...RESEARCH METHODOLOGY Topic:- Analysis of bandwagon effect on youth CHAPTER 1 1.0 Introduction 1.1 Statement Objective: To analyze the factors which create a bandwagon effect on youth and study their effects. 1.2 Why this topic? In 1999 a huge craze being described as Potter mania came into existence following the humungous hype created by the harry potter fans. This led to a huge demand for harry potter books, movies and goodies. Millions of fans waited in lines outside the book stores to get their first copies of the books. These people known as the ‘Potter heads’ created a huge fandom which included both children and adult alike, despite J.K Rolling original marketing the book for children aged 9-12. Thus, here in this research paper we are analyzing the various aspects and factors causing this bandwagon effect esp. among youth. • Why individuals make irrational choices based on the information they receive from others? • Why people decide to ignore their personal information signals and follow the behaviour of others? • What are the major drivers to propel this behaviour? • What common factors are found among such people? What differentiates them from other sections of population. • What are the pronounced effects to be seen? Are they good or not? Etc. In layman’s term the bandwagon effect refers to people doing certain things because other people are doing them, regardless of their own beliefs, which they may ignore or override....
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...The unlimited variety of goods is offered to consumers in a modern world. But how a buyer makes the choice in a modern market flooded with products and services of all kinds? What are the motivations, motives and other factors which affect his or her con- sumer behaviour? These questions remain the most important for everyone engaged in trading relationships and are crucial in marketing of products and advertisement design spheres. The thesis work is aimed to study consumer‟s choice motivations for a branch of products in a limited area of research. Author focuses her study on a particular type of goods, affordable luxury products, and motivations of a target consumer group to buy it. Such limitation is considered adequate, as it allows us to study subject thoroughly, using smaller sample size of respondents and draw conclusions that can be used as a base for further researches. Respondents‟ group is formed by the luxury products‟ consumers. They are divided into two groups, the introverts and the extroverts, using test type questionnaire, based on Carl Jung‟s personality theory. The aim of the study is to find out a relationship between introverted and extroverted types of personality and motivations for status consumption of affordable luxury goods. The research questions are: “Does a personality trait affect motivations for consumption of luxury goods?”, “Which motives are typical for a certain type of personality?” The study brings together researches on status consumption...
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...www.sciedu.ca/jbar Journal of Business Administration Research Vol. 1, No. 1; 2012 Luxury Brand Exclusivity Strategies – An Illustration of a Cultural Collaboration Anita Radón, PhD Post Doc. Researcher The Swedish School of Textiles, University of Borås SE-501 90 Borås, Sweden Tel: 46-705-918-306 Received: May 30, 2012 doi:10.5430/jbar.v1n1p106 E-mail: anita.radon@hb.se Online Published: July 16, 2012 Accepted: July 14, 2012 URL: http://dx.doi.org/10.5430/jbar.v1n1p106 This research is supported by Handelns Utvecklingsråd. Abstract This paper examines how luxury fashion brands renew themselves in order to balance the exclusivity that is associated with luxury goods and with profit maximization. Using consumers’ demand theory it is shown how luxury fashion brands go through different phases to renew the perception of exclusivity. A proposed model for the stages a luxury brand goes through to keep up the perception of exclusivity is provided. The focus is on identifying how luxury fashion brands renew themselves in order to create a perception of exclusivity and scarcity. The limitations of the study is that research has yet to be done on how consumers of luxury fashion goods perceive these efforts put forward by luxury fashion brands. Problems associated with luxury fashion brands, theoretically as well as on a practical level, and the crucial need for a perception of exclusivity and how this perception can be maintained are addressed. This paper contributes...
