Homework
Consumer Emotions and Price Elasticity
Using a core product or service at your company, read and reply to each of the prompts below:
· Assess your product/service in terms of price elasticity of demand:
. Is it elastic or inelastic?
. Support your answer with a clear rationale
· Describe the consumer’s emotional experience when using your product/service:
· What emotion does this product/service elicit from its users?
· What recommendations do you have for evaluating and improving its emotional impact?
· In the article,
The Last Mile, Soman argues leaders do not focus enough on where consumer decisions actually get made:
. What does the customer experience look like?
. What recommendations do you have for evaluating and improving the customer experience?