Thanks to constantly evolving technology, purchasing goods online is becoming ever more convenient, with retailers and service providers alike taking advantage of the internet’s marketing potential. Despite these developments, the risks involved in online transactions remain a major deterrent for many people. That’s why it’s crucial for retailers to provide reliable and secure payment methods in...
Mobile payment is on the advance worldwide. The leading providers of mobile payment alternatives have also gained a foothold in the United States. However, many Americans are still not convinced by the new technology. We give you an overview of the most frequently used mobile payment apps in the US, their functionality, and security features.
The phenomenon known as “loss aversion” is believed to be as old as humankind itself. This type of cognitive distortion was studied in 1979 by the psychologists Kahneman and Tversky. In 2002, they were awarded the Nobel Prize in Economics for their work on the “prospect theory,” which the description and definition of loss aversion played an important role.
Human impartiality is an illusion when it comes to selecting samples or test subjects. The question is not whether selection bias has occurred in the data but rather whether one is aware of it, and if statistical bias has been accounted for to the best of one’s abilities. Examples of selection bias show just how far-reaching its consequences can be.
The standard format for Microsoft Word documents has been .docx since 2007. But what exactly does the file extension refer to and how does it differ from the previous .doc format? Learn about the special characteristics of this file type and which programs can save and store .docx files apart from Microsoft Word.
It is estimated that at least 85 percent of our purchasing decisions are made subconsciously. This decision-making process is thus susceptible to cognitive biases. In addition, there are statistical biases that are relevant to marketing. Our extensive list provides numerous examples of cognitive biases and reveals how they can potentially be used in business and marketing.
Drop-down lists in Google Sheets provide useful formatting options for many users. Adding a drop-down list to a cell allows users to choose between lots of different options, or assign values to certain attributes. This step-by-step guide explains how to create drop-down lists in Google Sheets.
The bandwagon effect plays an important role across many marketing practices. The phenomenon, which was first studied in 1944, is regularly exploited by advertising companies for marketing campaigns and other activities. This is beneficial in marketing because most people prefer to be on the side of the “winner” and accordingly, follow other people who are happy with their purchasing decision.
The decoy effect has proven itself in sales processes time and time again, which makes it an important marketing instrument. The classic decoy effect model introduces a "decoy" product that has asymmetrically dominating attributes to manipulate customers into choosing between two products. What is the effect and how exactly does decoy effect marketing work?
The endowment effect is an example of cognitive distortion that has a profound impact on people’s actions, especially economically. It describes how “ownership creates value.” This definition indicates that the endowment effect is particularly significant in marketing and sales.