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The Underdog Dentist Show - Dentistry, Dental Marketing & Business Podcast from Gireesh Likhyani
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Psychology of Anchoring: How we make decisions on the Comparative Values w/ Dr. Gireesh Likhyani // Ep. #11
Manage episode 317693166 series 3129210
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Psychology of Anchoring: How we make decisions on the Comparative Values
and how we ignore the individual intrinsic value of a product or service.
I've explained the Anchoring effect in detail and how it can be both beneficial and may work against you.
Here's one such example.
Amazon in Normal Days: A Pair of Shoes, Rs 5,000
Amazon during Diwali Sale: Rs 3,500
Amazon during Diwali Sale: Additional Discount of 10%
And I made our decision on the Anchor
The Anchor is the price in the normal days, Rs 5,000
and getting Rs 1,500 OFF, PLUS an additional 10% OFF tells my Dopamine, it is showtime
Cheers guys!
Stay Tuned.
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