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Discussion Question Week 7 Econ: Planned Obsolescence

Essay Instructions:

• Videos on Pricing Strategies
http://www(dot)youtube(dot)com/watch?v=Su0PaBtNmqM 
http://www(dot)youtube(dot)com/watch?v=XBmWEduod5k
http://www(dot)youtube(dot)com/watch?v=LTEB41XwXh8
http://www(dot)youtube(dot)com/watch?v=D9yorIDGpSQ 
http://www(dot)youtube(dot)com/watch?v=WzPLXncJrL4 
Value Proposition videos
http://www(dot)youtube(dot)com/watch?v=PnOul7-ofhc 
http://www(dot)youtube(dot)com/watch?v=bnJEIMZu-EM 
Closing a sale
http://www(dot)youtube(dot)com/watch?v=WdYGdpTTLEs 
Oligopoly http://www(dot)youtube(dot)com/watch?v=bP3l0TQRFY4 
• Planned obsolescence http://www(dot)youtube(dot)com/watch?v=N2KLyYKJGk0 
Can you give examples of planned obsolescence in products or services you buy? How did you feel about these examples? Why?
• Game theory http://www(dot)youtube(dot)com/watch?v=3Y1WpytiHKE (FYI class- I studied for my Masters degree under Professor Oskar Morgenstern who invented Game Theory, together with John Von Neumann also of Princeton University. 
Did you hear of game theory before? How? Give some examples of game theory.
**These are two separate discussion questions**

Essay Sample Content Preview:

Discussion Question Week 7 Econ
Name
Institution
Planned Obsolescence
Planned obsolescence is a situation created by manufacturers to ensure that consumers will always be in need of a product. Products are designed for a specific period, serving consumers before breaking down or being rendered useless. Consumers would always be at the mercy of manufacturers. For example, mobile phones come in different designs and features; with time, most of them develop complications that are manufacture related forcing individuals to buy another one. Another aspect of how obsolescence works is through perception. By simply changing how the product looks the consumer would feel the need to change with the new look. It happens more so in the fashion industry. These are some of the psychological ways of ensuring that consumers are always going back to purchase. Planned obsolescence can work for a short time, but in the long-run it ruins the products reputation because most consumers would shy away from purchasing such products for fear of experiencing the same problem.
The Game Theory
In economics, the...
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