McDonald's, charm pricing, familiarity, warren buffet, triviality
Weekly round-up post #1
Here’s a quick round-up of the posts published this week, in case you missed these. This week’s posts covered topics ranging from using behavioral sciences for restaurant design, understanding how charm pricing works, to understanding mental models to make better decisions.
🧠 The Psychology Behind the McDonald’s Restaurant of the Future
How the largest QSR chain in the world used the foremost concepts of behavioral sciences such as anchoring, menu engineering and Von Restorff effect to build a restaurant layout which enabled it to sell premium products and increase its profit margin.
⬅️ Left digit bias. Does it exist?
We are used to paying prices ending in 9 for small footprint items such as coffee ($4.99), shoes (Rs 1999), and Netflix (Rs 199). But does this charm pricing also work when much larger transactions are involved? For instance, used cars?
Researchers from the Rotman School of Management scanned 22 million transactions to get the truth to us.
♥️ love, love, love.. hate?
Listened to the same song in a loop till you got so bored of it that you could not even stand it? That’s the Mere Exposure effect in action. Read this post to know how many impressions are too many impressions (and save your marketing budget !)
💰 Apply Warren Buffet's investment criteria to your life to make better decisions
This post goes deep into how to use Warren Buffet’s 3 criteria for evaluating an investment to make better decisions in your own life. Based on the TedX talk by entrepreneur and professor Conor Neill, this post gives a very hands-on framework to put these criteria into action.
🔎 Why we focus on trivial stuff and how to avoid it
How many meetings have you been to where a diverse set of points were supposed to be discussed and decided. But instead, the discussion focused on the simplest and the most trivial of agenda items and all the crucial decisions were never taken.
Read this article on what is the human psychology behind it and how you can strategize to overcome it.
Hope you enjoyed reading this week’s round-up. Looking forward to see you on Monday.
Cheers
Rohit
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