Why would people buy something at double, triple or even ten times the price as their neighbour? The answer is not in taste, utility or even necessity, but rather one of the strongest forces that influence people: status. The notion seems quite ridiculous. This blog aims to decode consumer preference and how luxury goods are an important exception in Marshall's law of demand, and how an enterprise can position their goods and services as "elite." What are Luxury goods? Here, people prefer paying a higher price regardless of quality, quantity (sometimes a lesser quantity is appreciated due to lack of supply), utility, impact, and usage. These goods exploit the core human behaviour of relative status or the need for "display." Human success is not mainly measured by wealth or status, but in terms of relativity, of the success of others. This economic exception understands and thereby takes advantage of humans' competitive natures. Taking a classic example and ...
26% of office jobs and 20% of customer service jobs are at risk -McKinsey The above economic statistics, published by Goldman Sachs, shook the world. In a blunt forecast, the report lists entire industries where AI could eliminate up to 300 million jobs worldwide. We identified students in college or university-level courses as the major stakeholders of these developments. Predictions suggest that by the time they graduate, most young people will be unemployed in the field for which they majored: their dream jobs will cease to exist. In this upheaval of Artificial Intelligence, not all jobs are as vulnerable as others. Similarly, in an interesting research done, the jobs which are most likely to be replaced are the ones which are traditionally considered "boring" ", repetitive", and with little or no creative value. Traditional desk jobs and clerical jobs can be seen as the first stage of replacement (say accountants, cashiers, clerks, departmental heads, survey...