Hi Class As we move into Week 4 I thought that you might find this video of interest as we reflect upon consumer decision making today https://www.ted.com/talks/joseph_pine_on_what_consumers_want?language=en Enjoy

The video is a presentation by Joseph Pine on what consumers want. He presents his thinking by giving an evolutionary process in the business industry that has converted the produce from being a commodity to experiences. These experiences are the ones that determine what who the consumer of the product will be, what they will buy and their buying criteria.

According to Joseph, in the agrarian economy commodities were the primary concern for consumers where products such as vegetables and other farm products were brought from the farms and sold in the market. In the industrial revolution, goods were acquired and processed to produce goods which were the priority for consumers in that period. In the recent years, goods have become commodities where the consumer only cares about the cost of the product. As a result, companies now customize their products to convert them into services. Customization means that goods are made specifically to suit consumers. Through the process of competition, Joseph states that companies customize services, even more, resulting in them creating experiences that have become the driving force in the consumer markets.

With each evolution i.e. commodities, goods, services, and experiences, came a different consumer sensibility including availability, costs, quality, and authenticity respectively.  Since in the modern world, consumers focus on experiences, the question of authenticity of those products comes in. The question of whether or not anyone buys any product or service depends on its authenticity. Authenticity has to dimensions; the company has to be true to itself to render authenticity, or it has to be what it is it says to be to others. When a corporation loses its values or heritage for example in the case of Disney where they purchased the ABC network, consumers lose confidence in the authenticity of the experiences they receive from the company.

In conclusion, if at all a company has to offer authentic experiences, it has to be authentic by sticking to its heritage and values. Consumers need to trust that the experiences the company offers are not compromised.


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