Black Friday is notorious for the outrageous sales that can cut prices of even high end products by half. For this one day a year, a consumer can purchase a product for just a fraction of what they would pay any other day. The friday following Thanksgiving is so crucial in the success of black friday for a store to profit. Because Thanksgiving is a national holiday that falls on a Thursday, the average American does not work on that Friday, and thus, has no prior engagement to spend their time on. During this sale, people often turn their focus towards holiday gifts, which further provides reason to fight the crowds for the sales. Creating additional highly advertised mass sales would only create diminishing marginal returns for the businesses, therefore only allowing this one specific day to give consumers deals on high demand products. …show more content…
Stores hope to make up for these potential losses by hoping consumers will buy extra items they may not need. In a store, the placement of products is key, to make consumers view other products that hopefully they will decide they want to purchase. Many stores make most of their profits off warranties sold on several different products, some of which probably do not require a warranty. Sales representatives will push the warranties, attempting to convince consumers of the value of the additional payment. Businesses also hope that black friday will get consumers into their store and viewing their products, causing them to come back, even when the store is not having a sale. Black Friday is the perfect opportunity to get new consumers to frequent a store in the
Extreme shoppers get a thrill out of buying more than they would be able to otherwise because of the savings they obtain from their bargains. Lyz Lenz wanted to test using coupons vs. using a bargain store. She created a shopping list of groceries needed for the week. At the bargain store she spent $103.16 sticking strictly to her list and only buying what the family needed for the week. At the local store using coupons she s...
On October 29th, 1929, the stock market crashed and the day became forever known as “Black Tuesday.” Along with the stock market crash, low interest rates, reduced government intervention, stretched loans and expansion, installment plans that created superficial wealth, the farming crisis, decay in core industries and forced bank foreclosures created a downward spiral for most Americans and in the end pushed them over the edge into the great depression. U.S citizens turned to Herbert Hoover for an answer, but in to end were disappointed in the core efforts to fight off this major crisis and so in the election of 1932 things took a new twist when Franklin Delano Roosevelt was elected 472 votes to 59. With the Bank in crisis and citizens panicking Roosevelt rushed into the first 100 days of office enacting the New Deal. Roosevelt actively worked to provide relief for the needy, economic recovery and financial support during his
Thanksgiving Day is a day of family, food, and giving thanks for the blessings in life and yet some people believe Thanksgiving to be a prep day for Black Friday, the biggest shopping day of the year. The focus of Thanksgiving shifted from family bonding to incessant shopping. This trend of taking away from the hours of Thanksgiving in order to shop is enraging. It steals away from family time for the shoppers and the employees. Employers threaten workers that if they do not work on that certain holiday, they will be fired. Black Friday should be kept to Friday instead of moving in on my family time. The whole culture of Black Friday has become repugnant and unnecessary.
Imagine having to work on thanksgiving. Not only do those people miss out on Black Friday, but also miss out on time with your family. They also get to go to work more than likely sleep deprived, deal with unpleasant customers, and constant lines. Curtis West worked as a Macy’s employee. In his 24 years of work for them he had to work a total of 19 Black Fridays. He said it wasn’t bad when Black Friday started off, because it usually meant going in at 5 am on Friday. Now for sto...
Starting the day right after Thanksgiving, everybody’s mind is set on one thing: Shopping. People young and old wake up early in the morning to start their holiday shopping. Everyone is looking for the perfect gift for their family and friends. But nobody cares to think of what the employees at their favorite stores think and feel. Shoppers just come inside and turn the store upside down.
Distributors are pressed to reduce their costs to balance the lower margins from lower prices.
It is seen in everything from the hoarding of material objects to the destruction of friendships, both of which are popular themes when regarding the topic of Black Friday shopping. Black Friday has become Black Thursday, a trend which has only shown up within the last decade. The great American holiday that is Thanksgiving is celebrated because of our gratefulness toward all that we have, a holiday that is meant to be spent gathered around a table of our loved ones. However, the retail holiday that consumes the day afterward has begun to overflow into our gatherings, and it is due to the greed of the American people. Were it not for the market’s demand for earlier sales, stores would not open their sales on Thursday nights. Everyone would simply wait until early the next morning to start off on their shopping extravaganzas, and the sales themselves would likely be far less violent as
When comparing two different ways of shopping most people do not even think about the difference, they do both and not even realize it. In today's society people shop while at work, after work and on the weekends, whenever time permits. Stop and think how can I get more time in the day for family or just myself? The best way to figure that out with all the recourses we have is to go into a store and spend time looking through racks and waiting in endless lines to just purchase something. I compared going into a store verses online shopping; to see which one will save you time and money.
