cloak or flaunt --> yoganarasimhan, 2012

Question 1

cognoscenti

Answer 1

people who are especially well informed about a particular subject

Question 2

first party signals

Answer 2

e.g. consumer reviews
help information asymmetry

Question 3

second party signals

Answer 3

e.g. commercials
producer themselves
tend to believe signal if it was expensive –> must be good

Question 4

third party

Answer 4

e.g. radio
from somebody who’s not necesarily a producer

Question 5

why would you wanna cloak or flaunt

Answer 5

helps oversupply
get yourself known

Question 6

main fashion claims

Answer 6

vehicle to conform - signal for peers

signal of taste or access to information - only sophisticated customers
–> cloaking or flaunting

Question 7

cloaking

Answer 7

strategic uninformative
preserves products value
decreases no. of social interactions for signaling/showing off
only cognoscenti

Question 8

flaunting

Answer 8

increases no. of interactions
undermines products signalling value
received help
guids consumers

Question 9

fashion as conspicuous consumption

Answer 9

observed by others
signal taste / access to information / wealth –> position
external accessory for public display
products as social device

Question 10

example of brand using cloaking

Answer 10

YSL on Muse 2 bag
somehow became the it bag

Question 11

example flaunting

Answer 11

ralph laurent and scarf bag
advertised everywhere
helps consumer with style guids

Question 12

fashion enables consumers

Answer 12

to fit in with peers
to distinguis themselves from their peers

Question 13

exclusive + hard to find effect on signal

Answer 13

less often used as a device
BUT stronger when used

Question 14

“in the know”

Answer 14

even with restauratns and clubs etc
want to show off one’s taste

Question 15

assumptions of article

Answer 15

that you kow your level of sophistication and that u prefer hanging out with people with good taste

no social learning - only signaling

remains a costly signal - fashion made difficult to use

Question 16

fashion as changing consumer taste

Answer 16

fashion is temporary
has a lifecycle
says something about you

Question 17

identity good

Answer 17

expressed identity
you are what you consume
especially in cultural interest

Question 18

positional good

Answer 18

status symbol, shows relative position
odten suprior qualities and features

Question 19

style

Answer 19

the way it’s done/made
there’s a choice
no one way is clear

Question 20

how can cloaking creative competitive advantage?

Answer 20

restrict information so only cognoscenti know about them
= competitive advantage

will enable sophisticated consumers to signal their taste
makes products more valuable to them