Reference no: EM133527592
Case Scenerio 1 )
A current event taking place that is affecting how consumers buy is Inflation. We are feeling the pinch more now especially with the increase in meat and dairy. According to the USDA, In 2023, all food prices are predicted to increase 5.8 percent, with a prediction interval of 5.0 to 6.6 percent. Just recently, a dozen eggs was $6.00. The price of chicken and beef had also hit an all-time high. Consumers tried to compensate for the higher prices by buying less quality (but cheaper) meat options, shopping less frequently and choosing less healthy food options.
Like many others, I have had to be very intentional about my shopping habits these days. I do more price matching, shopping multiple retailers based on price as well as decrease my number of trips to the grocery store. My husband and I constantly have to reevaluate our monthly grocery budget because there is no consistency of price week over week. The increase in pricing has made life more stressful and uncertain. However, we continue to manage and do our best to plan ahead until we see this increase subside.
Case Scenerio 2
A current event affecting how I buy things is men's mental health awareness. Now I'm not here to preach about it, I'm not that involved, but I see way too many times men's mental health get swept under the rug. Whether it's how mental health is discussed or how statistics are presented, I often find men to either not be discussed or to be flat out misrepresented. This has led to some brands being supportive and making it part of ad campaigns. Personally, when I find two products of similar quality, and I see one has proceeds going towards men's mental health, I will pick that one over any other product. I believe everyone's mental health should be cared about, especially in this strange world, but men are often the ones who get pushed aside.
Question: Based on the two scenarios above describe one data-collection tool for each that could be used to evaluate the actual impact the current event is having on consumer behavior or preferences. Indicate whether the tool reflects quantitative or qualitative data.