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Sergeeva-Olga [200]
3 years ago
8

Answer the following questions using: (a) shoes,(b) barbecue grill,(c) car,(d) toaster,(e) iPad, and( f ) adopting a pet from a

shelter.How important are reference groups to the purchase of the above-mentioned products or activities? Would their influence also affect the brand or model? Would their influence be informational, normative, or identification? Justify your answers in brief.
Business
1 answer:
vfiekz [6]3 years ago
7 0

Answer: Reference group is very important in purchasing the items listed above, this is because in our society today, everyone wants to use the best product, and products that are recognized for its customer's satisfaction.

Reference group is important because they influence the decision of consumers when trying to purchase a particular product, reference group can be friends, experts, family or neighbors who an individual can approach to seek for more information about a particular product, especially when purchasing a product we have never used before, this is like seeking for consumer reviews.

We believe that a product with more customer review is safe to purchase, for example while getting a new car or iPod we might want to ask for its longevity, how expensive the spare parts are if spoilt and so on, we often based our decision on what most people think about it.

2. Yes their influence will affect the brand or model purchased, this is because while seeking the help of a reference group they tend to recommend some best brand in the market on which the consumer make the final decision on.

3. Their influence on the items listed above can be informational this is because when a reference group influences a consumer behavior or decision based on giving fact or information on the social, financial and performance risk of a particular product, especially in a situation where the consumer has little or no knowledge about the item to be purchased for example like the car, iPod and others, this kind of influence is informational.

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Rudiy27

Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

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= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

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prepare an expense record, and make certain that his credit is good so he can continue to spend more than he makes

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