Intensively he spends time with his pen the tter his rating. In addition he tends to regard the purchase decision made in the past as the right decision. the market that objectively looks more elegant fits tter in the hand thanks to its ergonomic shape and is absolutely smudge-free when writing the customer still rates the pen in their possession tter cause it has an emotional value for has him. Another example where the endowment effecthas a strong influence on the valuation is the sale of real estate. For a homeowner who has liv in his house for thirty years this house is emotionally charg.
If a new ballpoint pen comes onto
Cause of this he tends to overestimate the value of his home by valuing his property higher than a potential buyer. This does not yet connect anything Belarus WhatsApp Number List with the house and rationally assesses the value of the property bas on facts such as location year of construction and equipment. There is a difference in the asking price of both parties. to a to pay. In this example it may make sense to use an independent appraiser to determine the actual property value. All information about the endowment effect is also clearly present in the following video please click here to accept marketing cookies and enable this content importance of the endowment effect in marketing the examples just.
The owner’s willingness to sell is link
Make it clear that the endowment effect is a challenge in marketing. Since potential customers judge the products they own to more valuable than new Marketing List products due to the emotional connection it is more difficult to convince them on the basis of facts alone. If you want to sell your new product to a customer you should always ask yourself the following questions at the ginning what is the current situation of the customer? What has he? What is the alternative? You have to prepar for the fact that the customer’s perception of the alternative is always tter even if your product is at least as good. This means that just offering a little higher quality a little lower price or just a little tter features is.