Assignment
Instructional Objectives for this activity:
Explain several different ways preference reversals can occur.
Consumers' decision making can be reflective of that of a gambler, with regard to their aversion or willingness to take risks. The framing effect can be used to manipulate the consumers' perceived risks, and trigger preference reversals in consumers.
After reading about the framing effect and preference reversals in the text, identify a product that is not a market leader and develop a marketing plan for which the framing effect could be used to encourage consumers to reverse their preferences. Be sure to include relevant details of the products, as well as a description of how those could be presented.