1. How is the shopping process in a supermarket on how household goods are purchased? From an example of your purchases and experiences, how do you decide what is to be purchased and how? (10 Marks)
Ans:
Introduction:
Today, supermarkets have become the most viable source of shopping because they provide all the potential or demanded goods in one place. Hence, the consumer is not required to search and hunt for all the different things at different places.
Concept & Application:
If we go around a decade or so back, we witness the visit of customers to markets or supermarkets to purchase all the groceries, household products, sanitary ware, and everything. Still, today, with the advent of technology, the consumer’s visit has been minimized because of the availability of several apps and programs. Mobile applications and programs have made it easy for consumers to shop as and when they desire without depending on any other source or person.
Conclusion:
The whole idea of regulating consumer behavior this way is to make consumers beware of their purchases. The doctrine of caveat emptor applies here, which means let the consumer beware, i.e., before purchase, it is expected from the consumer that they verify all the details of the product efficiently and then purchase it so that if any discrepancy arises later on, then the seller cannot be held liable if it is related to something that buyer was expected to be aware of, or buyer was expected to satisfy itself.
2. What are the approaches to the type of innovations a company should adopt to get a more significant market share and be in the number one position in the market? (10 Marks)
Ans:
Introduction:
In today’s capitalist world, every business corporation wishes to acquire the largest market share and the whole market. It is in line with the profit-making approach of the companies as opposed to the welfare-oriented approach of the govt.
Concept & Application:
Innovation is not something separate from everything else a business is doing. However, it is to move your business forward to study the marketplace, the behavior of consumers, and what the potential consumers are demanding and to understand how these innovations can add value to our customers.
Conclusion:
Innovation is not something separate from everything else a business is doing. However, it is to move your business forward to study the marketplace, the behavior of consumers, and what the potential consumers are demanding and to understand how these innovations can add value to our customers.
3. Case Study
Q3a. Why is the online platform growing for a product segment like a smartphone?
Introduction:
Smartphones have become an essential commodity for one’s day-to-day life. Today, one can live without anything than a smartphone. Because of technological advancements, everybody is willing to use them and avail of certain benefits of government services; smartphones or digital devices have become necessary.
Concept & Application:
Today, one can live without anything than a smartphone. Because of technological advancements, everybody is willing to use them, and to avail certain benefits of govt services, smartphones or digital devices have become a necessity.
Conclusion:
It is the behavior of consumers that they wish to maximize their choices and satisfaction with minimalist cost and time. Consumers are willing to increase the quality of the product along with lower prices.
Q3b. What are the price points where the smartphones are selling, and where is the focus of the companies more on for the sales? (5 Marks)
Introduction:
Smartphones have become an essential commodity for one’s day-to-day life. Today, one can live without anything than a smartphone. Because of technological advancements, everybody is willing to use them and avail of certain benefits of govt services;
Concept & Application:
In today’s capitalist world, every business corporation wishes to acquire the largest market share and the whole market. It is in line with the profit-making approach of the companies as opposed to the welfare-oriented approach of the govt.
Conclusion:
It is the behavior of consumers that they wish to maximize their choices and satisfaction with minimalist cost and time. Consumers are willing to increase the quality of the product along with lower prices.
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