#consumer choice

[goshyesvintageads]

AT&T Corp, 1983

[holly-brookes-blog]

Microeconomics Phase 21

Who out there has heard about the theory of consumer choice? According to my text book, “a consumer is equally happy at all points on any given indifference curve, but she prefers some indifference curves to others.” WHAT?!? But how does that make sense? There are high and low points. If someone likes one individual good more so than the other, obviously they have a “prefered point”. Obviously the majority of individuals want a higher indifference curve. Who wouldn’t want more money to buy more. Budget constraints cause a shift on the indifference curve. The more money people make, the more they can buy overall. So in essence, yes conceptually I understand the theory of this. However it is critical to include:budget constraints, substitutes, and complements. The indifference curve is indirectly correlated with the demand curve. For what people choose to spend their money on effects of much of various products they demand, as well as what they are willing to pay. Of course there are both big and small trade-offs. While some debate buying an extra pizza or 6 colas, others face a trade-off of either renovating his/her house this year or buying a new safe vehicle. We can’t estimate which they will do, but the more people make, the more the demand goes up. For example statistics may show that demand of frozen pizzas lower, this could be because people buy better food and less “Cheap”/”convenient” foods. Opposingly average income could go up and the sale of 93% lean meat may rise, as people are buying more expensive food with a portion of the extra money they are making. Others simply go out to eat! On a bigger scale again consider cars and home improvement. As income increases by 20% perhaps home renovation spikes another 10% and cars rise another 5%.  In the end, it’s the consumers choice! Economists of course can utilize information of theory in relation to supply and demand, as well as, analyze how people rationalize trade-offs to make positive business decisions.  Knowing this, for me makes zero difference, I’ve always faced trade-offs whether I was aware of it or not. As humans we rationalize based on what we want, this is altered by income, demand, supply, purchase power etc..

[markandsparkpriya]

Expanding Opportunities in the North America Tetra Pak Carton Market

The North America Tetra Pak Carton Market is currently ripe with opportunity for brands that prioritize sustainable innovation and consumer-centric design. As the market matures, there is an increasing demand for personalized packaging solutions that offer unique branding potential alongside high-performance material properties. From eco-labeled cartons that highlight the renewable origin of the paperboard to specialized designs for premium niche beverages, the opportunities to capture market attention are growing. Retailers are also demanding packaging that maximizes shelf density and simplifies logistics, leading to a rise in space-efficient carton formats that optimize warehouse operations and transport costs. By focusing on these logistical and aesthetic advantages, manufacturers can build strong brand equity while contributing to the wider industry goal of lowering environmental impact through smarter, more efficient packaging systems that meet the needs of both the producer and the planet.

North America Tetra Pak Carton Market recorded a sale of 28,140 million units in 2023 and this volume is anticipated to reach 46,332 million units by 2032 with a CAGR of 8.2% during the forecast period. This growth highlights the dynamic nature of the Tetra Pak Carton Market opportunity and the need for detailed Tetra Pak Carton Market analysis to succeed. As the industry trends toward more customized products, the Tetra Pak Carton Market size continues to climb. Businesses tracking the Tetra Pak Carton Market statistics can leverage this data to improve their market positioning and increase their Tetra Pak Carton Market share. With a strong Tetra Pak Carton Market forecast, there is plenty of room for both established players and new entrants in the Food Tetra Pak Carton Market and Beverage Tetra Pak Carton Market. While the Tetra Pak Carton Market restraints related to raw material procurement may be a factor, strategic management can overcome these obstacles. The Tetra Pak Carton Market drivers, such as the preference for environmentally conscious packaging, remain a powerful force for change. Keeping a close eye on the overall Tetra Pak Carton industry trends, companies can ensure their operations are aligned with the best practices in the global sector. This proactive approach not only facilitates growth but also builds long-term consumer trust, as shoppers increasingly favor brands that demonstrate a genuine commitment to innovation, sustainability, and quality, ensuring that the industry continues to flourish as a cornerstone of the modern retail and supply chain ecosystem.

[sweettntmag]

The illusion of convenience: Why your smart home appliances don't need the internet

In an increasingly interconnected world, the allure of smart devices promises unparalleled convenience and efficiency. From refrigerators that compile grocery lists to thermostats that learn your preferences, the smart home revolution is in full swing. However, beneath the gleaming surface of innovation lies a critical, often overlooked, security and privacy conundrum: the pervasive and…

The illusion of convenience: Why your smart home appliances don't need the internet

[nickgerlich]

Too Much Bread

At the risk of sounding really old—I know, that may be a foregone conclusion already—it’s fun to slip into storytelling mode. And believe me, now that I’m into my 36th year at WT, I have plenty of them. Your job is to nudge me if I start to tell you the same story again down the road.

I remember my very first semester here in the Fall of 1989. I was teaching a Principles of Marketing class among others, and since we didn’t have the internet on campus, and certainly not online courses, this was a twice-weekly face-fo-face encounter.

