Posts Tagged ‘ie business school#8217;

30
Sep

I would like to raise your attention about how brands engage their customers.

Many brands complain how difficult it is, but sometimes, these brands are missing their key “engagement points”.

Let me put an example.

Today I went with my family to Reina Sofia Modern Art Museum to watch Richard Hamilton exhibition. Despite sometimes this museum has been described as a cold museum, “el Reina” is a museum I specially love.

Two reasons for that: First, I believe it is a museum that has definetely something to say to our current society; second, I really love the enthusiastic and dedicated people that work there.

I had the chance to meet them a couple of years ago. Me and my students from the university were researching about why young people are not interested in museums. The task was a great experience for all of us and we extracted some interesting conclusions, among them, these two:

Young people might be eager to experience museums but they are intimidated by many things, specially about prohibitions: don’t talk, no cameras, don’t take pictures…

Captura de pantalla 2014-09-27 a la(s) 19.03.02

This is how my students expressed their desire

Captura de pantalla 2014-09-27 a la(s) 19.03.32

Another issue that prevents museums consideration in youngsters leisure is that “talking” about museums is not aspirational, a freak behavior at best..

Well. Today I have enjoyed a beautiful experience with my kids. I promised them to stay no more than 30 minutes in the exhibition (hard negotiation) however we stayed more than an hour an a half.

Why?

No doubt Hamilton still is relevant for today’s youth but the key success factor was the ability for them to make pictures.

It was allowed to make pictures!

And this fact triggered youngsters (my kids)  the possibility to interact (engage) with the product (the exhibition) and with their friends (word of mouth). Having the possibility of making pictures have allowed them to communicate with no words, thus to communicate and share their feelings ( isn’t that an important part of art?)

Look at some of their pictures ( sorry, difficult to see in the post). Obviously, they have already shared them through instagram and twitter.

la foto 1

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Well , no doubt next time they will be less reluctant to visit an art exhibition.

This was my take away today: when you design your product experience make sure you design it for your customer, not for yourself, nor for your company benefit. Just check it.

Thank you , Reina.

Captura de pantalla 2014-09-27 a la(s) 19.23.12

@carmenabril1

27
Sep

Hello everyone,

today I just want to open up an issue I was thinking about over the last few days…No answers, just questions.

Probably most of you have noticed the “bend-gate” of the last few days.. The new Iphone 6 bends in people’s pockets… Here is an illustration.

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So, angry Iphone users are wondering why they are paying so much money…But wait a second! Bending is not so bad, as Samsung exemplifies in related products!!

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So, could apple (with a bit of R&D and a lot of marketing investment of course), could turn the “bend-gate” into a “Bend-able phone that everyone loves”? Something like this:

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What would it take? As I said in the beginning, I am not sure at all. Could it be that Apple is starting to lose a bit of their marketing magic? Or will they turn this around, sooner or later?

What do you think? Well, let’s wait and see!

Best,

Antonis

Antonios (Adoni) Stamatogiannakis, Ph.D.
Assistant Professor of Marketing
IE Business School – IE University

Antonios . Stamatogiannakis @ ie . edu

13
Sep

Imagine you want to create a movie. The only requirement is that its story should be based on a specific book. The good news are that this book contains a great variety of amazing stories: The creation of a world by a rather interventionist almighty god, successful and disastrous adventures of whole nations under the guidance of inspiring leaders, wise prophets who fight against unfaithful monarchs, and an old man saving animals from a great rainfall.

Now, why would anyone pick the last story? Well, it may have a great brand name: Noah!

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Why is this important? If you ask people about important elements of movies they would enjoy watching, you will get the answer “a good story” very frequently, but the answer “a story that I am familiar with” very rarely, if ever. Yet, the movie industry knows that what will make people watch a movie is (at least in many cases) the latter. The abundance of remakes and sequels attest to this fact.

Let’s take the case of science fiction films. Why experiment with an original and unknown story like this:

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When you can make remakes, sequels, or prequels of a story that science fiction fans are familiar with, like this:

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In conclusion, a strong brand is without a doubt a very strong marketing tool, sometimes the most important one for market success. It may be even stronger than the product itself, even if in many cases consumers will be reluctant to admit it. This fact becomes even stronger with the wide use of social media. It is a lot easier and cooler for anyone to twit “Check out the new Spiderman movie” than “Check out this new movie that I find interesting, but you have never heard about before”.

