Week 7 Economics Discussion - Consumer Emotions and Price Elasticity

WK7 Economics Discussion

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?