Primary Response-Understanding Utility in Consumer Decision-Making-Evaluating Worth and Value

Primary Response-Understanding Utility in Consumer Decision-Making-Evaluating Worth and Value

While I was deciding to purchase my favorite laptop, I struggled to answer some questions. First, I asked myself if I had enough cash to purchase the laptop. As a student, I lived on a budget, and thus, the decision to buy a laptop depended on the cash I had. Secondly, I asked myself if it was reasonable to buy this laptop at a price tagged. I had to check several online listings to ensure that I got this laptop at a fair price. I asked myself how else well I could spend the money instead of buying a computer. It was a must for me to have this gadget to help me do my online assignments.

I asked myself how often I would be using the laptop; I found that I would need it all the time; thus, it was necessary. I also asked myself how I would carry out my studies with and without a laptop. I realized that it would be quite challenging to complete my assignment if I did not own a personal computer. Additionally, depending on friends’ laptops and using public cybercafés was quite strenuous and hectic; I submitted my assignments late in most cases. Therefore, acquiring my computer was reasonably necessary to make my learning process more manageable.

If my income could have increased before the purchase decisions, I would have been able to purchase a more expensive laptop model that offers better features and efficiency. On the other hand, if the income decreased, I would not have been able to purchase the laptop at all and would have had to continue borrowing or using public cybercafés to do my assignment. Other options that I would have had due to a decreased income would have been hiring or borrowing a laptop rather than buying one.

References

Coto-Millán P. (2003) Theory of Utility and Consumer Behavior: A Comprehensive Review of Concepts, Properties, and the Most Significant Theorems. In: Utility and Production. Contributions to Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-642-57330-9_2

Tanner, J. (2016). Principles of marketing. Chapter 3 Consumer Behavior: How People Make Buying Decisions. The Open University of Hong Kong.

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Primary Responses are due by Friday (11:59:59pm Central), and Peer Responses are due by Tuesday (11:59:59pm Central).

Primary Response: Within the Discussion Board area, write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions with your classmates. Be substantive and clear, and use examples to reinforce your ideas.

For this Discussion Board, please complete the following:

Utility refers to an item’s worth, value, or usefulness. Utility is personal because it includes the enjoyment and satisfaction that you receive from using a product or service.

When making purchasing decisions, most consumers will ask themselves whether or not the product is worth the price.

Please watch the following video to understand more about utility:

Maximizing Utility

Think of the last time you had to make a thoughtful purchasing decision. This could be any type of purchase, from a car to a phone, or entertainment. Discuss the following:

What questions did you ask yourself when making your decision?
How would your decision change if your income increased or decreased substantially, considering the concept of utility?
Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 50–100-word reply about their Primary Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

What differences or similarities do you see between your posting and other classmates’ postings?
For assistance with your assignment, please use your text, Web resources, and all course materials.