Can you help me understand this Business question?
follow-up posting of 100 to 200 words to the below:
Dr. Sheena Lyengar begins her lecture stating, “the Average number of choices that the typical American reports making is about 70 in a typical day.” Whether these choices are time-consuming or not, work-related or not, it still impacts the decision-maker.
To answer the question of “should we limit choices for consumers?”, I think that this argument can go either way. From a sales perspective, I agree with Dr. Sheena Lyengar’s statement that less is more. Statistically, if presenting consumers with less choices creates an increase in product sales, then as a product owner I would consider eliminating low-performing products to gain higher sales for another product. I also really liked the statement Dr. Sheena Lyengar made that if an employee can’t tell items apart, neither can the consumers. I think this is true and not only is it difficult for the consumer to choose from, but also for the business itself to produce, train employees on, advertise, etc. It seems like a waste of corporate funds that could be used in advertising efforts for another product or service.
On the flipside of the argument, when you begin to limit the amount of options one can make, this can be potentially dangerous in forming monopolization. “When firms have such power, they charge prices that are higher than can be justified based upon the costs of production, prices that are higher than they would be if the market was more competitive. With higher prices, consumers will demand less quantity, and hence the quantity produced and consumed will be lower than it would be under a more competitive market structure” (Thoma, 2014). While reducing choices for consumers may increase sales for the business, the consumer is left to feel like big businesses are making choices for them.
So, while choice overload is said to reduce engagement, decision quality and satisfaction, consumers, at the end of the day, tend to prefer more options than less. (Though that may not be beneficial to a business’s bottom line).
Lyengar, Sheena. “The Art of Choosing.” TED, July 2010, www.ted.com/talks/sheena_iyengar_the_art_of_choosing.
Thoma, Mark. “What’s so Bad about Monopoly Power?” CBS News, CBS Interactive, 18 Sept. 2014, www.cbsnews.com/news/whats-so-bad-about-monopoly-power/.
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