Deciding to Licence or Assign When Selling a Patent

After youve brought your new idea to full fruition, youve invented it; and after youve gotten your intellectual property protection, youve patented it. Like most independent inventors, the next task at hand will be commercializing your product, you make money from it. If the following conditions apply to you: You have decided for a variety of reasons that you shouldnt be the one to manufacture, market, and distribute your invention yourself, you invented a better mousetrap but you dont want to go into the mousetrap business.You were/are not an employee and your invention was/is not automatically assigned to your employer as specified in your contract. There are two common ways to profit from your patent: licensing and assignment. Lets take a look at the differences between the two and help you decide which path is better for you. The Licensing Route Licensing involves a legal written contract where you the owner of the patent are the licensor, who grants rights to your patent to a licensee, the person that wants to license your patent. Those rights can include: the right to use your invention, or copy and sell your invention. When licensing you can also write performance obligations into the contract, for example, you dont want your invention to just sit on the shelf so you can include a clause that your invention must be brought to market within a certain amount of time. Licensing can be an exclusive or non-exclusive contract. You can determine how long the licensing contract will be in effect. Licensing is revocable by a breach of contract, by preset time limits, or by a failure to meet performance obligations. The Assignment Route Assignment is the irrevocable and permanent sale and transfer of ownership of a patent by the assignor (thats you) to the assignee. Assignment means that you will no longer ever have any rights to your patent. Typically its a one-time lump sum total sale of your patent. How The Money Rolls In - Royalties, Lump Sum With licensing your contract can stipulate a one-time payment or/and that you receive royalties from the licensee. These royalties usually last up until your patent expires, that could be twenty years that you receive a small percentage of the profits from each product that is sold. The average royalty is about 3% of the wholesale price of the product, and that percentage can commonly range from 2% to 10%, and in very rare cases up to 25%. It really depends on what kind of invention you have made, for example; a brilliant piece of software for an application with a foreseeable market can easily command double-digit royalties. On the other hand, the inventor of the flip-top drink can is one of the richest inventors in the world, whose royalty rate was only a tiny percentage. With assignments you can also receive royalties, however, lump-sum payments are much more common (and bigger) with assignments. It should be pointed out that because licensing is revocable when someone doesnt pay you your royalties thats a breach of contract, and you can cancel the contract and take away their rights to use your invention. You would not have the same weight with assignments because they are irrevocable. So in most cases, it is better to go the licensing route when royalties are involved. So which is better, royalties or a lump sum? Well consider the following: how ​novel is your invention, how much competition does your invention have and how likely is it that a similar product will hit the market? Could there be a technical or regulatory failure? How successful is the licensee? If there are no sales, ten percent of nothing is nothing. All the risks (and benefits) involved with royalties are avoided with a lump sum payment, and with assignments, that lump sum payment you receive, you never have to refund. However, negotiations for a lump sum payment do acknowledge the fact that the buyer is paying more upfront because they are assuming more risks to gain themselves a greater profit in the long run. Deciding Between Assignment or Licensing Royalties should be the main consideration when deciding between licensing or assignment. If you choose to receive royalties, choose licensing. If you want the capital that the best lump sum payment will bring you choose assignment. Are you in debt from your invention project? Would the money advance other projects and erase your debts? Or is your invention ready for commercialization, ready to make and sell, and you have determined that sales would be good and that you want royalties, then licensing is probably the better choice for you.

