Needing the Unnecessary by James B. Twitchell Article

Needing the Unnecessary by James B. Twitchell - Article ExampleThese products are of high meaning to us but have almost zero utility. I absolutely agree with the writer since things, the possession of which, was highly cherished previously are now taken for granted. The middle-class community is now not melody to give their family a better living and their children a good education, but they are now working themselves out in order to get the luxuries that they stock-still do not have. We have converted our wants into needs. We need to ask ourselves if this is what the generation of tomorrow requires and should we start giving more importance to directing the youth towards moral philosophy rather than teaching them how to acquire luxuries.2. Brand Equity is An intangible value-added aspect of a particular good that is otherwise not considered unique. It is attained by companies through an aggressive marketing campaign. Measuring brand equity is not at totally simple. The logo of C oca Cola, for instance, is recognized worldwide but we cannot put that it enjoys strong brand equity just because people know about it. Moreover, a partial measure of brand equity is brand loyalty. However all consumers who always buy Coca Cola cannot be called loyal but they can also be categorized as habitual, who do not desire variety in their tastes. Another measure of brand equity is the brand image.Hence an authentic measurement of brand equity has not yet been developed.3. toll elasticity of demand refers to the way prices change in relationship to the demand, or the way demand changes in relation to pricing. Generally, it is believed that related to a reduction in the price of a product its demand increases. I think price elasticity can be used to identify a brands competitors. Say for mannikin that your product is not too high or not too low priced (mediocre). You lose a number of sales to competitors you would like to identify. Maybe if you change magnitude your produ ct price to an extent(for a certain period of time) that demand for it lowers, you could now study the consumers and identify which other brands the consumers shift to, thus identifying your competitors.