Question

Before completing this graded discussion. You should have full understanding of the concepts below, if you don't please use the textbook and review them first 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. o What consumers want | Joseph Pine o How stores track your shopping behavior | Ray Burke o 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 no more than 200 word Post in which you explain your position. Your post must contain at least the following elements: o It must state the title and the author of the o It must state the reason why believe that TED talk o It must explicitly explain the relationship, connection, chosen TED talk. best answers the question. or link between the ideas provided in the TED Talk and the concept of Consumer Choice. 4. Produce a post Reply of no more than 100 words to someone else's post, in which you critique the post content using the Intellectual Standards (Clarity, Accuracy, Precision, Relevance and Logic). In other words, you are to use the Intellectual Standards to assess the someone else's post. Your reply must contain at least the following elements: It must explicitly state which of the S Intellectual Standards (Clarity, Accuracy, Precision, Relevance and Logic) you are using in the critique. It must at least contain one question. The question must be preceded or followed by a short statement pointing out what you think needs improvement o o o

Answer 1

Basis the 3 TED talks : Consumer behaviour is better understood if the seller knows

• What makes consumer happy is spending the money and time satisfying the desire for authenticity
• to connect to consumer minds, regarding what exactly people want in which form and how much , with what is physically available in the store
• embracing the diversity of human beings - i.e. respecting the different tastes, choice and ensuring easy availability of all type of each product to cater all the consumers.

How stores track your shopping behaviour : Ray Burke

This presentation clearly includes :

• practical examples with exact base to prove the points
• shows regular exercises going on at stores
• explains why such activities are undertaken
• explains about the business ethics

This particular presentation talks about how the stores track the shopping behaviour of consumers. It is well explained in the presentations that what all methods are used to check out the demands of various products. Data analysis, use of technology, sales performance reports everything is jotted down together to understand the need, choice, taste and preference of consumers. This way they enhance their business. They use this analysis to make shopping a happy and simple experience. by organising fashion shows, flashy displays, tables with know-how of product, businesses make it easier for consumers to find the most wanted thing and makes them aware of qualities of goods they are buying. It makes their life easier. Time is saved.