At The Dark End Of The Street - 1496 Words

â€Å"At the Dark End of the Street,† is a novel that takes back to the terrifying experience Recy Taylor had in Abbeville, Alabama. Taylor was gang-raped by six white men in the 1940s. This scene immediately shows readers the civil rights movement during the 20th century and how important it was in understanding what was happening. Danielle McGuire is the author of â€Å"At the Dark End of the Street,† which was published in 2010. However, â€Å"This Nonviolent Stuff’ll Get You Killed,† is a novel that focuses on King’s protection during the Montgomery bus boycott that took place in Montgomery, Alabama. Charles E. Cobb is the author of â€Å"This Nonviolent Stuff’ll Get You Killed,† and was published in 2014. Both of these novels focus their points on different and similar aspects of the civil rights movement. When Cobb wrote â€Å"This Nonviolent Stuff’ll Get You Killed,† he focuses on the protection African Americans n eeded in order to not get killed completing everyday tasks, like going grocery shopping. Even on public transportation, civil rights activist felt threatened to the point of bringing weapons and concealing them on their personnel. Even though both novels take place during different times of the Civil Rights Movement they both show the similar hardships important figures played during this movement. Rosa Parks is remembered by her valiant attempt to deny moving to the back of the bus. Even though she denied to relocate on the Montgomery bus, she was still forced to take a seat inShow MoreRelatedAt the Dark End of the Street by Danielle L. McGuire668 Words   |  3 Pageseducated about the horrific events that these women went through without justice. It is also essential because it shows the amazing activism Rosa Parks took part in. Most people are often just taught about Parks’ actions on the bus. At the Dark End of the Street by Danielle L. McGuire shows how Rosa Parks and many other dedicated their lives to receive equality not only for themselves, but for all African Americans in the south. Danielle L. McGuire’s work is an amazing way for people to not only learnRead MoreAnalysis Of James Joyce s Araby955 Words   |  4 Pagesneighborhood and its surroundings. He uses dark and cold references when referring to his surroundings and mood, but light and happy remarks when pertaining to Mangan’s sister. He tends to use the settings as a way to demonstrate that. Firstly, he describes the street as â€Å"being blind† (107) and from that he gives us the impression that he is not happy about where he lives, and the manner in which the neighborhood is. He refers to the street as a dead end. He is not the typical teenager who is excitedRead MoreJames Joyce - Araby Essay1136 Words   |  5 Pages On its simplest level, Araby is a story about a boys first love. On a deeper level, it is a story about the world he lives in that is full of ideals and dreams. Araby is a story of initiation, of a boys quest for the ideal where the quest ends in failure, but results in an inner awareness and a first step into manhood. The protagonist of the story lives through a particular sort of experience which reformulates him into a different person. He faces up the harsh reality for which his previousRead MoreAnalysis Of The Story Araby 896 Words   |  4 Pageslife. This is done by using dark and sombre as adjectives and also not using color. Except, when Mangan’s sister (protagonist’s crush) is being described in the story. This when Joyce decides to use abundance of color to help create a contrast between the girl and the rest of the world. The author throughout the story persists on painting the setting of the story to be dark or even unseeing, dirty and miserable. Joyce does this by the colors he employs to describe the street. This is obvious in theRead MoreNaturalism Movement in Literature1329 Words   |  5 Pagesmovement is Maggie: A Girl of the Streets by Stephen Crane. From there a short story of that time is â€Å"A Dark Brown Dog† by Stephen Crane. Then there is always a poem. One that is named â€Å"The Way of War† by Jack London. All these stories capture the idea of someone’s experience in life. Showing that hard times can make or break a person. They are able to create that through imagery, irony, foreshadowing, and personification. Through out Maggie: A Girl of the Streets, Crane uses one of the literaryRead MoreNew York City Of New Jersey849 Words   |  4 Pages In this town, on Spring Street, residences have blooming front lawns filled with different flowers and plants. With a street named Spring and a town named Bloomfield, it is no coincidence that Spring Street and its town is filled with such an array of color. However, although Spring Street is filled with lively landscapes, most of the houses are white or tan which match and blend in with one another. With the exception of one— the house located on 91 North Spring Street. This cap cod stands outRead MoreInterpretive Questions for Araby by James Joyce Essay1049 Words   |  5 Pagesdesolate and the adults as cold. There is a lifelessness that surrounds the boy: â€Å"musty†¦. waste littered†¦ somber houses†¦ cold†¦. †¦ silent street†¦ dark muddy lanes.† Adults are ghosts: â€Å"the boys are surrounded b y â€Å"shades of people† whose houses â€Å"gazed at one another with brown imperturbable faces.† Joyce evokes an image of the Irish soul as cold and the street as uninhabited and detached, with the houses personified and more alive than its residents. 