Learn how to tell great stories from Think School: communication.thethinkschool.com/yt Communication masterclass is an action-oriented pre-recorded 6 week course. We also have Live Q&A session every week to solve your doubts. To know more visit this link: communication.thethinkschool.com/yt
Incredible pricing strategy ...You always coming up with such insightful cases studies that make me deep dive into the topic immediately next day... Thankyou sir for this informative and useful strategy that I have never thought of...I will definitely purchase ur communication class...if such free youtube case studies are giving million dollar business lessons and if applied rightly will able to generate huge profit...I think ur communication class would be ultimate dhamaka this diwali ... Thankyou sir for this AMAZING DIWALI GIFT🎉🎉...I am very excited to interact with you during live sessions..🎉
How they cover there losses of decoy as no one will purchase that product and on if budget product is chosen then the profit from low margin products would same as cost decoy product just curious to know how this works???
@@ridhiagarwal8524 yes. Any top Bschool has case study pedagogy wherein you learn these things and also learn what mistakes a conpany made and what do you do differently if you were in their place.
I had appiled the same strategy while presenting thr candidates to my clients. I used to send the best candidates to my clients and they use to reject. One day i was so pissedoff because i knew I have given the best and i did not have a better candidate in the market, so I sent very average candidate who was readily available because i did not have a better choice. You know what the client compared the average guy with the best guy and choose the best guy. I realised that if we give 3 best it will confuse the client. from then I sent 1 average guy 1 poor guy and 1 best guy from that time I knew the result before the client would call me. Everything is experience. Your videos are so informative and motivating. Me being a new startup entrepreneur these content really means a lot. You are really inspirational and motivational.
Some day probably there will be a business which will apply all the best aspects of every company to its own also probably being a Think School viewer.
So true , Neither do I buy popcorns in a theatre And the example of decoy effect that we often use may not always amuse customers Ex - Popcorns and Apple products
The Case study was really awesome and informative. If you include some case studies with failures and the reasons behind them, it will contribute immensely to the learning insights of all of us.
But why isn't this method work for mobile industry. When i analyzed people always look for the middle variant instead of choosing the low and higher end variant. Consider for example lower variant is 4gb+64gb and mid variant is 6gb+128gb and 8gb +128gb. Here people always tend to choose the mid varient. Any ideas??
Hi Ganesh, you should create a catalogue of books on amazon with your affiliate link... I recently bought "Hooked" but couldn't find any affiliate link
You guys are doing wonderful a job! Being from the retail Industry, l realize how Ecommerce has affected the brick and mortar format quite a bit. Could you do a case study comparing how different companies retain customers via online and offline channels? I would gladly help you out on this if needed.
Now I have realised how broadband distributors use decoy effect n make me purchase some plans which I find beneficial but in reality doesn't add much difference for domestic use like higher mbs plans Amazing Psychological hacks 🙌 Well explained as always ❤️
@@pre_instar Then that's not the problem of Apple, then it will be problem created by Android OEMs. Apple always wanted to be only flagship (atleast in Performance). They used to release one phone per year. Since they wanted people who wanted an iPhone but don't want to spend more, they created SE.
Apple uses the Decoy Effect in its iPhones. It offers 4 phones in various sizes and keeps the price for the middle 2 phones somewhat the same, so that people buy the higher end because it offers more features. An amazing one.
I am consuming your content for a pretty long time now. Your insights and selection of content has enabled me to enter into the journey of an Ed Tech entrepreneur. I am highly thankful. With regards Barkat Ahmad
I am sorry but the decoy pricing method that you share in this video (while the science of it makes sense and is applicable) is not a good explanation of why IKEA is so successful. The absolutely main reason for their success is brilliant design for the price they charge. Period. In addition to this, minimalistic design, creative functionality, retail store design, amazing packaging and outstanding DIY implementation also add to their success. For a example, try and find - in India - a carpenter-made TV cabinet for the same design and price that IKEA will sell you. It’s (almost) not possible. Their sales are amazing because they get it right on so many levels (yes, including the cultural sensitivity of their target markets), not just pricing. Their retail store design is marketing genius. It makes you go through the store in a way that exponentially increases your chances to buy on a whim or impulse. Form + function + reasonable prices. That’s why they sell truck loads of their products.
