Explore consumer behavior and behavioral economics within a specific industry, service, or product through the following bullet points:
- Examine the influence of consumer preferences, decision-making processes, and psychological factors on demand patterns and market dynamics.
- Analyze the role of behavioral economics concepts such as bounded rationality, heuristics, and cognitive biases in shaping consumer choices.
- Discuss the implications of consumer behavior on market structure, pricing strategies, and firms’ competitive positioning within the chosen context.
- Evaluate potential strategies for firms to leverage insights from behavioral economics in enhancing consumer welfare and achieving business objectives.
Additionally, consider how production and technology within the industry, product, or service are affected by consumer behavior:
- Assess how consumer demand trends impact production processes and technology adoption.
- Analyze how firms adjust production techniques and technology investments to meet changing consumer preferences.
- Discuss the role of technological innovation in addressing consumer needs more effectively and enhancing production efficiency.
- Evaluate the synergy between consumer behavior insights and technological advancements in driving business growth and competitiveness within the selected industry, product, or service.
Support your analysis with relevant examples and empirical evidence.
- Support your analysis with relevant examples and empirical evidence.
- Parameters that we need for this project.
- No Handwritten submissions allowed – Word (2 Pages – excluding Diagrams) or Power Point is allowed (7 Slide Minimum).
- Please use diagrams to illustrate the above.
- Please cite your sources – IMPORTANT