Question

5 a)Describe your product or service and at least two (2) benefits that your product provides to your customers.  NOTE: the more different benefits your product provides the more different dimensions competitors will have to differentiate their offerings.

b) ) List at least one (1) complement to your product. Briefly (1 – 3 sentences) describe how the benefits of the complementary product increase the utility of your product.

Topic: Consumer behavior choice with uncertainty

Answer 1

(a) A mobile phone or a cell phone is a portable telephone that can make and receive calls over a radio frequency link while the user is moving within a telephone service area.

The advantages of mobile phone are-

1) The phone can be used for voice, data, SMS.

2) Mobile phones come with a built-in camera and hence it is very easy to capture images and videos while traveling.

(b) One complement to the product “mobile phone” is a Sim Card.

SIM card is an integrated circuit that is intended to securely store the international mobile subscriber identity number and its related key, which are used to identify and authenticate subscribers on mobile devices.

Reasons because of which a Sim card would increase the utility of a mobile phone are written below.

A SIM card can be taken from one phone and placed in another. This allows the user to transfer their services and personal information to a new phone without having to manually rewrite every file. SIM cards are also advantageous because they are conveniently stored behind the battery of most phones, preventing damage and keeping the user’s data plan safe. While many prepaid phones contain user information in the phone itself or have a sealed SIM card that cannot be seen or removed, contract cell phone plans require a SIM card in case the user ever needs to transfer his/her account to a new phone. This makes the utility of mobile phones increases because a Sim card is so much very advantageous to the device.