There is a possibility for an interesting social dynamics regarding this situation of decoy pricing. As a person who is aware of these manipulation techniques( like decoy pricing,lowballing ,foot on the door etc), I find offense when it's used against me.( Because we hate being out of control or being out smarted and sort of reactance bias plays out in such situations). I would generally wouldn't pick such products. The more social awareness about such techniques poses a possible decrease in its efficacy. The decoy pricing study would have been more interesting with an additional scenario where the students where made aware of this effect and given a choice between services.
product quality of Ikea is pathetic, it will not make any money in India. India is the toughest market in the World They have not studied anything in India Market and they are selling European products in India
I have a question The useless option....or decoy... doesn't it at times bring you loss rather than profit which was intended?! (Because even the decoy will cost you money in manufacturing)
You and your whole team ...just amazing. Research, examples, terms used to explain the business process... really helpful for people like us who have just basic knowledge of finance and business. Thanks a lot bro👍
Hey Ganesh, great work. Just wanted to know that if Xiaomi is applying the same strategy of decoy effect and has now ranked with highest sales and is catering to all types of customers with very less price difference.
Amazing video But I had a doubt, if budget friendly people will choose the $40 product and the premium customer will choose the $65 product, then what will happen to those $60 products which act as decoys?! Who will purchase them?
Ganesh bhaiyya/sir, I'm in 11th & have just started earning through part-time job, I'm not in condition of buying your course just now, but in coming 4-5 months I definitely will. I hope you will be their( in live sessions) to clear my doubt too.
Hi Sir , I absolutely love your business case studies and the knowledge that you share with us. I just have one recommendation regarding the videos. Would you mind reducing the stock videos just a bit!?I'm not asking to stop them all together.Just reduce them a bit. I liked how you used to converse more in your previous videos.
It’s all common sense. Once you have enough capital to establish a business all these strategies will come out naturally. You make it sound like a rocket science🙂
No. Completely wrong. For every one success story, there are thousands of companies who secure enough capital but fail due to flawed business strategies.
@@augustus2722 No. Else, billion dollars' funded businesses wouldn't fail. Everything is common sense when you hear about it as a third person. But when money is ACTUALLY at stake, you don't have the tiniest idea what to do unless you have a really strong business acumen.
@@smallypimpy6407 please understand . I know there are many business challenges driven by so many factors . I am only commenting on the points mentioned in this video. I don’t think any decent business misses such basic concepts . This is just MBA , theoretical stuff. Real business challenges are not covered here
Best example of decoy effect is iPhone - How it sets iPhone mini and iPhone normal as budget product and iPhone Pro as Decoy Product and iPhone Pro Max as PREMIUM product🤗
I have been following IKEA for over 2 decades and I have never found the 'decoy' pricing methodology in practice in any part of the world. Also IKEA has been studying the Indian market for nearly a decade before committing itself to enter the Indian mkt. As an architect, we have learnt the hard way the decoy effect of proposing designs in a known gradation of quality. We deliberately show a bad/insufficient design along with a probable good design such the Client recognises shortfalls of the inadequate design and appreciates the fulfillment of the those deficiencies in the 'better' design - where the entire thing is orchestrated.
In the video about Toyota, you explained how Toyota faced competition and thrived through extreme circumstances using JIT(Just in time) strategy. But the same strategy backfired, when the coal industries in India used it during the pandemic, which in turn lead to coal shortage and there by electricity shortage. Can you do a video on that topic? BTW great video👏 Keep up the work.
That's because in Toyota, cashflow debut overheads were reduced with jit and thus more profits, but in coal, cashflows were stalled altogether so it went to credit mode. It's even more efficient if no one defaults, but in coal, everyone looks like they will default
Sir I believe decoy effect work well Cinema as sir the product is hand made and popcorn can be put in either it large jar or small . My question is that in real market as we have closely seen in this case study what a company will do of it's 2nd product of 60 $ as, sale will only be there for 65$ and 40$ ( maximum) is it a waste for a company ? . Or they will think about it and for hedging (say) they will produce less amount of product 2nd ( 60$ one)
I want purchase the course, but I have a little doubt about it. 1) Do we have to access the course materials from the website or there are other alternatives available? 2) Can we access the whole course without revealing our identity & face? 🙏🙏 Please answer.
