Positional Goods, Music, Marketing
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Music as a Positional Good: Why Market Success Might Actually Drive Away Some Fans?
The Oxford Dictionary of Economics defines “goods” as things that people (e.g., consumers) prefer to consume more of rather than less. Further, these “goods” overwhelmingly adhere to a relationship between price and quantity known as the Law of Demand wherein consumers will purchase more of a good at lower prices than at higher prices. How the demand for these “goods” reacts to non-price stimuli is also well known and yields a place in the market system for marketing. Traditionally, the adoption of marketing techniques to alter the consumer satisfaction process and thus consumer demand has predictable impacts on the market for a good.