The principle of scarcity as explained by the author means that people find objects and opportunities more attractive to the degree that they are scarce, nonexistent, or dwindling in availability. He went on to imply that even information that is scarce is more effective when it comes to the principle of scarcity.

The principle of scarcity according to the author, there is always the tendency to link quality to availability.

I will use myself as a victim with respect to the principle of scarcity. During the close of last year, there was this promotional sale by Sears located at Eastland mall, Columbus. This store was part of those Sears stores earmarked for closure by the end of the end. Due to this, they adopted an aggressive promotional strategy to clear their stock to bring their store to a closure. This is where my issue of being a victim of comes in.

The factors that played into the situation was the concept of large number which the author used to mean that the item is very likely to be in short supply and unavailable once it gets run out.

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This the Sears did by creating the impression that their items in the store whose prices have been discounted when finished will not available at those prices at other stores of their competitors. Of the factors that really worked was the concept of limited time as used by the author to indicate the availability only within the given period.

The Sears at the time of the promotion sales created the impression the promotion lasts only up to the end of the year.

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They emphasized the limited time available for the end of the promotion. This created a kind of pressure of the potential customers including myself to visit the store and make some purchases before it’s all over with the promotion and the closure of the store. Last but not the least factor that contributed to the situation I found myself in was the idea of one-of-a-kind specials. Though the store was being closed, they made the sales promotion aimed at clearing all that was left in the store look like a special event of its kind through the combination of limited time and large number. The last factor I believe contributed to my being a victim was this concept of utilizing competitions. Though the Sears store was in the facility with such retailers as Time Zone, United Sports, they Shoes Warehouse among other competitive companies, they created the impression that within the limited time and generous offer they were making other customers would take advantage to buy if others do not avail themselves of the opportunity. This created an added competition among us the customer to want to take the opportunity to go shopping at the store and this they succeeded, making some of us victims of the concept of scarcity

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Reflective Essay. (2022, Apr 09). Retrieved from https://studymoose.com/reflective-essay

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