I need help with a Business question. All explanations and answers will be used to help me learn.
The product may include anything except alcoholic beverages – preferably this will be a product that is meaningful to him or her personally. Explain how their purchase decision was influenced by various economic, social, cultural, and psychological factors. This is meant to be a fun exercise, so be creative and have fun selecting the product and developing your presentation.
Here is the example:
Product: Colourpop’s Uh Huh Honey and Blue Moon palettes
Economic – These palettes are relatively cheap ($12 each) compared to similar products in the same industry, and I know they’re very good quality from past experiences with this brand. I was also sharing an order with a friend so that we wouldn’t have to pay shipping.
Social – I like to do makeup in my free time, and I spend a lot of time in the beauty community on social media. These two palettes were really popular and used and promoted by a lot of the influencers I follow.
Cultural – In the beauty community, more creative artists are usually associated with being able to use more colors.
Psychological – I have many eyeshadow colors, but not a lot of them are yellow and blue. Having these palettes make feel better about myself as a makeup artist because it gives me more resources to create makeup looks with. These are also colors that are relatively not bought as much by my peers, so it helps me stand out.