I need to write an essay on this and need a simplified explanation on what it is. Thanks in advance!
I can help.
It’s as simple as this. You’ve heard about lines out the doors and down the streets from Apple stores when a new iPhone drops, right? Have you ever wondered why? The majority of people are not that desperate for a new phone. They’re desperate for the new iPhone. They love having the new item from the hip brand before they sell out.
There is some more nuance to it, but that’s the gist.