Finance | Brands Trick us to Spend More #apple #finance #education #money

Finance

Finance | Brands Trick us to Spend More #apple #finance #education #money

Let’s say you went to a fast food store, and the fries are sold in different sizes. You see two options:Small Fries: $3 | Large Fries: $7You would probably pick the small fries, because who wants to spend $7 on some fries.But now, let’s say you see not two, but three options:Small Fries: $3 | Medium Fries: $6.5 | Large Fries: $7Which one do you pick now?Most people would instead buy the $7 fries because they feel they’re getting a lot for the extra $0.5.The original options are still around, and the $7 option only appears to be a winner because of how well it compares with the $6.5 option. Your brain’s comparison system has been tricked. You’ve been gamed.Very few people will buy the medium $6.5 fries. The company did not intend to sell you the medium fries. They intended to use the medium fry option to get you to buy the large fry instead of the small fry.People feel that they assign value to things in an absolute sense, that the item under assessment has an intrinsic value that does not change. The reality is, humans can only assess value on a relative basis.The decoy effect works by setting the brain’s relative viewpoint on the decoy and tricking it into thinking that by spending a little more, it can receive a disproportionate return.Source:- Lifemathmoney

Brands Trick us to Spend More #apple #finance #education #money | Finance

#Brands #Trick #Spend #apple #finance #education #money

Follows Us On Social Media

Facebook

Send Your Queries