Price is how much to sell your products for. This is based on your cost and product value to potential customers. I believe that price is important and you will definitely attract customers with the lure of cheap prices, especially at Christmas time. How many people just recently woke up at 4 a.m. just to get in line for several hours so they could get a great deal and save a few dollars? I believe that it works to motivate certain customers, but there are still consumers out there who are not interested getting stampeded during a price reduction sale.
As a result, the customer will most likely come back to the store they are already familiar with. To this extent, the retailers can also send out gift cards, reward cards to customers rewarding them for loyalty to the store. Some people think it is manipulating people into buying goods, but it is not true. The customer always has to choose whether to buy or not. No one is forcing them to buy anything.
The law of demand tells us that "Quantity demanded rises as price falls, other things constant, or alternatively, quantity demanded falls as price rises, other things constant (McGraw 2004). The XBOX 360 phenomenon that took place in 2005 is a good example of this economic principle at work. Microsoft's XBOX 360 gaming console was released into the U.S. market on November 22nd 2005. The release came after a great deal of advertising and media hype that ensured that the demand for the product would outweigh the supply. Quite simply, there were more consumers wanting to purchase the product than there was product available. The retail price for the gaming system with a hard drive was $399. Many consumers, however, paid a great deal more than the $399 sticker price to acquire the system. On the morning of the U.S. release, retailers across the nation sold out of the product within just a few hours of opening their doors to consumers. In the weeks that followed however, many consumers purchased the unit from sellers on on-line auction sites and even from individuals in parking lots for as much as $1500. The reason for this was that the supply was significantly less than the demand for the product. In some cases, parents who wanted to ensure that their children received and XBOX 360 for Christmas in 2005 were willing to pay well over retail for the hard-to-acquire system. In other cases, video gaming enthusiasts wanted to be among the first individuals to own and play the system. News reports across the nation showed footage of people lining up days ahead of November 22nd in order to secure a place in line at retailers that would have the product available on the release date.
Ordinarily, people witness vulgar acts and retaliate accordingly. While shopping on Black Friday, it is not uncommon to watch someone steal something out of someone else’s cart, causing an unruly argument in the store, or witness someone flipping another person off while driving down the
Holiday shopping, for me, is a nightmare because of the abundance of crowds, all of the fighting and competitiveness. I believe those last minute shoppers are the worst, they are the ones that are rude and impatient. For some people, with lots of patience, dealing with holiday shoppers is a good experience. For people like me, who has very little patience, it is a dreadful experience. Another aspect of shopping during the holidays is dealing with tired, overworked and frustrated employees. They are just trying to get their jobs done as quickly as possible, so they can go home to their families. Meanwhile, you have those employees that are cheerful and are eager to help the distraught shoppers. Also, during the holidays horrible accidents can occur often at this time of year. I am going to portray the dangers and mishaps that can occur during the holidays. I am not anti-holiday, but the older I get the more I don't have any desire to be exposed to all of the potential chaos.
When comparing two different ways of shopping most people do not even think about, they do both and not even realize it. In today?s society people shop while at work, after work and on the weekends, whenever time permits. Did you ever stop and think how can I get more time in the day for family or just myself? The best way to figure out with all the recourses we have; still most of us go into a store and spend time looking through racks and waiting in endless line to just purchase something. I compared going into a store verses online shopping; to see which on will save you time and money.
Shopping is something that has to be done whether you enjoy it or not to get essentials needed. We all go places where merchandize is being sold for a specific reason. Whether you go to the mall, shopping centers, or your local grocery store, you 'll always encounter many types of shoppers. Shopping isn’t always as fun as it sounds to everyone, but it is something we often do. This is the only way we get products we need, by personally buying them. You have three main shoppers including impulse buyers, list makers, and bargain hunters.