Marketing, Economics, and Career Development Review

Vocabulary terms and definitions based on marketing, professional development, and socio-economic transcript notes.

Appeal to Emotion

The manipulation of consumers’ emotions by trying to spike extreme emotion right before the buying process.

Appeal to Majority

The manipulation of consumers’ insecurities by trying to spike extreme insecurity right before the buying process.

Appeal to Authority

The manipulation of consumers’ biases by trying to spike extreme bias right before the buying process.

Loyal Consumer Value

Loyal consumers are worth over $10 \times$ the value of their initial purchase.

Consumer Retention Cost

It is up to $25 \times$ more expensive to secure a new consumer than it is to retain a loyal one.

Emotion-Driven Purchases

Nearly 100 \text{%} of purchases are driven by emotion as a whole.

Political Factors (Marketing)

Consumers’ political structure, such as capitalist, socialist, or communist.

Economical Factors (Marketing)

Consumers’ economic circumstances, including inflation, interest rates, and international relations.

Geographical Factors (Marketing)

Consumers’ geographic location, such as continent, region, and city.

Social Factors (Marketing)

Consumers’ social values, including parenting, friend groups, and laws.

Color Psychology (Blue and Red)

Blue is the most comforting color that suppresses the appetite, while red is the most stimulating color that increases metabolism.

Odd Pricing

The act of stylizing the suffix of prices with a $5$, $7$, or $9$, which accounts for nearly 90 \text{%} of all price points.

Average Consumer Attention Span

A duration of just $8 \text{ seconds}$.

1980s Home Cost

A family-style home in the $1980s$ cost nearly $\text{\$}112,000$.

The Greatest Generation

A demographic born between $1901 \text{--} 1927$ characterized as patriotic, resilient, and selfless.

Cashless Society

A society that runs on digital currency, tapscreen transactions, and cloud-based banking.

Smart Cities

Reconfigured infrastructure calling for keyless locks, smartphone accessibility, and $15 \text{-minute}$ round-trip travel.

World War III (Transcript Definition)

A multi-layered international disaster involving the United States, Israel, China, Russia, and North Korea.

Robots (AI context)

The physical bodies that will be personally constructed for AI.

Cashless Transaction Percentage

Nearly 85 \text{%} of consumer transactions are cashless.

Facial Recognition Surveillance Projection

Projected that facial recognition will make up nearly 100 \text{%} of surveillance by $2050$.

Societal Skill Decreases

A decrease in social skills, life skills, critical thinking, empathy, and ambition as everyday tasks or interactions become seen as chores.

Passion, Talent, & Significance

Criteria for choosing a lifetime career based on loving the work, being good at it, and finding value in doing it repeatedly.

Wealth, Status, & Power

Deceptive criteria for career selection based on potential earnings, popularity, and personal power.

Selectivity, Attrition, & Quality of Life

Factors used to evaluate career paths: how hard it is to get in, failure rates, and the happiness of those who succeed.

College Degree Utility

Nearly 50 \text{%} of college graduates never use their degree.

Career Change Frequency

People, on average, change careers about $7 \text{--} 10 \text{ times}$ as a young adult.

Community College Savings

Attending community college for general education classes can save close to $\text{\$}50,000$.

Undecided Major Strategy

Going to community college first to obtain an associate’s degree to fall back on if life's trajectory is uncertain.

STEM / Pre-Everything / Full-Ride

Designated tracks (science, technology, engineering, math, pre-med, pre-law, pre-dentistry, or athletic scholarship) where students are encouraged to attend their dream school immediately.

College Graduation Rate

Nearly 50 \text{%} of college students don’t graduate.

Major Selection Strategy

Choosing a college with a program of interest and $3 \text{--} 5$ legitimate backups among $25+$ traditional majors.

Professor Quality Standards

Standards including low student-to-teacher ratios ($10 \text{--} 20 \text{ students}$ per teacher), extensive office hours, and tutoring opportunities.

Trade Options

Jumping directly into a career field which functions similarly to being paid for an education, though often requiring an apprenticeship.

Journeyman Average Salary

Between $\text{\$}50,000 \text{--} 100,000$ per year.

Unfilled Trades Jobs Projection

By $2033$, it is projected there will be over $2 \text{ million}$ unfilled trades jobs.

Experience (Resume)

The last thing employers see on a resume and the most important criteria regarding qualifications.

Typo Impact

Every typo decreases the probability of securing an interview by 5 \text{%}.

Recruiter Review Time

Recruiters, on average, spend only $5 \text{ seconds}$ reviewing a resume.

.300 Batting Average

The goal of securing $3 \text{ interviews}$ for every $10 \text{ applications}$, and $1 \text{ job offer}$ for every $10 \text{ applications}$.

Maturity (Cover Letter)

The last thing employers notice on a cover letter, speaking to qualitative street smarts and personal life experiences.

Cover Letter Readership

Nearly 85 \text{%} of hiring managers read every cover letter.

Cover Letter Average Length

Between $250 \text{--} 400 \text{ words}$.

Supply & Demand

The inverse relationship between the number of resources available and the number of consumers ready to purchase.

Elastic vs Inelastic Goods

A change in demand based on price fluctuation, distinguishing between luxuries and necessities.

Inflation, Credit, & Interest Rates

The devaluing of currency combined with the cost of borrowing money, often resulting in Federal Reserve intervention.

Demand-Side vs Supply-Side Economics

Increasing government spending for short-term relief versus increasing tax cuts for long-term business expansion.

Unemployment Fatality Statistic

Every time unemployment goes up just 1 \text{%}, $50,000 \text{ people}$ die.

The Great Recession

The loss of $\text{\$}17 \text{ trillion}$ resulting from subprime loans and junk bonds disguised as low-risk CDOs.

Young People Debt Stats

Average credit card debt is nearly $\text{\$}10,000$ and student loan debt is nearly $\text{\$}40,000$.

Young People Resident Status

Nearly 33 \text{%} of young people are still living at home.

Economic Strikes 2020-2023

Four major events (COVID, Suez Canal blockage, War in Ukraine, and Israeli-Palestine conflict) that led to significant economic losses.

Inflation

The devaluing of a currency leading to a decrease in purchasing power (e.g., Monetary Inflation, Shrinkflation, Skimpflation).

Credit Score

The rate and accuracy in which you pay back debts, where $850$ is perfect and less than $700$ is unacceptable.

Interest Rates Concern Threshold

Anything past 3.5 \text{%} is considered a cause for concern.

Cash On-Hand Stat

Nearly 75 \text{%} of Americans have only up to $\text{\$}400 \text{ cash}$ on-hand.

Side Hustles

Proactive measures to ensure extra income and financial stability during economic uncertainty.

Handyman Cash Advantage

An average, full-time handyman can make nearly 30 \text{%} more by charging cash only.

Social Security

A government program providing economic support to people with limited to no income, with only a 30 \text{%} approval rate.

Pension

The involuntary setting aside of money over a $30 \text{-year}$ career for retirement, most suitable for government employees.

401(k) Plan

The voluntary setting aside of money over a $30 \text{-year}$ career for retirement, most suitable for private sector employees.

IRAs

Individual retirement arrangements with full creative and financial control, managed solely by the employee.