Sales and promotions
Anchoring
Recognize when a retailer is using anchoring to make discounts seem more attractive by comparing the original and sale prices.
Similar Situations
Osborne Effect
E-commerce sales strategies: Balancing pre-release promotions with the need to maintain sales of existing products.
Fundamental Attribution Error
Sales and negotiation: Knowing the fundamental attribution error can help you better understand the motivations and actions of potential clients or partners during sales and negotiation processes.
Minto Pyramid
Sales pitches: Following the Minto Pyramid can help you structure your sales pitch in a way that is persuasive and effective.
In-Group Favoritism
Sales and negotiation: Knowing in-group favoritism can help you better understand the motivations and actions of potential clients or partners, avoiding bias in favor of certain groups.
False Consensus Effect
Sales and negotiation: Knowing the false consensus effect can help you better understand the motivations and needs of potential clients or partners, avoiding assumptions based on your own preferences.
Barnum Effect
Sales pitches: Be aware of how salespeople may use flattering, broad statements to create rapport and influence your decisions.
7-38-55 Rule
Sales Meetings: Persuading clients by emphasizing non-verbal communication to build trust and demonstrate enthusiasm.
Peak-End Rule
Sales pitches: Highlighting the most appealing features of a product or service and concluding with a compelling call-to-action.
Optimism Bias
Career decisions: Knowing optimism bias can help you make more informed choices about job opportunities or promotions by considering potential risks and challenges.
Pessimism Bias
Career decisions: Knowing pessimism bias can help you make more informed choices about job opportunities or promotions by considering potential benefits and successes.