Sir from which book did u get the information regarding decoy effect and can you please recommend certain books from which we can study different strategies like decoy effect?
Dear thinkschool, Please talk about future of agriculture in india and globally I would prefer India more than globally Because as srilankan i am really look upto india!
Respected Sir, First of all I am highly thankful for providing us such kind of innovative case studies. Further, requesting you to make a video upon price research and price process. Thank you in advance. Regards
Learn how to tell great stories from Think School: communication.thethinkschool.com/yt
Communication masterclass is an action-oriented pre-recorded 6 week course. We also have Live Q&A session every week to solve your doubts. To know more visit this link:
communication.thethinkschool.com/yt
Make next video on how to study for long hours... and dont get distracted..
Pls
Incredible pricing strategy ...You always coming up with such insightful cases studies that make me deep dive into the topic immediately next day... Thankyou sir for this informative and useful strategy that I have never thought of...I will definitely purchase ur communication class...if such free youtube case studies are giving million dollar business lessons and if applied rightly will able to generate huge profit...I think ur communication class would be ultimate dhamaka this diwali ... Thankyou sir for this AMAZING DIWALI GIFT🎉🎉...I am very excited to interact with you during live sessions..🎉
Your videos not only helps me to get knowledge but also improving my communication skills. Thank you!
It's expensive
How they cover there losses of decoy as no one will purchase that product and on if budget product is chosen then the profit from low margin products would same as cost decoy product just curious to know how this works???
When it comes to content and speaking skills the way think school puts it across is spectacular and amazing
can't agree more...much love from🇧🇩
Amazing video on an interesting subject. Your analysis and presentation is wonderful.
Like seriously putting up beautiful and attractive adjectives with zero content is spectacular for you......
LMAO😂😂😂😂😂
Yes agree ..... views too are not biased ...... Seem more research based
@@dhairyapatwa4948 stay mad
These case studies are way better than those MBAs. Sir also continue the series of tech giants companies.
True
Is this wat mba teaches?
@@ridhiagarwal8524 yes. Any top Bschool has case study pedagogy wherein you learn these things and also learn what mistakes a conpany made and what do you do differently if you were in their place.
@@gameranonymous35 my
@@vilhasdesai6907 your?
I had appiled the same strategy while presenting thr candidates to my clients. I used to send the best candidates to my clients and they use to reject. One day i was so pissedoff because i knew I have given the best and i did not have a better candidate in the market, so I sent very average candidate who was readily available because i did not have a better choice. You know what the client compared the average guy with the best guy and choose the best guy. I realised that if we give 3 best it will confuse the client. from then I sent 1 average guy 1 poor guy and 1 best guy from that time I knew the result before the client would call me. Everything is experience. Your videos are so informative and motivating. Me being a new startup entrepreneur these content really means a lot. You are really inspirational and motivational.
*"It's OK to have your eggs in one basket as long as you control what happens to that basket." - Elon Musk*
Can you pls explain the essence?
@@manon2wheels771 if you own the company its ok
Some day probably there will be a business which will apply all the best aspects of every company to its own also probably being a Think School viewer.
*Think School student
*Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.*
Most intelligent words I've heard.
Crypto is the new gold
My first investment with Mr Richard fernandez earned me profit of over $250,530 US dollars, and ever since then he has been delivering
He has really made a good name for himself
Expert Richard has been managing my trade for months and I keep making profits every week, I made $97,130 last week
I'm a bba student and your content and case study helpful for me to enhance my skills 🤟♥️
You're doing bba in?
Think school deserves more. like me who thinks
So true ,
Neither do I buy popcorns in a theatre
And the example of decoy effect that we often use may not always amuse customers
Ex - Popcorns and Apple products
& even McD French Fries too.
You should write a book on all these business strategies you have researched. It will be an awesome book
The information wil be obselete
Thank you so much for showing insights on various case studies. 🌸
This channel will soar high like Himalayas. 🌸🌸
in my entire career I haven't liked any video without watching it fully
But Every video of THINK SCHOOL broken my rule
Instead of joining schools and college, It's good to join your youtube channel.
The Case study was really awesome and informative.
