Terms of the Trade Flashcards

Personal Finance

1
Q

Aspirational Buying

A

consumers are encouraged to live like those they admire, even if they can’t afford it

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2
Q

Bandwagon Appeal

A

psychological nudge to do—or consume—something because others are doing it. Also known as FOMO, or fear of missing out

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3
Q

Bundling

A

practice of offering multiple, usually related, goods and services at a lower price than if each item were purchased separately

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4
Q

Dog Whistle

A

An indirect or implied message meant to communicate with a particular group, often placed within a broader, more general message, thus allowing the messenger to deny meaning it

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5
Q

Eye candy

A

Visual images that are superficially attractive and entertaining but are unnecessary or unrelated to the subject at hand, such as flashing lights and attractive spokespeople

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6
Q

False statistics

A

Using graphs, charts or statistics that sound precise—yet even the four out of five dentists who preferred Trident gum can find these numbers suspect

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7
Q

Feedback loop

A

A phenomenon whereby the media, reporting a purported “hot” trend, inspires consumers to follow the trend

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8
Q

Flattery

A

A technique where the potential consumer is complimented as part of the sales pitch.

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9
Q

Freemium

A

Giving away a base-level product for free, but then offering paid upgrades and enhancements once the buyer is hooked

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10
Q

Hasty generalization

A

A conclusion drawn from insufficient evidence, such as ascribing the characteristic of a few members of a group to all of the group’s members

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11
Q

Hedging

A

Subtly limiting or equivocating a claim, so as to reduce the guarantee or assertion made in the claim

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12
Q

Hyperbole

A

Exaggerated claims or statements used as a tool of promotion, but not as a statement of fact

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13
Q

Juxtaposition

A

Placing items, whether physical objects, pictures or statements, side by side to invite comparison

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14
Q

Nostalgia

A

Invoking simpler, better times can make us want a particular product, even if we don’t remember what those times were really like

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15
Q

Panache

A

Having a style or manner, usually indicating superior socio-economic status

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16
Q

Poisoning the well

A

One side introduces negative facts or perceptions about the other side, putting the other side at an immediate disadvantage

17
Q

Plain folks

A

Having people just like you speak on behalf of a product, except—unlike you—they’re getting paid

18
Q

Stacking

A

Skewing experiments, data or the presentation of data in a way that helps market a good or service

19
Q

Testimonial

A

Having a false expert—like a famous person or a guy who isn’t a doctor but plays one on TV—advocate for a product

20
Q

Truthiness

A

A term coined by Stephen Colbert, it’s when the appeal is made to our “gut,” no matter what the actual data says