Predictably Irrational

If we can predict irrational consumer behavior, we have more opportunities to make successful marketing plan. As the videos displayed, people like drinking red wine, which is made in California, and they dislike the red wine comes from North Coronado. It is a good example of predictably irrational. We can select and advertise the wines are made in California in restaurant. People will be attracted by the Californian wine and consume. Another example of predictably irrational is tasting strawberry. Even both of two brands of yoghourt are not strawberry favor, when researcher asked them which one tastes more strawberry, only one student found both of them are not strawberry favor.

I think it is same as one way in Dan Ariely’s predictably irrational. The Fallacy of Supply and Demand: Another irrational consequence of comparative thinking. She gave us examples, like: when we walk into a store, the first price we see becomes an “anchor”, and we will use this price to judge any goods’ value in this store. She also explains behavioral anchors, like we always use the experience of a Starbucks coffee as an anchor point to judge all other coffee brands. It is obvious that understand consumer predictably irrational can do well in marketing. Furthermore, when I analyze these predictably irrationals, ethical dilemma occurs. The first example of drinking red wine gave an advice is choosing the red wine, which is made in California, but there is a situation like if the price of wine made in California is higher than the wine made in North Coronado and the quality is worth than Coronado one. What should I choose? Making more money by selling California wine or be responsible for consumers by quality of Coronado’s?

Anyway, it is the first time to learn predictably irrational and it gives me a new way to do marketing. No matter what kind consumer predictably irrational is, we can analyze it and come up with marketing strategies, but please be honest to consumers because companies would do anything but risk their prestige at stake.