My notes from a webinar on branding.
Friday dressing is rumoured to have been introduced by FMCG companies to push sales of their detergent powders as casual dresses may be washed and not dry-cleaned.
Hawaii is said to have introduced wearing of Hawaiian Shirts on Fridays by all locals to popularize these shirts which was successful.
Tea-breaks were introduced to push for making tea a habit and thus increases sales of tea. Though it had added benefits of better motivation.
Fax machine use in offices was started during US postal strikes to send and receive messages. Later when strike ended, people had gotten used to fax machines so they stayed.
Video conferencing pre-covid was an add-on. But post-covid, it may become the norm.
Regardless of which group consumers belong to, they prioritize consumption by sorting products and services into four categories:
- Essentials are necessary for survival or perceived as central to well-being.
- Treats are indulgences whose immediate purchase is considered justifiable.
- Postponables are needed or desired items whose purchase can be reasonably put off.
- Expendables are perceived as unnecessary or unjustifiable. (reproduced from an article)
Dilemma for a decision-making system that only has incomplete knowledge of the world is whether to repeat decisions that have worked well so far (exploit) or to make novel decisions, hoping to gain even greater rewards (explore).
All Big Data comes from the past.
Deliberate slack in system.
Fail fast, experiment fast and cheap
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