Category: Unit 2 Homework (Page 3 of 49)

The annotated bibliography has been a fun and exciting process. I have dived into a topic I’ve been curious about for a while. Had to redirect my project many times to properly bring the question and its’ research to life. As my curiosity overextends a lot of the current data and information there is available to the people. But adjusting it to fit audiences that do not have the same curiosity as I do. Has been an interesting experience.

I think where I have taken it is been working but wish I could fully pursue my other perspectives on this topic. I feel proud that after all the research, reading, watching, and writing. I’m happy to have formulated this idea.

Question:

Celebrities’ on product introduction.

What surprised me during the research?

I was surprised by the date found on “The Marketing Psychology Behind Celebrity Endorsements.”, It was very helpful to see how they studied the neuroscience behind marketing and how celebrities influence the masses. Learning about the scientific process of decision-making made me understand from another perspective how humans make choices that seem familiar because those in positions of power and success might portray it as safe and beneficial.  But can be very much the opposite of that.

I was also surprised by the number of endorsements that happen regularly.

has gone has gone unseen by me because my brain has gotten so comfortable with consuming ads and propaganda. That being provided by TikTok Creator @Hannahzook.”

Something else that surprised me was the reality of capitalism that happens in the United States and how it might be similar to other countries around the globe. Celebrities are one of the major driving forces for sales for brands and companies.

Another surprising fact was the amount of money that can be profited when involving celebrities in the mix of marketing. And how it can skyrocket sales and investments.

But to this day the United States does not have many laws that can regulate, celebrity endorsing. As having ways to them accountable for the actions that might lead to misfortune, disease, war, and even death.

Why is what you learned important?

I believe that it’s important to understand and bring awareness to this new age factor. And how it can shape the decisions of others. Allowing companies, networks, streaming services, and many other businesses to be easily trusted just because there’s a familiar face on promoting them. As how the propaganda has enabled the masses to trust individuals that they don’t know to influence their ideas and actions. As they just have seen these people through screens, or their performances. Not knowing the human behind the character being portrayed.

And how this can impact a common life.

Which specific need to know this?

Young people who grew up with current Technology, as their brain has been brainwashed to like, love, and idolize beings that they don’t know and never will. Because celebrities are characters.

Redbord, Ari. “Tom Brady and Other A-Listers Sued for Fumbling FTX Endorsements.” Forbes, www.forbes.com/sites/ariredbord/2023/02/01/tom-brady-and-other-a-listers-fumble-ftx-endorsements-but-will-they-be-held-liable/?sh=42c425157d8c.

Summary.

In this Forbes article written by Ari Redbord,  the Head of Legal

and Government Affairs at TRM Labs, a blockchain intelligence

company. Former Senior Advisor to the Deputy Secretary and

the Undersecretary for Terrorism and Financial Intelligence at

the United States Treasury. Redbord dives into the endorsements superstar celebrities made to the cryptocurrency exchange FTX in December of 2022. In the wake of the crypto exchange collapse.

According to Ari Rebord, “Lawyers filed a class action lawsuit against former FTX CEO Sam Bankman-Fried and a host of celebrities like Brady and David.” And added later in another paragraph “These celebrity endorsers include supermodel Gisele Bündchen, NBA star Stephen Curry, tennis phenom Naomi Osaka, former baseball superstar David “Big Papi” Ortiz, and Shark Tank’s Kevin O’Leary. They are all implicated for appearing in paid advertising campaigns and endorsing the exchange.”

This showcases how diverse these celebrities are. We have athletes from basketball, football, tennis, to supermodels, and well-known investors.

These celebrities have a very large audience and fans who support their endeavors. So let’s put into perspective how much impact an endorsement like this had on their audience and their economics.

In words by Redbord, “The complaint specifically argues that FTX’s customers, through engaging with the FTX platform, were buying and selling “unregistered securities,” regulated by the Securities Exchange Commission (SEC). Therefore, Brady and the other celebrity endorsers were required to reveal the details of their financial agreements with FTX.” These celebrities had no idea, or what they were promoting but took their large sums of checks and smile on their face.

As mentioned by Redbord “It could also set a precedent for celebrities being legally responsible for the products and services they endorse. Let’s break down this argument based on the legal precedent that already exists today.”

But this was not the only cryptocurrency that fumbled and had been endorsed by celebrities. Later on in his article Redbord adds “In December 2022, a federal judge in California dismissed a lawsuit from investors accusing Kim Kardashian, boxer Floyd Mayweather Jr. and others of endorsing a cryptocurrency known as EthereumMax (EMAX).”

Many more celebrities endorse other cryptocurrencies just to make extra money, in my opinion out of greed. Without having a single clue of what they were attaching their names to. Thankfully this case did make celebrities pay fines for their misinformation. But that’s not enough many people put their funds into these cryptos thinking it was going to change their lives, even if they had no understanding of what it was. And never received any of their money.

Reflection and Analysis.

Celebrities have so much influence over the masses who idolize them, as they find them successful. But a lot of time were opportunities to multiply their funds and their wealth. They will take it without educating themselves in order to fully understand what they’re marketing to their audiences. As we read in this article lots of their audience money was lost and these celebrities were not held accountable by the law.

These celebrities paid fines that just nicked their wealth but what about the lives of their fans who believed in their word, were clueless, and invested large sums of their wealth to hopefully live a better life?

The government dropped the class actions. And there was no accountability for what they endorsed.

As I mentioned in my summary the niches that the celebrities touched were all over the place! We have athletes in football, basketball, and tennis. It also includes supermodels and celebrities well-known for investing. Around 15 million people felt enough trust from these endorsements that the cryptocurrency exchange mishandled $8 billion in customer deposits.

All the celebrities paid fines for the lack of disclosure to the audiences.

But it will never return the money “invested” to those who believed in the cryptocurrency exchange. I believe Sam Bankman-Fried was very clever for using paying celebrities to endorse his project since the results backed the idea that consumers will trust celebrities and their actions.

Consumers are naive as they see celebrities as “new age gods”.

And not realizing that their just consumers, a tool that they can work in order to gain any leverage. Taking on opportunities to maximize their wealth without taking into consideration the responsibility that comes with endorsing lifestyles, products, and other services without fully understanding how it will affect their audiences as long as they’re profiting.