Running in Place Lindsey Giaccio's Group
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Running In Place
Your One-Stop Crash Course on Economics
By:
Lindsey Giaccio, Marisol CunninghamDomenic Dehelean, Sarah Gibson
& Matthew Posey
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What Gets Produced is Affected by Consumer Needs
Certain Features and Costs of a Product will attract Certain Consumers
Athletes would go for Better Design and a Costlier Shoe, while Cheaper Material
would be sought out by Money-Conscious Families
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Cost & Resources Used Will Affect Consumer Interest
Higher Quality Which Would Cost More to Produce Would Appeal to Those Seeking It
Lower Quality that Costs Less Would Appeal to Those Just Looking for a Pair of Shoes
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Self Interest Dominates How Resources Are Used
Companies Will Use Resources That Will Make Them the Most Money, While
Consumers will Buy What Makes Them Happiest.
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You Should Appeal to the Wants of Consumers
Consider What Materials to Use, the Skill of the People Product is Made By, and the Cost of the Entire Product in its Finalized
State
Consumers will Buy What Appeals to Them; Sculpt These Factors to Appeal to the
Greatest Amount of Consumers
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In Simple Words...
Make the Shoe in a Way that Will Make the Most People Want to Buy It.
Use Materials that are of High Enough Quality to Appeal to More People to Earn the Most
Money.
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Our Recommendation for Maximum Profit
A Shoe that is:
Similar to Athletic Shoes in DesignMade of Cheaper Material
Manufactured by Unskilled LaborersIs Sponsored by Beckett
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Why You Should Do So
Athletic Design would Appeal to Sport and Trend-conscious Consumers
Would be Less Expensive to make, Less Expensive to Sell, so More Sales
Would Draw Attention Through Sponsorship with Beckett, Causing more Sales to
Outweigh Cost of Having Beckett Sponsor
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Good Luck with Your Business!
We Sincerely Hope This Helped!