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Today's Daily Skillbuilder

MarketingSocial Awareness

Lie or Luxe? The Power of Branding

Effort: 10 minutesIn 2018, Payless, a well-known budget shoe store, pulled off a clever prank to expose how much people value a brand name. They created a fake luxury store called Palessi and invited fashion influencers to shop there. The same inexpensive Payless shoes were sold at dramatically marked-up prices, and many customers believed they were high-end. Some even paid hundreds of dollars for shoes they could have bought for under $30 at Payless. This experiment showed that perception, branding, and marketing can significantly shape consumer behavior and attitudes. Think about a product you use every day (like sneakers, snacks, or even school supplies) and imagine you are rebranding it to look like a luxury product. Then answer the following questions: Brand Name: What’s the new fancy brand name you will give your product? How will the name make people think it’s high-end? Product Design: How will you change the packaging or presentation to make it seem like it costs much more than it actually does? Marketing Tactics: What marketing techniques would you use to convince people that your product is high quality? Think about slogans, celebrity endorsements, and social media strategies. Perception Shift: Why do you think people are willing to pay more for a product if they believe it’s a luxury brand? What are some psychological factors that come into play? More

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10 pointsAwarded:
(1) $100 e-gift card

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Real Skills. Daily Prizes.

Today's Daily Skillbuilder

Lie or Luxe? The Power of Branding

With KnoPro, there’s a Skillbuilder for every interest. What’s yours?

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