If you include some case studies with failures and the reasons behind them, it will contribute immensely to the learning insights of all of us.
But why isn't this method work for mobile industry. When i analyzed people always look for the middle variant instead of choosing the low and higher end variant. Consider for example lower variant is 4gb+64gb and mid variant is 6gb+128gb and 8gb +128gb. Here people always tend to choose the mid varient. Any ideas??
Ikea won't be successful in India.. we Indians are Jugaad masters.. :)))
Hi Ganesh, you should create a catalogue of books on amazon with your affiliate link... I recently bought "Hooked" but couldn't find any affiliate link
The only channel for which appreciations don't stop!
@Think school
Your content is so good...
Just can't stop watching !
2nd video on IKEA and it's worth it
I'm going to write into my resume...
MBA from Think School!
You guys are doing wonderful a job!
Being from the retail Industry, l realize how Ecommerce has affected the brick and mortar format quite a bit.
Could you do a case study comparing how different companies retain customers via online and offline channels?
I would gladly help you out on this if needed.
Are ya the daughter or rahul tripathay??
Me too . But you can shift to e commerce
Can't imagine how much effort has been put into the video.
Waiting for much more content like these.❤❤❤
This channel deserve subscribers in millions .... ❤️
Now I have realised how broadband distributors use decoy effect n make me purchase some plans which I find beneficial but in reality doesn't add much difference for domestic use like higher mbs plans
Amazing Psychological hacks 🙌
Well explained as always ❤️
I learnt the same pricing example in book named "Predictably Irrational" an amazing read.
you are making great videos, great edits, great content.
You are insanely brilliant. 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥I have no words to explain you and your channel.
when ganesh brother explained decoy effect ,i immediately hitted the like button, very easy explanation using simple examples
I feel that Popcorn in that scenario is pretty close to Apple's products!
Actually Not.. So in that case.. Oneplus 9 series is same.. Samsung also does the same thing. They play in safe way. That's it😊
standard android- budget product
flagship android- decoy product
iPhone- premium product
@@comrade_rahul_1 hmm they are all moving towards Apple- even Google is shifting!
@@heckervarun Frankly speaking in Android, the top model feels to be decoy product- the flagships below the top are good
@@pre_instar Then that's not the problem of Apple, then it will be problem created by Android OEMs. Apple always wanted to be only flagship (atleast in Performance). They used to release one phone per year. Since they wanted people who wanted an iPhone but don't want to spend more, they created SE.
I just love all your content. Thanks for working so hard for us😍
❤️❤️
Apple uses the Decoy Effect in its iPhones. It offers 4 phones in various sizes and keeps the price for the middle 2 phones somewhat the same, so that people buy the higher end because it offers more features. An amazing one.
I am consuming your content for a pretty long time now. Your insights and selection of content has enabled me to enter into the journey of an Ed Tech entrepreneur.
I am highly thankful.
With regards
Barkat Ahmad
All the best👍💯
Shut up
@@dhimankalita1690 😐
@@dhimankalita1690 avg anime tard🤡
@@infamousgarchomp2592 chup sale chapri ja bollywood Dekh
Highly recommended for his communication course ❤️🙌
Thanks bhai ❤️
Automobile industry also uses this effect by launching 1 car in to 3 or more upgraded versions so people will get more features at extra money 📍
I am sorry but the decoy pricing method that you share in this video (while the science of it makes sense and is applicable) is not a good explanation of why IKEA is so successful.
The absolutely main reason for their success is brilliant design for the price they charge. Period.
In addition to this, minimalistic design, creative functionality, retail store design, amazing packaging and outstanding DIY implementation also add to their success.
For a example, try and find - in India - a carpenter-made TV cabinet for the same design and price that IKEA will sell you.
It’s (almost) not possible.
Their sales are amazing because they get it right on so many levels (yes, including the cultural sensitivity of their target markets), not just pricing. Their retail store design is marketing genius. It makes you go through the store in a way that exponentially increases your chances to buy on a whim or impulse.
Form + function + reasonable prices. That’s why they sell truck loads of their products.
Perfect balance of content and knowledge. Thank you so much for sharing such complicated info in such simple terms. ❤️❤️
At first instance - Subscribed - Thanks for Marvellous Presentation - also expecting on Indian FMCG Sector at the earliest🌷
There is a possibility for an interesting social dynamics regarding this situation of decoy pricing.
