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Ariely drives the point home that a feeling that a product or service is high-quality or not is directly attributed to the environment in which it is consumed. There is a well-known tool known as the extended marketing mix in business, which consists of 7Ps (product, price, place, promotion, people, process, and physical evidence)โต. Ariely rationalizes that the anchors aforementioned are not just limited to prices but also experiences. For example, if an Apple showroom succeeds in its streamlined purchasing process, effective product locations, and a vibrant ambience of helpful staff, it is likely to improve sales despite its high price tag; Apple is able to market a premium product to the mass market effectively. Furthermore, we are more likely to view our initial positive experience, which served as the anchor, indicating that our future experiences will also be positive.
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