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Essay / Research Paper Abstract
This 5 page paper looks at the concept of consumption, what it is, how it occurs and why it is the foundation of the modern economy. The paper discusses different manifestations of consumptions, including physical needs and psychological aspects and the way consumers can send a message along with influences on the way consumers make consumption decision and the influence that markets can have on consumption patterns. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEconsumption.rtf
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Unformatted sample text from the term paper:
"the act of consuming, as by use, decay, or destruction" (Dictionary.com, 2008). For consumption to take place there is a plethora of
actions which need to take place, suppliers need to make or supply goods and services, the consumers of those goods and services need to know that they exist, where they
can obtain them and make the decision to purchase them; a chain of events that can be highly influenced by marketing and advertising. The suppliers need to adapt their products
and services so they are attractive to the consumers, as the way goods and services are perceived will change over time, and the desires needs or tastes of the consumers
change, as seen with the concept of the product lifecycle (Hooley et al, 2003). Unless the needs or desires of the consumer are satisfied with a product or service then
they will not consume them and the company will see products or services go to waste. Consumers are generally seen as the individual
at the end of the supply chain, however, this is a limited view of consumption, consumption takes place at all stages of the supply chain and operates in a cycle
of production, as one company does well, selling more goods, it will order more from other companies supplying it, and create a domino effect, and increasing overall consumption.
In order to be able to make the purchases for consumption the consumers need to have an income, which in turn is derived from
working, which is going to be earned from providing a service; labor, in return for money. The wealthy members of society make use different resources in order to create income;
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