BBA Marketing - What is Decoy strategy in Consumer Marketing? #bbanotes #marketing #mbanotes #ipumusings
BBA Marketing - What is Decoy strategy in Consumer Marketing?
When a corporation gives numerous options for a good or service, one of those options acts as a "decoy" to make another option seem more alluring. This is known as a decoy strategy in consumer marketing. To achieve this, make the decoy option more alluring than the other options while making the desired option slightly less alluring. This allows the business to persuade customers to select the preferred alternative, even if it is marginally more expensive or less appealing than the other options.
With this tactic, the vendor convinces the customer to buy the item he wants to sell the most. This tactic aids merchants in boosting a product's sales. This tactic is referred to as a "cunning approach" by some specialists. The decoy pricing approach might persuade customers to choose an expensive or profitable product.
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