2. One allusion is the reference to â€Å"Araby†Read More##burys Excerpt InDandelion Wind, By Ray Bradbury735 Words   |  3 Pagesthe passage, the rhetorical devices being used to show a dark, mysterious mood have increased. In particular, lines 35 through 39, provide mysterious diction. The sentence says Up to the dark spiral stairs...and in this sorcerers tower, sleep with thunders and visions...and perform his ritual magic. Diction is used in the semantic field of mystery throughout the middle section of the excerpt. He uses specific choice of words like Dark, Sorcerer and Visions to provide a sense of wonder andRead MoreEssay about Dark Dublin1205 Words   |  5 PagesDark Dublin James Joyce’s, Dubliners is made up of short stories that depict the lives of people in Dublin during the early 1900’s. At this point in history, Ireland was going through a time of distress. The author writes about this time through his stories and characters in the stories â€Å"Counterparts,† â€Å"Ivy Day in the Committee Room,† and â€Å"The Dead.† In these three accounts, Joyce uses theRead MoreLight and Dark Symbolism Illustrated in Joyces Araby Essay661 Words   |  3 PagesSince symbolism first began to be used in the English language, Light has always represented a theme of hope and optimism. The phrase â€Å"Light at the end of the tunnel† best encompasses this, implying an opportunity or relief after difficulty or chaos. In the same way, Darkness has represented confusion or despair. James Joyce expands on the traditional connotations of Light and Darkness in his short story â€Å"Araby†. The narrative follow s a young boy on his futile quest to find love with a girl much

Homosexuality From A Biological Perspective - 1118 Words

Homosexuality from a Biological Perspective Justice X. Johnson Angelo State University Abstract Homosexuality has been around for centuries, maybe even since the beginning of human existence. Many individuals question why some people are gay and why others are not. Those that question humanity ask what exactly makes a person become attracted to the same sex and whether or not it is nature or nurture. There are three points to argue that homosexuality is natural and not by choice. Hormonal changes during pregnancy can alter the unborn child’s sexual preference even before delivery. Some professionals believe brain physicality also has a role to play in homosexuality. With a look even further into the brain, DNA was also found to potentially play a factor in sexual orientation due to the alteration in epi-markers which result in homosexuality. Homosexuality is most commonly described as being physically, or sexually attracted to the same sex. Varying from person to person, some people believe homosexuality is natural and others say it is a choice to be made. Homosexuality is not a choice, it is natural and it is caused by hormonal changes, DNA epi-mark alterations, and brain physicality. Studies completed in universities around the world like Mercer, and Cambridge have helped strengthen the case of homosexuality being natural. Dr. W. J. Jenkins of Mercer University suggests that maternal stress during pregnancy could lead to homosexuality. MoreShow MoreRelatedTheories of Homosexuality849 Words   |  4 PagesTheories of Homosexuality Through the biological perspective of deviance, sociologists have linked homosexuality to hormones, genes and the brain (Taylor, Thio Schwartz, 2013). Hormonal theory does not describe a cause of homosexuality. Genetic Theory describes the cause of homosexuality as people being born gay. The brain theory is much more in depth about the cause of homosexuality. It states that the size of a person’s hypothalamus will cause them to be homosexual or not. Gay’s hypothalamusesRead MoreHomosexuality : What Causes Homosexuality?1404 Words   |  6 PagesCharizma Bush What causes homosexuality? During my abnormal psychology section in class something that stuck out to me was how homosexuality used to be a diagnosed disorder which is fascinating to me. Also the fact that sexual orientation is on a scale from 100% heterosexual to 100% homosexual and no one is fully either one. Knowing this I thought about the new national same-sex marriage law and how it brought up a lot of controversy recently that has been a struggle for years and years. There areRead MoreThe Biological Perspective On Homosexuality Essay1558 Words   |  7 Pagescan be led by many factors. Many may believe that feelings and emotions play a role, but could it be our genetic make-up determines our life partner? It is widely favored that homosexuality stems from one’s environment and the people around them. Although less favored, the theory that genetics plays a role in homosexuality is concrete. In agreeance, Heffner Johnson (2003) states the hypothalamus, a highly significant region of the brain, p lays a role in sexuality. This theory is supported by evidenceRead MorePsychology And Science Of A Heterosexual And Homosexual Man Through The Course Of Nature Vs. Nurture1168 Words   |  5 Pagesstudies; Simon LeVay, Roselli, Hamers, Sanders, Hansen. The perception of whether homosexuality conforms to the course of nature vs. nurture can influence the amount of scrutiny judged upon affected individuals. So, the purpose of this extended essay is to answer the research question of to what extent is there a biological basis with neurological structurally, genetically, hormonally, and prenatally behind male homosexuality and how an individual’s perception of this fact influences their behavior towardsRead MoreEssay about The Homosexual Brain?1502 Words   |  7 PagesQuayle said