Sunday, September 30, 2018

What is a Fandom and Why the Market Cares

thegeekiary.com
 Institutions are the “rules of the game” that influence choices.
           How the social norms for sports/mainstream fandoms compared to the social norms for video games/niche fandoms affect the market?
       
            To even begin to understand how marketing and fandoms interact, we have to first understand what a fandom is, and how people view it. vox.com (the reason we're terrified of fandoms) explains the many views on what fandoms are, where they came from, and why; as well as explain how a majority of the population views certain fandoms compared to others.
         
            To start off, the word fandom is a contraction of the words fanatic domain. It means that a fandom is a group of people who are all fans of a certain thing. For instance, if you were a fan of baseball, you would be in the baseball fandom. If you liked a certain TV show or book, you would be in that show or book's fandom. From big to small, broad to niche, you could be in any fandom as long as you liked it. The first problem arises when not everyone considers “fandom” to be such a broad term. Those who are fans of sports don’t believe sports are a fandom. The second problem; a lot of fandoms are dominated by females and gender-queer persons, and we all know that comes with its own baggage. Constance Grady, the author of the Vox article says,
“Historically, whenever young women are interested in a form of media, we like to tell them it is bad for them and that they are bad for liking it — unless the media goes mainstream, in which case it becomes no longer feminine and hence okay.” 
This is why sports fandoms are not considered to be fandoms, because they are mainstream and therefore “masculine” and “okay to like”.
         
            Social norms like these make for very small markets geared towards women and queer persons. Since a lot of fandoms are considered nerdy, girly, or even gross and dangerous, there is little acceptance for niche culture and fandoms that aren’t mainstream. Someone can be a fan of Mario kart and Pokémon and no one would think anything of it, but as soon as they’re a fan of anime or they write Fanfiction and ship characters (when someone wants characters to be in a relationship), they’re weird, disgusting, freaky, dangerous. Yes, dangerous. Grady states “So what’s so dangerous about fandom[s]? Because [they are] considered dangerous. It’s considered so dangerous, in fact, that in the '90s, Scotland Yard developed a secret file on fans of shows like The X-Files and Star Trek to make sure they weren’t planning on pulling a Heaven’s Gate.” They do this in the fear that a fandom will become a cult because of their strong devotion towards their fandom. And there have been cults. None more violent than a riot at a sports game, and none more frequent either, but there are cults.                 
           Which brings me to the next point. “[]Surely fewer sci-fi fandoms have begat dangerous cults than, say, sports games have led to dangerous riots?” asks Grady. The stigma that fandoms are dangerous, disgusting, weird, are all just stereotypes. Any person can get angry, and in large groups anger is contagious. Sports games and riots don’t always go hand in hand, but anger and disappointment over a losing team does. Enjoying a TV show and getting angry/disappointed that the story didn’t go how you would have liked is just the same way. When you go home and critic the game, a more niche fandom is doing the same. Nerdy isn’t bad, dangerous is misleading, and “fandom” is a broad term that can be used for so many things. But mainstream is significantly more accepted than the niche or the nerdy. The market caters to that, and then the fandoms that aren’t mainstream get left in the dust, without any way to show off their fandom; like the way you can buy that soccer jersey with Ronaldo's name on the back.

Next up: How does the scarcity of stores for specific fandoms, like anime or book series (besides Harry Potter), affect the market?

How companies identify their target market.



Source: Foundr


Economic principle: “People generally respond to incentives in predictable ways”.

Research question: How do companies identify their target market

 The article “No Strategy, No Customers: How to Build a Profitable Marketing Strategy” published by Jonathan Chan an author for Foundr demonstrates this economic principle by showing how to create a buyer persona, interview the type of person that fits a firm’s buyer persona, and research competitors.

 First, many companies develop a buyer persona to understand their consumers behaviors. A buyer persona is creating a potential customer by analysing many demographics of their life such as location, age, gender, interests, education, job, income, relationship status and buying motivation. According to Chan, “You need to know your target customer as if they were a close, personal friend, like you might go out to see them for drinks this very weekend”. In other words, a companies buyer persona needs to be a specific as possible and the company should be familiar with the type of person it is selling to.

 Second, after creating a buyer persona, a firm can recognize the type of person they are selling their product too and interview them. It would be in a company’s benefit to interview someone who fits their buyer persona because it allows the company to contain data on how their consumers could react to a product or form of advertising. The most efficient way to obtain accurate information is to “find a way to incentivize people to do interviews with you, by potentially offering them a discount or a free product from your store”. This means that it may be difficult to find people to interview so adding an incentive would allow the company to collect data and if the incentive was a coupons, lead them into buying the product.

