What makes us tick and buy, if it's not reason?
William Poundstone looks at The Myth of Fair Value (and How to Take Advantage of It) in his new book published (January 2010) by Hill and Wang.
One case study is How restaurants entice us into choosing expensive meals (excepted in The Guardian, January 21).
He builds his case using a menu from Balthazar in New York and the 6 'trade tricks'.
Exhibit Number 3 is Bonus Boxes:
"A box around a menu item draws the diner's attention. Is $16 (£10)such
an indulgence for a shrimp cocktail, they might think? Not next to a
$115 extravaganza! (Le Balthazar Seafood Plate). A really fancy box is better yet. The cheeses at the
bottom are probably high-profit puzzles."
an indulgence for a shrimp cocktail, they might think? Not next to a
$115 extravaganza! (Le Balthazar Seafood Plate). A really fancy box is better yet. The cheeses at the
bottom are probably high-profit puzzles."
At Number 5 is Menu Siberia, things you don't want to sell because they don't generate profit you want, in the case of Balthazar, it would be burgers he says.
For the other 4, read the rest of his piece…
Don't feel like reading check his Menu Psych video (above)