Market Information: Quality Flashcards
Quality-Based Judgement Device
a device that gives some type of judgement as to taste
How are quality based judgement devices similar to surrogate consumers?
They direct attention to media products deemed worthy
Examples of quality-based judgement devices
critics, awards, playlists
Quality-based judgment devices and law schools
-law schools ranked by US News
-this ranking determines which schools students apply to
-law schools care about their place in the ranking because they want top students and their tuition money
-this shapes their behavior
Examples of how ranking impacts the behavior of law schools
-Temp jobs given to recent graduates because the ranking includes the % of students who had a job at graduation
-law school brochures given to professors so they report being familiar with the school
-switch from LSAT interquartile range to median score
Quality-based judgement devices and the Oscar’s
-prizes awarded to movies deemed worthy
How does the Oscars impact the movie industry
-Pursuing the Oscars involves risk taking; these types of movies typically don’t perform well unless they get an Oscar nomination or award
How are the Oscars different from US News?
-Oscars aren’t a ranking, so it doesn’t distinguish between movies that are in the middle
-In a ranking, it matters at any given point whether you’re one higher or one lower
How does US News impact the strategy for law schools?
It shifts the strategy where all schools, regardless of ranking, have to behave in a way that appeals to US News
How do the Oscars impact strategy for films?
-It stretches the strategy for films because not all movies are aiming for the Oscars
-doesn’t affect movies that aren’t aiming for Oscars
-however, movies that are even a little bit Osacr bait became even more Oscar bait-like
