Demand measures for consumers
Consumers are diverse and have different needs and wants. Marketing professionals use segmentation to divide the marketplace into groups of consumers who have similar needs and wants.
Please reflect on the company that markets your favorite beverage or the company that markets your preferred laundry detergent (select 1 specific company and 1 specific brand from this company).
If you were to market this product, what 3 different consumer segments would you market to, and why?
Econ:
Price elasticity of demand measures consumers’ responsiveness to changes in the price of a good. There are a number of variables that affect consumers’ decisions, among them the following:
- The availability of substitutes
- The specific nature of the good
- The part of income spent on the good
- The time consumers have to buy the good
Please draw on your experiences as a consumer and your Unit 2 readings to address the following 4 topics. Make sure you use economic concepts in your main contribution.
- Choose a product that you have purchased in the past 1–3 months from a clothing or shoe store.
- Describe how each of the 4 factors listed above contributed to the elasticity of the good.
- Is the product considered elastic, inelastic, or unitary elastic?
- What effect does the current supply and current demand have on this product?
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