Sunday, February 17, 2013
How strong are social influences on buying behavior?
In your judgment, to what extent is socially-mediated buying the “wave of the future” or is it just a fad like Cabbage Patch™ dolls? Do most people rely on their friends to inform their purchases, or does this apply to some market segments and not others? Are consumers likely to consult friends for some purchase categories and not others? Are friends’ recommendations more persuasive than reading Yelp, Amazon, or Trip Advisor reviews written by strangers? If you were a venture capitalist with a large pool of money, would you be seeking to invest in this area in 2013?3
Advice on style and tone: Work from your own insights through reasonable online
research to develop your point of view on this topic. Then, write a “thought piece” in the style of The Economist, Bloomberg Business Week or The Wall Street Journal. Imagine that you are writing for a sophisticated reader—one who wants to know whether this is a good area in which to invest. [The periodicals mentioned do not use citations; however, since this is an academic exercise, you should list your sources in any reasonable format as endnotes to your paper.] As to use of the first person, the statement: “I would never buy anything just because a friend had bought it,” while true may not be as powerful as something like: “Clearly, the more than 7 million subscriber to Consumer Reports value scientific assessments of consumer products by neutral third party evaluators.” So, use of the first person is not necessarily wrong, but it should be avoided.
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