 Third, in addition to interviewing people that fit a firm’s specific buyer persona, investigating competitors provides useful data to a company. For example, “you can analyze online conversations that are happening about your competition” which gives valuable research to a company about what consumers think of a product and how successful it is. Chan claims another method of acquiring information is to “sign up to their email list and see what their email strategy is like”. By doing this, a firm will get news about new products and their overall marketing strategy.

A sample for the company Urban Outfitters would be a female who lives near a city or suburbs that is around 15-25. She has an interest in shopping and going to outings with her friends and is most likely single or in a relationship that isn’t marriage. Her motivation for going to the mall is to shop for the new fall trends during this season because she wants to look at school or with friends. She went into Free People before but their prices were obscene. At the mall, Urban outfitters will have a stand and an employee will ask her to take a survey about the company. At first she denied but after offering a coupon for 20% off her final purchase she agrees and takes the survey. This coupon would also extinguish any concerns about prices that she had before. Urban Outfitter has now revived data and a profit because the woman most likely bought something. If Urban Outfitters wants additional information about their competitor, Free People, they will look at their website and subscribe to their email list. I think this method is very effective because it allows Urban outfitters to know what is and isn’t working for their target market.

In my next blog post I will research the question: What type of marketing creates a direct response?

Athletes Sponsorship's and Companies Sales

SOURCE: www.cleveland.com

The economic principle I’m exploring is the relationship between athletes sponsorship's and the companies sales.

My research question to help me study the economic principle is how do athletes sponsorship's affect companies sales.

The article published by Dr. Karla McCormick titled “Athletic Endorsements and Their Effect on Consumers’ Attitudes and Consumption” demonstrates this economic principle by showing the increase in sales, increases brand recognition, and aids the athletes.

First, when these large companies are able to land a big name athlete it help increase the companies sales. People who are simply fans of the athlete will also become a fan of what that athlete does, so if a fan sees Lebron James for say wearing a Nike shirt they’re more likely to go out and buy that same shirt. Doctor McCormick found that “endorsements pump up a brand’s sales by $10 million a year, on average” which shows just how much of an effect these athletes have. 10 million dollars is a lot of money that is a noticeable jump in sales.

Second, when athletes get sponsored by a brand that brand will receive more recognition because they’re being exposed to a whole new audience. If Lebron James were to be sponsored by an insurance company, that companies main audience probably wouldn’t normally be basketball fans, but with this sponsorship their company is being exposed to all the fans. It also makes more people comfortable with the brands products if they see that their favorite player is wearing the product, which McCormick explained saying “signing a high-profile endorser can help reassure consumers about the true quality of a product.”

Third, these sponsorship's aren’t only good for the company but they actually greatly help out the athletes. These big companies such as Nike have built such a good name for themselves that athletes aspire to wear their products and fans realize that. So when the athletes breaks through and gets this sponsorship people respect them more and realize they must be good to be representing such a big brand. McCormick believes the same stating that “when athletes have success in their respective sport, wearing the endorsed brand, it strengthens both the image of the brand and the athlete, labeling them a ‘winner’.”

In my next blog post I will research the question: Do companies strategically sell their items at times when other companies aren't selling similar items?

How do Presidential Candidates Get All that Money?






                                                         Source: BrennanCenter.org

My research question to help me study the economic principle is, what are current campaign finance laws and regulations?

The Campaign Finance Institute which compiles research and legislation to act as a source of reference for current and past campaign finance law demonstrates by outlining what the current laws for campaign financing are today and how they have changed in the last 18 years.

 First, it is important to know the current campaign finance laws in the United States for Presidential elections. Currently, candidates must disclose the amount and name of the donor for all campaign contributions, in order to minimize the influence a single donor could have on a candidate by having this transparency. Another factor that helps limit one donor being able to use their money to influence a candidate is the contribution limit of $2.700 per individual donor. Local, National and State committees can only give $5,000 per election and PACS are limited to $5,000 contributions as well.

 Second, it is important to understand one of the major pitfalls of current campaign finance law, donations of ‘hard money’ and ‘soft money’ donations. Hard money donations are those that fall under control of the Federal Election Committee, who are able to punish donors who break financing laws with ‘hard money’. A loophole in current campaign finance policy is soft money contributions. Campaign Finance Law does not set limits of contributions designated for ‘party building activities’. Because of this section of the law, soft money donations can find influence in campaigns as they could be used to build the party through ad campaigns for a specific candidate.

