How Do You Use the Concept of Scarcity to Explain

question 3

Essay

How do you use the concept of scarcity to explain why an NBA player like LeBron James makes more money than the average player in the league?

Learn the art of storytelling within the context of pitching to enhance engagement.

Recognize the importance of practicing and not memorizing the pitch for a natural delivery.

Understand how to effectively use market data (TAM, SAM, SOM) to demonstrate market opportunity.

Gain insights into the use of competitive positioning and financial understanding in a pitch.

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Definitions:

Basic Model

A simplified representation of a system or process, used to analyze fundamental aspects without complex details.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Fairness

A concept that deals with equitable treatment and the distribution of resources in a just manner.

Anchoring

A cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered when making decisions.