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Graded Discussion Board

INTRODUCTION TO BUSINESS (MGT211)

 

Dear Students!

This is to inform that Graded Discussion Board (GDB) No. 02 will be opened on July 25, 2014 for discussion and last date for posting your discussion will beAugust 04, 2014.

 

Topic/Area for Discussion

 “Consumer Behavior”

 

This Graded Discussion Board will cover from first 37 lessons.

 

Note:

For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mode.

 

Important Instructions:

  • Your discussion must be based on logical facts.
  • The GDB will open and close on above specified date and time. Please note that no grace day or extra time will be given for posting comments on GDB.
  • Use the font style “Times New Roman” and font size “12”.
  • Your answer should be relevant to the topic i.e. clear and concise.
  • Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
  • Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
  • You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed.
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  • You cannot participate in the discussion after the due date via email.
  • Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
  • For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VU-LMS.

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Replies to This Discussion

Please all students related this subject Share your online Quizzes here to help each other.thanks

 

Please share the question and their answers of this quiz if anyone has done.
Thanks.

 

Introduction to Business (MGT211)                       

Spring, 2014

Graded Discussion Board No.2

Due Date: 04th August, 2014

Marks: 5                                                  

TOPIC: Consumer Behavior      

NOTE: There is no grace period in case of GDB

 

Objective:

 

  • To familiar the students with the concept of consumer behavior and its significance for marketers.

 

Learning Outcome:

 

After attempting this activity, students will be able:

1.      To understand the significance of consumer behavior for company’s perspective.

2.      Identify the factors that have make consumer more powerful

 

Scenario:

 

Understanding consumer behavior is very critical for designing effective marketing strategies. It helps managers to identify the appropriate people to target for designing attractive offerings. The earlier days of business, the market trends were controlled by sellers and consumers were at taking end. However in the current fast changing era the power in the marketplace is shifting from seller to customers as customers are now more informed, demanding and evaluative. Now companies spend millions of dollars in investigating the changing behaviors of consumers to win the market shares. Companies are well aware of the fact that their survival only depends on in-depth understanding of consumer preferences.

 

Point of Discussion:

Keeping in view the above scenario, identify those factors/reasons that have shifted the market powers from sellers to consumers. Mention at least five reasons.

Student’s Guide

1.      Keep you discussion with the mentioned scenario and irrelevant answers and material will not be graded. 

 

 

2.      Be careful from those blogs who are promoting cheating culture among our students and killing their creativity and critical thinking. Answers copied from such blogs will be straightaway marked as zero. Similarly any relevant or irrelevant material copied from internet sources will get the same treatment. It can seriously damage your grades.

Note:

For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mod

 

Dear all please, share yours ideas

Five factors or reasons that have shifted the market powers from sellers to consumers

 Information Technology There was a time when IT was driven by enterprise demands and consumers had little or no influence in shaping technology.  In fact consumers were relegated to a different industry group – consumer electronics, which was the home of underpowered devices with closed architectures and limited commercial applicability.

The very structure of the technology marketplace is changing and threatening to leave CIOs and Enterprises behind as it shifts toward computing oriented and driven by consumers. 

Electronics industry

The consumer electronics industry is becoming the consumer technology industry where everything is connected to the web and the price power equation turns in favor of individual devices rather than corporate systems.

 

Personal computers or laptop devices 

The consumerization of IT is something that  where the technology people have in their homes is superior to the technology people use at their workplace.  While that presents challenges to CIOs and IT executives, there is a deeper and more profound change going on

 

Mobile device and applications marketplace driven by Droid, iPhone and other devices is clearly oriented in one direction — the consumer

The sale of more than 3 million iPads — approximately $1.8 billion dollars in revenue — in 80 days is one indication of the attractiveness and power of the consumer marketplace.  Every one of those iPads sold at list price! CIOs who wanted a discount when they were looking to buy 300 devices were informed that there was no discount.  Another point is the observation that within five years, mobile devices will generate traffic on the Internet than.

Technology follows money.  This means that the directions, innovations and investments will follow growth, money and innovation and right now those indicators point to the consumer rather than the corporate marketplace.  Think about it when you consider that average government and commercial IT budgets have been relatively flat for the past 10 years.  Compare that to the revenue flowing into consumer devices, apps and other forms of consumer IT.

