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Strand 2

TermDefinition
4 P's Advertising- Product, Price, Promotion, Place
Loss Aversion Potential loss is perceived by individuals as psychologically or emotionally more severe
Herd Mentality A person's behavior or belief to conform to those of the group to which they belong.
Transactional Utility The quantified satisfaction we get from the process of buying a good with reference to price.
Confirmation Bias The tendency to seek information that supports a person's beliefs
Endowment Effect People tend to value items that they own more highly than they would if they did not belong to them.
FOMO Fear of missing out
Sunk Cost Fallacy Our tendency to continue with something we've invested money, effort, or time into—even if the current costs outweigh the benefits.
Planned Expenditures When you set aside money for specific things ahead of time
Instant Gratification Spending it on things you want right now
Delayed Gratification Saving up money for something you want
Impulse Buying You buy something without thinking about it
Wealth valuable possessions
Gambling Losing money in hopes of winning more
Comparison Shopping The practice of comparing the price of products or services from different vendors before buying.
Charitable Giving Assistance to those in need- Tax benefits, Religious worship, Excess production.
Hedonic Effect An event or mechanism that reduces the affective impact of substantial emotional events.
Created by: shelbyfinlit.com
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