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Сonsumers' Response to Product Diversity and Price Dispersion

Student: Butkina Iana

Supervisor: Aleksandr V. Butukhanov

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

What is the consumers’ response? Does it have an economic equivalent? This study, "Consumer response to product diversity and price dispersion," is concluded in the search for and definition of an economic parameter that determines the consumer's assessment of the product purchased. An attempt was made to answer these questions through the prism of the task of maximizing the utility of the individual. The bread industry was chosen as a target market for research, because it is a very stable and ancient activity, moreover, it is not fully investigated. There is an assumption that people have their own unique preferences, and they evaluate the purchased goods in different ways. A factor has been identified and calculated in the work that contributes to overall customer satisfaction. Data that represent the current market situation (including the number of producers, their names, the variety of products) were collected collectively by a group of 4 people. Moreover, 100 live individual interviews were conducted. The construction of the model and the solution of the problem are compiled using a mathematical approach. The value of the current research project is its practical applicability. It can be used as a basis for further testing or even can be useful for a real existing business to be more successful in accordance with the preferences of consumers.

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