 Third, there have been many changes in Campaign Finance Laws since the early 2000s. The Bipartisan Campaign Reform Act of 2002 was one of the biggest steps taken by Congress to regulate campaign financing. This law attempted to weaken the influence contributors have by setting individual donor limits and banning soft money contributions from being used in elections as the contributions cannot be fully regulated. However, a Supreme Court decision in 2010 which enabled the usage of soft money contributions and the ability of SuperPACS to receive an influx of donations that legally are not required to be regulated. These changes have led to the newfound problem of how the government can monitor campaign financing without violating the Constitution

 In my next blog post I will research the question: What are current controversies surrounding campaign finance?

Impulse Buys: A Positive or Negative Tactic?

Source: CNBC News
The economic principle I’m exploring is that people generally respond to incentives in predictable ways.

 The question I'll answer in this blog post is: What research goes into deciding what products are considered impulse buys?

The article published on Shopify Blogs titled “Impulse Buying: How Retailers Can Get Consumers to Buy More on the Fly by Jessica Bianchi, the manager of online content at Canada Post, demonstrates this economic principle by explaining how companies since the 1950s have used physical proximity and human's tendency to have FOMO to get people to buy impulsively. 

 First, Bianchi goes on in the article to explain how long impulse buying has been a strategy. She explains that ¨Merchants have strategically placed inexpensive goodies around checkout lanes since the 1950s.” This shows how long impulse buys have been successful and why they have continued into present day.

Second, a recent CreditCards.com poll shows that five out of six American shoppers admit to making impulse purchases, 79% of which took place in physical storefronts. This means that the way that marketers have set up impulse buying in physical stores has been super successful. This approach allows consumers to either quickly buy something they forgot about or buy something they feel that will satisfy them.

 Third, according to a trade publication mentioned in the article, here are some reasons why impulse buying is so successful: ¨We’ve been conditioned at a young age to derive joy from receiving new things. FOMO (fear of missing out) is real, except that psychologists call it loss aversion, shopping with conscious intent is a laborious task, we’re hardwired to believe we’re better than average and we buy accordingly, and our drive to save time and money dates back to our primordial friends.¨ For these reasons, impulse buying is very successful. As humans we have flaws and it is super interesting how marketers take it into their advantage. This can definitely be viewed as a positive or negative thing, but whichever way it is interpreted, it is successful.

In my next blog post I will research the question: How can marketers make commercials effective and memorable? 

Friday, September 28, 2018

How Tesla is changing the future of cars



The economic principle  I will explore is How Tesla can increase the range of their car batteries without problems like overheating and keeping cost down for the average consumer. The overall question I will research to help explore the economic principle is How is Tesla changing/upgrading their batteries for better efficiency and what can they do to keep the cost of the car down.

3-4 sub questions that will help me answer my overall research question are: What's the farthest range achieved by a Tesla battery. What New tech is being developed to help increase the range. What Is Tesla's control over their cars and the batteries.
What can Tesla do to decrease the cost of their cars significantly

Links to 3-4 reliable resources that can help answer the research question:
thedrive
geek
nytimes
insideevs

Free Games Are Expensive


From the Intelligent Economist

Economic Principle(s) I will be studying: People generally respond to incentives in predictable ways.


Overall Research Question: How do video game companies and developers create incentives for people to play their game and get people to spend extra money. 

3-4 Sub Research Questions:
1. How do developers incentivize gamers to play their game while still making a profit?
2. How do companies use pay-to-win tactics to get people to buy microtransactions?
3. How do companies make money off of “Advanced” editions and pre-orders?
4. How do publishers create incentives inside advertisements?

3-4 Sources with links embedded: 
EA making $1.3 billion off add-on content, including $650 million from ultimate team 
Governments looking at “Loot Boxes” as a form of unregulated gambling in family-friendly titles
EA under Belgian criminal investigation for refusing to stop using illegal “loot boxes”

The Old Way Versus The New Way: Jazz


Tony Lakatos Web-Web Project
Budapest Jazz Club


The economic principle I’m exploring is: Institutions are the “rules of the game” that influence choices.


My research question to help me study the economic principle is: Is it better for jazz musicians to do traditional albums or to now stream their music?


The article published in Learn Jazz Standards, titled “How I Make a Living as a Jazz Musician” by Brent Vaartstra, a professional jazz guitarist and educator living in New York City as well as the head blogger and podcast host for learnjazzstandards.com which he owns and operates, demonstrates this economic principle by arguing/showing that online, thinking outside the box, and being open to new ideas is the best way to make the most profit for a musician.


