Black Friday: A Glossary Of Terms

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• Advertising- Advertising is the paid communication of firms and other organizations directed towards consumers by providing a mix of information and persuasion that impacts almost all phases of the decision making process.
---When you receive the famous ad-stuffed newspaper on Thanksgiving day, you can see retailers advertising at work. As stated in the article, 85% of retailers are investing more in their holiday campaigns. However, since we live in a digital age, most of this will most likely take place online or in television commercials over newspaper ads and billboards.

• Law of Demand- States that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
---Black Friday is the prime example of this law since many people tend to purchase bigger ticket …show more content…
---There are virtually nor inelastic goods on sale during Black Friday because as we know, there is no reason to slash prices to gain customers. Elastic goods are what retailers promote on this shopping day because they understand that more people are willing to purchase them at a lower price. With the predictions of increased consumer spending, one can see that consumers intend to capture more of these items because they may only be able (or desire) to buy them at the discounted price.

• Consumer Good- A good that is ready for consumption in satisfaction of human wants, like clothing or food, and is not utilized in any further production.
---It is easy to conjecture that most people will not be buying tractors or industrial mixers this Black Friday, which only allows for consumer goods to be what everyone is hunting for. Since the article stated that clothes, shoes, electronics and toys were the most sought after items, it is safe to say that Black Friday products are generally for the consumers, not
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