BUS 1050 Lecture Notes - Lecture 5: Daniel Defoe, Luca Pacioli, Thorstein Veblen

• School: University of Utah
• Department: Business Administration
• Course: BUS 1050
• Professor: Phillips

Document Summary

You cannot go back once you have answered. Know what the 4 ps are (there, i gave you one!) Wants become needs (we don"t want to buy in bulk; we want convenience and nice packaging, etc. ) Should form producer co-ops to get commodities directly to consumer. Sherman anti-trust act prevents this (unfortunate, says atwood) Not good- because it stops the companies from colluding. Instead, wrongful methods of competition among distributors cause continued price increases. Prices go up when there is more competition. The amazon brand was suffering (according to its own analysis) from a lack of perceived authenticity . Authenticity is increasingly important among younger buyers in particular (so-called millennials 18-34) Amazon"s response: algorithm sorts for more helpful reviews. Another case we briefly discussed: advertising as (ironically?) encouraging you not to buy something: http://www. adweek. com/news/advertising-branding/ad- day-patagonia-136745. Thorstein veblen, from theory of the leisure class (1899) Everything that we take from the world, might not be exactly the price we pay.