 

Antonios (Adoni) Stamatogiannakis, Ph.D.
Assistant Professor of Marketing
IE Business School – IE University

Antonios . Stamatogiannakis @ ie . edu

30
Aug

The summer is almost over, and in this  post I would like to discuss issues related with the “King” of the summer industries – tourism. The question was born in my head during my vacations at my hometown, in Crete. Specifically, the official numbers for Greece – and Crete in particular – showed an increase in the number of tourists in relation to 2013 (which was also a good year). In addition, I could personally observe that there was a big number of tourists strolling on the streets. Nevertheless, the owners of tourism related businesses (e.g., small hotels, gift shops, etc.) were complaining that their business was down. And a quick look inside these businesses confirmed their view: Most shops and small hotels were not nearly as busy as last year.

So how could both of these opposing facts be true? I believe it is because of the existence of two pretty well-defined segments of tourists. The first segment, let’s call them “the relaxers” primarily care about resting and relaxing. What they want from their vacation is as few hustle as possible, even if that means missing out on a few interesting stuff. Naturally, they prefer a vacation package that they book from a travel agent. This includes a big hotel (usually part of a chain), which offers them everything: 3 meals, shops, cafes, bars, close access to a nice beach. They typically leave their hotel only for pre-scheduled excursions either to the closest town, or to a few main attractions.

The second segment, let’s call them “the explorers” primarily care about exploring and getting to know the place they visit. What they want from their vacation is new experiences, and are willing to exert more effort in discovering the “secrets” of the place they are visiting. They usually stay at small hotels, but they spend very little time there. On the contrary, they leave their hotel early in the morning, and it is not unusual for them to eat, shop, have drinks, etc. at a different place each day – or even during the same day. They plan most details of their trip on their own, perhaps with the help of friends and “experts” (e.g., tripadvisor).

So, what seems to have happened in Crete this summer, is that many tourists came (thus, the increase in the gross numbers), but most of them were “relaxers”, and few of them were “explorers” (thus, the decrease in tourism revenues for small tourism related businesses).

Now, is this a problem? I believe it is. In an uncertain industry, such as tourism, it is risky to concentrate only on one market segment. For instance, relaxers would go to any place that their travel agent sends them, as long as they can relax. But travel agents operate based on profit, so they would have no problem to send their clients to other locations, as long as they get a better price. So low prices (at the package level) are critically important for that segment, and can result in big changes in demand from year to year.

I could mention several examples, but perhaps the most convincing is the following. The Greek Ministry of Tourism, seems to want to target both the relaxers and the explorers. For instance, take a look at the following ad – it seems to be targeting for the most part the “explorers”. So are many of the videos of the official agency for tourism in Greece.

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In summary, it looks that the good results in terms of “sales” (i.e., gross tourism numbers) are not the result of a careful marketing strategy building on the competitive advantages of the brand “Greece”, but a result of competitive pricing (which, may be a result of the ongoing economic crisis in Greece). If that is the case, the positive results of Greek tourism during the last couple of years are not likely to be sustainable.  They will be over together the price advantage, largely stemming from the crisis. In order to ensure long-lasting market growth,   an aligned marketing strategy is necessary.

Antonios (Adoni) Stamatogiannakis, Ph.D.
Assistant Professor of Marketing
IE Business School – IE University

Antonios . Stamatogiannakis @ ie . edu

 

16
Aug

Should you bet on Sustainability? Does it make business and financial sense to go for a green positioning? What can companies and brand expect for these sort of approaches?

sustainability

I could actually write a book about these questions, but would rather keep it simple today. According to a research from Havas Media Group, Brands must be meaningful. In the sense that they need to embrace values that resonate with customers. If not, you risk becoming part of the mainstream (7 out of 10 brands according to this research) and become irrelevant to your target group… I.e. your customer would not care at all if your brand disappeared…

Meaningul Brands

Bearing this is in mind, there are quite a few possible approaches here. You can create a Corporate Brand Identity around sustainability like the one of Unilever, or you could keep it simple and go step by step. And, if you opt for the latter, then the approach would be simple: Take one value that resonates with your customers and build upon it.

