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EFFICIENT SEARCH, DETERMINANTS: Two factors that affect information search are (1) the amount of purchase and (2) frequency of purchase. Goods that are relatively expensive increase the potential benefit of search. For example, saving 10 percent on the purchase price of a house is significantly more than saving 10 percent on the price of bar of soap. Buyers are thus likely to undertake extensive search when buying a house, but not for soap. Goods that are purchased more frequently also don't require extensive search activities. Since buyers already know the "best places" to buy the "highest quality" products at the "lowest prices" for frequently purchased goods, little can be gained from search.
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MANAGERIAL BEHAVIOR A preference for maintaining the status quo over changing it based on relatively greater satisfaction generated by redundant information over novel information. Managerial behavior is well suited for keeping an existing business and complex organizations running smoothly and efficiently. This behavior is inclined to manage, to administer, and to apply existing rules and procedures. An alternative is entrepreneurial behavior, which is a preference for changing the status quo over maintaining it.
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Shopping Around For RETAIL PRICESIt's time for another one of our frequent stops at Mr. Market Super Food Discount Store, this time to check out the story behind retail prices. As consumers, we spend a large fraction of our nonworking, nonsleeping lives wandering grocery stores aisles, searching clothing store racks, and surveying department store displays for the right product at the right price. How do we know, like the name of the long-running game show, if "The Price is Right?" How are retail prices set and do they really tell us the value of a product?
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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LWOP
Leave Without Pay
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