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Spaving
Spaving is a marketing strategy where consumers are encouraged to spend money to gain access to savings. Common spaving tactics include discounts, sales, and promotions such as free shipping at a certain threshold and buy one, get one free. The term is a portmanteau of the words ''spending'' and ''saving''. The concept has been popularized by online retailers and social media. Spaving has been criticized as a financial pitfall causing consumers to purchase more than needed and creating excessive buying habits. Consumers engage in spaving due to fear of missing out and loss aversion In cognitive science and behavioral economics, loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain. It should not be confused with risk aversion, which descri .... Consumers who excessively engage in spaving are referred to as spavers. References {{marketing-stub Sales promotion Advertising ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fear Of Missing Out
Fear of missing out (FOMO) is the feeling of apprehension that one is either not in the know about or missing out on information, events, experiences, or life decisions that could make one's life better. FOMO is also associated with a fear of regret, which may lead to concerns that one might miss an opportunity for social interaction, a novel experience, a memorable event, profitable investment, or the comfort of loved ones. It is characterized by a desire to stay continually connected with what others are doing, and can be described as the fear that deciding not to participate is the wrong choice. FOMO could result from not knowing about a conversation, missing a TV show, not attending a wedding or party, or hearing that others have discovered a new restaurant. In recent years, FOMO has been attributed to a number of negative psychological and behavioral symptoms. FOMO has increased in recent times due to advancements in technology. Social networking sites create many opportunit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Strategy
Marketing strategy refers to efforts undertaken by an Organizational structure, organization to increase its sales and achieve competitive advantage. In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information. Strategic marketing emerged in the 1970s and 1980s as a distinct field of study, branching out of strategic management. Marketing strategies concern the link between the organization and its customers, and how best to leverage resources within an organization to achieve a competitive advantage. In recent years, the advent of digital marketing has revolutionized strategic marketing practices, introducing new avenues for customer engagement and data-driven decision-making. Marketing management versus marketing strategy The terms “strategic” and “managerial” marketing distinguish between two processes, each with different goals and concep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buy One, Get One Free
"Buy one, get one free" or "two for the price of one" is a common form of sales promotion. Marketing strategy The economist Alex Tabarrok has argued, that the success of this promotion lies in the fact that consumers value the first unit significantly more than the second one. So compared to a seemingly equivalent "Half price off" promotion, they may only buy one item at half price, because the value they attach to the second unit is lower than even the discounted price. History The concept of "buy one, get one free" was devised in the 18th century by retail entrepreneur Josiah Wedgwood. This technique is commonly known in the marketing industry by the acronym BOGOF, or simply BOGO. Criticism Two-for-one promotions in the food industry have been criticized as contributing to food waste The causes of food going uneaten are numerous and occur throughout the food system, during food production, production, food processing, processing, Food distribution, distribution, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portmanteau
In linguistics, a blend—also known as a blend word, lexical blend, or portmanteau—is a word formed by combining the meanings, and parts of the sounds, of two or more words together.Garner's Modern American Usage p. 644. English examples include '' smog'', coined by blending ''smoke'' and ''fog'', and '''', from ''motor'' ('' motorist'') and ''hotel''. A blend is similar to a [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Retailer
Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser or a mobile app. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones. Online stores that evoke the physical analogy of buying products or services at a regular "brick-and-mortar" retailer or shopping center follow a process called business-to-consumer (B2C) online shopping. When an online store is set up to enable businesses to buy from another business, the process is instead called business-to-business (B2B) online shopping. A typical online store enables the customer to bro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Media
Social media are interactive technologies that facilitate the Content creation, creation, information exchange, sharing and news aggregator, aggregation of Content (media), content (such as ideas, interests, and other forms of expression) amongst virtual communities and Network virtualization, networks. Common features include: * Online platforms enable users to create and share content and participate in social networking. * User-generated content—such as text posts or comments, digital photos or videos, and data generated through online interactions. * Service-specific profiles that are designed and maintained by the List of social networking services, social media organization. * Social media helps the development of online social networks by connecting a User profile, user's profile with those of other individuals or groups. The term ''social'' in regard to media suggests platforms enable communal activity. Social media enhances and extends human networks. Users access so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loss Aversion
In cognitive science and behavioral economics, loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain. It should not be confused with risk aversion, which describes the rational behavior of valuing an uncertain outcome at less than its expected value. When defined in terms of the pseudo-utility function as in cumulative prospect theory (CPT), the left-hand of the function increases much more steeply than gains, thus being more "painful" than the satisfaction from a comparable gain. Empirically, losses tend to be treated as if they were twice as large as an equivalent gain. Loss aversion was first proposed by Amos Tversky and Daniel Kahneman as an important component of prospect theory. History In 1979, Daniel Kahneman and his associate Amos Tversky originally coined the term "loss aversion" in their initial proposal of prospect theory as an alternative descriptive model of decision makin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Promotion
Sales promotion is one of the elements of the promotional mix. The primary elements in the promotional mix are advertising, personal selling, direct marketing and publicity/public relations. Sales promotion uses both media and non-media marketing communications for a predetermined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, and rebates. Sales promotions can be directed at either the customer, sales staff, or distribution channel members (such as retailers). Sales promotions targeted at the consumer are called consumer sales promotions. Sales promotions targeted at retailers and wholesale are called trade sales promotions. Sales promotion includes several communications activities that attempt to provide added value or incentives to consumers, wholesalers, retailers, or other organizational custom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
