Seminar

Exercise 1:

In groups of 2-3 watch the below ads and identify which Maslow’s need does it refer to:

In groups of 2-3 watch the below ads and identify which Behavioural Economics principle does it refer to:

Ariely
- Decoy effect – Choices often occur relative to what is on offer rather than based on absolute preferences. People’s preference changes as a result of adding a third (similar but less attractive) option.
Thaler & Sunstein
- Choice Architecture – Choices can be designed to make certain outcomes more (or less) likely.
- Framing – Changing the question or the context will get a different response.
Kahneman
- Anchoring – We rely too heavily on the first piece of information offered (the “anchor”) when making decisions.
- Representativeness – We make judgments based on how similar something is to something we like.
Cialdini
- Principle of Reciprocity – People need to realise they will get what they give as benefits in kind.
- Principle of Commitment – When we’ve committed to something, we’re more inclined to go through with it.
- Social Proof – We make the choices that those around us, who are like us, also make.
- Principle of Liking – People prefer to say ‘yes’ to those they know and like.
- Principle of Authority – People are more easily persuaded by those in authority.
- Scarcity – Things are more attractive when their availability is limited or we stand to lose them.

In the same groups, analyse which Maslow need fashion brand Jaeger is fulfilling currently and what Maslow need you believe they should be focusing on.
Then identify the most suitable Behavioural Economics principle and create a social media campaign (marketing) for the International Women’s Day in March.