Lewis owned a second-hand car which he bought for RM35,000.00 in cash before the COVID19 outbreak. Due to a tight budget and to cover his credit card debts from his lavish lifestyle, Lewis decided to sell the car. Jimin expressed interest and offered RM15,000.00, which Lewis accepted. After Jimin paid RM15,000.00, he informed Lewis that he would pick up the car a week later. The following day, Lewis's colleague, Daniel, offered to purchase the car for RM25,000.00, which Lewis immediately accepted. He later contacted Jimin informing him that he had sold the car to Daniel and would return the RM15,000.00 paid by Jimin plus RM1500.00 as compensation. Jimin was enraged, insisting that the car belonged to him already, and he was the one who made the first bid and paid in full. Irritated by Jimin's responses, Lewis replied it was his right as the owner to choose the buyer and that he and Jimin had no legally binding contract. Furthermore, the price offered by Lewis was significantly lower than the market value of his car. 1. Analyse and answer the question following the IRAC format. Discuss each issue identified in a SEPARATE IRAC. For example, if you have two issues, then you will have two IRACS. Likewise, if you have five issues, then you will have five IRACS.
Lewis owned a second-hand car which he bought for RM35,000.00 in cash before the COVID19 outbreak. Due to a tight budget and to cover his credit card debts from his lavish lifestyle, Lewis decided to sell the car. Jimin expressed interest and offered RM15,000.00, which Lewis accepted. After Jimin paid RM15,000.00, he informed Lewis that he would pick up the car a week later. The following day, Lewis's colleague, Daniel, offered to purchase the car for RM25,000.00, which Lewis immediately accepted. He later contacted Jimin informing him that he had sold the car to Daniel and would return the RM15,000.00 paid by Jimin plus RM1500.00 as compensation. Jimin was enraged, insisting that the car belonged to him already, and he was the one who made the first bid and paid in full. Irritated by Jimin's responses, Lewis replied it was his right as the owner to choose the buyer and that he and Jimin had no legally binding contract. Furthermore, the price offered by Lewis was significantly lower than the market value of his car. 1. Analyse and answer the question following the IRAC format. Discuss each issue identified in a SEPARATE IRAC. For example, if you have two issues, then you will have two IRACS. Likewise, if you have five issues, then you will have five IRACS.
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Transcribed Image Text:Lewis owned a second-hand car which he bought for RM35,000.00 in cash before the
COVID19 outbreak. Due to a tight budget and to cover his credit card debts from his lavish
lifestyle, Lewis decided to sell the car. Jimin expressed interest and offered RM15,000.00,
which Lewis accepted. After Jimin paid RM15,000.00, he informed Lewis that he would pick
up the car a week later. The following day, Lewis's colleague, Daniel, offered to purchase the
car for RM25,000.00, which Lewis immediately accepted. He later contacted Jimin informing
him that he had sold the car to Daniel and would return the RM15,000.00 paid by Jimin plus
RM1500.00 as compensation. Jimin was enraged, insisting that the car belonged to him already,
and he was the one who made the first bid and paid in full. Irritated by Jimin's responses, Lewis
replied it was his right as the owner to choose the buyer and that he and Jimin had no legally
binding contract. Furthermore, the price offered by Lewis was significantly lower than the
market value of his car.
1. Analyse and answer the question following the IRAC format. Discuss each issue identified in a
SEPARATE IRAC. For example, if you have two issues, then you will have two IRACS. Likewise,
if you have five issues, then you will have five IRACS.
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