describe what effect value and pricing have on your decision-making process when you need or want...

describe what effect value and pricing have on your decision-making process when you need or want to buy something. Describe what effect pricing and value have on you when purchasing a Convenience Good versus a Shopping Good versus a Specialty Good.

Expert Solution

Price and value/quality are attribute correlation functions that influence your decision making process. price and value are often correlated. When i need to buy a helmet i never compromise on value or quality because helmet gives me protection from severe head trauma when i met with an accident. This is one of the situations perhaps almost everyone prefers to do the same ( here i could find a positive relation between price and quality ).

When purchasing a convenience good / a widely available good , which everyone buys frequently , i often not do intensive decision making when buying such items such as daily newspapers , chocolate etc .Because either it is cheaply available in market or it's quality doesn't matter. When i purchase shopping goods i compare the price , quality of goods with other similar products as everyone does. finally , I select one that i satisfied with. When buying a specialty good or some branded items , I often give preference to quality of brand/good over price.

Note : above all are my personal tastes/preferences . Thank you

Rahul Sunny answered 7 months ago

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