by Dr Greg Chapman
With the current COVID-19 created toilet paper panic, we can see a basic human reaction, a Fear of Missing Out (FOMO).
Because of a relative few who bulk bought, whether through genuine fear, or by opportunists who thought they could profit from panic, and the latter certainly exist, the rest of the population felt they had no choice but to join they buying spree, because they really were missing out. In the case of toilet paper, supply is not limited, it’s excess demand. Woollies have said the demand is for 7 weeks of supply EVERY day. This is the madness of the crowds and not something manufactured by retailers. More...
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Dr Greg Chapman is the Director of Empower Business Solutions and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.
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