What is the definition of the Endowment Effect?

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What is the definition of the Endowment Effect?

  • Consumers are more likely to purchase a product priced at $19.99 than $20
  • Buyers compare the current price with a reference price
  • Consumers react to prices in percentage terms as opposed to absolutes
  • A sense of ownership increases a customer’s willingness to pay

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Introduction to Marketing Coursera Quiz Answer

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  1. According to the lectures, what should a company’s long-term marketing strategy be?
  2. Professor Fader discussed “salesperson of the month.” What would he say is the best way to pick a salesperson of the month?
  3. 1% improvement in ______ would create the biggest improvement of operating profit for a company.
  4. In the STP framework, what does “STP” stand for?

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