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Summary ECON101.docx ECON101 Product and Services œSmartphones Microeconomics 101 As a part of our daily lives, we consume different products which serves various needs. For instance, one may consume pizza because they are feeling hungry, one might deci$7.49
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Summary ECON101.docx ECON101 Product and Services œSmartphones Microeconomics 101 As a part of our daily lives, we consume different products which serves various needs. For instance, one may consume pizza because they are feeling hungry, one might deci
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ECON ECON101 Product and Services œSmartphones Microeconomics 101 As a part of our daily lives, we consume different products which serves various needs. For instance, one may consume pizza because they are feeling hungry, one might decide to purchase hair clippers for beauty purposes o...
econ101docx econ101 product and services œsmartphones microeconomics 101 as a part of our daily lives
we consume different products which serves various needs for instance
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ECON101
Product and Services
“Smartphones”
Microeconomics 101
As a part of our daily lives, we consume different products which serves various needs. For
instance, one may consume pizza because they are feeling hungry, one might decide to
purchase hair clippers for beauty purposes or someone may decide to buy a car. To help
them get back and forward to work and to make life a little easier on for them, so they don’t
have to rely on someone else. As for me, I decided to go with the famous
cellphone/smartphone as the product I use on a daily base. Smart phones are used for
different reasons, some use them to take photos, make videos, text, or even look at movies.
A part of doing this paper, I had to recognize some factors that influenced the demand for
this product. I found out that the brand of the phone plays has influence on the demand as
well as convenience, dependency, price, product features, social
influence and social need. The brand is something more than a name or symbol. The brand
name creates an impression in the customer’s mind about the quality of the service it offers.
If the customer is satisfied with the branded product, they may make word of mouth
recommendations, which can influence other consumers to purchase the brand. Convenience,
Consumers appreciate convenience because of time scarcity (Genova, 2010). Convenience
refers to a condition where work is simplified, made easy and can be done with less exertion,
without distress or difficulty. Smartphones provide convenience. The smartphone is smaller
and lighter than a laptop, making it easy to carry everywhere. Dependency on something
means to use it habitually and intensely, and reluctance to stay away from it. The smartphone
is not only a conventional phone for talking or messaging; people can use them for a range of
reasons, including banking, emailing, documenting, playing games, sharing photos, and
social networking. Price is the quantity of money that a consumer is willing to exchange for a
service or product (Kotler and Armstrong,
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