Meaningul Brands Info

One of the possible values is everything related to playing it Green, to positioning yourself as an Environmentally Friendly Company, who cares about Nature and the Ecosystem. And one example of this would be what not a company but an Industry has actually done: The Green approach of the Hotel Chains.

You know what I am speaking about, but let me share one recent example I got so that we are all in the same page. I just went to Penn State University for a Symposium on Digital Learning. The event took place in an Event Centre where everybody was hosted. And of course, when in the room, you could find it with signs that were basically telling something like this:

“If you want your towels to be replaced, please leave them on the floor….

If you want your bed sheets not to be changed, please leave this sign on your bed…

When deciding, please consider the amount of resources that are thrown away and the impact is has on Nature…

We are fully committed Hotel with Sustainability and appreciate your support…”

towel save planet

The result?

Firstly, most customers decide to play it green.

Secondly, the Hotel Chain makes a good impact on the brand positioning, as long as customers end up perceiving the brand as committed with sustainability.

And lastly, the Hotel Chain actually saves a lot of money for not having to wash and replace thousands of towels and bed sheets…

Food for thought

Quite simple, isn´t it? But it works and delivers quite good results. So bear in mind two things from here:

  • Brands needs to resonate with customer values, they need to resonate and engage.
  • The latter does not necessarily imply ad multimillion investment. It could be as simple as taking one value and get your message across.

I look for your comments @ignaciogafo

Reset!!!

Ignacio Gafo

 

12
Jul

Today I wanted to paraphrase a well-known business article (It is the Distribution, stupid!) to showcase the importance of managing Media properly when building the Personal Brand Identity. And for doing so we have two perfect examples that reflect what should be and should not be done.

lebron james

IKER CASILLAS AND HIS MISSTEP

Iker Casillas has managed its Personal Branding relatively well for many years. I am not sure how systematic and structured he was in his approach, but in the end of the day he came across to Spaniards as a brilliant goalkeeper, with a human touch (reflected when he gave a call to Xavi from Barcelona to end up a club discussion) and passion for what he did and achieved (just recall what happened with Sara Carbonero 4 years ago upon winning the Soccer Wordlcup).

iker casillas

Moreover, he has managed relatively well his presence in Social Media, where we can find him in Twitter, Facebook and even Instagram, and has actually got really good PR thanks to some of his prizes, such as the one granted by the UNPD:  Goodwill Ambassador for the Millennium Development Goals.

What came out of it? Casillas managed to create a pretty good Personal Brand around himself, as it was reflected in the research by Personality Media, and actually some advertisting contracts with well-known companies such as Liga BBVA and Procter & Gamble.

iker champu

So far so good, till recently… The misstep came two weeks ago when he published a picture of his new-born baby, one “follower” attacked the baby (he basically said that he wished the baby would drown) and Casillas replied with all kind swearing and curse words…

comentario-iker

Had Casillas the right to response back like that? Yes, of course. Was Casillas right when responding like that? Absolutely not. Casillas needs to understand that even if he has the right to do so, he has created a Personal Brand, needs to protect it, take good care about what he does and does not say in public and specially take care of Media and Digital Media. For whatever he says, specially if it is a misstep, is going to be viral and promoted all around the Globe…

 

LEBRON GOES BACK HOME

The story of Lebron is somewhat similar to the one of Iker Casillas in a bigger scale. His Personal Branding started when he was only 17 and made it in the cover of Sports Illustrated: The Chosen one was born.

lebron the chosen one

Number 1 of the NBA draft in 2003, he was really up to the expectations he raised and managed to beat quite a few records during his 7 years in the Cavs, with only something missing: An NBA Championship. In 2010, he became an unrestricted agent and had to decide whether to keep on playing in Cleveland or moving somewhere else… Everybody was awaiting and he finally made his move… A move that he announced in an ESPN TV Program (The Decision)…

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Did he have the right to look for another Team where to win the NBA Championship? Of course. Did he mange it properly from a communication perspective? Definitively not. It was considered a brutal communication misstep, an arrogant move that made him a public enemy in Cleveland and in the minds of big chunk of NBA followers (myself included).

