IKEA :How to grow sales by 200% using Pricing STRATEGIES?: Business Case Study

[@ThinkSchool]

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Make next video on how to study for long hours... and dont get distracted.. Pls

[@ranuraje913]

Incredible pricing strategy ...You always coming up with such insightful cases studies that make me deep dive into the topic immediately next day... Thankyou sir for this informative and useful strategy that I have never thought of...I will definitely purchase ur communication class...if such free youtube case studies are giving million dollar business lessons and if applied rightly will able to generate huge profit...I think ur communication class would be ultimate dhamaka this diwali ... Thankyou sir for this AMAZING DIWALI GIFT🎉🎉...I am very excited to interact with you during live sessions..🎉

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Your videos not only helps me to get knowledge but also improving my communication skills. Thank you!

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It's expensive

[@97_sumeetbhosale63]

How they cover there losses of decoy as no one will purchase that product and on if budget product is chosen then the profit from low margin products would same as cost decoy product just curious to know how this works???

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True

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I had appiled the same strategy while presenting thr candidates to my clients. I used to send the best candidates to my clients and they use to reject. One day i was so pissedoff because i knew I have given the best and i did not have a better candidate in the market, so I sent very average candidate who was readily available because i did not have a better choice. You know what the client compared the average guy with the best guy and choose the best guy. I realised that if we give 3 best it will confuse the client. from then I sent 1 average guy 1 poor guy and 1 best guy from that time I knew the result before the client would call me. Everything is experience. Your videos are so informative and motivating. Me being a new startup entrepreneur these content really means a lot. You are really inspirational and motivational.

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You're doing bba in?

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*Think School student

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You should write a book on all these business strategies you have researched. It will be an awesome book

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The information wil be obselete

[@punarnavaviswanath4304]

So true , Neither do I buy popcorns in a theatre And the example of decoy effect that we often use may not always amuse customers Ex - Popcorns and Apple products

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& even McD French Fries too.

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The Case study was really awesome and informative. If you include some case studies with failures and the reasons behind them, it will contribute immensely to the learning insights of all of us.

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2nd video on IKEA and it's worth it

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I learnt the same pricing example in book named "Predictably Irrational" an amazing read.

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You guys are doing wonderful a job! Being from the retail Industry, l realize how Ecommerce has affected the brick and mortar format quite a bit. Could you do a case study comparing how different companies retain customers via online and offline channels? I would gladly help you out on this if needed.

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Are ya the daughter or rahul tripathay??

[@ojhakehustlers3634]

Me too . But you can shift to e commerce

[@heckervarun]

when ganesh brother explained decoy effect ,i immediately hitted the like button, very easy explanation using simple examples

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Now I have realised how broadband distributors use decoy effect n make me purchase some plans which I find beneficial but in reality doesn't add much difference for domestic use like higher mbs plans Amazing Psychological hacks 🙌 Well explained as always ❤️

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[@ThinkSchool]

Thanks bhai ❤️

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Apple uses the Decoy Effect in its iPhones. It offers 4 phones in various sizes and keeps the price for the middle 2 phones somewhat the same, so that people buy the higher end because it offers more features. An amazing one.

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❤️❤️

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You and your whole team ...just amazing. Research, examples, terms used to explain the business process... really helpful for people like us who have just basic knowledge of finance and business. Thanks a lot bro👍

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[@anannyagavade5654]

Loved this video. Helped rethink pricing my offerings. Power to you!

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Beauty of analysis and explanation put content directly into deep mind.. As usual you just cracked it. Thanks Think School.

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The greatest ecosystem is always created by learning the subject deeply....

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Hi Sir , I absolutely love your business case studies and the knowledge that you share with us. I just have one recommendation regarding the videos. Would you mind reducing the stock videos just a bit!?I'm not asking to stop them all together.Just reduce them a bit. I liked how you used to converse more in your previous videos.

[@sudipchou]

I have been following IKEA for over 2 decades and I have never found the 'decoy' pricing methodology in practice in any part of the world. Also IKEA has been studying the Indian market for nearly a decade before committing itself to enter the Indian mkt. As an architect, we have learnt the hard way the decoy effect of proposing designs in a known gradation of quality. We deliberately show a bad/insufficient design along with a probable good design such the Client recognises shortfalls of the inadequate design and appreciates the fulfillment of the those deficiencies in the 'better' design - where the entire thing is orchestrated.

