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What should Shane do to be able to buy the stopwatch in this scenario?Shane is an...
Topic: Consumer Behavior
What should Shane do to be able to buy the stopwatch in this scenario?
Shane is an aspiring athlete, who is fourteen years old. He is very fast, and loves to run. His coach wishes Shane to purchase a sports watch that can time Shane's runs accurately and well. Shane has only one hundred dollars, and he assumes that he would need three hundred dollars to buy the best sports watch. He has no idea of which sports watch he should buy, and how to earn the extra two hundred dollars he requires. Shane does not know how to budget.
Advise Shane, in an extended response on how to earn the two hundred dollars that he needs. What should Shane do in order to be able to get the sports watch that he requires?
1 Answer | add yours
The first thing Shane should do is to determine the actual price of the stopwatch that he needs. He should make sure that he really needs to buy one that costs $300. You say that he "assumes" this is what he needs, but he should not simply go on that assumption. He should research the differences between cheaper stopwatches and those that are more expensive. Once he decides which one he needs, he should look at sports stores and at regular stores and at online dealers to find which place has the best price.
You mention that Shane does not know how to budget. Perhaps he should learn to budget to help save some money. If he is given an allowance, for example, he might set up a system in which he sets aside a certain amount of that allowance each week to save up for his stopwatch. He might identify the things that he absolutely has to use his money for, add on a bit for fun, and save the rest.
Finally, Shane should see if he can find ways to make bits of money here and there. Maybe there are things he can do for his parents or his neighbors. Maybe he could ask local businesses to sponsor him. Maybe he could have a little fund raiser for himself. Any combination of these ways of making money and saving money could get him the money he needs.
Posted by pohnpei397 on March 27, 2012 at 2:55 PM (Answer #1)
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