4 years later, Lebron was facing the same situation again. He had spent 4 years with the Heats, won 2 NBA Championships, had the right to choose his team again and got everybody was awaiting his decision. And today, he announced his decision and, in contrast to what happened before, he communicated it smartly: He wrote a well-thought and respectful letter published by Sports Illustrated, where he exposes the reasons for “I´m coming back home”.

lebron coming home

The reactions are yet to come, but I can bet that his Personal Brand Image will be strongly reinforced for:

  • He has amended his previous mistakes.
  • He admits the communication mistakes he made in the past.
  • He comes across as a respectful and considerate person, that looks for something else.

SOME CLOSING THOUGHTS

  • Personal Branding has to do with who you are and specially with how you come across.
  • For the latter Media in a broad sense is critical and needs to be carefully thought and manged.
  • When being a well-known Personal Brand, you need to be mindful and aware that everything your claim is subject to be published, promoted and made viral. This works both for offline and online media.
  • Having said that, you need to define your values and positioning and stick to them, even if rational or irrational critics show up.
  • And last but not least, please consider a professional assessment for managing your Personal Brand. Brand Management well deserves some professional help.

personal branding

Look forward for your comments @ignaciogafo.

Reset!!!

Ignacio Gafo

21
Jun

Recently, we hosted at IE the training academy “New Venture Creation and Marketing in Health/Life Sciences”, as a part of European Commission program Health-2-Market. During this week-long intensive training program, researchers-entrepreneurs from all over Europe had the chance to develop in collaboration with IE faculty the marketing plans of their ventures.

What struck me the most during this academy is the following. All of the participants were extremely motivated and knowledgeable about how their business ideas (products, services, or complete solutions) could be used. Each of them could talk for hours (literally) on how great and useful their business idea was… However, almost nobody could (at least at the beginning) adopt the view of their potential customers’ regarding their business. What would be the core benefit, for them?

In marketing jargon, they were focusing on their actual, and not on their core product. They were focusing on what their customer would pay for, and not why they would pay for it. For example, participants thought that they were providing “easy to use and technologically advanced medical devices” instead of “time, flexibility, and accuracy of results” to the doctors. “An integrated patient monitoring system” instead of “Cost reduction” for the hospitals. And, finally, “an easier and less intrusive way of heart-surgery”, instead of “more saved lives”.

Why may this be happening? Well, most entrepreneurship profs argue (rightly) that one of the keys to entrepreneurial success is passion for your business. They frequently use the metaphor that entrepreneurs must see their business as their child. Here, I believe, is the problem. It is extremely difficult for parents to stop admiring how great their child is, and start thinking how their child can be helpful to other people, the society, etc. Just as many parents believe that the society should be full of admiration for their children, many entrepreneurs believe that their business is so great, that the market and the customers should automatically appreciate them.

We have, thus, the following paradox: The very same passion that is necessary for entrepreneurial success, is preventing entrepreneurs from being customer focused, inhibiting thus entrepreneurial success at the same time. Maybe, then, the real key is to be able to manage your passion in such a way that keeps entrepreneurs motivated, but at the same time does not switch their focus away from customers’ needs.

 

More about Health2market e-training: http://elearning.health2market.eu/
More about Health2market: http://www.health2market.eu/

Antonios (Adoni) Stamatogiannakis, Ph.D.
Assistant Professor of Marketing
IE Business School – IE University

Antonios . Stamatogiannakis @ ie . edu

12
Jun

No me voy a parar a analizar el caso de Uber, ni el de Airbnb ni lo que está ocurriendo alrededor de un repentino movimiento regulatorio que pretende frenar con leyes lo que el mercado ya ha adoptado y los clientes han hecho suyos.

Lo que me interesa de estos casos y de otros que ahora veremos es cómo estos servicios están conectando de una manera íntima con sus consumidores generando un “engagement” extraordinario.

Y todo empieza con una innovación. Como he visto hoy aquí las innovaciones no se deben exclusivamente a una idea genial que surge de una mente privilegiada sino que normalmente consiste en una reinterpretación creativa de la realidad actual que atiende las necesidades de los consumidores e inspiran cambios en los modelos de negocio.

