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Need an research paper on position 9: do new business models result in great consumer of products and ideas. Needs to be 2 pages. Please no plagiarism.
Need an research paper on position 9: do new business models result in great consumer of products and ideas. Needs to be 2 pages. Please no plagiarism. Do new business models result in greater consumer choice of products or ideas? No. New businessmodels in the light of the digital era only add to more choices and confusion of the consumers. It is an open secret that companies are using the technology in the digitalization era to come up with more marketing strategies which they have even gone far ahead and made to be a competition of sorts. The results from the consumers are however acting out against them and what they wished would happen. In a bid to increase marketing strategies and show off their creativity which has indeed improved, they forget to take into consideration the fact that human beings get overwhelmed with too much choices and hence end up going with the familiar choices which are safe and do not require a lot of thoughts and time.
The new business model has moved marketing and sales from print to digital form which has an endless amount of space on the internet that is being filled daily with different ideas and new concepts and designs in every field possible. According to The Economist (2010), the more the choices and alternatives on the internet of a commodity, the more the thinking that needs to be made which makes it hard to make a final decision. Consumers become not only overwhelmed but confused in the process and this leads to the new business model going unappreciated. There is a tyranny of choice which even though has benefit in marketing makes majority of the shoppers opt for the safest products and brands that they are used to.
With the increase in ideas and products, consumers are required to constantly be making comparisons of brands which is stressful and emotionally draining. An individual for example looking to remodel part of the house is bombarded with information of the new products and ideas available in the market. There are choices of colors and color coordination and crashing, different brands offering the same color of paint which information about their advantages over that of their competitors. By the time the individual is done with colors of the remodeling alone, he is not only tired but stressed out and more confused about what they want or what choices to go with. It is no wonder people have to spend even much more on paying expert shoppers and interior designers and decorators to handle issues such as remodeling or construction simply to avoid all the hustle and stress.
In a bid to outdo each other in marketing strategies and the number of new ideas and products annually, companies are completely ignoring the psychology of human beings and hence they end with getting minimal returns for their effort and money. The advice offered in The Economist (2010) to the companies is that in light of the above observations made, they should try to minimize their available choices of products and ideas and observe what effect it will have on their sales profits. Research carried out indicates that when customers are faced with a mild number of products or ideas to choose from, they make the choice easily and quickly and en up purchasing the products unlike when they are bombarded with many and get so confused that they end up not purchasing anything to avoid regrets later.
Work Cited
The Economist. The tyranny of choice: You choose. The Economist, December 16th, 2010. Retrieved from http://www.economist.
