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External Partners Alumni Search Submit Return to home Search Search About About Olin Home Why Olin Equity, Diversity & Inclusion Leadership & Strategy News & Media Events Contact Us Programs Programs Home Explore Our Programs BS in Business Administration MBAs Specialized Master's Doctoral Executive Education Dual Degrees Faculty & Research Faculty & Research Home Faculty Directory Research Research Centers Olin Brookings Commission Olin Award Student Resources Student Resources Home Career Services Center for Experiential Learning Entrepreneurship Academic Calendars Student Organizations For Current Students For Military Veterans Admissions Admissions Home Scholarships & Aid Attend Program Events Visit Olin Ask a Student Student Profiles Request Information Refer a Candidate External Partners Alumni Black Friday deals are not created equal November 20, 2017 By WashU Olin Business School 2 minute read Home News Black Friday deals are not created equal The below post originally appeared on The Source. Spend $200 on a great Christmas gift at the big box store and get a $50 gift card. Sounds like a great offer. It may, in fact, entice you to spend more than you normally would, warns an Olin Business School marketing expert. Cynthia Cryder &＃8220;Price promotions that feel too good to be true are always an opportunity for consumers to take an extra moment for reflection,&＃8221; said&＃160;Cynthia Cryder, associate professor of marketing at Olin Business School. &＃8220;Instead of thinking about how much money they are &＃8216;saving,&＃8217; consumers might want to stop to ask themselves: How much am I actually paying for this product, and am I willing to pay that much?&＃8221; Cryder and co-author Andong Cheng, of the University of Delaware, examined the phenomenon of this &＃8220;mental discounting&＃8221; in a new paper, &＃8220;Double Mental Discounting: When a Single Price Promotion Feels Twice as Nice,&＃8221; accepted in the Journal of Marketing Research. With certain price promotions, such as a receiving a gift card to spend in the future, consumers mentally deduct the gift card&＃8217;s value from the initial purchase as well as from the second purchase when they use the gift card. Multiple mental deductions based on a single price promotion result in consumers&＃8217; perceptions that their costs feel lower than they actually are, and can increase spending, Cryder said. &＃8220;Consider a situation in which a college student purchases a $900 Macbook and receives a $100 gift card to spend in an Apple store in the future,&＃8221; Cryder and Cheng wrote in the paper. &＃8220;Feeling confident that she will use the gift card, the student may mentally reduce the laptop cost and think: &＃8216;I am spending only $800 (instead of $900) on this laptop because I am receiving $100 worth of credit back in my pocket.&＃8217; &＃8220;Now imagine that later, the student is back in the store purchasing a $300 iPad. At this point, she applies the $100 gift card, resulting in a final $200 charge for the iPad,&＃8221; they wrote. &＃8220;She may think: &＃8216;I am spending only $200 (instead of $300) for this tablet, because my gift card covers some of the cost.&＃8217; In total, this consumer has paid $1100 for the laptop and tablet, yet, because she mentally applied the price promotion to both purchases, she may feel as if she paid substantially less.&＃8221; According to industry research, Cryder said, businesses will load $14.5 billion onto promotional credit offers in 2017, triple the amount from 10 years ago. &＃8220;These promotions create opportunities for retailers, and consumers should carefully consider these offers before taking advantage of them,&＃8221; Cryder said. &＃8220;Although consumers might feel like they are spending less, these offers can sometimes encourage them to spend more.&＃8221; By Neil Schoenherr, Washington University in St. Louis Public Affairs About the Author WashU Olin Business School Firmly established at the Gateway to the West, Olin Business School at Washington University in St. Louis stands as the gateway to something far grander in scale. The education we deliver prepares our students to thoughtfully make difficult decisions—the kind that can change the world. Contact Us For assistance in finding faculty experts, please contact Washington University Public Affairs. Monday&＃8211;Friday, 8:30 to 5 p.m. Sara Savat, Senior News Director, Business and Social [email protected] &＃160; Kurt Greenbaum,Communications [email protected] Twitter: WUSTLnews Share article Apply Now Visit Us Request Info One Brookings Drive, St. Louis, MO 63130-4899 [email protected] 314-935-7301 News & Media Events Faculty Directory WashU Center for Career Engagement Washington University home Olin Links Sitemap Privacy Policies Title IX Accessibility ©2024 Washington University in St. Louis