Eating a slice of pizza   a short thought-piece on the basics of consumer behaviour and microeconomics 31 december 2013
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Eating a slice of pizza a short thought-piece on the basics of consumer behaviour and microeconomics 31 december 2013

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Consuming a pizza = 1 of the most basic examples of Microeconomics in Action. A short, one page, relatively random reminder of Consumer Behaviour 101, Marginal as well as Total Utility Analysis. ...

Consuming a pizza = 1 of the most basic examples of Microeconomics in Action. A short, one page, relatively random reminder of Consumer Behaviour 101, Marginal as well as Total Utility Analysis. Relatively easy to measure & draw insights from an individual experience. It becomes rather more interesting, challenging & fascinating, when transposing the experiences of a multitude of consumer experiences - deciding on insightful measurement metrics, appropriate methodologies and then, how to draw the deep insights that are so necessary to retain and grow share of customer & market.

Short, random thought-piece in the midst of research & ideation of a Marketing Strategy.

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Eating a slice of pizza   a short thought-piece on the basics of consumer behaviour and microeconomics 31 december 2013 Eating a slice of pizza a short thought-piece on the basics of consumer behaviour and microeconomics 31 december 2013 Document Transcript

  • SHORT THOUGHT-PIECE: EATING PIZZA & LESSONS IN CONSUMER BEHAVIOURISM & MICROECONOMICS 31 DECEMBER 2013 RANDOM THOUGHT IN PROCESS OF RESEARCH, REFRESHING & MARKETING STRATEGY IDEATION PROCESS Consuming a pizza = 1 of the most basic examples of Microeconomics in action. With every slice eaten, my Marginal Utility decreases, because I become less hungry as I eat away at each slice. So from a marginal perspective, I am, in a sense, receiving less & less benefits, the more I eat - although I am of course actually receiving more benefit, because my hunger is being sated. After a certain point, the addition of singular slices of pizza start reducing my enjoyment & satisfaction, because my stomach starts feeling distended and I am uncomfortable. That signals the point at which my Total Utility has reached its peak, because I am sated and content with my purchase & product usage experience. [ I guess that's when I ask for a doggy bag :-) - Nothing quite like cold pizza for breakfast the next day] Factor in the opportunity costs related to acquiring said pizza that I am, by inference, prepared to 'pay', the price charged for the pizza & the quality, taste & overall experience that I perceived, and I have some measure of how I will make future purchase decisions, related to that specific pizza - brand, company, restaurant experience. It becomes rather more complex to ensure that mass measurement of consumer behaviour provides accurate, robust and insightful data, so as to assist businesses with the setting of price points, building on their competitive advantages & staying top-of-mind with their consumers.
  • Consumer behaviourism & Micro-economics remain fascinating areas of study, research & of understanding how to deal with BIG DATA, so as build share of customer as well as market share. Ever deeper down the rabbit-holes I wander - refreshing some of the basics as well as discovering new & useful insights, methodologies, techniques and success models. ONWARDS!