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DECOY EFFECT

THE MARKETING STRATEGY THAT MAKES YOU OVERSPEND. The decoy effect, popularly known as the “asymmetrical dominance effect”  with economists, is a phenomenon where people tend to have a change in preference between two options when presented with a third option that is asymmetrically dominated. Like these three options – GOOD, BETTER, BEST. What do you usually choose while buying a product? let me guess….The best option right? What if the product is too expensive? Then you end by buying a good product which is much less expensive. But what if the price difference is very less? You will definitely choose the best option. Which means you have been…