There's one particularly cunning type of pricing strategy that marketers use to get you to switch your choice from one option to a more expensive or profitable one. It's called the decoy effect, and the phenomenon happens when consumers swap their preference between two options when presented with a third option. Gary Mortimer, a Professor of Marketing and Consumer Behaviour at the Queensland University of Technology, joins the show to discuss.
Professor Gary Mortimer, QUT Business School, Advertising, Marketing and Public Relations. Photo: Anthony Weate/QUT
