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HOMOGENEOUS: In general, the notion that everything has identical characteristics. For example, a neighborhood might have a homogeneous culture, meaning everyone has similar income, religious preferences, and political views. In economics, it is used in a couple of different ways. One is for production, such that two or more goods are homogeneous if they are physically identical or at least viewed as identical by buyers. Another is for mathematical equations, such that an equation is said to be homogeneous if the independent variables are increased by a constant value, then the dependent variable is increased by a function of that value. In a marketing context, this is a market characterized by buyers with similar needs and wants. This group is targeted with an undifferentiated targeting strategy. The company uses only one marketing mix to satisfy this group of buyers.
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                           FALLACY OF FALSE AUTHORITY: The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues. The fallacy of false authority is commonly used in political arenas and commercial advertising. Relying on experts, even though the experts are not really experts on the topic at hand, appears to give legitimacy to an argument. It is a powerful, but deceptive tool.Suppose, for example, that Chip Merthington has been wrestling over the appropriate stabilization policy to use during a business-cycle contraction--monetary or fiscal. Chip's Uncle Clyde argues that fiscal policy is better because he does not trust monetary policy (and those devious fellows with the Federal Reserve System) since the local bank denied his loan application last year. Uncle Clyde is an excellent barber, the best in the tri-county area. He also makes an excellent pot of chili. But, he is not an expert on stabilization policies. If Chip pleads with his Congressional delegation to choose fiscal policy over monetary policy, based on Uncle Clyde's "expert" advice, then he is committing the fallacy of false authority. Alternatively, Chip is also committing the fallacy of false authority if he accepts hairstyling advice from the Chairman of the Federal Reserve Board of Governors. It works both ways. Advertising, especially television commercials, is an activity that is most prone to commit the fallacy of false authority. Actors, actresses, athletes, celebrities, and others with recognizable faces offer their "expert" product evaluations. "I'm not a doctor, but I play one on TV. So you should buy this pain reliever." Very seldom do celebrity "experts" have any real expertise about the products they promote. A professional athlete might have insight into the best athletic shoe, but is unlikely to have any better knowledge about hamburgers than Chip's Uncle Clyde.
Recommended Citation:FALLACY OF FALSE AUTHORITY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 14, 2018].
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for infected paper cuts.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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MPS
Marginal Propensity to Save
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