Last Updated 20 Jun 2022

Economic Buyer Model Activity

Category Buyer, Microeconomics
Words 353 (1 page)

Marketing Principles 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 eve either been out a decent sum of money or had the headache of having to dish- 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 ash registers at a local Dollar General store.

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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 consequences would not have been the same. My perceived risk or cognitive dissonance was higher with the fireplace than the pen, therefore, the economic-buyer model did not come into play.

Economic Buyer Model Activity essay

Related Questions

on Economic Buyer Model Activity

What are the 3 economic models?

Made Tech. When Rory MacDonald was young, he would spend many an evening helping his mother to fill out NHS forms on her computer.Medica. More than 90 per cent of NHS Trusts outsource emergency out of-hours X-rays and scans to private firms and many send off images for elective work as well.Hornby.

Do you know who the economic buyer is?

Who they are and what they look for. Simply put, the economic buyer is the one who has authority to make the purchase for which you are proposing.

How to build economic models?

HOW TO BUILD AN ECONOMIC MODEL IN YOUR SPARE TIME by Hal R. Varian* Abstract Most of my work in economics involves constructing theoretical models. Over the years, I have developed some ways of doing this that may be worth describing to those who aspire to practice this art. In reality the

What makes a model, in essence, an economic model?

Essence of macroeconomicsEssence of Macroeconomics Macroeconomics is concerned with behavior of the economy as a whole. demand for goods to consume for new investment, for goods purchased by the government and for net goods to be exported abroad. The business cycle is the deviation from the path from trend growth. There are peaks and troughs.

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