The formula that proves celebrities have a product life cycle
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If you are looking a for fresh approach to teaching the product life cycle, then this news could be just the thing you need…
What ever happened to Jade Goody? Why has Kristina Grimes fallen out of the headlines? Can you name the winners of I’m A Celebrity Get Me Out of Here (and where are they now?)
A fascinating article in the Telegraph explains how PR “guru” Mark Borkowski has come up with a formula to predict & explain how long a celebrity can expect to enjoy the sales and profits associated with their new-found status!
For celebrity “shelf-life”, you could substitute “product life cycle” - the model that predicts the typical shape of the sales of a new product as it passes through its life stages (introduction, growth, maturity, decline).
I’m certainly attracted to the idea of using celebrities as good examples of the product life cycle in action. They do seem to enjoy an initial burst of interest (sales) which then tails off unless the celebrity in question is able to come up with some fame extension strategies. Madonna and Kylie are perhaps the best example of extension strategies in action!
According to the Telegraph article, the formula for working out the decline in fame from its peak is: F(T) = B + P(1/10T+1/2Tsquared), where
F is the level of fame.
T is time, measured in three-monthly intervals. T=1 is after three months, T=2 is after six months.
B is a base level of fame identified and quantified by analysing the average level of fame in the year before peak. So for George Clooney the number would be huge, but for a Big Brother contestant it would be likely to be zero.
P is the increment of fame above the base level, establishing the individual firmly in the public consciousness
Thinking about the value of celebrity, I visited the BBC website to see whether Celedaq is still going strong - and indeed it is. Celebdaq is a great tool to use with students - it gets them thinking about share prices, value etc. Many thanks to Jon Clark and South Cheshire College for recommending the resource.
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