Questions On Lesson 1-4.

How will a consumer decide whether to purchase a good? When a consumer purchases a good, what does this reveal?

1.) According to Lao-tzu, what must the ruler provide the people with if they are to be happy?

What is value? For everyone, it is different. In business, what do we value? Do we value our client? Do we value our company? Do we value our products? In respect to business world relationships and “good” relationships, they are built on trust—that is definitely a value (in my opinion), especially in the business world. As a Starbucks barista, customers value their barista. I have seen it, and I can say that I know a lot more about a customer’s personal life than I ever thought I would when I was first employed with the company. Customers will come in at the same time when the same barista is working because they are having service done by someone that they can trust. There is a value between the two, and the customer definitely sees the barista as a giver (a giver a great customer experience/service). In a greater perspective of this book, good business relationships are not built on the product, but more so the service that the company has to offer—they are built with the person that is offering whatever product it may be that the company is offering. Sure, products may be a value to someone else, but the extra added value would be the relationship; the seller needs to be able to add the extra

1. Long-distance commerce acted as a motor of change in pre-modern world history by altering consumption and daily life. Essential food and useful tools such as salt were traded from the Sahara desert all the way to West Africa and salt was used as a food preserver. Some incenses essential to religious ceremonies were traded across the world because there was a huge demand for them. Trade diminished economic self-sufficiency by creating a reliance on traded goods and encouraged people to specialize and trade a particular skill. Trade motivated the creation of a state due to the wealth accumulated from controlling and taxing trade. Trade posed the problem of if the government or private

B) a transaction in which the third party does not know the identity of the agent

3/ What are some of the contributions that the Clinton, Bush, and Obama administrations stressed for schools?

3. Tina incorporates her sole proprietorship with assets having a fair market value of $100,000 and an adjusted

Smith, CPA, is a partner of Johnson Accounting Firm. Johnson audited the books of Hometown Bank. Smith’s independence would be impaired under which of the following circumstances?

Study Questions: Answer the following questions (based on the reading), save it and then submit it to the professor.

Customer Value is ‘the performance characteristics, features and attributes, and any other aspects of goods and which customers are willing to give up resources’ (Robbins, Bergman, Stagg and Coulter, 2012). This broad definition highlights the fact that there are multiple aspects that contribute to create a sense of value within the customer.

In other words most people would prefer to pay more and buy a more expensive product thinking that by paying more it is also superior to the other products of the same category that are cheaper. However, although the phrase “you get what you pay for” might have some validity in it that is not always the case, due to the fact that sometimes the products that might be cheaper are just as good as the competitor brand which has a higher price. In this instant it would be logical to buy the cheaper product however most human beings would opt for the expensive product, assuming that it is of better quality than the cheaper product. On the other hand, Dan Ariely rebuffs this claim and states, “We choose what we like, not what's best.” Sometimes humans don’t make decisions based on their preferences; instead they choose what they want and that leads to a process of rationalisation in order to get what they really want. However, they still want to give the impression that they were acting according to their preferences.

Value is the benefits a consumer gets from buying the product. As I said before, the Apple iPhone covers almost all

In the conjunctive model, consumer require the minimum level to be satisfied when an item is purchased. In the disjunctive model, consumer is willing to trade one alternative for another. In the lexicographical model, consumers rank items and purchase the one that meets their highest criteria. In the elimination by aspect model, consumer rank item in the order of importance. Each of these models describe the alternative trade offs and how individuals will eliminate an alternative out of their decisions.

Quite often, consumers purchase goods and services based on their perceived need. Upon making the decision that a need is present and a solution is available consumers are more equipped to react to that need. Although previously perceived that consumers will normally accept prices as presented by suppliers that remains to not be the case. Consumers assess and process prices based on past purchases and other psychological process they went through previously such as persuasive marketing strategies, accessibility of the goods or services and possibly information gathered from prior purchasers of a product. There are countless options that are available to consumers. Consumers are then faced with the choice of choosing the product that best fulfills their need at that given point. Consumers who are knowledgeable regarding prices will be aware of the approximated price for products (Zhao, Zhao & Deng, 2015).

Case in point, in the event that you decide to purchase one extravagant brand in vogue shirt instead of two less expensive T-shirts from an in-store brand, you must surrender owning a second shirt less chic in return for the more stylish brand shirt. People use distinctive criteria to settle on choices and albeit all reparation things and experience costs, the expense will not be the same, as the quality they assign to specific products or administrations vary.