Why consumer ratings are so very important to consumers


Assignment:

For this assignment, read the case study, "Never Stay Here! The Power of Negative Online Reviews" . Once you have read and reviewed the case scenario, respond to the following questions, with thorough explanations and well-supported rationale.

1. Explain why consumer ratings are so very important to consumers today. The reality of it is that consumers are willing to take the word of a perfect stranger over that of a credible company. Aside from the profit motives of the company, why is this perfect stranger more credible?

2. What steps do you recommend a hotel take when dealing with a negative online review? Do you think that consumers will "understand" marketers' reactions to these negative reviews?

3. Apply the consumer decision-making process to a recent online purchase that you were contemplating, assuming that you found a negative review during the process. How impactful was the review in the process? Explain.

4. Have you ever written a positive or negative review? What motivated you to write the review or de-motivated you to not write the review? Explain thinking about the product, price of product, industry, and other factors that might allow you to draw conclusions about your review-writing habits.

Your response should be a minimum of three pages, double-spaced, excluding the cover and reference pages

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Microeconomics: Why consumer ratings are so very important to consumers
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