that homosexuality is more of a choice than a biological situation...It is a wrong choice. (1). Quayles statement counters the sentiment of many homosexuals that their sexual orientation is neither a lifestyle nor a personal choice, it is innate and unchangeable (2) . Is homosexuality a choice or does sexual preference have a biological basis? This question is at the forefront of academic, scientific, political, legal and media consciousness (3). The debate over homosexuality has influencedRead MoreHomosexuality As A Psychological Disorder1511 Words   |  7 PagesThe social argument for homosexuality dates back to the ancient Greeks. Aristophanes, in his Symposium investigates homosexuality, although not termed as such, as a desire by men to share a long-term fulfillment of the soul. He believed that two souls are longing to be together, and the sexual desire alone is not strong enough to create homosexuality, but that the cultural environment allows or forbids the relationship to occur (Heffner, 2003). The debate about homosexuality dates back further thanRead MoreNo One Is Born Gay Or Straight, By Jane Ward843 Words   |  4 Pagesmembers from the Human Rights Campaign arg uably told Herman Cain that being gay is not a choice. The advocacy group wants people to realize that sexual orientation can be affected in other ways. For instance, Cynthia Nixon commented that she decided to have relationships with women, but when the advocacy groups started to pressure her, she changed her statement and said that she was probably born with other sexual desires. Researchers tend to believe that science can prove that biological factorsRead MoreSimilarities And Differences Between Psychodynamic Approaches, Trait, Learning, Biological And Evolutionary, And Humanistic Approaches1279 Words   |  6 Pagespersonality. This includes subjects of Psychodynamic Approaches, Trait, Learning, Biological and Evolutionary, and Humanistic Approaches. The second subject discussed is how binge eating becomes the abnormal behavior or the eating disorder called Bulimia Nervosa. How there are other abnormal behaviors associated with the disorder as well. The last subject discussed is homosexuality in terms whenever it was taken from the Diagnostic and Statistical Manual of Mental Disorders. Assignment 6.1 TheRead MoreEssay about Sexual Orientation1077 Words   |  5 Pagesconsidered highly controversial in our world today. There are many issues that society is faced with concerning homosexuality. When thinking of homosexuality most people refer to the Bible for an answer. There is even more controversy within the Bible’s text. Not only is there reference to the Bible, but also to our mind to answer whether or not homosexuality is a moral issue. Psychological and Biological research is searching for an answer to this illustrious area of confusion. According to Shakuntala DelviRead MoreGay Marriage Should Be Legal And The Normalization Of Homosexuality1422 Words   |  6 Pagesmarriage. However despite gay marriage becoming legal and the normalization of homosexuality, the LGBQT community continues to face scrutiny over their lifestyle. I will be talking about the various conflicts the community faced in the past and continues to face in the present. And the various sociological concepts that links as to why homosexuality is seen by society as deviance , such as the Functionalist perspective and Socialization. According to the American Psychological Association, the

Statistics and Business Research Socio Economic Products

Question: Describe about the Statistics and Business Research for Socio Economic Products. Answer: Introduction This research study has highlighted the impact of socio economic differences for the purchasing of products in the Australian market. As per the statement of Pechey et al. (2013), socio economic differences within an organization arise due to the misunderstanding or miscommunication between the consumers and the employees or between the inter employees of the organization. In this purpose, the researcher has considered the socio economic differences as the independent variable and the purchasing of products is the dependent variable (Dinsa et al. 2012). On the other hand, it can be mentioned that different theories and reliable models will be discussed in this study. These models and theories will effectively increase the knowledge of the study of the research. The models and the theories will be beneficial to estimate the impact of the socio economic differences on the purchasing of products. Socio economic factors: As per the statement of Chitnis et al. (2014), attitudes are the undesirable or the desirable estimation that reflect the behaviour of the consumers. In this connection, it can be stated that attitudes affect the intentions. In addition, it can be stated that attitudes reflect the intentions, higher the desirable attitude, greater will be the intention, which is required to carry out. Howe et al. (2012) opined that attitude is the key factor, which has a greater impact on the buying decision. On the other hand, it can be mentioned that the attitudes are connected with the people and the surroundings. According to Blum (2013), it can be stated that positive attitudes of the people will positively reflect to the surrounding people. In addition, impact of the socio economic differences on the purchasing of goods is also depending upon the connection between the subjective norms and the attitudes of the consumers (Handbury, Rahkovsky and Schnell 2015). In order to make a business