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Uber, Airbnb, Cabify y otras tantas lo que han hecho ha sido ofrecer una solución práctica y cercana que base su éxito en la reputación, en la confianza en los pares (peers) y en la disponibilidad. Y todo esto con un marketing inteligente, osado y trasngresor que es capaz de reinterpretar la realidad.

Este el caso que este mes nos trae trendwatching.com en el que vemos una iniciativa divertida, simpática y diferente de Uber. Durante una huelga de trenes y metro en Londres, la compañía lanzó una promoción genial: un 50% de descuento para todos los viajeros que compartieran tarifa. Sencillo. Directo. Just in time.

Captura de pantalla 2014-06-12 a la(s) 17.43.38

Y lo que es evidente es que esta tendencia está llegando a todos los sectores. Ya sea el de comida a domicilio con los ejemplos de JUST EAT (líder mundial valorada en +1.770 M € tras su salida a Bolsa), el de la cosmética (Wahanda es un gran ejemplo), al de los abogados (mybarrister.co.uk)o los que todos conocemos (Amazon, Alibaba, Ebay…) o

En cualquier caso, estas empresas se basan en algo tan sencillo como difícil: poner en contacto a la oferta y a la demanda y además, creando valor en ambos extremos de la misma.

Con modelos que se suelen basar en la comisión directa sobre las transacciones, los marketplaces exitosos  son aquellos que son capaces de rentabilizar su negocio sin caer en la tentación de guiarse por un espejismo con forma de burbuja y que tienen la voluntad y el conocimiento necesario para crear empresas sostenidas en el largo plazo.

Analicemos mercados maduros, hagamos ejercicios de marketing lateral e innovemos. A lo mejor satisfacemos a 1 cliente. Y, a lo mejor, detrás de ese primer cliente vienen otros miles de usuarios que nos estaban esperando.

Feliz jueves a todos. Me encantaría leer vuestros comentarios

@jesusrebollog

PS. Hoy en el Mundial #nomelajuego !

 

28
Apr

En un entorno de marcas y consumidores hiperconectados se debate con asiduidad sobre la necesidad de que las marcas dialoguen con sus consumidores . El objetivo parece claro: establecer una relación más fluida y continua en el tiempo.

Se habla de dialogar, de conectar, de storytelling; de crear contenidos, de distribuir contenidos, de conseguir recomendaciones, word of mouth, de seguidores, likes, tweets, retweets …

Buscamos community managers, SEO y SEM managers, creamos attribution models y pensamos qué contenido será mejor para atraer más consumidores, más clicks y generar más difusión e impacto.

Sin embargo, en la mayoría de las estrategias de las marcas echo de menos una palabra mágica: empatía.

Para establecer una relación duradera entre personas o entre un marca y sus consumidores no sólo es necesario dialogar, es necesario dialogar mostrando empatía.

El dialogo sin empatía puede ser correcto, circunstancial, incluso muy frecuente; nos hace ser conocidos pero no construye sólidos vínculos afectivos ni entre las personas ni entre las marcas y sus consumidores .

Mostrar empatía significa comprender y tener la palabra justa ante los sentimientos de las personas , anticipar sus reacciones y compartir sus momentos. La empatía implica capacidad de escuchar y de expresar al otro que le hemos entendido, que podemos ver las cosas desde su punto de vista, no sólo desde el nuestro.

Traducido al lenguaje del marketing es importante resaltar que mostrar empatía no es lo mismo que descubrir “insights”. Los insights son revelaciones puntuales para las marcas que les ayudan a hacerse visibles, presentes y relevantes en la consideración de los consumidores.

La empatía es lo que hace que un “insight “perdure en el tiempo y se convierta en una ventaja competitiva sostenible.

Por mi experiencia profesional en marketing e innovación considero de un enorme mérito la estrategia llevada a cabo por la marca Dove en estos años. Alguna vez ya he comentado al respecto en este blog

Sin embargo, lo que más me llama la atención de esta marca es su capacidad de empatía.

Me gustaría que viesen estos tres anuncios.

Probablemente el primero ya lo conocen, Dove Sketches.

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Quizas los otros dos aún no. Dove Selfie y Dove Shy. Echenles un vistazo.

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La transición del primero a los dos últimos es fenomenal.

