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Behavioural Economics Assignment PDF

Added on - 29 Sep 2021

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Running head: BEHAVIOURAL ECONOMICS
Behavioural Economics
Name of the Student:
Name of the University:
Authors Note:
BEHAVIOURAL ECONOMICS1
Contents
Introduction:....................................................................................................................................2
Evolution of current situation:.........................................................................................................2
Relative behavioural theories:.........................................................................................................3
Practical suggestions:.......................................................................................................................4
Estimation of possible gain:.............................................................................................................6
Conclusion:......................................................................................................................................9
References:....................................................................................................................................10
BEHAVIOURAL ECONOMICS2
Introduction:
Operating in a complex business environment is not an easy task for a business
organization. With ever changing customer preference and choices along with increase in
competition, an organization faces number of challenges to be competitive in the market.
Discussion on the practical implications of changing customer behaviours on the business
operations of Dr Veg is the main subject in this document.
Evolution of current situation:
Dr Veg is a company that has its own farms and produce agricultural goods to offer
organic foods to its customers. In order to evaluate its performance the company has a standard
procedure of collecting feedback from its customers by using standard questionnaire. In addition
the company conducts surveys to assess its performance. The feedback is used to improve the
quality of products and other aspects of business of the company to improve the overall
performance of the company (Dimic et al. 45).
In order to evaluate the current situation of the company the information collected from the
questionnaire and findings of its surveys shall be relied on. Overwhelming majority of
company’s customers are women, i.e. 70% of the customers are women. In addition families
where both couples work and busy individuals complete the customer profile of the company.
Based on the findings the following conclusions can be made as to the current situation of the
company.
Out of the 56 responses 75% of the people said that either they always buy organic foods or they
often bought organic food. This clearly shows that the demand for the organic food in the market
is very high. Also out of the 54 responses on the preferred places to buy organic food 37%
BEHAVIOURAL ECONOMICS3
people said they prefer buying such foods from neighbourhood store with further 25.9% added
they prefer going to veritas to buy organic foods (Gay 119). Out of 55 people almost 62% of the
people said that the quality of food and products of Dr Veg is the main reason for them to buy
foods from Dr Veg. The attention to the customers, the quality of services, social work, and
delivery at home also were maintained as reasons by the customer to buy products from the
organization (Buch 737). Out of 25 respondents 60% gave the high price of products by Dr Veg
as the main reason to not buy food from the company with additional 16% of the respondents
mentioned quality of products as the main reason to avoid buying products from the company.
The quality of products offered by the company has been appreciated by the customers as
majority of customers, 57.1% of 42 respondents said that the value of the products is very good
by providing 4 out of five maximum stars. 29% of the 42 respondents also claimed that the value
of the food is above average (Sodeyfi 148). Out of the 43 respondents 37 people rate the price of
baskets of the company between 3 and 4 out of maximum 5. In terms of variety of products, most
of the customers have ranked the products as 4 or 5 in terms of variation of products.
Taking into consideration the above discussion it can be said that the current condition of the
company is quite good with most of its customers giving positive feedback to the company and
its products. However, the fact that there is definitely a scope for improvement is also clear from
the responses (Fernández, González and Rodriguez 112).
Behaviour theories:
From the point of view of firm behavioural theories in economic can be primarily classified
into following broad categories.
I.Heuristics.
II.Framing.
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