also able to make the transition through his partner to investing with Paine Black & Decker. With knowledge of the financial services industry within the financial sector, Nick felt that while he did not work directly on his partner’s business, he had a good understanding of the investment concepts within the financial
When Nick went to purchase his engagement ring, he did not know what Karen liked, except for the fact that she wore silver. Nick knew that even though he did not know what kind of cut Karen liked, she would be happy with whichever he chose. He mentioned that it is not the diamond that matters, but the uniting of two people and the beginning of a new life together. Nick wanted to buy a ring that Karen would be proud to wear and that he would enjoy looking at on her finger. He purchased a beautiful one-carat princess cut diamond that is of good clarity and color. It has a platinum band with the diamond sitting in 14K white gold prongs. Nick flew to Florida to surprise Karen on Valentines Day 2003 and proposed. As Nick had expected, Karen loved her engagement ring.
Demographic ProfileNick grew up in Chicago for 17 years and then joined the Marines, which moved him to California and then to Yuma, Arizona. After Nick got an honorable discharge from the Marines, he attended community college and then chose ASU for his undergraduate studies. He goes to school full time and works an average of 35 hours per week. His salary is $32,000 a year, which supports his tuition, his living expenses, and his parents, as Nick grew up in a low-income family. Since Nick was 15 years old, he has always had to contribute to the family income.
Nick enjoys playing basketball, hiking, and working out, along with watching CNN, MSNBC, and Headline News. Nick enjoys traveling to new places and going on vacations. Nick and Karen have been to Peru, Scotland, and Chicago together. In Nicks free time, he enjoys watching movies, dancing, and going out with his close group of friends. When dining out, he enjoys Greek, Mexican, and Italian food. Nicks Greek culture strongly emphasizes a close family unit. He is extremely close with his parents and spends most of his weekends visiting them.
VALS IITo access the VALS survey, we went toDecision-Making and Purchase ProcessThere were a combination of many things that led to Nicks proposal to Karen. The two have been dating for two years, have successfully overcome obstacles within the relationship, and have come together on a spiritual level. When Karen planned and facilitated Nicks first surprise birthday party and flew out to Phoenix to surprise him, Nick realized then that she was the woman he wanted to marry.
Going into the purchase, Nick was excited and had a very positive attitude towards making the purchase. He had very little knowledge about jewelry, specifically diamonds. He took a friend with him who was more knowledgeable on the subject. Nick did a little investigating on the Internet for pricing guidelines, and also looked at other jewelers for price comparisons. Karen did not have much of an influence on the purchase itself. She knew that Nick wanted to marry her and he knew that she was serious about their relationship. He had no idea what kind of ring she expected, but knew that there was more to their relationship than just an engagement ring.
When considering the place to make the purchase, Nick did not look at any advertisements. He does not trust ads or commercials, but would rather see the store and its products in person. He recalls noticing a few ads before the purchase, but did not pay close attention to them because, as stated earlier, he would rather see the ring in person. In searching for the right product, Nick looked at the jewelry stores in a few select malls. Nick had shopped around in a non-aggressive manner for about two weeks before making his final purchase. In his search for a place to make the purchase, Nick recalled buying diamond earrings for Karen for Christmas and remembered the salesperson telling him that he could get a ring for zero-percent financing before the end of the year (2002). This factor alone brought him back to that same store. Helzberg Diamonds, where Nick bought the diamond earrings, had ads within the store notifying customers about the financing special. Nick took a few brochures and pamphlets home to read. Before purchasing the earrings, he had no idea about the special.
Nick earnestly considered three