Construct a 150-200 word response (total) to the statement/opinion below: I believe consumers purchase rationally for everyday items and large…
Construct a 150-200 word response (total) to the statement/opinion below:I believe consumers purchase rationally for everyday items and large purchases. Today, coupons have become the new buzz word and many consumers have indulged for everyday items and groceries. These are the items consumers would readily substitute and maintain the same level of satisfaction. Often, coupons require consumers to purchase larger quantities than originally planned but consumers see a savings because they won’t have to make a return to the store to purchase it again soon. However, large purchases (cars, household appliances or repairs, etc.) are made based on budgets. These items fall under completeness property. Now I don’t think average consumers sit down and draw graphs to figure the equilibrium point nor do they use equations. They simply look at how much they have and will bring home in the future, deduct bills, and determine how much to save to reach their goal.Impulse buying derives from promotions, sales, and items seen at the checkout line. The average consumer is not concerned with how the business looks at the bottom line but what they decide they want at that time. It is usually done with money considered “play money.” Consumers figure thy have a little extra so they spend it for pleasure.I would not say that the theory is not accurate but it does not consider the human factor.
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