Milk tea consumers’ preference Essay Example

The underlying foundation of demand, therefore, is a model of how consumers behave. The individual consumer has a set of preferences and values whose determination are outside the realm of economics. They are no doubt dependent upon culture, education, and individual tastes, among a plethora of other factors. The measure of these values in this model for a particular good is in terms of the real opportunity cost to the consumer who purchases and consumes the good. If an individual purchases a particular good, then the opportunity cost of that purchase is the forgone goods the consumer could have bought instead. According to Rebekah Richards, eHow Contributor, the following factors affect consumers in terms of brand preferences:

Advertising.

Advertising plays an important role in consumer preference, especially for non-durable goods such as food or magazines