Welcome to Tomorrow- a Beginner's Guide to Technology by Corey Preston

Author:Corey Preston
Language: eng
Format: epub
Tags: STEM Education, Technology, Internet Culture, Artificial Intelligence, AI, Big Data, Bitcoin, Cognitive Science
Publisher: Pronoun
Published: 2017-06-12T04:00:00+00:00

The More You Know! Brands and You

First, a word or two on brands. Branding remains a force of nature within the world economy, it commands attention with iconography and implied trust. Brands convey a ton of intuitive knowledge about a given service or product. It is the goal of advertising to inform that knowledge with further detail and positive emotional connection. However, branding is simply a play on perception. Early consumer centric economic growth relied on branding to establish a foothold in the middle class. Consumerism brought a wealth of new products to the markets. Branding is leveraged to convince consumers that a certain product or service was better than the next company’s. Brands were bolstered by a company’s continued relationship with the customer.

Visit the cereal aisle in your local grocery store and you’ll quickly put together that a brand alone does not always tell the full story. A box of Cocoa Puffs will be four boxes down the shelf from a box of Choco Puffs. In some instances the contents of these boxes might even be the same exact product thanks to what’s known as private labelling. Similarly, that box of Kraft macaroni & cheese becomes Target branded Mac & Cheese. A similar nuance is present in the wireless service used on your smartphone, and you can use this to your advantage.

Branding is so influential because it plays on the way we understand the world around us. No one person has the ability to understand the pros and cons of every single brand in a grocery store. In economist’s terms, this is a lack of relevant information by which to make a decision, ‘imperfect information.’ Branding attempts to fill those gaps in knowledge by visually conveying information about their own product. Hold those two boxes of cereal up to each other and immediately your brain will begin filling in the knowledge gaps about the perceived value of both boxes. You will perform what’s known as ‘anchoring,’ whereby you weigh the value - perceived and actual - of two different options against each other. ‘New York style’ pizza being available across the nation is another well established example. It’s the goal of companies to become the actual anchor in this situation, the product being compared against. Cognitive bias makes a not so surprising appearance, as we know that loss aversion causes people to ‘play it safe’ when making decisions. We hate to lose when making choices. Here’s the great news about your wireless phone service - it’s all Cocoa Puffs!

As a part of the regulations in place by the Federal Communications Commission, the big players like Verizon, AT&T, Sprint and T-Mobile must lease their pipes to newer entrants. It is widely acknowledged that the cost of implementing telecommunications infrastructure placed an unnecessarily high entrance bar, potentially stymying competition. This coupled with buying information being widely available means you can have your premium cereal and eat it too - all while being 100% educated about what’s in the box. Providers like Cricket Wireless, Boost Mobile, and Net10 use the same exact pipes as the big guys.

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