Understanding Scarcity

Understanding Scarcity

From Marketing to Policy, Management, and Beyond

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Understanding Scarcity: From Marketing to Policy, Management, and Beyond explores the intricate relationship between scarcity and consumer behavior, drawing on decades of research across marketing, economics, and psychology. Marketers have long utilized scarcity tactics such as "limited time" or "limited quantity" promotions to boost demand, rooted in the principle that "scarcity increases value". The 2007-2009 Great Recession ignited a fresh wave of interest in scarcity as more than just a promotional tool-it became a complex psychological state driven by macroeconomic factors, personal exper...