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...Fallacy Summaries with Examples Name: Institution: Fallacy Summaries with Examples Appeal to Authority The fallacy of appeal to authority also referred to as the Fallacious Appeal to Authority, irrelevant Authority or Ad Vercundiam takes the following form, the first person is claimed to be an authority on subject S and hence makes a claim C about subject S hence making C true. The fallacy is mostly committed when the individual in question is not a lawful authority on the subject. This implies that if an individual A does not merit making reliable claims on a subject B, the argument becomes fallacious. The reasoning becomes fallacious when the individual under focus is not necessarily an expert hence the given cases makes the reasoning flawed since there is no justification for the claim since an unauthorized person made the claim. In the event that a person falls prey to the fallacy, then it implies that the individual is accepting a claim as being true in the absence of adequate evidence to do so. Additionally, the individual accepting the claim does so erroneously on belief that the individual making the claim is an expert which implies that the claim is reasonable to accept. Example 1 An argument about the morality of abortion Individual A: I strongly believe in abortion as being morally acceptable simply because a woman aught to have a right over her own body. Individual B: I strongly disagree. Findings from numerous medical researches say that abortion is morally...
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... Quality + Price + Customer Service = Value and Satisfaction | So what is meant by 'Quality?' Quality ― is a product or service's ability to meet the customers' need or want. Products * Performance * Features * Reliability * Serviceability * Aesthetics * Perception Services * Responsiveness * Reliability * Assurance * Empathy * Tangibles Why People Buy Many factors are involved in a customers' buying decision, any one of which can become the deciding factor, such as: * Conspicuous consumption: Lavish spending for the purpose of displaying wealth or social status; preference for buying increases with price. * Snob effect: Desire to buy something nobody else has; preference for buying increases with rarity or scarcity. * Bandwagon effect: Desire to buy something everybody else is buying; preference for buying increases with perceived popularity. * Economic-To enhance their lifestyle or to fulfill two of Maslow's needs: physiological (food, shelter) and Safety and Security. * Psychological-This is the study of how people interact with their environment, products are consumed to enhance their well being, for example air fresheners, furniture and convection ovens. Internal Influences Learning Learning is a change of behavior following an interaction between a person and their environment. The Learning Process: * Exposure - the customer becomes aware of product, service or advertisement through...
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...expensive wines or perfumes are Veblen goods, in that decreasing their prices decreases people's preference for buying them because they are no longer perceived as exclusive or high status products. The Veblen effect is named after the economist Thorstein Veblen, who invented the concepts of conspicuous consumption and status-seeking. The Veblen effect is one of a family of theoretically possible anomalies in the general theory of demand in microeconomics. Other related effects are: the snob effect: preference for a good decreases as the number of people buying it increases, and the bandwagon effect: preference for a good increases as the number of people buying it increases; Note that none of these effects in itself predicts what will happen to actual quantity demanded for the good (the number of units purchased) as price changes - they refer only to preferences or propensities to purchase. The actual effect on demand will depend on the range of other goods available, their prices, and their substitutabilities for the goods concerned. The effects are anomalies within demand theory because the theory normally assumes that preferences are independent of price or the number of units being sold. They are therefore collectively referred to as interaction effects. Thornstein Veblen described conspicuous consumption. This he said was consumption designed to show how wealthy a person was. Outlandish dress for example rendered the wearer unfit to do jobs of work. The...
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...It’s a tactic used with a goal to entice the customer to purchase the product. However, along with persuasion comes strategy and advertisers over the years have perfected this game. Through conventional approaches like Snob Appeal, Bandwagon Effect and Famous-Person Testimonials to name a few, businesses have invested millions of dollars in advertising with the hope of bringing attention to their brand and boosting sales (Campbell, Martin, Fabos and Harmsen). Take a look at Donald Trump or shall we say the “President of the United States”. The media has labeled him as the “Master of Persuasion” as his skills in this area take on a whole new meaning. Not only has his persuasive abilities been the weapon behind the Trump brand, we cannot forget his performance during his presidential campaign. It was at this time that he introduced our nation to the “Make America Great Again” slogan attempting to persuade voters through four simple words to place him into office. But what...