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At first instance - Subscribed - Thanks for Marvellous Presentation - also expecting on Indian FMCG Sector at the earliest🌷

[@abdurahimannoushad9195]

In the video about Toyota, you explained how Toyota faced competition and thrived through extreme circumstances using JIT(Just in time) strategy. But the same strategy backfired, when the coal industries in India used it during the pandemic, which in turn lead to coal shortage and there by electricity shortage. Can you do a video on that topic? BTW great video👏 Keep up the work.

[@PrashantMaurice]

That's because in Toyota, cashflow debut overheads were reduced with jit and thus more profits, but in coal, cashflows were stalled altogether so it went to credit mode. It's even more efficient if no one defaults, but in coal, everyone looks like they will default

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The content of think school is ahead of the curve.

[@42monologue]

There is a possibility for an interesting social dynamics regarding this situation of decoy pricing. As a person who is aware of these manipulation techniques( like decoy pricing,lowballing ,foot on the door etc), I find offense when it's used against me.( Because we hate being out of control or being out smarted and sort of reactance bias plays out in such situations). I would generally wouldn't pick such products. The more social awareness about such techniques poses a possible decrease in its efficacy. The decoy pricing study would have been more interesting with an additional scenario where the students where made aware of this effect and given a choice between services.

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[@preonshorts]

But why isn't this method work for mobile industry. When i analyzed people always look for the middle variant instead of choosing the low and higher end variant. Consider for example lower variant is 4gb+64gb and mid variant is 6gb+128gb and 8gb +128gb. Here people always tend to choose the mid varient. Any ideas??

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Loved it ❤️ If anyone used this strategy it in their business or planning to use it ....share about it 💯 and we all can learn

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[@ThinkSchool]

❤️❤️ :)

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Thanks! One of the sensible channel to follow. The topics definitely motivates to think deeper or think different or gather useful information.

[@ravikumar-ts8vh]

Respected Sir, First of all I am highly thankful for providing us such kind of innovative case studies. Further, requesting you to make a video upon price research and price process. Thank you in advance. Regards

[@pre_instar]

I feel that Popcorn in that scenario is pretty close to Apple's products!

[@comrade_rahul_1]

Actually Not.. So in that case.. Oneplus 9 series is same.. Samsung also does the same thing. They play in safe way. That's it😊

[@heckervarun]

standard android- budget product flagship android- decoy product iPhone- premium product

[@pre_instar]

@@comrade_rahul_1 hmm they are all moving towards Apple- even Google is shifting!

[@pre_instar]

@@heckervarun Frankly speaking in Android, the top model feels to be decoy product- the flagships below the top are good

[@comrade_rahul_1]

@@pre_instar Then that's not the problem of Apple, then it will be problem created by Android OEMs. Apple always wanted to be only flagship (atleast in Performance). They used to release one phone per year. Since they wanted people who wanted an iPhone but don't want to spend more, they created SE.

[@i.chaitannya]

Automobile industry also uses this effect by launching 1 car in to 3 or more upgraded versions so people will get more features at extra money 📍

[@bhadanisandip]

That is really true ... I bought one budget table for work "LAGKAPTEN / ADILS". Budget product & really serves the purpose with good quality. Now for buying any next furniture I will first check out the IKEA.

[@rpworld5288]

Good presentation good audio quality.. nice editing lot and lots of clips and mix... thanks

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Every video showcases that psychology studying of consumers is key to most retail companies

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[@pattammalvaradarajan9017]

Good effort. Example of Ikea studying the cultures of its investing countries is a good point thereby they could retain the local flavor. As about pricing strategies, it is a good point but then the decoy product too has to be sold given the product categories they have. Somewhere I am sure they will sell off those too. Will just price alone bring the sales and revenue or it is one other strategy to sell say quality, delivery, options, affordability, branding and location. It is a good point that even our panwala might be using, not just MNCs though.

[@srisaisubramanyamdavanam9912]

This is the same decoy effect used by many smartphone companies... I will say u one thing bro that keep rocking with ur lectures. I will always support u..

[@ishikagupta2585]

Amazing video But I had a doubt, if budget friendly people will choose the $40 product and the premium customer will choose the $65 product, then what will happen to those $60 products which act as decoys?! Who will purchase them?

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What an amazing analysis and communicating it back to the viewers. Great job buddy!

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[@dhrumilshah8811]

Hey Ganesh, great work. Just wanted to know that if Xiaomi is applying the same strategy of decoy effect and has now ranked with highest sales and is catering to all types of customers with very less price difference.

