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From the Editor's Desk

The decoy effect: how you are influenced to choose without really knowing it

Price is the most delicate element of the marketing mix, and much thought goes into setting prices to nudge us towards spending more.

There's one particularly cunning type of pricing strategy that marketers use to get you to switch your choice from one option to a more expensive or profitable one.

It's called the decoy effect.

Imagine you are shopping for a Nutribullet blender. You see two options. The cheaper one, at $89, promotes 900 watts of power and a five-piece accessory kit. The more expensive one, at $149, is 1,200 watts and has 12 accessories.

Continued here


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