Fandoms
The result of businesses profiting more through the trickling of money in a city when a huge concert is in town
The Multiplier Effect
Define Scarcity
Limited availability of goods or services which increases the value.
The marketing effect of "only a few left in stock" or "limited time offer?"
Scarcity
What types of purchases do consumers usually cut back on during recessions?
Luxury Goods
A form of travelling, centered primarily around seeing a show/concert
Concert Tourism
Name one Physiological drive
Reactance theory
The Halo Effect
Scarcity Heuristic
A Tik tok video showing dramatic before and after results of a product creates this effect?
Social Proof
What is the term for consumers continuing to buy small, affordable luxuries during economic downturns?
The lipstick effect
The neurotransmitter that is activated when you purchase concert tickets or merch (a reward)
Dopamine
How do apps create the feeling of scarcity?
Drops only available through brand apps
Encourages people to download and stay active in app
VIP feeling
High numbers of likes, shares, and comments on a products post creates this influence?
What's one thing that helps improve first impressions and professional appearance during job competition?
Cosmetics
The system that creates empathy for celebrities, making us resonate with their policy, sport luck, and struggles
Mirror Neuron System
What does Goat, StockX and Ebay act like
stock markets for sneakers
Is visual or video content more likely to trigger impulse purchases on social media?
Video content
What is one reason the lipstick effect does not apply to all consumers?
Varies by consumer
The 5 sectors gaining marginal benefits to society due to concerts in town
Venues, Private Businesses, Transportation, Tourism, Patriotism/National Pride
How many times did I mention Travis Scott on the slides
5 times
Seeing others enjoy a product that boone and feeling compelled to buy it shows this behavioural effect
FOMO
What did small purchases like lipstick provide during the 2008 recession?
Emotional comfort