Question.1073 - Part A:?Introduce yourself Include things such as: What is your name, major, and where you are from? What do you want to get out of the course? What is one thing you would like us to know about you? Let your passion and personality shine here! Part B: Consumer Choice and Marketing As consumers, we are constantly making decisions that lead to product purchases. As marketers, we want to influence those choices in ways that benefit our organization.? We influence these choices through the prices we charge for our products, the places we sell our products, the tools we use to promote our products and through the actual products we sell.? One important question we must ask is, do the number of products we offer influence the consumers decision to purchase products? Research indicates that having a larger assortment of products will draw more customers to a display. Surprisingly, this does not lead to increased purchase behaviors.? As a matter of fact, research shows that a larger display, for example, with 100 different types of jelly,? will increase the number of people that browse, but a smaller display, for example, with 20 different types of jelly, will increase the number of people who actually purchase a product.? Watch the video and then address the questions below in your initial post.?? QUESTIONS: Do you prefer more choices or fewer choices as a consumer (when and why)? What are some key conclusions made by Prof. Iyengar in the conclusions section of the video? Based on your reading of the textbook so far, what is one course concept that applies to those conclusions?
Answer Below:
A) My name is Heath Horn I am a senior at the UAB Collat School of Business and pursuing a degree in Business Management. I am from and currently living in Trussville, AL. I hope to gain a lot of knowledge about marketing to better help the company I am employed with put our product out there. I believe that marketing is a huge part of a company that you can not go without, nor can you have too much of. One thing about me is I am always working. I am a full-time student, have a full-time job and a part time job, I like to stay busy. I am very passionate about serving others and making sure people are taken care of in any way that I can help. Looking forward to a great semester, God Bless! B) As a consumer, getting the exact thing we are looking for matters a lot, so if the number of choices is more, it increases the chances of a customer finding the same thing they were looking for. An example would be if a customer is looking for a t-shirt in size XL, but the shop only has t-shirt sizes up to size L. Because of this, the customer might not purchase anything from that shop and would go to a shop with more choices. In the conclusion of the video, the professor almost counters my argument about how more choices for a customer are better by talking about choice overload and how too many options can make the customer make poor choices; the customer would feel less committed to the choices they make, and the customer would be less satisfied with the choices they made. She also talks about how a person can tackle the problem of choice overload by following a few things like removing redundant options, categorizing the products well, and helping people by guiding them in a more systematic order; this makes more sense because if a customer is indecisive, then too many options can cloud their choices, so by reducing unnecessary products and categorizing the options will help the customers make better choices (Columbia Business School, 2011). The concept of "The Consumer Decision Process" talks about various things, like recognizing a need creates a problem for the consumer. Some topics also discuss how consumers only sometimes make rational choices and can get confused about what to buy and what not to buy. The topic further delves into how consumers can have second thoughts after making a purchase and how there are chances that they regret making that purchase with the example of how "when a customer is going out for an expensive dinner—and then getting slow service and cold food—results in considerable dissatisfaction and regret over the choice. The diner is much less likely to visit that restaurant again (Cannon et al, 2023)." References: Cannon, J. P., Perreault Jr, W. D., & McCarthy, E. J. (2023). Essentials of Marketing: A Marketing Strategy Planning Approach (18th ed.). McGraw Hill. Columbia Business School. (2011). Sheena Iyengar on Overwhelming Consumer Choice. YouTube. Retrieved August 30, 2023, from https://www.youtube.com/watch?v=vQI1wNFraBY&t=1s.More Articles From Management
.ico)
.ico)
.ico)
.ico)
