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Amazines Free Business Article Archive for May 2005
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1. Why You Buy, Part Three
June 03, 2005
Still more discoveries from the recent studies in behavioral economics:
Over-Valuing "Mine"
People consistently place a higher value on things they own, even if their "ownership" is temporary. The research is interesting, and I often saw this phenomenum used by salesmen on busses in Ecuador. A product is thrust into your hands, and after a ten-minute sales pitch, you pay or give back "your" item. It's a very effective technique.
Regret Aversion
Of course you should bet $10 to win $20 on a toss of a coin, but for many, fear of regret (I lost $10!) outweighs desire to profit ... (read more)
Author: Steve Gillman | Article Views: 1637
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2. Why You Buy, Part Two
June 02, 2005
More of the findings of the recent studies in behavioral economics:
Webers Law
A change of stimulus is more emotional and motivational, according to the base: Most subjects tested would drive across town to save $10 on a $20 item, for example, but not to save $10 on a $500 item. The lesson for sales people? If you won't lose a sale on a thousand-dollar couch over $10, sell the other benefits of the couch in your sales pitch.
Familiarity Fallacy
Economic choices are often made due to familiarity, even when the choice is clearly worse ("But I always shop there!"). This bit of... (read more)
Author: Steve Gillman | Article Views: 1589
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3. Why You Buy
June 01, 2005
Behavioral economics is a new science that sheds light on some of our most important decisions. It is the study of how and why people make money-related choices. Here are some of the things the studies have shown thus far:
Decision Paralysis
One study showed that customers spent more when given four samples of jam to taste than when they had twenty to choose from. Too many choices seemed to lead to an inability to decide. Limiting options may be a useful sales technique, according to this research finding.
Sunk-Cost Fallacy
People are more likely to attend an event if they ... (read more)
Author: Steve Gillman | Article Views: 1609
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CEDRIC LOISELLE
Cedric Loiselle is a professional writer. He loves to write for business and SEO purposes. ...more
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NICOLE EUTSEY
Nicole Eutsey has been an educational advocate for two decades. She has taught preschool, elementar...more
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MICHAEL MIFSUD
Michael Mifsud was a House of Commons Commonwealth correspondent at the age of 15. He published Brit...more
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GENE MYERS
"Author of four books and two screenplays; frequent magazine contributor. Latest releases: "Songs f...more
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ADFAR SHAH
Adfar Shah(Adfar Rashid Shah) is a Ph.D Candidate of Sociology at the Central University of Jamia M...more
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NANCY DANIELS
The Voice Lady, Nancy Daniels, has been involved in voice training since 1977. A graduate of Gettysb...more
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CHRIS HUNTER
Chris Hunter is an expert in web design and Search Engine Marketing and runs a blog about Internet M...more
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JEFF MCRITCHIE
Jeff McRitchie is the director of marketing and original developer for MyBinding.com. He writes exte...more
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DAVE MCINTOSH
Dave McIntosh has enjoyed writing articles for a number of years especially about topics he really e...more
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CECILIA KAELIN
My objectives are to provide the strongest advantage possible to companies by providing them with th...more
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