Learn more about product with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
1. Anchoring Bias
Let’s say you go to buy a watch, and the first one you like costs $150, which exceeds your budget, soon after you see a watch that costs $125, this new price seems reasonable now, even though this too might exceed your budget, however, as compared to the first one, it now feels like a better deal.
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4. Curse of Knowledge
The curse of knowledge is a cognitive bias, which occurs when people fail to consider that others don’t have the same background knowledge or information as they do.
Someone knowledgeable in a particular field might find it difficult to put themselves into a beginner’s shoes (or someone who...
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5. Recognition over Recall
Have you felt that whenever you’re trying to remember someone you met in the past, you find it difficult to recall them from memory but recognise them easily through looking at their pictures?
These scenarios exemplify Recognition over Recall. It’s easier f...
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3. Decoy Effect
The decoy effect occurs when a person’s choice between 2 items changes when a third option, asymmetrically dominated, is introduced.
This third option is made easy to discard.
The decoy option is added to nudge the customers towards the intended target option...
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2. Survivorship Bias
After reading Gates’ and Musk’s life stories, people seem to fall for the successful dropout myth , because if they can do it, why can’t you?
These stories might expose a fallacy in judgement because in reality, for one success story...
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CURATED FROM
CURATED BY
Digital marketing at dentsu. Invested in the symbiosis of marketing, psychology, and design. Photographer at heart.
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Hyperbolic Discounting
It's a tendency to heavily weigh the moment which is closer to the present, as compared to something in the near or distant future.
Example: If you are offered a choice of $150 right now or $180 after 30 days, you would be more inclined to choose the money you are offe...
7 Things You Need To Understand About Anxiety And Depression
No, we are not over yet. After discussing the topic with my friend’s Dad (he is a doctor), I’ve made a list of things you need to understand and avoid anxiety attacks (hard to breathe moments).
- Think of your anxiety as a biological problem, rather than thinking there is something wron...
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