Reflection birkinThis podcast focus on the scarcity of a luxury good, and therefore how hard it is for anyone to acquire it. It brings together other topics including social class, culture,...

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It can be 500-750 words/ 3 page. t should bot exceed 3 pages. check the attachment and thanks


Reflection birkin This podcast focus on the scarcity of a luxury good, and therefore how hard it is for anyone to acquire it. It brings together other topics including social class, culture, personality, etc. After listening to the podcast (https://www.npr.org/sections/money/2017/11/10/563342363/episode-672-bagging-the-birkin Links to an external site.), please write a reflection (500-750 words) focusing on the following questions: 1. What is the most effort you have ever made to purchase a scarce product or service? Why did you do so? 2. This podcast focuses on a product that clearly is only accessible to high social class individuals. However, most everyone feels the pinch of scarcity in different days. Please reflect on how scarcity affects consumers differently across social classes. 3. How can scarcity can make people behave irrationally and potentially against their own good? This is a very timely question given the Covid-19 situation. 4. The story highlights how Wednesday Martin's husband managed to purchase a Birkin for her. How did breaking with cultural norms help him to do so? Might he have used a different or more effective strategy?
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Answered Same DayNov 20, 2022

Answer To: Reflection birkinThis podcast focus on the scarcity of a luxury good, and therefore how hard it is...

Asif answered on Nov 21 2022
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Scarcity of Products
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1.
The scarce products can present them as more valuable in front of the customers. Moreover, it also increases the capability of the sellers to increase the price of scarce products. In the past, I also made some efforts to purchase a scarce product which is a Royal Oak Watch supplied by the famous brand named Audemars Piguet. It was my dream to buy such a watch in my lifetime. I particularly do not know why I wanted to buy such an expensive and scarce product, however, I think the reason could be that it was a limited edition thus; very few people have access to it. Having such a limited edition could have helped me in creating a reputation among my friends which is irreplaceable. I used to work very hard just to save extra money so that one day I could buy that watch. However, soon I may use that hard-earned money for something productive in the future so I dropped the idea.
2.
Scarcity is highly capable of affecting every consumer differently across social classes. The thing that I have understood from the podcast is that in the case of purchasing a Birkin it is not always about the money. Various marketing teams used this as a tactic for increasing the demand in the market but making it available only to the elite class. According to me, the people who belong to the...
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