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CASE:

Yuwang mobile Inc. is a mobile manufacturer, china based company. Company has initiated an exploratory research on buying process, that how one individual is taking decision while “evaluating the alternatives” of the same product with different name and attributes. The research question was “what are those factors which are affecting the preferences of customer, while evaluating the alternatives”. In this research, team of researcher were experimenting different markets and tried different market conditions, to develop some solid ground to investigate further. During this preliminary investigation, research finds some new dimensions. One of them is the transition of ‘real place’ of market into ‘online space’. Second one is true and appropriate information, which is expensive, and people do not want to invest money on it.
Being the student of business ethics we know that there are two approaches which are widely used in the discussion of marketing ethics and consumer protection. One is Market approach and second is Consumer approach. Critics to the market approach respond that the benefits of free markets are obtained only when the markets have all of the seven defining characteristics:
1. There are numerous buyers and sellers
2. Everyone can freely enter and exit the market
3. Everyone has full and perfect information
4. All goods in the market are exactly similar
5. There are no external costs
6. All buyers and sellers are rational utility maximizers
7. The market is unregulated
Critics of the market approach to consumer issues argue that these characteristics are absent in consumer markets. But still we have several hurdles in exploring different ways of information gathering.
Question:
Being the student of business studies, suggests two solutions for the above stated problems for Yuwang Inc. due to which consumers are not able to get the right, appropriate and reliable information? Elaborate your arguments with the help of example.

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Replies to This Discussion

I would like to elaborate it in more simple and meaningful way for you all.

Solution Hints:

Yuwang mobile Inc is doing research on buying process of consumer. What are the factors on which consumer changes their preferences, means consumer have 2 same products A and B of different companies . Suppose 2 mobile of different companies say Nokia, and Samsung with same features but what are those factors on which consumer choose Samsung and doesn't choose Nokia.

During the investigation they found some new reason like "real place" of market to "online place", it means consumer preferences changes because they have now online informaiton available for Samsung Mobile but they don't have same information about Nokia.

2nd is true and appropriate information about the products Nokia and Samsung, which is very necessary for the consumer to have this information before choosing the best product from both of this. But it's expensive for the consumer to get this information and also companies are not doing reasonable efforts. Expensive means consumer will have to do more efforts to get this information, and in this process they have to spend some money also for getting true and accurate information about the products.

In "free market" and "Perfect Competition" there must be these 7 conditions :

There are numerous buyers and sellers
2. Everyone can freely enter and exit the market
3. Everyone has full and perfect information
4. All goods in the market are exactly similar
5. There are no external costs
6. All buyers and sellers are rational utility maximizes
7. The market is unregulated

But in reality in consumer market, when consumer buy products these conditions are missing that's why there preferences changes. We can say it's not "perfect competition" if any one of the above condition is missing. In given Case, condition no 3. "Everyone has full and perfect information " is missing...also real place’ of market into ‘online space’ is existing in the market so consumer preferences changes because of this "monopoly" 

Now by keeping all the above details in our mind we have to suggest 2 suggestions for company to solve this issue, so that consumer can get accurate information about products.

Consumer will only be able to get information if information is free, easily available, and there are no barriers while getting the information. So there will be Perfect competition between all the products if all the 7 conditions are existing.(We can explain how this information can be freely available for the customers). 

Summary:

investigators mentioned that there are few conditions missing that's why consumer are not able to get the right and accurate information. Also Critics endorsed this that in consumer market these 7 conditions don't exists so we can not enjoy the benefits of "free market". So these are issues company facing.
Simple suggest 2 ways how company can eliminate these "monopolies" (when one company have edge and  artificially created such circumstances on which they get edge on other company).

For Hint:
Suggestion:

Yuwang Inc can play their role by eliminating such conditions which create this unfairness, such condition are the 7 above mentioned conditions which are essential for free market.

#1 : Can make information portal for the users, which is free and easily available.

#2: If few companies have converted from "real space" to "online space" then it's also not fair competition because consumer will get online information more quickly and easily as compare to visiting different places for getting the information. So balancing this Yuwang Inc should make available the important information "Online" for the customers, so that there will be perfect competition between all products. And after research consumer will choose the best product on real basis and in fair ways.

Please don't completely rely on this because it's purely my own views but hopefully it will be helpful in solving the assignments. As assignment is very tricky and have lot's of things which are not clear so after analysis i reached on this....
(the main issue in assignment is the line "suggests two solutions for the above stated problems for Yuwang Inc") . But when we study the case we don't see any clear issue which Yuwang facing at the same time Critics have mentioned their views which is helpful for understanding the assignment. 


Please share your views on my answers, Thanks..!!

v.nice dear... bt example kia dain.essi company ko real scene m dal k paish kr dain ya koi b mobile company ya kisi b cheez ki comapny ka keh dain k wo estarh estarh kry yaa k wo krhe hy.

Thanks Dear, and better to mention the example of real life, as question is about mobile companies so choose any 1 example of mobile company and you can give one more example about any other company other than mobiles, like automobile, online shopping company etc..

Keep it logical and concise.. 

Excelent job Shahid.

I think we should skip the case for a moment and only concentrate on this point,

suggests two solutions for Yuwang Inc. due to which consumers are not able to get the right, appropriate and reliable information?

these solution may be

1.online free info about all features of mobile.

&

2.free info counter by the rep of Co. at every big mobile market, or

3. quality of the product, which is the best representative of Co. It itself of one type of advertisement, coz one satisfied customer attract(enforce) more customers to buy such product.  

is it right way or not?

moreover

we can write the example of Nokia & Samsung as suggested by shahid. 

Thanks Dear, and yes you have shared nice points, you can add more facts into this to expand it.

Yes you can write example of any mobile companies but for the change and good impression better to write 1 example of any other company which i replied on above comment.

Great work done Shahid sb. nice ideas, It will help me to make my own Assignment.

Thanks Dear, i'm glad if it "ll help you in your assignment. All the best and pray for my assignment..!!

In suggestion you can mention everything you want which can help company. Also whatever you want to mention keep these points in mind.

1. are numerous buyers and sellers
2. Everyone can freely enter and exit the market
3. Everyone has full and perfect information
4. All goods in the market are exactly similar
5. There are no external costs
6. All buyers and sellers are rational utility maximizers
7. The market is unregulated

If your points encourage the above mentioned characteristic, which is essential for the customer for getting appropriate, free information then go ahead. If these characteristic are existing then company and customer issue will be solve and every thing will be according to the business principles.

aoa...
kindly help me that example should be about that company which has shifted manual to online system??or can give any example?

In example mention any company which was doing manual or ground place working but they changed the process and now doing online, offering more appropriate and free information.
You can mention any company name and write example in your own words about how the x,y,z company did..hope it will help you..!!

Aameen..Wa jazak ALLAH khair.

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