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...|A Report on | |Elasticity and Related Problems | |A Report on | |Elasticity and Related Problems | Course Title: Microeconomics Course Code: F – 106 Submitted To: Lubna Rahman Lecturer Department of Finance University of Dhaka Submitted By: |Serial No. | | | |Name | | | |ID No. | | | | | | | |01. | | | |Md. Tanvir Ahmed Chy ...
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...Effects of Market on Pricing THE market conditions facing suppliers of goods and services vary considerably. Customers of gas and water supply companies may feel they are being exploited with high prices and poor service levels provided by companies who know that their customers have little choice of supplier. On the other hand, customers are constantly being wooed by seemingly countless travel and motor insurance companies, all trying to offer deals which buyers will consider to be better than those offered by competitors. The differences in the pricing behaviour of these two groups of organizations can be related to the structure of the markets in which they operate. The term ‘market structure’ is used to describe: * the number of buyers and sellers operating in a market; * the barriers which exist to prevent new firms from entering the market (or prevent existing companies from leaving it); * the extent to which the supply of goods and services is concentrated in the hands of a small number of buyers (or, less frequently, the extent to which purchases are concentrated in the hands of a few buyers); * the degree of collusion which occurs between buyers and/or sellers in the market. An understanding of market structure underpins all pricing decisions made by marketers. Market structure influences not only the pricing decisions made by marketers within a firm, but also the nature of the response from other firms operating in the market. Economists have developed...
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...BRAND IMAGEBrand image is the current view of the customers about a brand. It can be defined as a unique bundle of associations within the minds of target customers. It signifies what the brand presently stands for. It is a set of beliefs held about a specific brand. In short, it is nothing but the consumers’ perception about the product. It is the manner in which a specific brand is positioned in the market. Brand image conveys emotional value and not just a mental image. Brand image is nothing but an organization’s character. It is an accumulation of contact and observation by people external to an organization. It should highlight an organization’s mission and vision to all. The main elements of positive brand image are- unique logo reflecting organization’s image, slogan describing organization’s business in brief and brand identifier supporting the key values.Brand image is the overall impression in consumers’ mind that is formed from all sources. Consumers develop various associations with the brand. Based on these associations, they form brand image. An image is formed about the brand on the basis of subjective perceptions of associations bundle that the consumers have about the brand. Volvo is associated with safety. Toyota is associated with reliability. | The idea behind brand image is that the consumer is not purchasing just the product/service but also the image associated with that product/service. Brand images should be positive, unique and instant. Brand images...
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...Masters Programmes Assignment Cover Sheet Submitted by: Date Sent: Module Title: Module Code: Date/Year of Module: Submission Deadline: Word Count: Number of Pages: Question: Student ID: 1267016 17 December 2012 Economics of the business environment IB9710 December 2012 17 December 2012 3000 words (Including in-text referencing) 27 Mercedes Benz Cars and its economics “This is to certify that the work I am submitting is my own. All external references and sources are clearly acknowledged and identified within the contents. I am aware of the University of W arwick regulation concerning plagiarism and collusion. No substantial part(s) of the work submitted here has also been submitted by me in other assessments for accredited courses of study, and I acknowledge that if this has been done an appropriate reduction in the mark I might otherwise have received will be made.” Mercedes'Benz' ' ' ' Content 1' Introduction of the Firm and its market ............................................................................2' 2' Macroeconomic exposure and protection ..........................................................................3' 3' Market Exposure................................................................................................................6' 4' Non economic exposure .....................................................................................................9' 5' Vulnerability..................................................
