Please answer the following: 1. What is your favorite product? How would you define “quality” for this product? 2. It is said that customers are value maximizers. What does that mean? 3. Describe an instance of a habitual purchase for yourself Using the Five-Stage model discussed in your textbook. Explain how the three factors that influence consumer behavior influenced this purchase. 4. Provide an advertising example of a real product and explain how it addresses one of the risks consumers are concerned about.

To answer the First main question in case of the above posted multiple questions:

1. To me quality is such a standard that I can readily measure against the kind of good that I am purchasing of the type of service that I am availing for. In general, quality shall help me define whether the good or the service so obtained is free from any defects, performance or disparity from its intrinsic characteristics otherwise.

I believe there could be an acceptable tradeoff between quality and price. If I pay lesser the price and expect the excellence in quality, then that shall not be an acceptable tradeoff. However, in certain other cases, the tradeoff is not acceptable. I may be willing to pay an appropriate price for a product as against the quality that it appears to provide me with. But there could be a possibility that I am required to pay an inflated price for the good quality of a product which otherwise I could have obtained at a more reasonable price. In such an instance, tradeoffs may not be acceptable. Hence, it depends upon the kind of product and the price that it refers to when we talk about the acceptable tradeoffs.

Quality matters the most when the utility is for a longer duration or where the utility could be extremely critical, even if it is not for a regular or frequent use. For example, if I have to buy winter apparel, I shall prefer to go for a product that has its durability so that I cannot cease wearing the apparel only for one-time or one season and then, just forget about the possession. On the other hand, when I go for medicines or syringes, I may not be using it often. Perhaps, at times, only for once. However, looking upon its critical performance to myself, I shall always go for the best quality. But in certain other cases, I could certainly compromise with quality, especially on those times when I may forego the longer use of a product or a service. For example, I need some dainty props for a Masquerade party. Now, it is obvious that this kind of party shall not be very frequent to me. Hence, I could prefer buying some props from some ‘Party-hunter’ like shops, at a cheap rate, foregoing the quality aspect for the same. I shall not mind its one time use at all because this product is neither critical nor a regular use product for me.

With regards to my favorite product, , I am extremely loyal to the i-Phone by Apple Inc. If I have to buy a smartphone, I simply cannot compromise on this brand. The reason behind this exhibition is that I believe in a product’s quality when it comes to dealing with electronics. If I am paying a premium price for a product, I expect its superior performance in its category. i-Phone, in this regard, has never disappointed me. i-Phone is a distinguished product, known for its quality that sets a benchmark for quality and efficiency in the standards of mobiles worldwide and its product design could be compared with none other when it comes to security features and overall performance. In fact, owing to these unique characteristics, it is also an Order Winner product especially in a Niche market segment.

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