Saturday, July 21, 2018

How to overcome the trade-offs

Many times, while shopping, we face a situation where we fail to take a decision in buying something. What to buy, what not to buy and from where to buy? Is the product right for me? Am I getting it at the right price?
These are the questions that arises in our minds. These confusions are called Trade-offs.

A trade-off is a common situation where a consumer face difficulties in making a buying decision. They cannot decide what exactly they want. Sometimes they also end up not buying anything or even if they buy something, they compromise with what they get. They may not get all the features and qualities that they want in the product they are buying.

To resolve the trade-off:

The best and most common method to overcome the situation of trade-off is Cost Benefit Analysis.

Cost is something what we give up to get it. And Cost benefit analysis is the most effective method which helps consumers to find all the cost and what are all the profit possibilities in buying a certain product.

The main purposes of doing a cost benefit analysis before taking a buying decision are:

Measuring the cost of the product: By cost benefit analysis, we can compare all the cost involved in all the products we are choosing from.

Finding the benefit of the product: Through cost benefit analysis, we can find out whether our buying decision will give us the best possible benefit or not.

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