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Buyer Behavior- Week 4.docx - Topic 1: Authenticity Joseph...

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Topic 1: AuthenticityJoseph Pines, in his 2009 Ted Talk, explains there is a fundamental changeoccurring in the our economy. The marketplace is not static and is ever evolving.It isalso becoming more complex.For centuries, commodities were sold directly to the consumer. An example of this iswould be the sales of fur raccoon pelts before the American fur trade that began in1790. The 1stAmerican Industrial Revolution near the end of the 18thcentury resultedurbanism and then commodities were later turned into goods and sold. Staying on thesame theme, an early example of this would be a hunter selling raccoon hats directly tothe customer and then later a distributor selling directly to Great Britain who received74% of all fur exports from the United States (Clayton, 1966). When goods becameundervalued, they were treated like a commodity and consumers only cared about price(Pine, 2009). In order for the brand to be relevant again, manufacturers focused oncustomizing their goods which resulted in a service-based economy where the goodsare manufactured and delivered on demand to the customer. This is not a neweconomic shift, it is more of a reemergence of a shift that happened before the 1stAmerican Industrial Revolution where clothes and shoe were tailored specifically for thecustomer. A modern example of this can be found at Nike where a customer coulddesign their own shoes that represent their personality.As more brands offered a customized product, this too became undervalued, andeventually became viewed as a commodity. According to Pine (2009), the nexteconomic shift is the customization of services resulting in an experience, “theexperience economy”.
While there are very successful companies like Amazon whose driving profits are theresult of no customer experience, I feel that Joseph Pines had an accurate read ontrends in 2009, and his grasp of this economic shift is even more relevant 10 years later.There will always be people willing to pay more for an experience. Additionally, withan authentic experience you are much more likely to increase social influence amongpeers whether it be friends, family, social media groups, or coworkers.In my industry, I would like to see more photographers focus on an authenticexperience. It elevates the whole photography industry and will stop the customer fromviewing the industry like a commodity.It would deter the customer from asking a high-end professional photographer with decades of experience and education to price-match a guy who bought a camera last week, doesn’t pay taxes, and isn’t insured.There are 3 types of photographers. Photographers who focus on a goods economyare known as shoot-and-burn photographers. Customers pay a specific price upfrontand receive all digitals from a session unedited. All-inclusive photographers focus onservice. A price is paid upfront, they edit the digital images and deliver a set amount ofimages, based on the price paid, through Dropbox or an online photo gallery for

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Term
Summer
Professor
noel
Tags
Sock, Footwear, Hanes, Sock puppet

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