Price or Quality? Economics Project

Introduction

Lebanese markets are saturated in clothing shops that are not only located in large cities or huge malls, but they are also distributed almost on all Lebanese areas even in small towns. The large number of clothing stores in Lebanon reveals the large demand on clothing from the Lebanese citizens themselves or from tourists. But the question is do people prefer lower price over good quality? Or do they look for good quality regardless of the price?

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Task

Pretend that you are going to open a clothing store, then work in groups of four to collect as much information as you can in order to open your shop. You are required to write a final report showing your research details and the conclusion that you ended up with. 

The process that you must follow in your research is explained in details in the second slide. 

Add to this, the following video may help you.

 

Process

The following process will help you organize your way of thinking, therefore you will be able to do your research in a systematized way. 

1- Choose a place where you want to open your shop, and justify your choice.

2- Reflect on at least three related studies and literature concerning the dilemma of price and quality.

3- Set a detailed research plan on how you are going to carry on with your actual research (survey, questioner, interviews...).

4- Collect all your information together and come up with a reasonable conclusion.  

The following links will help you answer the questions and your search. 

 

 

 

Evaluation

You are going to be evaluated upon the following rubric:

 

 

Poor 

(1 point)

Good

(3 points)

Outstanding 

(5 points)

Terminology 

Does not use proper economic terminology to express ideas 

Makes some use of economic terminology to suit subject matter 

Uses economic terminology appropriately where needed 

Comprehension 

Does not fully understand content of article and lacks ability to connect ideas to economic concepts 

Has basic understanding of presented issues and can make some connections to economic concepts 

Can comprehensively comprehend article content and is able to make appropriate connections with economic concepts studied 

Language 

Does not use full and proper sentence structure 

Uses basic English language not fully supporting concept understanding 

Uses proper language and answers in full sentences - short essay format answers

Analysis 

Does not creatively analyze the topic presented and lacks ability to connect literature to real life

Makes some connections between literature and practice 

Is creative in making connections between literature studies and practice. Thinks out of the box and is daring with connection choices

Conclusion

The dilemma between price and quality is timeless and there is no particular answer that fits all customers. People will always have different perspectives regarding this issue, and one single clothing shop can never fit the needs of all the customers. However, it must consider the needs of the majority of people. That's why a market research should be done before taking the step of opening a shop in order to achieve high revenue.  

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Credits

References

 

Graham/ Eric. (2014) Automated marketing group. [Online] Available from:

http://www.longtermfix.com/quality-service-important-price-denver-online-marketing/

 

Moorman/ Christine. (2011) The CMO Survey. [Online] Available from:

http://cmosurvey.org/blog/what-customers-want/

 

Martyn/ Olivia. (2014) New Entrepreneurs Foundation. [Online] Available from:

http://newentrepreneursfoundation.com/market-research-women-handbags-mintel-v-q-research/

Teacher Page

The goal if this WebQuest is to get students thinking critically about economical issues and the supply-demand relationship. This WebQuest will get students actively researching and learning about the needs of customers in a certain chosen market. Students will be better educated and able to discuss economical issues. It is important however, that with an assignment like this, we as teachers are able to set aside our own biases and beliefs in order to guide the students to discovery and critical thinking on their own.

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