This week, we talk about consideration set and different interesting effects (e.g., attraction effect, compromise effect, anchor-and-adjustment heuristics). Here is an interesting article about 6 psychological tactics Starbucks uses (https://kenthendricks.com/starbucks-menu-design/Links to an external site.). Please read it and share your thoughts about different effects (e.g., does it influence your choice decisions?) Have you seen other companies using the same tactics as Starbucks'?

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Product and Service Classification

Classification of goods and services categorized between industry and customer goods is known as Product and Service classification. It is based on brands, quality, and quantity which companies deliver to the concerned client. Industrial goods are produced for industrial work, whereas consumer goods are produced for personal consumption by the customers. Marketing and sales need technological methods, a healthy environment, proper market strategies, marketing environment in terms of productivity and profit.