Question

who (the typical shopper) is affected by changint a prodcut in lie instead if changing the price.

what is tje demographic of who will be fooled by this type of price change in an unethical way.

Answer 1

There are many factors that could affect consumer tastes such as Consumer tastes impacts demand for many things and the factors will be marketing and these elements are advertising, marketing may change consumer tastes you may see a decrease in demand and the probability that customers may move to a new product or new service is dependent on 3 areas and the consumers intention to change and the price and performance of the new product and the substitution and this must be a main reason for, culture, advertising, and Income and wealth and substitute products may be an opportunity or threat, depending on when you a lot of the change, however, If you are good at it, you can produce the new product and if you’re behind the change curve. in terms of a customer profile, we call it a customer avatar so you have a
product and you have or you have a service and there's a customer that would want to buy who is a customer what is its the customer's name what is
their age gender marital status do they have children what are their goals and values so you really have to dig deep and better to better understand who is
your ideal target market and then create a customer avatar so there's like I said demographic information that you can start with but
really you also want to get to their challenges their pain points because you know people have challenges and they want to solve them and they want to
solve their problems and so you want to address them because it's important to these are real problems and challenges that people are having additional things that you could look into it would be sources of information so what magazines or books or blogs are they reading are they going to conferences and really just really understand again what is the pain points frustrations and how does your product or service address them if you're getting started you might not always be clear on what the best
the strategy is so in terms of if you're just getting started and you don't have let's say a customer avatar yet or you don't even have okay you're just getting
started and you have a business but you don't know you or you're you just have a new product and you don't have any customers at all so at this point so the
best way to do that would be to find prospect so people who might be interested in your product or service and doing and survey them ask them questions you know what are their challenge like ask some things like what are you what are their challenges now like how what are the things that you can see would address of those challenges there's there a product or service you see out there that are currently doing that if not you knowwhat would be the ideal scenario and of course get their demographic information as well - and then and all the time as you're doing the survey you'll you'll start to see a pattern so you'll start to see okay this is a certain pinpoint that they're having so for example in my industry that Facebook advertising is a pinpoint that people have and they don't know how to use it so that's one way that I engage with customers or private clients that I have is that I either teach them how to do Facebook advertising or I actually do it for them as it did for you service so survey I would say is the best way to do it and even if you have and if you're already kind of more advanced for example and you already have a business and you already have a product and survey your current customers and better understand why don't they purchase your product or your service

Fooling customers by shopkeepers (for example)

A firm cheats to the extent of 10 % when buying and selling by using false weights and his or her total gain would be:

Profit % = ((100 + normal profit %) 2100−100)%   

= ((100 + 10) 2100−100)

= 21%