Comment on Pierre Chandon’ blog.
This blog provides a novel and an interesting idea that I never thought about. In the blog, the author discussed that how packages or portion sizes influence the purchase.
First of all, he indicated that when sellers increase the volume or the size of a product with higher price, consumers will still buy it because they don’t realize how much more they are paying for that or they are “miscalculating” the cost, even for diamonds. I think it is a very valuable information for marketers to find a way that can make consumers happier as well as increase the revenue of the company at the same time. Besides, when the author talked about his opinion, he used bar charts and pictures to contrast the products with different volumes to illustrate the idea more clearly. I really feel that helps me to understand better.
Secondly, he mentioned that according to the research, people get used to buy the middle size products. Thus, if a company wants to sell more small sizes which bring more profit, the company only need to develop a much smaller product, then the original small sizes are in the middle of a range.
This blog made me realize the importance of the valuable information in the sales contest. The marketing strategies that based on this information can lead to a win-win situation for both consumers and companies.
References:
https://hbr.org/2015/11/customers-arent-very-good-at-judging-product-sizing
http://faculty.insead.edu/pierre-chandon/documents/Ordabayeva%20Chandon%20Visual%20Bias%20Review%20Appetite%202015.pdf
https://hbr.org/2015/10/the-customers-who-are-happy-to-pay-more-for-less
