Current event 1.docx - Niroj Chaudhary Michael Kaluya ECON...

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Niroj Chaudhary Michael Kaluya ECON 2301 6/7/2019 “Social currency suggests a brand’s growth potential based on population appeal” by National Geographic Society. The article says that the internet plays very big role in generating social currency in this period of time, which the primary way brands communicate with customers and where customers promote brand allegiances. As we know that the advent of smartphones and social media in the 21st century has given branded companies an unprecedented ability to target the individuals and groups they are hoping to reach. Also, where the article uses the word “unprecedented” to conveys that branded companies are able to use social media and smartphones to identify likely customers in new ways. This is a particularly important strategy for luxury brands, which use the expense and low supply of their products to stimulate demand for them. Because of their exclusivity, purchasing a luxury product increases a consumer's cultural capital, but only if they use that product conspicuously. Social currency, a concept defined by marketing executive Erich Joachimsthaler in 2009, is the amount of success
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