Module 5 Reflection: Shopping for a good deal
Everyone loves a deal. Just showing a sign with “50% off!” can get shoppers racing to the store to rack up credit card points. But is that perceived ‘deal’ really a deal? Or is it a ploy? And, do shoppers always make the right choices when comparing pricing options? Oftentimes, shoppers do not make the lowest-cost choice, but instead, fall prey to their own mathematical errors.
Answer this: Which is a better deal for a $6, 6-ounce product:
- Option (a): 33% off the regular price, or
- Option (b) 33% more product for the regular price?
Which promotion would you choose? Are these two promotions equivalent? Or is one a better deal than the other? Explain.
In your reflection, explain the rationale for your choice. In addition, reflect on your shopping experiences of this week – how easy is it to determine whether you are truly getting a good deal? are some stores better than others at making comparisons easier or harder? What pricing strategies are being used? Do you always make the lower-cost choice?