Growth opportunities are with the individual not the individual company.

Innovation is also shifting in favor of the consumer marketplace as it has two structural advantages over its commercial counterparts.

Consumers demand constant innovation, new products, functions and features every quarter for all time.  Consumer technology companies have to deliver on those expectations because consumers have greater choice.  Consumers make technology choices more often, and consumers have a lower ‘sunk cost’ that commercial firms.

Consumers move in and out of technologies at a torrid pace giving market innovators constant opportunities.  For example, consumers will switch cell phone carriers to get the latest and greatest device, even if they have to pay a cancellation fee.  It is hard to imagine people changing ERM/CRM or Supply chain technologies at such a rate for obvious reasons.

The force, pace and rewards for consumer based innovation pulls new ideas into the consumer marketplace attracting innovators at a greater rate than corporate technologies that operate at a three to five year refresh cycle.  Greater demand begets greater innovation and the formulation of a permanent gap where commercial technologies have to play catch up to consumer devices and innovations.

The other force is the fact that consumers can and have innovated on their own. They see a need and rather than wait for a product management organization to act, they build the solution they need and release it into the world often as an ‘app’.    This means that there are literally millions of innovators out there, some in companies and others on their own providing constant innovation to the public.  They not only release new solutions, but they update and extend them at a blistering pace, often within days of discovering a bug and throughout the year to add new functionality.  There is not a week that goes by where I do not have to update ‘apps’ to apply these updates.

Again compare that to a corporate upgrade cycle, where new solutions often have to be forced on the user base via an expensive and disruptive project.  The consumer style of solution — continuous update — seems like a better solution.  After all if a device I pay for out of my own pocket can do it better than my multi-million dollar IT organization, then what am I paying for.

Business and commercial technologies face a challenge from their consumer counterparts, as consumer technologies will generate a rapid, diverse and saleable set of innovative solutions.  Business technologies will not go away.  However, their position as the premier incubator of innovation is under threat as consumers now represent a viable, scalable, reachable and mass market for new solutions and technologies.

That consumers will have better and more capable technology has done more than shift user expectations of corporate IT.  It has changed the structure of the industry with the consumer electronics industry fading away to be replaced by a consumer technologies industry that represents a significant threat to existing technology companies, their products and processes.  That is the power shift, consumers getting ahead of corporate on the technology curve and upsetting views on the sources and application of innovation

Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

plz give idea about gdb

Dear Sir, Tariq Sb Please, guide what is the difference between Factors that influence on Consumers behavior and Factors/reasons that have shifted the market powers from sellers to consumers. These both are same, if any difference please gives me a little guidance

Thanks

Few reason could be

1. Customers have become more informed ever before due to fast IT development.

2. Speedy changes in customer needs and wants.

3. Become more aware and economist to gauge and evaluate the cost and benefit analysis.

4. World has become a global village and boundaries have become meaningless.

5. Taste and preferences are with the customers.

Thanks Shakeel bhai

Please think more points 

  1. Awareness
    Buyers become aware of the product
  2. Interest
    Buyers seek information and is receptive to learning about product
  3. Evaluation
    Buyers consider product benefits and determines whether to try it
  4. Trial
    Buyers examine, test or try the product to determine usefulness relative to needs
  5. Adoption
    Buyers purchase the product and can be expected to use it when the need for the general type of product arises. 

shakeel bhai....

your reasons are almost the same ...... only the words are changed almost in every factor.....

  The difference between Customers & Consumers:

 The term “customer” it typically used to refer to someone who regularly purchases from a particular store or company.

The term “Consumer” more generally refers to anyone engaging in any of the activities used in our definition of consumer behavior. Therefore, a customer is defined in terms of a specific firm while a consumer is not.

The traditional viewpoint has been to define consumers strictly in terms of economic goods and services. This position holds that consumers are potential purchasers of products and services offered for sale.

Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

five reason could be

1. customers have more become informed ever before due to fast IT development.

2. speedy change the customers needs and wants.

3.become more aware and economist to gauge and evalute the cost and benefut analysis.

4.world has a global village and boundaries has meaningless.

5. taste and preferences with the customers

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