Microeconomics: Study of Individual and Firm Behavior in Decision Making

Microeconomics

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 ...............................................................................................................................................1
TASK 2............................................................................................................................................2
1.2................................................................................................................................................2
TASK 3............................................................................................................................................3
1.3................................................................................................................................................3
TASK 4............................................................................................................................................4
1.4 ...............................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Microeconomics deals with the study of individual and firms behaviour in decision
making and proper allocation of resources. It is mostly associated with the marketing of products
and services or linked with the individual and other economic problems (Baumol and Blinder,
2015). There are various commodity like oil or copper and other products that are more in
demand. It covers long term forces that are driving demand and supply of products and services.
The price and current market trend impact on that products are discussed under this project.
TASK 1
1.1
In the current market trends there are variety of products available in the market with
various specific quality and features. Most of the products are manufactured according to the
demand of the people in the market. So company need to target that market were large number of
interest customers are available those are going to buy that product. On of the product of
Unilever is a Dove which is skin care, hair care and deodorant products offer by the company to
their customers. It is associated with friendly and outgoing nature of products should be offered
to the consumer. The major location captured by the company is that income group which is
going to buy the products in most economical manner. It covers a range of 18-34 years old male
and female, high income group of people and upper class all the comes under the geographical
range of Dove (Moulin, 2014).
Characteristics of Dove:
 It is available in high quality of products as compare to other products of the company.
 Another feature of this product is that can increase their health and well being in perfect
manner.
 It comes in the categories of Moisturising products which includes cleaner than soap, soft
and smooth skin etc.
 Come with affordable price range.
 Comfortable to purchase the product easily from the market.
According to the market trends behaviour of people are varies with taste and preference
of those people those are brand conscious and wants to buy at any cost. With the motive to
provide healthy and emotionally awareness about best quality products are important for the
1