successful, socio economic difference between the employees and the consumers will mitigate. It will be reduced by the development of the trust and the rapport with the consumers. As a result, it can be mentioned that greater communication skill between the organizational authority and the consumers can reduce the socio economic differences. In this purpose, Galama and Van Kippersluis (2015) added that the consumers are willing to purchase the products from that organization. The productivity of the company will be effectively increased. Socio economic disparities can be prevented when communication style and the behavior of the employees is required to improve. Global socio economic disparity: Figure : Global socio economic disparity (Source: Pickett and Wilkinson 2015) The above figure depicted the influential factors, which reflects the socio economic differences. By identifying these factors, an organization can mitigate this disparity. These factors can be discussed briefly in the following: Higher production rate and the cheaper labor markets: According to Blum (2013), cheap labor market highlights to increase the rate of production. Nevertheless, due to the precarious employment, there is a weaker purchasing power and the manufacturing goods and services will be hampered. The smaller groups of the domestic customers provide these goods and the services. This particular economic scenario will attract the foreign investors. As per the statement of Vijayanand (2012), due to the lower rate of the domestic labors, the foreign will be attracted. As a result, it can be mentioned that the socio economic disparity will increase. Higher consumption rate and the over market consumption: According to Howe et al. (2012), it can be stated that a larger proportion of manufacturing goods and the services in the cheaper labor countries will be exported to the excessive consumption nations. As a result, this will generate a vicious circle, with which the international consumption will be concentrated within a fewer markets. This purchasing behavior of wages within the consumer nations will continue to increase. On the other hand, the purchasing power of the wages in the cheaper labor nations will constantly fall or remain unchanged. Lower rate of consumption and the under consumption markets: In the words of Handbury, Rahkovsky and Schnell (2015), under consumption is directly related with the economic policies, which aimed to encourage the cheaper labor market. This situation may arise due to the inadequate consumer demand. In addition, it can be mentioned that sometimes the workers are paid lower wages compared to the production. As a result, their willingness towards the productivity will reduce. Hence, the productivity of the organization will be deceased. This will in turn reflect the consumption pattern of the consumers. Global socio economic disparity and the global consumption disparity: This section has tried to highlight that there is a disparity in the income level and the level of consumption. On the other hand, Galama and Van Kippersluis (2015), added that the smaller portion of the overall population would consume a larger percentage of the worlds resources. Therefore, the greater percentage of the overall population is belonging under the minimum consumption level. Therefore, this research study has demonstrated the concept of over consumption and the under consumption in order to identify the impact of the socio economic differences. Due to the limited resources in the global market, the organization will not be able to produce higher productivity. According to the statement of Pickett and Wilkinson (2015), it is required to reduce he socio economic gap between the employees and the consumers. In this connection, the employees require to communicate with the customers, so that the employees will be able to understand the requirement of them. With the help of the satisfactory relationship, the performance of a business can be improved. The productivity of the organization will also be increased. In addition, Blum (2013), opined that consumers would maintain a long-term relationship with the organization. As a result, it can be inferred that the consumer loyalty towards the company will be maintained. Nonetheless, misunderstanding between the co nsumers and the employees will reflect to distrust as well as poor morale. Therefore, it can be concluded that socio economic gap is not good for a company. Gantt chart using the three milestones Literature Review is due on Week 6. Data Collection and Analysis Report are due on Week 10. Final Business Research (Capstone) Thesis is due on week 14. Figure: Gantt Chart using three milestones (Source: created by author) Data collection and analysis method The aim of the research is to find an impact of socio economic differences on the consumers choice of purchasing the products or consuming the services in an Australian Market. The researcher has chosen Virgin Airlines to evaluate and find the issues that the organizations face due to the socio-economic differences. Data collection is a method through which data is collection upon which a finding is based. The researcher has used descriptive approach to analyze the data. The research is not based on case study but the research uses a descriptive approach. Two types of data collection process are qualitative and quantitative procedure (Creswell 2013). For this particular, research the researcher uses quantitative process for collecting the data. Quantitative data is collected for the numerical