Undoubtedly, consumer behaviour lies in the centre of interest of all marketers. In the end, it is consumers who pull out their wallets or credit cards and decide on a particular purchase contributing to the profits of the company. However, does that mean that they are completely aware of the decisions they are making? In other words, are they rational in their choices?

Many researches aimed at answering this question by listing multiple factors such as psychological, social or situational which affect consumer’s decision process. There have been also many studies on the shortcuts consumers take in order to shorten the tedious process of making up one’s mind in the presence of ever growing number of products and services. However, the debate on how good consumers are at weighting out the pros and cons of their decisions remains open and each year brings new contributions to the subject.

One of the books devoted to the subject of decision making is Dan Ariely’s book titled Predictably Irrational. The book comprises of Ariely’s research on the rationality of consumer’s choices providing interesting insights for both marketers and consumers. Apart from its informative value Predictably Irrational is a great read demonstrating how irrationality affects all aspects of our lives. One of the very first concepts introduced by the author is the power of a decoy, defined as a slightly worse version of a given item. The choice between two equally attractive options is difficult to predict, however if one of them becomes accompanied by its decoy a great majority of consumers tend to turn to the better counterpart, completely overlooking the equally attractive alternative. Surprisingly, this holds true not only in the world of marketing where it is vastly applied, but also in the realm of dating. Thus, Ariely humorously advises to pick wisely whom to take with to meet women or men on a Friday night. The book does not completely resolve the mystery of decision making, nor aims at doing that, but it certainly makes one much more aware of the intricacy of this supposedly known process.

Dan Ariely: Are we in control of our own decisions?

source: http://www.ted.com/talk/dan_ariely_asks_are_we_in_control_of_our_own_decisions.html

Nowadays the most successful product is a product which stands out, which has a unique feature that fulfills specific consumer’s need or desire, a product which adds value. Even though the receipt for success seems relatively simple the ability to deliver that extra value is a great achievement and its undermining has driven many out of business. However, those who managed to take advantage of value-adding enjoy substantial profits and are unlikely to stay behind in the race. Is there any chance that an undergraduate commerce student can benefit from learning about adding-value strategies long before being responsible for designing strategies for products in big corporate companies?
If we conclude that on the job market what constitutes a sophisticated product is an employee then we can assume that marketing of people should be done just like the marketing products – by adding value. Despite obvious differences in both types of marketing, this tactic seems to be extremely successful and has been widely advocated as a helpful tool to stand out in ever more competitive job market. Thus, to be able to compete for an attractive internship good university degree is no longer enough, the source of advantage is this elusive extra value that an intern or an employee adds when joining the company. It can be many different things. An exceptional skill a person decided to develop, an innovative approach towards specific problem, an interesting experience. Whatever the source of added value is it should be well-considered and chosen with a specific goal in mind. The successful marketing plan of oneself sends a clear message to the employer that the applicant is aware of how the market works and what are its needs in terms of skills. It also reveals an ability to look ahead, come up with a plan and execute it. It shows that one has a vision and although it is bound to undergo changes overtime it is never too soon to start shaping it.

source: Friedman, Thomas L. The Internship: Not the Movie, The New York Times, 2013 Jun 8