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IKEA China Has a New Polish President

12 June 2018

Principle of the day

Anchoring effect

The first salient number can influence later judgments; reference prices must be truthful and communicated fairly.

Daniel Kahneman and Amos TverskyPsychologists whose work on heuristics influenced behavioral economicsSource: Anchoring

Quote of the daycustomer expectations

The key is to set realistic customer expectations, and then not to just meet them, but to exceed them—preferably in unexpected and helpful ways.

Richard BransonBritish entrepreneur and founder of Virgin GroupAttributed

Quote of the daysmarter online audiences

Companies that assume online markets are the same markets that used to watch their ads on television are kidding themselves.

Christopher Locke, Rick Levine, Doc Searls and David WeinbergerAmerican authors of The Cluetrain Manifesto on networked communication and marketingSource: The Cluetrain Manifesto

Principle of the day

Reciprocity

People are more likely to reciprocate value received earlier; free value should be real, useful and not covertly coercive.

Robert CialdiniAmerican psychologist and author on social influenceSource: Principles of Persuasion

Quote of the daystrategic trade-offs

A sustainable strategic position requires trade-offs.

Michael PorterAmerican Harvard Business School professor and scholar of competitive strategySource: What Is Strategy?

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