analysis of the observation. The researcher uses quantitative data collection as the research is observational and descriptive in nature. Quantitative data is used to test the hypothesis that is derived from the theory. The data collection procedure depends on the research questions. The quantitative data can be collected using various methods such as experiments, observations, interview, questionnaires and surveys. Since the research is descriptive in nature, the author uses the methods of questionnaires and surveys to collect the data (Bryman 2015). The data is collected by preparing a questionnaire that is then surveyed online and through interview process by the researcher. The questionnaire is prepared for the managers of Virgin Airlines, its employees and customers. The questionnaire is based on the semi-structured pattern that was based on clustered samples. The questionnaire contains both an open-ended questions and close ended questions. The close-ended questions are for the employees and managers of the organization that is answered in descriptive format. It contains five questions that are surveyed from employees and managers of the Virgin Airlines. The questionnaire is surveyed using interview method and the researcher himself conducts the interview. The total number of employees that are surveyed accounts to 10. Open-ended questions are prepared for the consumers of Virgin airlines. The questionnaire depends on demography such as age, sex, religion and questions based on consumer choice and factors affecting their buy ing behavior. The total numbers of consumers that are surveyed are 50 (Weber 2015). The questionnaire prepared is published online and survey via internet. It is done analyze the socio economic problems and the impact of the socio economic differences on the purchasing decision of consumers. The questionnaire is prepared to analyze the psychological view of the customers. It is done to analyze the methods used by the managers and employees to solve the socio economic issues and problems. The inquiry made was tested on a sample of clustered sampling from the business organization and after that following a convenience sampling so that any person can answer the questionnaires (Saaty and Vargas 2013). Hence, the researcher uses quantitative method to collect the data for this particular research. Quantitative method of data collection is more cost effective than the qualitative researcher it is also less time consuming and hence the researcher uses quantitative data collection method. The two types of data are primary data and secondary data. The researcher relies on primary sources of data for its research that is collected by preparing questionnaires from the primary sources. Here, the primary sources include the managers, employees and consumers. Primary data is the data that is collected by the researcher on its own from the valid sources. It is essential for the researcher to ensure that the data is collected from valid sources where the researcher can rely on the data (Mertens 2014). Data analysis The next step after data collection is the data analysis method. The data that is collected is analyzed using statistical tools to obtain a result on the socio economic problems and its impact on the purchasing decision of consumers in Australian organization. The researcher uses Virgin Airlines to analyze and the issue. Testing the hypothesis is essential that is tested using the statistical tool. The data that is collected is plotted on an excel file to obtain the histograms and bar graphs through which the data is analyzed. In this case, the researcher uses p-test and z-test to conclude as to accept the hypothesis or to reject it. The researcher uses the simple random sampling and probability method to analyze the data (Soy 2015). The aim of the researcher is to get an unbiased result through the analysis. The researcher also uses SPSS software to analyze the result. The response of the consumers, employees and managers are analyzed through SPSS tool (Pickard 2012). The response o f the respondents is categorized under different sections and heads such as age, culture, consumer choice, socio economic differences. The data is then analyzes on three components or parameters that is good, satisfactory and poor. The response and result obtained is the plotted in bar graphs, histograms and pie charts upon which a conclusion is drawn. Hence the data is analyzed in a descriptive approach. Recommendation It is recommended that the researcher should use both the qualitative and quantitative methods for the data collection and data analysis. Qualitative data is used to support the quantitative data collection method. The researcher should also use the secondary sources of data for its research. It is essential for the researcher to have knowledge of the organization, which can be evaluated by referring to the website of the company. The socio economic differences can be solved and there are mainly to main factors to solve the differences. One is the education of children. Right education by the parents has an influential impact on the society. The second component that influences the society greatly is the media (Batra et al. 2014). Media has a very great impact on the society. It can create either a positive impact or a negative impact on society. The Virgin Airline should initially analyze the socio economic problems and issues that the organization face. It is also essential to anal yze the impact of socio economic differences on the purchase decisions and then