Marketing Strategies
Slips that typically have an expiration date and are intended to get you to purchase an item because you don't want to miss out on the opportunity to pay a lower price.
What are coupons?
Represented by the acronym "FOMO"
What is Fear of Missing Out?
A cognitive bias that might be called "The Bandwagon Effect".
What is Herd Mentality?
Values are typically first introduced by these people in the young persons home.
When making financial decisions, most consumers will apply these to make judgements related to consideration of their: finances, social situations, physical self, and inner self.
What are values?
Pressure to act now with an offer ending soon, or limited stock.
What is Scarcity and Urgency?
A particular form of marketing that drives significant feelings of FOMO
What is "Social Media Marketing"?
A cognitive bias a consumer may be affected by if they believe hat they have invested too much time, energy, or money into something to quit.
What is the Sunk Cost Fallacy?
A game played in class to help students identify their personal values through where they would choose to allocate funding.
What is the Bean Game?
This particular group of researchers view people as irrational beings who sometimes allow emotions to influence their decisions.
What/who are Behavioral Economists?
A common technique marketers will use to encourage you by announcing that you can have an item in your hands as early as tomorrow....as long as you buy within a certain amount of time.
What is Buy now, get it tomorrow!
Studies have shown that people were unwilling to sell these items for significantly more money then they paid for them because of the potential gains this item could possibly provide them with.
What are lottery tickets?
A form of cognitive bias that is demonstrated when people would like a certain idea or concept to be true and therefore believe that it is true.
What is Confirmation Bias?
When a consumer exhibits this value strongly, the may overspend on material possessions or demonstrate a significant preference for high quality and/or name brands.
What is Physical Value?
Defined as a subconscious error in thinking that leads to irrational decision making.
What is a Cognitive Bias?
Human beings value their personal information and their time. In order to nudge consumers, marketers will sometimes provide specific detail to show how much of a form has been completed and how much remains to complete through this technique.
What is a Progress Bar?
These types of e-commerce marketing ploys generate excitement and encourage people to believe that they would be missing out if they don't immediately act on the suggestion that comes from this "bonus" that suddenly appears.
What is a Pop-Up add?
Defined as the tendency for a person to overestimate their abilities.
What is the Overconfidence Bias?
A consumer with a strong preference for this type of value will likely think more about the sustainability of their money and will generally contribute a significant amount of their pay to savings each cycle.
What is Financial Value?
The use of social media platforms and websites to promote a service or product.
What is "Social Media Marketing"
When given access to a paid service, consumers gain a sense of ownership. Marketers use this particular strategy with the hope that consumers will choose to pay for continued ownership rather than lose access.
It’s Friday night and Noah’s friends are all going out for dinner. Noah has already maxed out his monthly budget for dining out, but he doesn’t want to miss out on the opportunity.
What is an example of FOMO?
Sophie, who is not willing to part with her tattered, torn, blanket that she has had since she was a baby is likely to exhibit signs of this cognitive bias.
What is the Endowment Effect?
With a strong tendency toward this particular value, and individual may make financial decisions based on their unique family histories and relationships.
What is Social Value?
Mr. Parisi's favorite coffee flavor
What is french vanilla?