Question

• Income, Tastes, Prices, Household Budget, Information, Law of Demand, Law of Supply, Transaction Costs, Utility, Satisfaction

Instructions and Steps:

1. View the following 3 TED Talks (video presentations). As you watch the videos, take notes of any relevant information.

• What consumers want | Joseph Pine
  • How stores track your shopping behavior| Ray Burke

• • Choice, happiness and spaghetti sauce | Malcolm Gladwell

2. Decide which of the 3 TED Talks best responds to this question;

• • How can we better understand consumer behavior?

      

3. Produce a Post of at least 200 words in which you explain your position. Your post must contain at least the following elements:

• • It must state the title and the author of the chosen TED talk.
  • It must state the reason why believe that TED talk best answers the question.
  • It must explicitly explain the relationship, connection, or link between the ideas provided in the TED Talk and the concept of Consumer Choice.

Answer 1

As we know that Consumer behavior is the study how a consumer decide to purchase and what kind of behavior that consumer shows. In this context, the best video , that can answer the question "How can we better understand consumer behavior?" is How stores track your shopping behavior by Raymond R. Burke .

This video best state the reason out of other two because this video is based on current trends happening in the market.The marketers are focusing on data and information to predict the behavior of customer's buying decisions. Marketers are implementing technology like Big data to analyze huge amount of data and use that data to create relevant information that can help marketers to make decision like new products for customers, new marketing strategy, promotion etc.

for example, Netflix uses Hadoop Big data application to predict the behavior of its customers that what kind of shows, movies they like then they produce or cancle according to that.

Technology, Data and marketing has created a close platform to understand the behavior of customers. Marketers uses mobile phone by sending mails, text messages, promotional coupons to understand and influence buying decision of customers.

For example- I went to retail supermarket and have done some shopping and they asked my phone number. after i get home, i started to get promotional messages, coupons, points in my account so that i can do more purchase in future.

I also think all you would agree with my choice that this video is better than other two.

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