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Mr. Prasad, your are a great teacher👏👏

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I literally hit the like button within 30 sec of the video and i did not the regret it

[@sreenivasachakravarthyj7262]

Hello Think School, The psychological way of pleasing the customer is nice. My question is, if A & C products leaves the inventory continuously then what will be the life of "Decoy Product"? Are they move to the recycle process, if yes/no, when some products can't be recyclable or as it creates more wastage materials. The Decoy Effect sounds economically positive, but considering the environmental point, it lacks justification, I think. Mention your POV, if you can? Best Sreenivasa Chakravarthy

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Your voice + Background music 🎼 Best💥

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Brother, please make a video answering why indian startups like OYO , Zomato etc. are booking huge losses inspite of achieving good revenue . 🙏🏻🙏🏻🙏🏻🙏🏻

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Well done man this video has given idea for my business which was not growing thanks

[@DevendraGuptaProfile]

Best thing about IKEA is customer service. Easy to build furniture by our own, color theme matches across products. And also they are budget friendly.

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All the videos have been helpful to me and I’ve applied almost all the strategies in my business. If you even ask to pay for the watched videos, I can do that!

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Hands down! U r very good an articulator sir.. Congrats 🎉 Make a Q&A video or a introduction video about urself and channel.. Then people will remember channel name as well as urs.. U got me into behavioral economics with just two videos.. Good one!

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I am really curious as to why you ad 0% as option to your questions pls tell

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things which were never covered in my MBA class, so iam getting Ideas from here, thanks & good luck bro

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The best channel in KZbin I have ever. Visited sir. Thank you sir 🙏🙏.

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You blown my mind with this Decoy effect 🤯....Thanks alot man for your efforts and knowledge sharing 👌🏼...

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Great fan of how you communicate the buisness ideas so effortlessly

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Providing VALUE of money for customers is the key for profit in business.

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You dont need youtube baba to be happy man you this is type of content is very rare and precious on this platform !!

[@soumyadipsaha7549]

I have a question The useless option....or decoy... doesn't it at times bring you loss rather than profit which was intended?! (Because even the decoy will cost you money in manufacturing)

[@sahravsingh121]

You have to put less investment to make 2nd option. If u make 100 of 3rd option put 5 to 6 of 2nd only for comparison.

[@santoshnarayana7879]

They make sure they have very limited stocks of the decoy product. If it doesn't sell then it will go on discount.

[@TheBucketlistBoiis]

ca u please make a video on sales and marketting and if someone mainly a college student want to do it , how can one do it ? please it will be a great help

[@avinashpoojary2970]

In the greed for more profits, do not misuse the Decoy Effect. In the free market, the customer is always one step away from leaving you forever. Rightly said. This should be known to all the entrepreneurs.

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*"It's OK to have your eggs in one basket as long as you control what happens to that basket." - Elon Musk*

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Can you pls explain the essence?

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@@manon2wheels771 if you own the company its ok

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Will we get certificate for completing the course? If not then please add it, brother. I would love to buy your course

[@kundanchoudhary7076]

This video explained the theme of video that mistakes people do n how they can b corrected

[@akshaykakran]

Very interesting insights - Pricing though intangible, can actually lead to multi fold tangible profits !! Thanks for sharing.

[@aseembaranwal]

After seeing this, i can relate what apple did with iPhone SE vs iPhone 12 variants

[@jagrookdawra]

Appreciate your video. But one correction - decoy effect credit goes to Huber and Payne, 1982 (Huber, J., Payne, J. W., & Puto, C. (1982). Adding asymmetrically dominated alternatives: Violations of regularity and the similarity hypothesis. Journal of consumer research, 9(1), 90-98.)).

[@venkateshtaparia9354]

Sir from which book did u get the information regarding decoy effect and can you please recommend certain books from which we can study different strategies like decoy effect?

[@shaiknoormohammed7986]

The background music has something that makes ears kind of concentrated to it .

[@karankapoor3355]

Sir I believe decoy effect work well Cinema as sir the product is hand made and popcorn can be put in either it large jar or small . My question is that in real market as we have closely seen in this case study what a company will do of it's 2nd product of 60 $ as, sale will only be there for 65$ and 40$ ( maximum) is it a waste for a company ? . Or they will think about it and for hedging (say) they will produce less amount of product 2nd ( 60$ one)

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Mannnn.. waiting for your 1 million subs ❤❤❤❤❤❤❤❤❤ such a valuable channel ❤😀😀😀

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This is the Topic I have known before and u explained it so nicely.

[@debojyotidutta4576]

This strategy actually works greatly , cause we used this strategy in our store for years