Economic-Buyer Model Activity
From an economic perspective, needs would be viewed as a consumer maximizing their dollar or buying potential by choosing the product that best meets their requirements based on value, features, functionality, convenience etc. Economic needs relate to the economic-buyer model of consumer behavior by consumers comparing similar products and weighing their buying options to ensure that their selection will offer value and satisfaction. A purchase that I recently made that was consistent with the economic-buyer model was an electronic fireplace. As this was a relatively high dollar purchase for me, I was concerned about losing money if it did not work well or was of poor quality. I researched the various models and options online prior to making my decision, comparing prices, features and functions, reading customer reviews and manufacturer details. I was concerned about making a bad buying decision because if it turned out to be flimsy, damaged, or dangerous I would have either been out a decent sum of money or had the headache of having to dis-assemble it in order to return it. I wanted a quality product that was aesthetically pleasing at a price that I considered reasonable, and therefore, did my ‘homework’ in order to cross compare similar items against one another instead of simply buying the first one I saw in my price range. Another example that is not explained by the economic-buyer model would be one of my many lower dollar amount purchases or ‘impulse buys’. I recently purchased a pen that was displayed on the counter near the cash registers at a local Dollar General store. I wasn’t necessarily in the market for a pen but the color of it appealed to me and it only cost 99 cents so I purchased it. I did not feel the need to perform research on its performance or durability as I had with the fireplace because even if the pen did not work well the...
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