As a person who is aware of these manipulation techniques( like decoy pricing,lowballing ,foot on the door etc), I find offense when it's used against me.( Because we hate being out of control or being out smarted and sort of reactance bias plays out in such situations). I would generally wouldn't pick such products.
The more social awareness about such techniques poses a possible decrease in its efficacy.
The decoy pricing study would have been more interesting with an additional scenario where the students where made aware of this effect and given a choice between services.
product quality of Ikea is pathetic, it will not make any money in India. India is the toughest market in the World
They have not studied anything in India Market and they are selling European products in India
I have a question
The useless option....or decoy... doesn't it at times bring you loss rather than profit which was intended?!
(Because even the decoy will cost you money in manufacturing)
You have to put less investment to make 2nd option.
If u make 100 of 3rd option put 5 to 6 of 2nd only for comparison.
They make sure they have very limited stocks of the decoy product. If it doesn't sell then it will go on discount.
Haa bhai, week 3 solutions or week 3 explanation + week 4 excercise me same videos upload ki hai, sahi karo ise!!
Brother, please make a video answering why indian startups like OYO , Zomato etc. are booking huge losses inspite of achieving good revenue . 🙏🏻🙏🏻🙏🏻🙏🏻
Every thing was top notch but can be improve by working the plane wall behind u.😊
After seeing this, i can relate what apple did with iPhone SE vs iPhone 12 variants
I am really curious as to why you ad 0% as option to your questions pls tell
Why you stop making history video's plz continue there are very less youtubers who tell truth
Sir please try to make 3-4 videos per week...........its my humble request....
End of the day isn't the decoy product a waste of raw material
How do u know how much to invest in the decoy product
Loved this video. Helped rethink pricing my offerings. Power to you!
I guess they doen't even have to maintain the inventory of decoy product. Its enough to place it only in the catalog.
What's your background music and from where do you get that?
You and your whole team ...just amazing. Research, examples, terms used to explain the business process... really helpful for people like us who have just basic knowledge of finance and business. Thanks a lot bro👍
th-cam.com/video/NgNjFgcHhgs/w-d-xo.html
How'd you do research man, it's amazing 😍
Hey Ganesh, great work. Just wanted to know that if Xiaomi is applying the same strategy of decoy effect and has now ranked with highest sales and is catering to all types of customers with very less price difference.
And what about 60$ product it may be loss🤔🤔
First I like the video,then I will watch the video always.......
Amazing video
But I had a doubt, if budget friendly people will choose the $40 product and the premium customer will choose the $65 product, then what will happen to those $60 products which act as decoys?! Who will purchase them?
Ganesh bhaiyya/sir, I'm in 11th & have just started earning through part-time job, I'm not in condition of buying your course just now, but in coming 4-5 months I definitely will.
I hope you will be their( in live sessions) to clear my doubt too.
If you are reading this, smile. I wish you a happy life! 💖🙏
Make a video on adani group
We would like to get Failure business cases so that we will know what not to do in our business which will eventually make us better
hum to fir v chote wale hi khadid lenge , tricks does not work with us LOL
Hi Sir , I absolutely love your business case studies and the knowledge that you share with us. I just have one recommendation regarding the videos. Would you mind reducing the stock videos just a bit!?I'm not asking to stop them all together.Just reduce them a bit. I liked how you used to converse more in your previous videos.
I want to work with u atleast for 1day
Now tell me people what is think School's Strategy 😄
Every time your video coming I learn somithing new in my life
Shampoo sachet,shampoo bottle,shampoo bottle+some free product
I hate movie popcorn it's so unnecessarily overpriced
Beauty of analysis and explanation put content directly into deep mind.. As usual you just cracked it. Thanks Think School.
Man what a video!! 🔥🔥❤️❤️..best channel on TH-cam right now 🔥🔥
The greatest ecosystem is always created by learning the subject deeply....
It’s all common sense. Once you have enough capital to establish a business all these strategies will come out naturally. You make it sound like a rocket science🙂
No. Completely wrong.
For every one success story, there are thousands of companies who secure enough capital but fail due to flawed business strategies.
