marketing
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TIL the “snake oil salesman” is attributed to Clark Stanley who gained national attention marketing snake oil at the 1893 World’s Fair. In 1916 a USDA analysis concluded there was no snake oil in his concoction at all, and that it was 99% mineral oil. He was fined $20 ($543.69 in 2022).
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whatilearned
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TIL that in 2017 scientists at U of Bonn found that the same wine tastes better when labelled with a higher price tag, a phenomenon known as the “marketing placebo effect.” Participants were given two samples, one €6 and one €18. Most rated the latter higher though they were from the same bottle.
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whatilearned
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