Blog 2 - Choices, choices!

As Barry Schwartz commented, the endless choices and selections in today’s markets can help or hinder customers with making decisions for products and services. As consumers we seek out differences and similarities among products and services we need or want. We compare products on price, quality, and other features that are important and affects our consumption decisions. However, in order to make these comparisons, customers need the assortment and variety to capture the wide range of selections customers can choose from. However, the availability and the freedom to choose from a great selection of products and services can hinder the customer; they may feel overwhelmed and thus “paralyzed” by anxiety created from the autonomy of decision making. For example, during the recent Career Expo, many students were attracted to the fair because of the different choices and variety of the attending companies recruiting for various full-time and internship positions. However, once at the event, many students became paralyzed with uneasiness because of the numerous companies. They veered away from their plans for the event; but these circumstances forced the students to evaluate their situations in order to adjust for the event. Consequently, on the other hand, some students were dissatisfied that they were not able to choose because of their unexpected situations with the endless choices of companies.
As students our purchasing behaviors and decisions are affected by our financial situations along with our different wants and needs. Stereotypically, our profiles portray trendy and self-conscious individuals who love to shop for "our" products and other consumer goods. However, related to the relationship between more options and more regrets as Barry Swartz mentioned, students and other consumers fall under the “winner curse”. When we have so many options to choose from our decisions from these choices are often regretted or we feel remorseful that we could have made the wrong decision. For instance, when we buy a product after shopping and comparing similar items, we often second guess our decision and wonder if we did get the best deal or the better product. This is the winner’s curse in that no matter how good of a product or deal you received from your decisions, the many choices will always have you second guessing to whether or not if you absolutely made the right choice.
Likewise, as consumers we always think about the “next” item of choice on our internal or personal shopping list. As depicted humorously in Barry Schwartz’s presentation, we are constantly thinking of the next item on our list. As consumers in the ever growing economy with improvements to existing products and creation of new products, we are always seeking for other future items to purchase. Although we create value through comparative shopping, we also create regrets and anxieties with our continuous consumption decisions.