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Egonomics - Assignment Example

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High school
Author : alittel
Assignment
Marketing
Pages 4 (1004 words)

Summary

Customer inserts his/her full name Date Egonomics At the heart of the magnanimous field of Egonomics lies the belief that ego isn’t necessarily bad. Authors of various books have compared Ego to free radicals in the human body…

Extract of sample
Egonomics

The nature and pattern of human consumption has evolved significantly over the years with a significant move away from goods produced under mass production (initiated by the car maker Henry Ford) towards specialized production and finally customized production. It is not surprising that the focus of many companies today is no longer just the provision of an exceptional quality product or service but one which caters to niches and has the capability of being adapted as per individual requirements of the customer. In other words, personalization and the creation of unique customer experiences has become the new source of gaining competitive advantage in the midst of largely undifferentiated products and services. To set themselves apart from the crowd, consumers are increasingly flocking towards products that others do not have. This is because, as humans, our behavior is more often “irrational” than rational and that various purchases cannot be explained in the light of aesthetics, utility of performance. In other words, the fact that most of engage in building and sustaining our self-esteem and self-confidence means that we often pay a price much higher than the actual worth of the product just for the sake of its exclusivity or limited availability. ...
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