Time, Money, And Happiness Case Study Analysis
Differences between Time and Money:
People were encouraged by Benjamin Franklin for equating time and time in the form that ‘Time is money’. The literature on the relationship betweentime, money, happiness represented vast differences in the perception regarding time and money.Moreover, suchchange in the perception of people associated with the resources tends to represent significant implications regarding the behavior of people linked with the consequences for overall happiness level. Particularly, money tends to represent a readily exchangeable market,which can either be borrowed or saved with time, but that is not true.
On the other hand, an approximate loss experienced by an individual of about $100 demonstrates the potential to be earned again tomorrow. But, a lost or wasted hour cannot be recuperated, which mainly comprisesabout 24 hours renewing each day into a new morning. Thus, money is considered to be more fungible as compared to time. Most of the individuals are more likely to make careful plans about their temporal expenditures in comparison to the financial ones and tend to be more unfavorable to the risk of wasting or losingtime as compared to money. Thus, the focus on time versus money is known to influence subjective wellbeing through behavioral motivation, which tends to be directly associated with happiness. (Cassie Mogilner, 2018)
Therefore, it is to state that happiness might be less dependent on the availability of the resources, but more dependent on the determination of the resources to which the people tend to demonstrate an increased focus. Also, the determination of the ways on how people like to spend their time and money. The importance of money is growing based on an occurrence of institutional practices, such as: high-speed products, express services, and hourly wages placing a value equal to a dollar on time. The rate of hourly wage is considered to be a crucial factor in encouraging the mindset of an individual about the time, featuring the goal to maximize the economic value of an individual’s time. (Sanford E. DeVoe, 2011)
Recommendation:
Based on the analysis of the consumer behavior associated with the factors influencing the happiness level of consumers i.e. time and money. In developed countries, the happiness level is associated with the time as the income of the people living in America, Europe, Australia, and other countries tends to higher as compared to money. Whereas, in developing countries, the concept is different i.e. the consumer behavior is mainly influenced by money. Thus, the concept of time is known to be associated with the personal connection of a consumer with a particular product, both in terms of gaining a consumer experience.
The development of the promotional events of the products by a particular brand is considered to be focused on the routine activities of the individuals. For example: the sale of beauty products should be among the target market, which includes the old age people. This is due to the reason that older women are mostly concerned about the wrinkles and age lines on their face. Similarly, food products target the consumer market by focusing on developing advertisements mainly involving young generations who attend colleges, schools, and universities, which significantly demonstrates the probability of increased sales.
On the other hand, the hair products that improve the hair appearance should target the consumers living in poor geographical areas who strive to improve the thickness of their hair, which tends to be damaged by the poor water quality. Furthermore,comfortable product promotions are considered to be based on the development of content that grabs the interest of the consumers,such as the sale of beer products by representing the end of the day transition from a busy scheduled day to leisure time at home. (Officials, 2009)
Targeting social and money-related advertisement showed a man who struggled to earn money through different methods so that he can easily buy his grandmother a pair of red, expensive beautiful shoes. But, he spun the Stella pint and turned it into a shoe-for-beer trade with the help of awaitress just to present a gift to her grandmother. Although the commercial was considered funny, it significantly captured the organization’s tagline as stated by Mogilner i.e. ‘Perfection has its price’. (Officials, 2009)
Thus, the managers and other business organizationsare recommended to target the interest of the consumersthrough market research and implementinga strategic approach of product promotion demonstrating their life experiences, making it more relatable with the daily life activities of the consumers. As many incidents are observed regarding product promotion,which are completely dependent on the concept of money, which could a be good concept for a particular consumer segment.
Conclusion:
The difference in consumer behavior regarding their perception regarding time and money is known to be mainly associated with two characteristics i.e. ambiguity and fungibility. (Officials, 2009)The evaluation of the consumer over a product is based on the consumer experience heightening their connection with the product. Although many factors are influencing the happiness level of consumers, out ofwhich,time and money are two crucial resources.As a growth in income is not known to bring improvement in the happiness level of an individual,but individuals tend to experience stress due to the unavailability of sufficient time and demonstrate concerns over having insufficient money.
Thus, targeting the consumer for a particular product sales is considered to be based on the interest of individuals. The focus on time versus money is known to influence subjective wellbeing through behavioral motivation, which tends to be directly associated with happiness. Similarly, the economic value of time is known to greatly influence the enjoyment and patience level of consumers all around the world. In developed countries, the happiness level is associated with time whereas,in developing countries, the concept is different i.e. the consumer behavior is mainly influenced by money.................................
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