Para Dove hubiese sido mucho más “simple” exprimir al máximo su exitosa campaña Sketches, buscando mas posibilidades creativas de “sketches”, nuevos targets mas jóvenes; diseñar concursos, promociones y tweets sobre los “sketches” de los consumidores y un sinfín de prolongaciones de la campaña que ustedes pueden imaginar…. Pero esto, aunque diálogo, no es empatía. Sin embargo, con estas nuevas comunicaciones Dove dialoga con sus consumidores con una nueva perspectiva, demuestra que conoce de lo que está hablando, empatiza con sus consumidores mostrando que sabe como se sienten o como se han sentido.

Desde el punto de vista estratégico para la marca el avance es inmejorable. Un target más joven, un tono menos dramático , más alegre y positivo.

Con los buenos amigos las conversaciones no se repiten hasta el aburrimiento. Descubrimos nuevas perspectivas. Hablando con ellos, nos conocemos mejor.

 

Espero que tengan una buena semana, seguiremos dialogando

 

puedes seguir la conversación en @carmenabril1

 

22
Mar

When faced with a bad event, most humans have the tendency to look for a “bright side”. This tendency has been captured by popular idioms in many languages, such as “Να χρυσώσει το χάπι” (“to coat the pill with gold”) and “Ουδέν κακόν αμιγές καλού” (“There is nothing bad without a bit of good in it”) in Greek, or “every cloud has a silver lining” in English.

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But what is a “silver lining” in economics? The answer comes from important research published in Marketing Science by Richard H. Thaler (University of Chicago; 1985, 2008). Thaler (among many other behavioral economists) argues that every financial transaction is mentally categorized as either a “gain” or a “loss”, relative to a reference point (usually the status quo). In addition, the perceived value of money is very different depending on how it relates to the reference point. Put simply, not all money is equal. Although an amount of money (let’s say 500 euros) can  buy the exact same things regardless where it comes from, its value for people can vary dramatically. One such variation is the “silver lining” principle. Let me explain this with an example.

Over the past (let’s say 3) years, Greece is experiencing the biggest post-second world war economic crisis. Many Greek citizens have lost large parts of their income, and the amount of this loss is for many something like 500 euros / month. For 3 years, this is a 3 x 12 x 500 = 18 000 euros. Now, the Greek economy seems to be slowly recovering. The Greek Prime minister just announced that Greece had surplus, 500 million of which will be distributed to about a million needy Greek citizens (see here). That is 500 / citizen, on average.

 

 

There are two possible ways to frame this 500. The first, is to “integrate” it in the previous loss: The prime minister, in this case, would say: “From the surplus, we will reduce the loss that the neediest Greek citizens had over the last 3 years from 18000 to 17500”.

Instead, he chose to say, more or less: “From the surplus, we will give to the neediest Greek citizens 500 euros each”. Which one sounds better? Clearly the second. Reducing the huge loss of 18000 by 500, would not make anyone any happier. They would still be losing 17500, roughly equal to 18000. Instead, the 500 windfall gain is presented in isolation from the disproportionately larger loss. Now, everyone is happy to have gained suddenly 500 euros; That is a silver lining.

In general, although traditional economics would say that X euros is always X euros, people do not understand money this way. They seem to be considering mostly “what difference does this amount make?”. For example, very small amounts of money may make a difference in how people pursue their financial goals (see here: http://marketing.blogs.ie.edu/archives/2013/07/improving-versus-maintaining-which-one-is-harder.php*). Or, as the “silver lining” principle suggests, when people face a big loss and a disproportionately smaller gain, combining the two into a slightly smaller loss would not make much difference. In these cases, people will “like” the same amount of money more, if they were treated as gains (i.e., gain 500) than if they are treated as “loss reductions” (i.e., limit a 18000 loss by 500)….and politicians seem to know that J.

 

Antonios (Adoni) Stamatogiannakis, Ph.D.
Assistant Professor of Marketing
IE Business School – IE University

Antonios . Stamatogiannakis @ ie . edu

 

*The Research leading to these results has received funding from the People Programme (Marie Curie Actions ) of the European Union´s Seventh Framework Programme (FP7/2007-2013) under REA grant agreement No. 298420.

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