Discussion 2:
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Concepts: Income, Tastes, Prices, Substitute Goods, Complementary Goods, Sustainability, Household Budget, Information, Law of Demand, Law of Supply, Transaction Costs, Utility, Satisfaction
General Instructions:
Choose one concept from the list above, and write a paper a 350 to 500 word paper (350 words, is the absolute minimum) in which you state a response to the following prompt;
“Before participating in the Graded Discussion 2(Consumer Choice & Utility), I thought about (one of the concepts from the list) in this way …, now I think … “. See Discussion 2 below.
You are free to organize and arrange your sentences and paragraphs in any you see fit, but your response MUST at least have the following 5 elements:
It must state and define the concept or idea.
It must explain how you viewed or understood the concept before this class.
It must explain your new way of viewing, or understanding the concept.
It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of this class that helped transform your opinion.
It must have information, data or facts, that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation.
As you produce your response, you should also consider the following:
The implications of the change in perspective. In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea.
Your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic.
Discussion 2:
Ray Burke’s video, “How stores track your shopping behavior,” best responds to the question, “How can we better understand consumer behavior?”. In this video, Burke elaborates that watching customers is key to understanding what they need (Burke, 2014). As customers walk into a store, most already know what they want from the store. Watching customers as they navigate the store, analyzing their reactions to specific products, assessing the goods that draw their attention, and watching their general behavior inside the store can be very insightful. Studying the purchasing patterns gives one an idea of the family set-up of the customer and their hobbies, interests, and food preferences, among other things.
The consumer choice concept argues that individuals purchase products that give them the most satisfaction within their budget. People buy the things they purchase for a reason. While a lot of factors such as advertising can influence purchasing decisions, preferences greatly influence purchasing choices. By watching consumers shop and tracking their behavior, their tastes become apparent, helping organizations understand consumer behavior. It enlightens sellers on consumer needs and their purchasing patterns. This way, the sellers know how to introduce new products and services in the market and capture potential buyers’ interests.