formulate strategies accordingly to solve the problem (Hirst 2013). Analyzing the background of the customers is essential to know their social background. It is also essential to know the reason for the differences in the socio economic background. Hence, the two main factors that can solve are the right education and right use of media. The managers should properly formulate the strategies so that the problems can be tackled easily (Godey et al. 2012). Hence, the researcher should expand its sample size in order to get a valid result and should use both the quantitative and qualitative data collection procedure for the analysis. Conclusion Hence, from the above analysis and research it can be concluded that the researcher will accept the null hypothesis and reject the alternate hypothesis. The researcher uses quantitative approach to collect the data and the research is described in a descriptive approach. The data is collected through questionnaires from the managers, employees and consumers of Virgin Airlines through interview method and online survey. Various social factors and economic factors affect the purchase decision of consumers. The various social factors that affect the purchasing decision of consumers for Virgin airline are income of the family, social status, lifestyle, consumer preferences, consumer attitude and education. The economic factors that affect the purchasing decision of consumers are price of the product, income of the consumers, purchasing power, interest rates and other economic factors. The differences in the socio economic factors have a negative impact on the purchasing decisions and it greatly affects the consumer choice. The differences lead to a fall in the sale of services that should be handled effectively the managers of the organization. Hence, it is essential to keep the workplace free from socio economic differences in order for success of the business. A socio-economic difference leads to religious riots which is harmful for the organization. Hence, the researcher uses quantitative approach for data collection method because it is less time consuming and more cost effective as compared to the qualitative data collection method. References Batra, R., Ramaswamy, V., Alden, D.L., Steenkamp, J.B.E. and Ramachander, S., 2014. Effects of brand local and non-local origin on consumer attitudes in developing countries.Journal of consumer psychology,9, pp.83-95. Blum, M., 2013. War, food rationing, and socioeconomic inequality in Germany during the First World War.The Economic History Review,66(4), pp.1063-1083. Blum, M., 2013. War, food rationing, and socioeconomic inequality in Germany during the First World War.The Economic History Review,66(4), pp.1063-1083. Bryman, A., 2015.Social research methods. Oxford university press. Chitnis, M., Sorrell, S., Druckman, A., Firth, S.K. and Jackson, T., 2014. Who rebounds most? Estimating direct and indirect rebound effects for different UK socioeconomic groups.Ecological Economics,106, pp.12-32. Creswell, J.W., 2013.Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications. Dinsa, G.D., Goryakin, Y., Fumagalli, E. and Suhrcke, M., 2012. Obesity and socioeconomic status in developing countries: a systematic review.Obesity reviews,13(11), pp.1067-1079. Galama, T.J. and Van Kippersluis, H., 2015. A theory of socioeconomic disparities in health over the life cycle.CESR-Schaeffer Working Paper, (2015-016). Godey, B., Pederzoli, D., Aiello, G., Donvito, R., Chan, P., Oh, H., Singh, R., Skorobogatykh, I.I., Tsuchiya, J. and Weitz, B., 2012. Brand and country-of-origin effect on consumers' decision to purchase luxury products.Journal of Business Research,65(10), pp.1461-1470. Handbury, J., Rahkovsky, I. and Schnell, M., 2015.What drives nutritional disparities? Retail access and food purchases across the socioeconomic spectrum(No. w21126). National Bureau of Economic Research. Hirst, P., 2013.Associative democracy: New forms of economic and social governance. John Wiley Sons. Howe, L.D., Galobardes, B., Matijasevich, A., Gordon, D., Johnston, D., Onwujekwe, O., Patel, R., Webb, E.A., Lawlor, D.A. and Hargreaves, J.R., 2012. Measuring socio-economic position for epidemiological studies in low-and middle-income countries: a methods of measurement in epidemiology paper.International journal of epidemiology, p.dys037. Mertens, D.M., 2014.Research and evaluation in education and psychology: Integrating diversity with quantitative, qualitative, and mixed methods. Sage publications. Pechey, R., Jebb, S.A., Kelly, M.P., Almiron-Roig, E., Conde, S., Nakamura, R., Shemilt, I., Suhrcke, M. and Marteau, T.M., 2013. Socioeconomic differences in purchases of more vs. less healthy foods and beverages: analysis of over 25,000 British households in 2010.Social Science Medicine,92, pp.22-26. Pickard, A., 2012.Research methods in information. Facet publishing. Pickett, K.E. and Wilkinson, R.G., 2015. The ethical and policy implications of research on income inequality and child well-being.Pediatrics,135(Supplement 2), pp.S39-S47. Saaty, T.L. and Vargas, L.G., 2013.Decision making with the analytic network process: economic, political, social and technological applications with benefits, opportunities, costs and risks(Vol. 195). Springer Science Business Media. Soy, S., 2015. The case study as a research method. Vijayanand, S., 2012. Socio-economic impacts in pilgrimage tourism.Zenith International Journal of Multidisciplinary Research,2(1), pp.329-343. Weber, M., 2015.On the methodology of the social sciences. Lulu Press, Inc.