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Last week’s discussion made me interested in the concept of ethics in business and accounting. In particular, the artificial supply restrictions method used to sell high-end products, such as Nintendo Wii video game consoles and Cabbage Patch dolls, seemed morally questionable. At first, I reckoned that creating an artificial “demand frenzy” was unethical. However, the subsequent study of the academic source made me change my mind — by creating “demand frenzies,” marketing specialists merely cater to the specific needs of consumers’ minds rather than act unethically.
One can consider “demand frenzies” a part of the scarcity marketing strategy, which is explained by four cognitive frameworks. Firstly, the commodity theory states that a commodity is valued to the extent that it is unavailable. As a result, possessing scarcely available commodities satisfies the consumer’s need for uniqueness. Secondly, the conformity theory indicates that certain consumers make purchases to demonstrate alignment with particular groups. In this regard, buying a product from a limited series fulfills their need for belonging. Thirdly, the regret theory posits that consumers purchase rare commodities in order to avoid the feeling of regret. Finally, the consumers may feel the urge to exhibit behavioral freedom, which is threatened by restrictions (Shi et al., 2020). The scarcity marketing strategy helps satisfy those consumer needs, making the consumers proud and happy about owning particular commodities.
Overall, I agree that “demand frenzies” are intended to trigger certain cognitive patterns in consumers’ minds. However, I would hardly call scarcity marketing strategy unethical in the context of high-end product sales. One can logically associate owning high-end products with a higher socioeconomic status. In this regard, “demand frenzies” created by marketing specialists help attract the attention of the target population and satisfy its specific consumer needs.
Reference
Shi, X., Li, F., & Chumnumpan, P. (2020). The use of product scarcity in marketing. European Journal of Marketing, 54(2), 380-418. Web.
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