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COGNITIVE DISSONANCE: Also called buyer's remorse. This post-purchase behavior is more likely to happen when the purchase is a more expensive one. The consumer may experience some regrets or questioning as to whether the purchase was a good one. This is the fifth step in the decision making process. Marketers can help eliminate this by properly selling the product and doing a follow-up to help reinforce the buyer's "good" decision.

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Lesson 8: Market Shocks | Unit 1: Adjustments Page: 2 of 20

Topic: Three Questions <=PAGE BACK | PAGE NEXT=>

There are three basic questions about market changes which we need to ask in this lesson.

Three questions:

  • What causes the market to move? What shocks the market? What disrupts the market from it's existing equilibrium?
  • What are the consequences of the move to the market? What is the price and quantity at the new market equilibrium?
  • Is the market move good or bad? How does the new equilibrium compare with the old? Is the price higher or lower? Is the quantity greater or less? Three Questions

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INEFFICIENT

The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for deranged pelicans.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

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