Game of Consultants

Our newest initiative yet, Game of Consultants, tests your consulting knowledge & analytical eye to the fullest. Attempt it and see how good you are! We add new ones every week

 

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Marketing and Behaviour : Data Capsule

Marketing and Behaviour : Data Capsule

Marketing techniques have evolved greatly in the modern era. Marketing is no longer limited to just the idea of advertising and branding products. It is about creating awareness about products in the mind of the consumer such that a particular product can resonate better.

Marketing activities nowadays are much more targeted and look to influence the potential customers which are more likely to buy the product. This customer targeting can be done using a number of different ways. One of the most common techniques used for this is the use of cognitive biases.

These biases exist in humans inherently and they can influence a consumer’s rational and his or her reasoning ability. For instance, an old adage in marketing strategy is that the more a product is visible, the higher is its ability to generate sales.

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A Good Deal: The Theatrics of Mental Accounting

A Good Deal: The Theatrics of Mental Accounting

Imagine you’re walking down the street, and you happen to find a ₹2000 note lying on the sidewalk. You’ve been trying to save some money to put towards buying a new car in the future. Today, however, you take your newfound ₹2000 and put it towards an expensive dinner. You tell yourself that this money isn’t “car money” — this is a one-off, special occasion, so why not treat yourself to a nice evening out?

Why do we treat some money differently? Why do we think less about some purchases than others? Consumers, although deemed to be rational, are economic elements that more often than not are ruled by cognitive errors.

Because of mental accounting, we often behave illogically when it comes to money. Read on as Suhani Jain breaks down how marketers use this loophole to their advantage, convincing customers into the Theatrics of a ‘Good Deal’.

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