![]() ![]() Our Premium Old Fashioned English Crumble Toffee is made with Jamaican sugar, golden dairy fresh butter, covered in Belgian gourmet chocolate, and then lightly sprinkled with orchard roasted almonds. add quality AND nostalgia elements: Premium Old Fashioned English Crumble Toffee.add a product type element: English Crumble Toffee.add a geographic element: English Toffee.Here is an example of how to use framing in the sale of a confection product, toffee: By adding small elements to the frame within which the information is presented (even ones that may not change the core functional value of what you are offering), you can influence the decision people arrive at. This is a classic example of the remarkable power of framing. Remember, the executives would be drinking that beer back on the beach AND NOT in a fancy resort or at the rundown grocery store! But because they were influenced by the location of purchase, they were willing to pay 77% more for the beverage purchased at the resort!! This is a price swing of 77%! Now here’s the kickerĪ beer is a beer is a beer, and the price that one would pay should be the same regardless of where it’s purchased, or at least it would be if people were thinking rationally. The median responses stated that people were willing to pay $2.65 for a beer purchased at the resort, but only $1.50 from the small, run down grocery store. The only difference between the scenarios is WHERE the beer is purchased, either at a fancy resort or at a small, rundown grocery store. Remember, half of the executives ONLY received Scenario 1, and the other half ONLY received Scenario 2. You trust your friend, and there is no possibility of bargaining with the store owner. But if it costs more than the price you state he will not buy it. He says that he will buy the beer if it costs as much or less than the price you state. He says that the beer might be expensive and so asks how much you are willing to pay for the beer. A companion gets up to go make a phone call and offers to bring back a beer from the only nearby place where beer is sold, a small, run-down grocery store. For the last hour you have been thinking about how much you would enjoy a nice cold bottle of your favorite brand of beer. Scenario 2) You are lying on the beach on a hot day. You trust your friend, and there is no possibility of bargaining with the bartender. ![]() ![]() A companion gets up to go make a phone call and offers to bring back a beer from the only nearby place where beer is sold, a fancy resort hotel. Scenario 1) You are lying on the beach on a hot day. He divided the group into halves and posed one of the following scenarios to each of them: In an article published in the Journal of Behavioral Decision Making, Thaler recounts a study that he conducted on a group of executives. Richard Thaler is a world-renowned economist and expert in behavioural finance. It probably won’t surprise you that factors like these can cause noticeable swings in your desire to purchase and at what price. There could be a number of things that can influence your decision on how much to pay, such as: QUESTION: How much would you be willing to pay for that ice-cold beer? You would really like a beer, but all you have with you is water. Imagine that it is a blistering hot sunny day on the beach. ![]()
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