Forwarded from Indian Hindu
https://t.me/NaMoTheLeader/2438
If the leader is patriotic Indian..
We will emerge as global leaders.
Thank you Modiji
You are our inspiration
https://t.me/IndianHindus/3146
If the leader is patriotic Indian..
We will emerge as global leaders.
Thank you Modiji
You are our inspiration
https://t.me/IndianHindus/3146
Telegram
NaMo Indian Prime Minister #PM
India is changing
India is number one in many many aspects
India is number one in many many aspects
This media is not supported in your browser
VIEW IN TELEGRAM
Super Message ☝️
*What is the Decoy Effect?*
The decoy effect describes how, when we are choosing between two alternatives, the addition of a third, less attractive option (the decoy) can influence our perception of the original two choices.
Decoys are completely inferior to one option (the target) but only partially inferior to the other (the competitor).
Let's say like me, you are an ice cream lover.
One fine day, you are out to treat yourself. Shopkeeper provides you below options:
One Scoop Ice Cream: Rs 13
Two Scoop Ice Cream: Rs 19
Three Scoop Ice Cream: Rs 19.5
The negligible difference between the prices of 2nd and 3rd options gets your attention.
This is called Decoy Effect.
A 2nd option is just a Decoy option. Companies provide decoy options so that customers can compare the Decoy option with an expensive option (and select the expensive one).
In the absence of a decoy option, the customer will compare: Rs 13 bucks vs 19.5 bucks - and may probably go with a cheaper option.
But with the decoy option, the customer now compares Rs 19 bucks vs Rs19.5 bucks - and most likely selects the expensive option.
Ever tried buying magazines/ anti-virus subscriptions? You may have purchased more than 1 year option. Often these services will also indicate the “Best Buy” option.
This option is used by even the top-selling companies
Can you see a similar pattern in the pricing of iphone13 by Apple?
iPhone: $ 699
iPhone Pro: $ 999
iPhone Pro max: $ 1099
The decoy effect can cause us to spend and consume more than we really need. When a decoy option is present, we tend to make decisions based less on which option will best suit our purposes, and based more on what feels like the most advantageous choice.
Unfortunately, following our intuition doesn’t always mean we’re making the smartest choice.
Most of the time, the decoy effect leads us to pick a more costly alternative than we would have otherwise.
Why Decoy offer succed?
Decoys make the choice feel less overwhelming
Decoys serve to de-stress the decision making process in more ways than just providing a nice-sounding explanation — they also calm down the anxiety of having too many options to choose from.
Decoys capitalize on loss aversion
As humans, we hate losing more than we like winning. Loss aversion describes how, for most people, it is more unpleasant to lose a given amount than it is pleasant to gain an equivalent sum
From relatively inexpensive things like popcorn, to bigger purchases like Mobile Phones, decoys are everywhere.
The decoy effect is made all the more pernicious by the fact that we do not realize we are being manipulated, instead feeling like we are making the logical choice.
The decoy effect describes how, when we are choosing between two alternatives, the addition of a third, less attractive option (the decoy) can influence our perception of the original two choices.
Decoys are completely inferior to one option (the target) but only partially inferior to the other (the competitor).
Let's say like me, you are an ice cream lover.
One fine day, you are out to treat yourself. Shopkeeper provides you below options:
One Scoop Ice Cream: Rs 13
Two Scoop Ice Cream: Rs 19
Three Scoop Ice Cream: Rs 19.5
The negligible difference between the prices of 2nd and 3rd options gets your attention.
This is called Decoy Effect.
A 2nd option is just a Decoy option. Companies provide decoy options so that customers can compare the Decoy option with an expensive option (and select the expensive one).
In the absence of a decoy option, the customer will compare: Rs 13 bucks vs 19.5 bucks - and may probably go with a cheaper option.
But with the decoy option, the customer now compares Rs 19 bucks vs Rs19.5 bucks - and most likely selects the expensive option.
Ever tried buying magazines/ anti-virus subscriptions? You may have purchased more than 1 year option. Often these services will also indicate the “Best Buy” option.
This option is used by even the top-selling companies
Can you see a similar pattern in the pricing of iphone13 by Apple?
iPhone: $ 699
iPhone Pro: $ 999
iPhone Pro max: $ 1099
The decoy effect can cause us to spend and consume more than we really need. When a decoy option is present, we tend to make decisions based less on which option will best suit our purposes, and based more on what feels like the most advantageous choice.
Unfortunately, following our intuition doesn’t always mean we’re making the smartest choice.
Most of the time, the decoy effect leads us to pick a more costly alternative than we would have otherwise.
Why Decoy offer succed?
Decoys make the choice feel less overwhelming
Decoys serve to de-stress the decision making process in more ways than just providing a nice-sounding explanation — they also calm down the anxiety of having too many options to choose from.
Decoys capitalize on loss aversion
As humans, we hate losing more than we like winning. Loss aversion describes how, for most people, it is more unpleasant to lose a given amount than it is pleasant to gain an equivalent sum
From relatively inexpensive things like popcorn, to bigger purchases like Mobile Phones, decoys are everywhere.
The decoy effect is made all the more pernicious by the fact that we do not realize we are being manipulated, instead feeling like we are making the logical choice.