Business-to-consumer

Theory of consumer choice Consumer choice denotes the decision an individual will have to make on the products or services they wish to purchase. Theory of consumer choice thus analyses how individuals decide to spend their money keeping in mind their preferences as well as budget constraints. It assumes that people will want to maximize their utility through an optimal combination of goods that they can afford. This theory has three underlying assumptions: The first being utility maximization,…

every way. The law of supply and demand explains how prices are fixed for the sale of goods. In its application to the real market, supply and demand pull against each other until the market finds an equilibrium price. Demand is the degree at which consumers want to buy a product. As the Economic theory states, the demand consists of two factors: taste and capacity to buy. Taste, which is the want for a good, decides the eagerness to buy the good at a specific price. Capacity to buy means that…

Gregory Mankiw affirms that there are two main decision makers in the society that include consumers and firms. Moreover, the definition of economic terms may vary depending on the context they are used in. For instance, supply in the consumer market refers to the amount of products that producers are able to provide in the consumer market. On the other hand, demand refers to the amount of goods that consumers are willing and are able to purchase in the market. Elasticity refers to the…

exactly what the consumer 's needs and wants. That is exactly what the retail anthropologist does; they observe consumers’ shopping routine for them to determine how they would construct and where would they establish the retail stores. On the other hand, people think that watching people is improper because they believe that this is an invasion of their privacy. Also, they think that the surveillance cameras are for security safety not for shopping customers.…

more psycho-education performance can increase albeit those consumers have a way to ensure they understand the psycho-educational information via translators or translated handouts, which currently are limited. This concept goes hand in hand with cultural competency, which due to my childhood, is another one of my passions and has inspired me to facilitate numerous groups about cultural diversity and similarities among cultures. If consumers and staff alike have a greater cultural competency,…

environmental impact is convince products are produced because they become popular among consumers. As the popularity of a product increases more production is needed, which is the first problem. The more production of a product, the more waste is produced from the factories and the consumers who throw out the packaging producing more waste. Convenience products are also all about being appealing to the consumers, that way consumers purchase more. To make it appealing more ink and often…

Consumer Choice Theory and Marginal Analyst In order to understand consumer choice theory and marginal analyst there are a few definitions to define and quantify. Util = a hypothetical unit used to measure how much utility a person obtains from consuming a good. Utility=a satisfaction or please a person obtains from consuming a good or service Total utility=the amount of satisfaction received from all the units of a good or service consumed Marginal utility is the change in total utility…

2-part tariff which capture all or most of the consumer surplus, in a monopolistic market. Consumer surplus is the difference between the consumer willingness to pay for a good, compared to the total amount the consumer actually pay. Furthermore, firms have to adjust their 2-part tariff pricing according to the type of consumer demand present in the market. A 2-part tariff is a second-degree price discrimination technique which consist of charging consumers with 2 fees, an entry fee for the…

nfluence of Annual Household Income on Going to College Introduction: There comes a time when some families must make the decision of whether or not to send a child to college. There are many benefits to a college education that become noticeable throughout a person’s life such as a higher salary than those of an individual without a college degree. College may also produces a multitude of long term setbacks to overcome with the largest being debt. Therefore the family must consider a…

Maharashtra in India, that is dedicated to enabling communities to reclaim their agency for narration by reimagining their positionality as subjects of narratives, to consumers of narratives. Kyun Bayaan Karein? (Why should we narrate?) This project is centered around highlighting the privilege of consumption. Consumption is a consumer-driven and producer determined force, wherein the construction of the “consuming subject” determines who can be constructed as a “consumable subject”, to…