Some movie stars prefer made-to-order clothing rather than ready made one. This is an important to...
Some movie stars prefer made-to-order clothing rather than ready made one. This is an important to marketing manager because it is an example of __________
a. bandwagon effect
b. cross-price elasticity effect
c. snob effect
d. substitute effect
Homework Answers
Ans: The correct answer is (C) Snob Effect
Snob Effect: Desire to own exclusive, unique, expensive goods. Demand increases with price level. MAde to order clothing is expensive as compared to ready made one.
Other options are wrong;
Bandwagon effect: The bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others.
Cross price elasticity effect: It arises when two goods are related and price of one good is affecting the quantity of other good.
Substitution effect: The substitution effect is the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises.
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