Financial 1.04 Lesson- Impact of Marketing on Consumers

Need

An essential requirement for survival, such as food or shelter.

Want

A desire for something that is not essential for survival.

FOMO

Fear of Missing Out; the anxiety that an exciting or interesting event may currently be happening elsewhere.

Scarcity

A marketing tactic that creates a sense of urgency by implying that a product is in limited supply.

Influencer Marketing

A strategy where trusted creators recommend products, often compensated for promoting them.

Targeted Ads

Advertisements customized based on user data and behavior to increase chances of purchase.

Pricing Trick

A marketing strategy that uses specific pricing to influence consumers' perceptions of cost.

Belonging

The emotional appeal in marketing that suggests a product helps one fit in with a group.

Identity

How consumer products are marketed to shape self-perception and social identity.

Placement

The location of products in physical or online spaces that influences consumer purchasing behavior.