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...The Food Crises: A quantitative model of food prices including speculators and ethanol conversion Marco Lagi, Yavni Bar-Yam, Karla Z. Bertrand and Yaneer Bar-Yam New England Complex Systems Institute 238 Main St. Suite 319 Cambridge MA 02142, USA reviewed by: C. Peter Timmer - Cabot Professor of Development Studies emeritus. Harvard University Jeffrey C. Fuhrer - Executive Vice President and Senior Policy Advisor. Federal Reserve Bank of Boston Richard N. Cooper - Maurits C. Boas Professor of International Economics. Harvard University Thomas C. Schelling - Distinguished Professor of Economics emeritus. University of Maryland (Dated: September 21, 2011) Abstract Recent increases in basic food prices are severely impacting vulnerable populations worldwide. Proposed causes such as shortages of grain due to adverse weather, increasing meat consumption in China and India, conversion of corn to ethanol in the US, and investor speculation on commodity markets lead to widely differing implications for policy. A lack of clarity about which factors are responsible reinforces policy inaction. Here, for the first time, we construct a dynamic model that quantitatively agrees with food prices. The results show that the dominant causes of price increases are investor speculation and ethanol conversion. Models that just treat supply and demand are not consistent with the actual price dynamics. The two sharp peaks in 2007/2008 and 2010/2011 are specifically due to investor...
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...Business Research Methods Market Research to Evaluate Consumer Preferences for Various Features in Mobile Phones A report submitted to Prof. Anand Kumar Jaiswal Submitted by Group C08 Anshul Gupta Dr. PrashantDeshmukh Kunal Gupta Rohan Nag ShashwatSiddhant SwetaBindiTherlapu INDIAN INSTITUTE OF MANAGEMENT AHMEDABAD Contents Background to the problem ......................................................................................................... 3 Research Matrix .......................................................................................................................... 4 Decision Problem .................................................................................................................... 4 Research Problem .................................................................................................................... 4 Information Needs ...................................................................................................................... 4 1. Secondary Research .......................................................................................................... 4 Primary Research:........................................................................................................................ 4 Variable Specification .................................................................................................................. 5 Literature Survey: Uncovering the latest trends in the Mobile...
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...Suraj Commuri The Impact of Counterfeiting on Genuine-Item Consumers’ Brand Relationships An often-overlooked constituent in the debate on counterfeiting is the consumer of the genuine article—a brand manager’s primary constituent. These consumers are drawn to premium brands in part because of the exclusivity and connotation of prestige associated with them. These characteristics are also the reason such brands are attractive targets of counterfeiting. When premium brands are counterfeited, which in turn gives a variety of consumers access to them, how do consumers of the genuine items react to the erosion of exclusivity and prestige? An investigation involving premium brands in Thailand and India reveals that consumers of genuine items adopt one of three strategies when faced with the prospect of their favorite brands being counterfeited: flight (abandoning the brand), reclamation (elaborating the pioneering patronage of a brand), and abranding (disguising all brand cues). The author examines these strategies in detail, revealing how the potential loss of exclusivity and prestige can either drive genuine-item consumers away from the brand or impel them to make strong claims to their patronage. Keywords: counterfeits, counterfeiting, brand relationships, conspicuous consumption, fashion, competitive consumption irms invest substantially in building their brands. In some product categories, such efforts are aimed at making a brand prestigious and exclusive. For brands...
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...3. What do you think are the major social problems faced by nations in the present era of globalization? When historians write of the world’s recent history, they are likely to reflect on two trends: the advance of globalization and the spread of democracy. Globalization has been the more contentious, because it has effects both good and bad, and democracy has opened space for people to protest the bad effects. So, controversies rage over the environmental, economic and social consequences of globalization. But there is another domain of globalization, that of culture and identity, which is just as controversial and even more divisive because it engages ordinary people, not just economists, government officials and political activists. Globalization has increased contacts between people and their values, ideas and ways of life in unprecedented ways. People are travelling more frequently and more widely. Television now reaches families in the deepest rural areas of China. From Brazilian music in Tokyo to African films in Bangkok, to Shakespeare in Croatia, to books on the history of the Arab world in Moscow, to the CNN world news in Amman, people revel in the diversity of the age of globalization. American coffeehouse chain Starbucks has begun selling its espresso and food items to ever-increasing number of countries and this way spreading American food habits. It is the first time in human history that virtually every individual at every level of society consciously or unconsciously...
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