Learn Jazz Standards 

First, as shown by the graph above, that online is the main source of income for a jazz musician. Vaartstra says, “This is my bread and butter, and if you would have asked me 8 years ago if I would be doing this, I would have said no. Essentially I find myself making most of my living in the realm of online jazz education.” I was very surprised by this data. I would have never guessed that it was so high. Also, I thought it was only two ways they can make money, not four different ways. Fascinating!


Second, as I read on, I realized that online sales itself are not the only way that gets you money. It is also thinking differently than normal. Vaartstra expresses to “Act like a musician, think like a businessman/woman”. I totally agree with this because with so much competition these days you have to be on your toes and one step ahead to gain profit. The way he explains it is phenomenal. “Talent alone will not guarantee you success. You have to start considering your music as a business. Believe it or not,”. He also explains that you got to think and act like “an entrepreneur.” To “Ask yourself: What am I good at? What can I offer? How can I maximize the talents that I have?”.


Third and finally, he encourages to “ Be open to different possibilities and opportunities what I have discovered is my talents and my ambitions are not limited to that…But as I delved more into blogging, and building this jazz education resource, I discovered that I got a lot of energy from doing it”. As myself being a jazz musician for six years, I have to agree greatly with him in this as in my younger years I would do the same things over and over but learn later on to try new things. After doing so, I never regretted or now hesitated over trying new things. “Don’t limit yourself, because your music has the potential to take you to places you couldn’t have imagined” Vaartstra concludes.




In my next blog post, I will research the question: What laws/rules that record companies put on jazz musicians to lower or raise their income?

Tuesday, September 25, 2018

How Do Companies Segment Markets?


Source: Wisponala.com


Overall Research Question: How do companies appeal to different segments of the market?  
Sub research Questions:
  1. What Markets are phone companies segmenting
  2. What is the message they are trying to get across to each market.
  3. How does price differ in different markets.
  4. What marketing campaigns are used for the different markets.

Monday, September 24, 2018

How are car companies making fuel efficient cars?




Source: The Earth Project




  • The economic principle will explore is: Because of scarcity, people choose. All choices have an opportunity cost. 
  • The overall question I will research to help explore the economic principle is: Given a scarcity of resources ($), how are car companies making fuel efficient cars? 
  •  3-4 subquestions that will help me answer my overall research question are: 
    • How does going electric affect a car company? 
    • Why are car companies going electric? 
    • Can Earth afford for cars to go electric?


How tech companies innovate


Economic Principle: Because of scarcity, people choose. All choices have an opportunity cost.


SOURCE: Geek Inisder

The overall question I will research to help explore the economic principle of scarcity is: When faced with limited budgets how do technology companies decide what features to develop for future products?

Sub-Questions:
  • How do companies know what consumers will like in a product?/ How do companies predict if an innovation will be attractive to consumers?
  • How do companies come up with new ideas for technologies?
  • What traits are present in tech innovation failures?
  • How does competition affect companies innovation process?
Sources:








How does Major League teams incentivize players to signing with them?

Source: Sports Business Journal
Research Question:
What do MLB teams do to incentivize free agent players to sign with their team?
Economic Principal:
People generally respond to incentives in predictable ways.
Subquestions:
How do NO trade clause, player options, and other contract manipulations help incentivize players?
How does money and years of a contract incentivize?
How does Hometown discounts or pennant chase discounts work?
Analyze the Shohei Ohtani sweepstakes
Sources

What positions in football have the highest paid contracts


Image result for most expensive contracts in nfl

Economic principle: People generally respond to incentives in predictable ways and Institutions are the rules the game.

Overall research question: How do NFL teams structure contracts to incentive different position players to perform at the highest level?


  • The economic principle (Links to an external site.)Links to an external site. I will explore is (copy/paste bolded from the link): 
  • The overall question I will research to help explore the economic principle is (the question should contain 1-2 keywords from the economic principle): 
  • 3-4 subquestions that will help me answer my overall research question are:
    •   How do different contracts structuring change incomes for variety of position players?
    •  What can players do that would in danger their football career?
    •   Why do certain positions have a lower chance to return to the NFL?
    • does a football player try more or less if they have a short contract?
  • Links to 3-4 reliable resources that can help answer the research question:

Sunday, September 16, 2018

How does mental health affect the world?

Image result for mental illness
Source: odysseyonline.com



  • The overall question I will research to help explore the economic principle is (the question should contain 1-2 keywords from the economic principle):  How do customs and culture affect people´s mental health?

  • 3-4 subquestions that will help me answer my overall research question are: 
    •  What are the societal challenges that people with mental illness face?
    •   What do we currently do to aide people with mental illness?
    •   What should we be doing for people with mental illness?


My next blog post will investigate the current societal challenges those with mental illness face in their daily lives.

