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This was the last lecturing to finish the course on Management Dilemmas of the 21st Century by Dr Mark Esposito where i was invited to participate as lecturer and as well coach for the students project on the Management Thinking Mistakes App developed by WiB Solutions / LRitzel
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WiB BRINGT THEMEN AUF DEN PUNKT. W W W . W I B . C H
WiB Solutions AG, Aarburgerstrasse 7, CH-4600 Olten +41 62 297 12 1010.04.2023 1
Some stories and interactions linked to Management dilemmas and thinking mistakes
By Lukas Ritzel 2013 www.wib.ch
For Haravrd course 2013
WiB Solutions Management Thinking Mistakes
App
managementthinkingmistakes.ch
http://denkfehler-app.wikispaces.com/home
310.04.2023
Let’s start with X-Mas
www..wib.ch by lukas ritzel / management thinking mistakes
• Research by Waldvogel (1993)
WiB BRINGT THEMEN AUF DEN PUNKT. W W W . W I B . C H
WiB Solutions AG, Aarburgerstrasse 7, CH-4600 Olten +41 62 297 12 10
How to improve the perceived value of a present (for lritzel)
4
WiB BRINGT THEMEN AUF DEN PUNKT. W W W . W I B . C H
WiB Solutions AG, Aarburgerstrasse 7, CH-4600 Olten +41 62 297 12 10
How to improve the perceived value of a present (for lritzel)
5
Invest loads of love and time
Know the person and his/ her taste
Predict correctly something totally new which may delight
A perfect gift?
WIB_Dokumentname.pptx 620. April 2011
A perfect gift?
WIB_Dokumentname.pptx 720. April 2011
Perceived value 240$
A perfect gift? Can we top it?
WIB_Dokumentname.pptx 820. April 2011
A not perfect gift anymore?
WIB_Dokumentname.pptx 920. April 2011
Perceived value 175$
The paradox of gift giving
WIB_Dokumentname.pptx 1020. April 2011
• More not better, says new study by Pamplin marketing professor
• The gift recipient is likely to perceive the iPod alone as more generous than the combination of the same player and a iTunes gift card.
• Pamplin: “The gift giver or presenter does not anticipate this difference in perspectives and has just cheapened the gift package by spending an extra $15 on it.”
1110.04.2023
Let’s try a little experiment (perhaps you can play it during new years party with friends)
www..wib.ch by lukas ritzel / management thinking mistakes
• Note the last 5 digits of your security, or passport or even bank-account number on a piece of paper.
www..wib.ch by lukas ritzel / management thinking mistakes
Now guess
1220. April 2011
• How many medical doctors exist in Switzerland?
Paste both figures into the blackboard chat
www..wib.ch by lukas ritzel / management thinking mistakes
What has your number to do with the numbers of Swiss doctors?
1320. April 2011
• Nothing! > correct• But perhaps still something according to
Timothy Wilson, who has published a book “Strangers to Ourselves”, which was written here at Harvard with his longtime collaborator Daniel Gilbert
Your answer was influenced by the number you wrote down before
WIB_Dokumentname.pptx 1420. April 2011
• A measurable difference exists, where people with a higher reference number (the one you noted on
your note based on your security number). Would in average guess a higher number for the doctors than the ones with a lower number on their notepage
www..wib.ch by lukas ritzel / management thinking mistakes
Anchoring Effect
1520. April 2011
www..wib.ch by lukas ritzel / management thinking mistakes
How to apply that in marketing?
1620. April 2011
• Why would high sellers of televisions via banner adverts appear on a holiday website.
www..wib.ch by lukas ritzel / management thinking mistakes
How to apply that in marketing?
1720. April 2011
• “There’s one really simple explanation If you’re a behavioral economist. If you spend 40 minutes looking at $3,000 holidays online, a $900 television actually seems ok in comparison.”
• So where should you try to sell a Rolls Royce?
20. April 2011 WIB_Dokumentname.pptx 18
WiB BRINGT THEMEN AUF DEN PUNKT. W W W . W I B . C H
WiB Solutions AG, Aarburgerstrasse 7, CH-4600 Olten +41 62 297 12 10
Would that work? www.fitnesschore.com
19
Flatrate Bias
WIB_Dokumentname.pptx 2020. April 2011
• Why does it normally work?• 5 factors
– Assurance effect (no stress about eventual changes)
– Taximeter effect ( we do not always have to look at the growing cost)
– Convenicene effect (we like it easy and simple)
– Selfreference effect (we normally overestimate ourselves)
– Marmalade effect (more is often less read:
– http://hbr.org/2006/06/more-isnt-always-better/ar/1)
WiB BRINGT THEMEN AUF DEN PUNKT. W W W . W I B . C H
WiB Solutions AG, Aarburgerstrasse 7, CH-4600 Olten +41 62 297 12 10
Marmalade effect
www..wib.ch by lukas ritzel / management thinking mistakes 2210.04.2023
Crazy Business Stories 1-4 if time
• A collection of business puzzles as a interactive Q&A game
• Ask questions, which i can answer by YES and NO only and try to find out the real story behind it.
www..wib.ch by lukas ritzel / management thinking mistakes 2310.04.2023
Crazy Business Story 1
• Marketing Manager Ritzel white-washed his figures to look super-positive. This was the beginning of a success story.
www..wib.ch by lukas ritzel / management thinking mistakes
Result
2420. April 2011
• Announced potential, whether realistic or unrealistic, attracts attention. The interest of management was guaranteed and Ritzel received needed resources and appropriate support. This in turn promoted the activities and the commitment of those involved - in the sense of a self-fulfilling prophecy.
• Reverse Fortune Telling thinking mistake
www..wib.ch by lukas ritzel / management thinking mistakes 2510.04.2023
Crazy Business Story 2
• The new car (Mitsubishi) did just not lift up to it’s expectations
www..wib.ch by lukas ritzel / management thinking mistakes
Result
2620. April 2011
• The name of this Mitsubish was ‘Pajero’ which sounded kind of good. But problematic was that in Spanish it did not sound nice at all. Therefore all the Spanish speaking markets where not buying that car.
• Read more at http://goo.gl/qCDZl4
• Not yet in the management thinking app but will be added to a 2014 launch version > cultural management dilemmas
www..wib.ch by lukas ritzel / management thinking mistakes 2710.04.2023
Crazy Business Story 3
• Ritzel was very pleased with his management internship. At the end of it, he was asked to make a presentation to the executive commity. He prepared well but after 5 minutes within the presentation, the whole commity left without saying one single word!
www..wib.ch by lukas ritzel / management thinking mistakes
Result
2820. April 2011
• As used within a Swiss business environment Ritzel was talking about the potentials and dangers and tried to raise some critical points as well. But being in Thailand, the executive committee expected only praise and thanks. To not further loose face, they decided to leave
• Not yet in the management thinking app but will be added to a 2014 launch version > cultural management dilemmas
www..wib.ch by lukas ritzel / management thinking mistakes 2910.04.2023
One last Crazy Business Story
• An innovation for vaccuum cleaners lead one company almost to bankruptcy
www..wib.ch by lukas ritzel / management thinking mistakes
Result
3020. April 2011
• Simply too quiet for the US (Hoover-ized) market > perceived not strong enough
Wishing you merry xmas and a happy new year and eventually avoid some of the dilemmas you will be facing almost daily
Thank You to all of you and a thanks to M. Esposito
www.wib.chContact: lritzel@wib.ch
3210.04.2023
Screenshots from the webcast
10.04.2023 33www..wib.ch by lukas ritzel / management thinking mistakes
10.04.2023 34www..wib.ch by lukas ritzel / management thinking mistakes
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