Consumer Emotions and Price Elasticity

Using a core product or service at your company, read and reply to each of the prompts below:

• Assess your product/service in terms of price elasticity of demand:

 Is it elastic or inelastic?

 Support your answer with a clear rationale

• Describe the consumer’s emotional experience when using your product/service:

o What emotion does this product/service elicit from its users?

o What recommendations do you have for evaluating and improving its emotional impact?

• In the article, The Last Mile, Soman argues leaders do not focus enough on where consumer decisions actually get made:

 What does the customer experience look like?

 What recommendations do you have for evaluating and improving the customer experience?