And there was a young woman in that class who brought plenty of her own stories to each session. As much as my Midwest accent betrayed my origins, her thick eastern European accent suggested strongly she wasn’t at all even remotely from around here.

Turns out she and her family had recently immigrated to Amarillo from Poland, or as it was known when they were escaping it, the Polish People’s Republic. It was anything but a republic, because it was under the control of the USSR. Think rationing, shortages, and the usual ineptness associated with that regime.

In one particular class session we were discussing consumer choice. I had thrown out such lofty topics as product attributes, price, manufacturers, and the like, things we kind of take for granted. We know we can just go to any supermarket and enter a world bazaar of products. We are pretty accustomed to having choices.

But she wasn’t.

She related how people relied on the grapevine and scattered news alerts that bread was available at the local supermarket, which, based on her recollections, wasn’t all that super. Think empty shelves. And when they did have bread, there was one kind. Take it or leave it. One size fits all. If they ran out, oh well.

It was thus no surprise when she and her family froze in our supermarkets, because not only did we have bread all the time—well, aside from when they put the word “snow” in the weather forecast—we have 30 or more varieties. Cheap bread. Whole wheat bread. Rye bread. Fancy breads. You name it, we have bread. You might think we grow some wheat around here.

My student went on, one tale after another, of how their transition to the US, albeit one they wanted, was difficult if only because we have it so good here. I wisely put down my lecture notes and let her do the talking, because I couldn’t begin to teach as well as she was doing.

In contrast, we have grown numb to so much choice, and once we have determined “our brand,” we can boldly walk down the bread aisle and quickly cut through all the clutter, grabbing the one we always do.

Well, that is until they are out of it, or life throws you a curveball, like my wife and a recent diagnosis of being pre-diabetic. Another family member was just declared Type 1 diabetic. Both are having to make massive dietary changes, which essentially means reading every damn label and trying to cut out carbs. That’s no easy task in a country that grows so much wheat and corn. Most of our food is little carbohydrate bombs.

The same holds true when you are trying something new, like following a recipe for a new dish, and you are starting with a clean slate, no accumulated memory, little or no product knowledge. A person could spend an hour in the store trying to figure out which curry or pho noodles to buy.

It’s an interesting conundrum we have here, living in the land of abundance with more choices than we can begin to tally. Amazon alone has more than 12 million products. Enter a search query and wait to be overwhelmed. And yet we somehow manage to survive.

Sometimes, though, too much choice can be crippling, as I was trying to convey a few days ago when I said that “less is more.” At least sometimes it is, and only to a point. Grocery chains like Aldi and Trader Joe’s abide by this mantra, with only about 4000 items, compared to the 45,000 you will find at major chains.

There’s actually a line of academic inquiry of this phenomenon called the Paradox of Choice. As you can imagine, the conclusion is that having too many options can lead to decision fatigue, and even post-purchase regret. It’s a topic we will discuss again later in the course. It is also a topic that can be applied into other arenas, like the Mating Game. Think about all of the prospects for the partner of your dreams. Yikes! It is no wonder that dating can be exhausting. It’s kind of like shopping in the world’s largest supermarket.

Thankfully, when it comes to less complicated acquisitions—bread versus a life partner—we have developed a defense system, as I noted earlier. We can blur the background like on a Zoom call, and focus on the one thing we want. It’s just that it doesn’t always work like that.

I wonder whatever happened to that young woman. She’s got to be in her late-50s now, and no doubt long acclimated to the land of plenty. In her extreme state, though, as a newbie here, it was the perfect illustration for how too much choice can lead to headaches.

I am sure, though, that it was a hell of a lot better than standing in a queue in Krakow hoping there’s still a loaf of bread left when it’s my turn to get in.

Dr “I’ll Take Paradoxes For $1000, Alex” Gerlich

Audio Blog

[davidjhiggins]

Cold Consent

I currently have a stinking cold, which isn’t superbly great. However, the one upside is that taking things easier for a few days has given me time to think, leading to a revelation* that Goths (the aesthetic subculture not the Germanic tribal group) are the solution to the issues Google, Meta, and other internet-centric companies are facing with regulators challenging the design of their user…

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[akwyz]

EU Targets Tech Giants with Pioneering Digital Markets Act Enforcement

Breaking News! The EU is taking a stand against digital monopolies! Six leading tech giants have been officially designated as 'gatekeepers' under the groundbreaking Digital Markets Act. A bold step towards a more open & fair digital marketplace.

In a monumental move designed to foster fair and open markets within the digital sector, the European Commission today designated six of the largest tech corporations as ‘gatekeepers’ under the newly enacted Digital Markets Act (DMA). This initiative marks the first instance of the commission utilizing the powers vested by the DMA to regulate large online platforms that substantially influence…

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[matthewarcher]

How Many Clothes Should We Own, Exactly?

A lot less than you think, if a new report is anything to go by.

"Of course, consumer behavior is only part of the puzzle, particularly considering that the majority of fashion’s carbon footprint comes from the production of clothes. But collective change can help influence the industry at large."

nice to see these kinds of questions are being asked, and in vogue, no less.