Answer the following questions to illustrate and extend your understanding of our class discussions;
- In class we had an excellent discussion about money and an item's value. We noticed how a good or service's price is often different then its value to the potential customer. We also discussed how an item's value can differ between to consumers. Explain both of these observations using an example from your own experience.
- Are you a spender or a saver? Justify your answer with examples of your behavior. If you're a saver; what are you saving for? If you are a spender; what are some item's you are constantly spending money on that prevent you from saving?
1. The value of a product is differnt for everyone because certain people will pay more for an item and others wont want to pay a dollar on that same item.
ReplyDelete2. I am a saver because whenever I get money I usually put it in the bank for University.
1. A good or service's price is different then its value to the consumer because we all value things differently. For example, I wouldn't buy a Mac for $1000, when I value it at $700. I would rather a PC for the same price, because I know the performance ratio will be much greater because APPLE is notorious for overpricing their products.
ReplyDelete2. I tend to be both, but I like to picture myself toward a saver. This is because I'm currently saving for my vacation in the summer, but I'm also spending money on some things such as clothes and things that come up in the mean time.
1. I believe that a price and value is different because the price of a lulu lemon sweater is about $120 but i think it is just like any other 20-40 dollar sweater therefor i value it at 30 bucks.
ReplyDelete2. I think i am a spender and a saver. I try and save as much money as i can, i usually put more than half the money i have in my bank account but when i spend money i usually only spend it on food, or sports stuff.
1) An item's value is determined by the consumer; an example of this is if somebody loved cats. A person who loves cats would pay obscene amounts of money, however a person like me who despises cats would find them worthless and not pay any money for one.
ReplyDelete2) I am a saver of money. I believe i am a saver because i dislike saving money frivolously and would rather save it for when it is desperately needed. I am not currently saving money for a personal item, i am merely being prepared by accumulating a nest egg.
1. The difference between price and value is, the price is the cost of what the sellers put the product as, and then value is what the consumer believes the product should cost.
ReplyDeleteFor example; A Bench jacket. The Price of a Bench jacket is $150. The value of the jacket to me would be $50 because of how thin the coat is.
2. I am both a spender and a saver. I am currently saving for a Blackberry. I have enough money to buy one, but i find myself wanting to buy other things as i go along.
1. The value of a product is different for each customer depending on how bad you want that certain product. For example some people will buy a burger from McDonald's for 5 dollars because they do not care about how bad the product is for your body. Others though, such as myself, would not eat at such places unless it is with a large group of people, and not as often.
ReplyDelete2. I am personally a saver because I think that it is important to have money kept away just in case anything happens in the future that may need a lot of financial need. In that case you would not have to pay interest on loan that you may need to borrow, and instead use the money that you have been saving up over the years.
1. An experience I can show an example to is the difference between a flip cellphone, and a smart phone. (blackberry,iPhone). We would rather buy the more expensive phone because there are more things to do on it rather then a flip phone. You can go on the internet or facebook and twitter on a smart phone. On a flip phone, all you can really do is talk and text. A smart phone is a lot more social.
ReplyDelete2. I am a spender. Once I get money, I'm ready to spend it on pointless things. I usually buy clothes, shoes, makeup or hair products. I'm not really a big fan of saving my money, unless I really am in the need of something, or want something.
1. An experience i can showan example to is the difference between a hollister hoodie,and a regular hoodie. A hollister one is like 80 dollars,and a regular one is 20, 25. the value to you is that because the hollister one costs 50$ more that the hoodie is "better" than the one for 20 dollars, but in reality its the same thing, you're just paying an extra 50$ for the brand name printed across your hoodie. But you still think, and would rather wear a hollister one.
ReplyDelete2. I would think I'm a saver, because I like to buy expensive things and in order to buy them i need to like, hoard all my money in order to be able to buy the things that I want. I'm currently saving up for a nikon d300 camera or a cannon rebel camera
1.) Sometimes a product's value is different than the price because the consumer has a different opinion of the product. An expensive product may be worth nothing to a consumer who doesn't want buy it. The value can also differ when consumers are different genders or ages for example.
ReplyDelete2.) I am a saver because I but most of my money away in the bank for university and for future purchases. More than half of my pay goes into saving. I am currently saving for a new iPod since mine was stolen.
1. The value for a product is depending on the consumer. Some consumers would pay for products that others wouldn't. An example of that is a bench jacket is priced at 180 dollars but I value it it about 20 dollars.
ReplyDelete2.I would consider myself a saver. I am a saver because i like to save my money for college or university education.
1. The value of a product and the price of a product are different for every consumer. For myself, there are specific products I think are worth spending money on, while there are tons of items I would never considering buying. For example, a current trend is wearing Bench jackets. These coats can cost $125. I am not a fan of the brand, and I believe that these coats are not of high enough quality to be worth the price they are set at. I have friends whom have spent this much on the coats, but I never would. However, I would spend that much money on a lululemon sweater. I think that these sweaters are of a higher quality, are generally warm, and I like the brand. I would dish out the money for these sweaters everyday, because I value the sweater at the price set in the store. However, people like my father, for instance, would never spend more than $20 on a lululemon sweater. He does not value brand sweaters at the prices I do. Therefore, each consumer as an individual must decide whether they are willing to pay (or value) the set price for different products. These decisions can be based upon their needs, priorities, and so on.
