Terms of the Trade Flashcards
Personal Finance
Aspirational Buying
consumers are encouraged to live like those they admire, even if they can’t afford it
Bandwagon Appeal
psychological nudge to do—or consume—something because others are doing it. Also known as FOMO, or fear of missing out
Bundling
practice of offering multiple, usually related, goods and services at a lower price than if each item were purchased separately
Dog Whistle
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
Eye candy
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
False statistics
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
Feedback loop
A phenomenon whereby the media, reporting a purported “hot” trend, inspires consumers to follow the trend
Flattery
A technique where the potential consumer is complimented as part of the sales pitch.
Freemium
Giving away a base-level product for free, but then offering paid upgrades and enhancements once the buyer is hooked
Hasty generalization
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
Hedging
Subtly limiting or equivocating a claim, so as to reduce the guarantee or assertion made in the claim
Hyperbole
Exaggerated claims or statements used as a tool of promotion, but not as a statement of fact
Juxtaposition
Placing items, whether physical objects, pictures or statements, side by side to invite comparison
Nostalgia
Invoking simpler, better times can make us want a particular product, even if we don’t remember what those times were really like
Panache
Having a style or manner, usually indicating superior socio-economic status