The School System Should be Changed

Image result for teacher teaching
Source: http://blogs.edweek.org


  • The economic principle (Links to an external site.)Links to an external site.I will explore is :   Institutions are the “rules of the game” that influence choices.   
  • The overall question I will research to help explore the economic principle is:  What institutions have shaped today’s education and how can it be changed?  
  • 3-4 subquestions that will help me answer my overall research question are:
    •  How does the “let’s pretend game” influence students utility and incentives in school?
    •  What schools do things differently to make school better?
    • What is wrong with the school system?
  • Links to 3-4 reliable resources that can help answer the research question: [all articles can be found in print]
    • “The Case Against Grades” by:Alfie Kohn  
    • “What Do Schools Produce” by:Sarah Knop
    • “Teaching as a Subversive Activity” by:Neil Postman
    • “Modern-Day Segregation in Public Schools” by: Sonia Kohliquartz  

Friday, September 14, 2018

Economics in Fashion Industry


Source: www.rap-up.com

The Market for Your Fandom

Womenwriteaboutcomics.com 
  1. Institutions are the “rules of the game” that influence choices.
How do the social norms for fandoms affect the market and supply?

Jazz And How Different Ways Of Expressing Music Really Has A Impact On Musicians Lives

SOURCE: TED TALK

  • The economic principle I will explore is Institutions are the “rules of the game” that influence choices.
  •  The overall question I will research to help explore the economic principle is How do institutions support or inhibit jazz musicians from being successful? 
  •  3-4 sub-questions that will help me answer my overall research question are: 
    • Is YouTube a good way to make a living for musicians? 
    • Is it better for jazz musicians to do traditional albums or to now stream their music? 
    • What laws/customs that record companies put on jazz musicians that affect their income?
    • What are the economics of Pandora, Spotify, and other streaming services for newer vs more established artists?
  •  Links to 3-4 reliable resources that can help answer the research question: 

Which Activities Lead College Students to Success?


Related image
Source: Harvard

The economic principle I will explore is: Because of scarcity, people choose. All choices have an opportunity cost.
The overall question I will research to help explore the economic principle is (the question should contain 1-2 keywords from the economic principle): Given a scarcity of time, what should college students get involved in in order to be successful socially, academically, and in their workplace?

3-4 sub-questions that will help me answer my overall research question are: 
What extracurricular activities should college students join? Greek Life? Sports? 
What jobs/internships should college students get?
Where should students live? On or off campus?
What should students do during the summer? Summer jobs/classes?

Links to 3-4 reliable resources that can help answer the research question:
In my next blog post I will be reviewing the pros and cons of joining Greek life. 

How Do Marketers Use Incentives to Hook Consumers?




Economic Principle I Will Be Studying: People generally respond to incentives in predictable ways.

Overall Research Question:  How do companies know what marketing will incentive consumers to buy their products?
3-4 Sub Research Questions:  
  • What research goes into deciding what products are considered impulse buys?
  • How do marketers decide their audience for commercials on TV stations?
  • What are marketers main goals?
3-4 Sources with links embedded:

What is the strategy companies use to advertise?

Source: iStock


  • The economic principle : Because of scarcity, people choose. All choices have an opportunity cost.

  • The overall question: With a companies scarce resources, what is the most effective way to advertise?

  • 3-4 subquestions that will help me answer my overall research question are: 
    •  What type of employees are needed?
    •   What do customers respond to most?
    •  How do social media influencers impact business?
    • How do companies identify their target market?

How do companies incentive consumers to buy their facial products?


  • The economic principle (Links to an external site.)Links to an external site. I will explore is (copy/paste bolded from the link): People generally respond to incentives in predictable ways.
  • The overall question I will research to help explore the economic principle is (the question should contain 1-2 keywords from the economic principle): 
  •  How do companies incentive consumers to buy there products?
  • 3-4 subquestions that will help me answer my overall research question are: 
    • why do people choose one product over the other?
    •   What helps to persuade people to choose their product?
    •   What is the best way to promote a products
  • Links to 3-4 reliable resources that can help answer the research question:

How Governments Address Critical Medicine Prices

Source:: https://www.practo.com

Economic Principle: Institutions are the “rules of the game”
that influence choices

How do institutions (i.e. Congress, FDA, etc.)
affect the price of critical medicines (e.g. insulin)?  
What more should they do to make the drugs more accessible?



What are the current regulations regarding medicinal prices?
Diabetes cost statistics

What overall trends are visible in medicinal prices?
Prices For Prescriptions

What steps have been taken regarding other medications? What is their effectiveness?