I meant the business strategies mentioned in this video is all common sense
@@augustus2722 No. Else, billion dollars' funded businesses wouldn't fail.
Everything is common sense when you hear about it as a third person. But when money is ACTUALLY at stake, you don't have the tiniest idea what to do unless you have a really strong business acumen.
@@smallypimpy6407 please understand . I know there are many business challenges driven by so many factors . I am only commenting on the points mentioned in this video. I don’t think any decent business misses such basic concepts . This is just MBA , theoretical stuff. Real business challenges are not covered here
I literally hit the like button within 30 sec of the video and i did not the regret it
This video is gonna come up everytime ikea opens a new store in India 😂
I'm that person who waits for that Decoy product to go on sale/discount
It can't stay being a decoy forever, right?
The practical live decoy effect starts at 9:44... 😅
Bhai aap video game startup ke baare me baat kiya karo plzzzz
I work under ikea 🙂 but did not know about this things 😅
8:45 & 9:41 Did anyone noticed that he changed his T-shirt
Best example of decoy effect is iPhone - How it sets iPhone mini and iPhone normal as budget product and iPhone Pro as Decoy Product and iPhone Pro Max as PREMIUM product🤗
there's always a beautiful woman when we come to the most important part of the episode!
I have been following IKEA for over 2 decades and I have never found the 'decoy' pricing methodology in practice in any part of the world. Also IKEA has been studying the Indian market for nearly a decade before committing itself to enter the Indian mkt. As an architect, we have learnt the hard way the decoy effect of proposing designs in a known gradation of quality. We deliberately show a bad/insufficient design along with a probable good design such the Client recognises shortfalls of the inadequate design and appreciates the fulfillment of the those deficiencies in the 'better' design - where the entire thing is orchestrated.
In the video about Toyota, you explained how Toyota faced competition and thrived through extreme circumstances using JIT(Just in time) strategy.
But the same strategy backfired, when the coal industries in India used it during the pandemic, which in turn lead to coal shortage and there by electricity shortage.
Can you do a video on that topic?
BTW great video👏
Keep up the work.
That's because in Toyota, cashflow debut overheads were reduced with jit and thus more profits, but in coal, cashflows were stalled altogether so it went to credit mode. It's even more efficient if no one defaults, but in coal, everyone looks like they will default
Can't go without liking the video, thanks bro.
This Video will Pull your Golden Button with zero Friction 🔥
Love it ❤️
I'm Enrolling into Communication Masterclass See you at Live
Sometimes I think the MBA schools should directly refer your channel to all the students eager to learn actual things 🙂
Sir I believe decoy effect work well Cinema as sir the product is hand made and popcorn can be put in either it large jar or small . My question is that in real market as we have closely seen in this case study what a company will do of it's 2nd product of 60 $ as, sale will only be there for 65$ and 40$ ( maximum) is it a waste for a company ? . Or they will think about it and for hedging (say) they will produce less amount of product 2nd ( 60$ one)
Mannnn.. waiting for your 1 million subs ❤❤❤❤❤❤❤❤❤ such a valuable channel ❤😀😀😀
Will we get certificate for completing the course? If not then please add it, brother. I would love to buy your course
I want purchase the course, but I have a little doubt about it.
1) Do we have to access the course materials from the website or there are other alternatives available?
2) Can we access the whole course without revealing our identity & face?
🙏🙏 Please answer.
As always loved your case study bhaiya❤️(I'm from science background still I love your videos )
Who wants a video on SRI RAJIV DIXIT JI ❤️🤔❓. As he made a video of Maharana Pratap...
First of all...
Shopping at IKEA it self is not a value for money thing...
I have never satisfied with shopping there
Sir from which book did u get the information regarding decoy effect and can you please recommend certain books from which we can study different strategies like decoy effect?
Every video showcases that psychology studying of consumers is key to most retail companies
Your voice + Background music 🎼 Best💥
Dear thinkschool,
Please talk about future of agriculture in india and globally
I would prefer India more than globally
Because as srilankan i am really look upto india!
Respected Sir,
First of all I am highly thankful for providing us such kind of innovative case studies.
Further, requesting you to make a video upon price research and price process.
Thank you in advance.
Regards
Bro your video awesome but you tell us lot about failure startsups or failure case study we can learn alot from failure