ReplyDelete2. I am definitely a spender. Whenever I have money, I always seem to find some new product or service to spend it on immediately. Generally, I spend any money I have on products that would fall under social and esteem needs on Maslow's hierarchy. Brand clothing, books, makeup, hair products and the newest technology are the things I find myself purchasing. Even when I don't really need this products, I have such a great want for them that I can't seem to resist the urge to purchase. I also spend money when I go out with friends on services/ experiences, like going to the movies, amusement parks and other places. I would rather be out having fun spending money and enjoying myself than saving away my money for the future.
1. This means that some people think in their mind that something is worth or not worth their money, if someone doesnt need something they wont spent their money on it. One example from my life is when I bought Beats headphones my parents didnt think it wasnt worth the money but I thought it was.
ReplyDelete2.I am a spendert because when I get money i spend it. I spend it on things I want like my phone and headphones.
1. When a customer is buying something, they have in their head the price they think it is worth. If it is actually more expensive, the value is lower than the price. However, if another customer sees that the price is lower than they think it is worth, the value is higher. For example, a jacket from a certain brand such as Bench. Some people are very willing to buy it for $160, whereas other are not.
ReplyDelete2. I believe I am a saver, because I hardly spend any money. When I do spend money, I make sure it's on something I really want or need. I am saving for university, as well as a better camera right now.
1. The goods or services usually depends on the customer.
ReplyDelete2. I'm a BIG spender. I mostly spend the most on clothes and makeup
1. an experience I can show an example to is the difference between a ipod and a mp3. we would rather buy the more expensive one because with an ipod you can do way more things, like go on the internet, and youtube and things like that. On an mp3, you can only listen to music and not do anything else. we would rather buy the more expensive one because it is more valuable and may last longer then the mp3.
ReplyDelete2.i think i am a spender because when i get money, i want to spend it right away. the things i spend my money on most are video games, shoes, clothes, hats, and food.
thats why i think i am a spender.
1. the value of a product is different for all consumers because and depends on what product it is. for example i would buy a tna sweater for a fairly high price because i believe that the product is a reasonable price for the quality. some people may not agree with me and would not buy one.
ReplyDelete2. i would say that im definitely a spender. when i get money as a gift or for helping family and friends out i spend it on clothing and shoes. most of the clothes that i buy now a days are from tna, pink, bench etc therefore my money goes fast.
1.the goods or services price is often different then it's value to the potential buyer because it usually depends on the customers preferences. Example: the value of a coach purse would be 0 for a boy and full price for a girl.
ReplyDelete2.i am more of a saver because with all the money i get from birthday parties, Christmas and celebrations i put all the money in my savings account the next day. I am saving for a car and for university.
1. the vale is decided by the customer because of what it is worth to them. and example of this is if one customer likes to listen to music then an ipod would pay more for that product then someone who does not listen to there own music.
ReplyDelete2. i am a spender because i buy alot of electronics such as headphones, laptop, games, and accessories.
1.A service and a product vary in price, some people are not willing to spend 160$ for a bench coat as other think its worth it.
ReplyDelete2.I am a spender and a saver. I spend most of my pay cheque even before i get , but than i put what ever amount I have in a bank for university.
1. The price of a product and the value of a product are 2 completely different things. Price is what the company or business values the product at where as value is how much the product is worth to the costumer.
ReplyDelete2. i feel both because having a part time job allows me to put away most of my money but still spend a small portion of it. I believe that without a debit card you save more money because you don't always have access to your money. I am saving for insurance for a car that im going to buy.
1. I believe that the value of a product is up to the costumer becuase if the costumer doesn't want to buy it then it costs a lot less to them then someone who would buy it. For example i wouldn't buy a $300 sweater, but someone else would want to.
ReplyDelete2. I am a saver because i do not spend money at all. When im at the mall with my mom, the only thing i would buy is coffee for her but i wouldn't spend my money on things i don't need. I like to save money for something like a camera, or i would just save money for no reason.
The difference between price and value is the price is what it actually costs and the value is a personal decision based on what you like. People have different opinions so somone will value a lululemon sweater differenrly then another person will. This happened to me once when i went shopping with my dad and i wanted a lululemon sweater but he thought the price was to much for the quality of the sweater but i thought it was normal so his value of the sweater was different then mine.
ReplyDelete2.I am definitly a spender. Everytime i get money from somewhere or someone i tend to spend it on clothes at stores like TNA, lululemon or garage. Or i go out for lunch and spend my money on food or candy over the weekened with my friends. I dont save my money because i dont have anything to save for.
1. It means that some items to some people may not think an item is not worth the price given, or not worth their money. That is simply because the person may not want or need the item. However if someone really feels they need the item or really wants it, they may think the item is a great price.
ReplyDelete2. I can easily say im a spender. i spend my money on important things to me, I.E hats, shoes, xbox games, ect. I dont waste my money, but i spend it on items that are worth it for me. In life i know its important to save, and i truley do understand Money. But for now, im only 15 and i make myself a good amount of money, and i dont get worried spending money, because theres always more money to be made.
Great comments everyone. Please remember to fully explain your answers and give examples from your life that relate to the question being asked.
ReplyDelete