Chapter
Significance of Descriptive Words in Marketing
23:51 - 27:51 (04:00)
This podcast explores the importance of using descriptive words in marketing and how it affects the perceived value of a product. Examples such as "quartz movement" in watches and "hand-fed, pasture raised" in beef are highlighted.
Clips
The success of a product can sometimes depend on the way you position it.
23:51 - 25:31 (01:39)
Summary
The success of a product can sometimes depend on the way you position it. Examples include pet products and a cutting board made of fiberglass that appeals to a variety of needs.
ChapterSignificance of Descriptive Words in Marketing
Episode#24 - Unicorn Signals, Alternative Milk & Movie Incubators
PodcastMy First Million
The quartz movement in watches originated from the Ford Motor Company using leftover ash, while Minute Maid Orange Juice was created as a way to use excess oranges.
25:31 - 27:14 (01:42)
Summary
The quartz movement in watches originated from the Ford Motor Company using leftover ash, while Minute Maid Orange Juice was created as a way to use excess oranges.
ChapterSignificance of Descriptive Words in Marketing
Episode#24 - Unicorn Signals, Alternative Milk & Movie Incubators
PodcastMy First Million
The more words are in the description of an item, the higher the price can be charged for it.
27:14 - 27:51 (00:37)
Summary
The more words are in the description of an item, the higher the price can be charged for it. Discounting the price may not always attract customers because people prefer something that sounds fancy and has a higher perceived value.