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Written the book on this. it s called the invisible game: the secrets and the science of winning minds and winning deals. kai markus mueller, a real pleasure having you on this show. and, kai, let s start with this. what are some of the tips and tricks that retailers use? well, there is a wealth of them in consumer psychology. but i ll tell you a few of them. a very, very, very strong component is, for example, the default effect. so, for example, if you have a subscription, it renews by default, and we have trouble thinking about the renewal, wejust let it go. then there are things like red signs for discounts. people have learned these things, over and over that red signs give you pleasure. people believe that they get a good deal, despite the fact that they are actually playing a game that is set by the company that sells these products. and, kai, i m wondering, ....
Investment in pricing to ensure that consumers. ..to ensure that consumers can get good deals. and, christel, i m wondering, what kind of conversations are the retailers having with the suppliers? well, the conversations are are pretty tough and the situation is very difficult at the moment. retailers negotiate on behalf of consumers for the best deal and the best assortments. and what we have seen is a concerning trend by the manufacturers to seek, in particular from the large global manufacturers, large global brands, who have been seeking to push up price increases beyond the cost increases. and, christel, i mjust wondering, are your members, the retailers, are they reporting the changes, any big changes in consumer behaviour due to the cost ....
And we got many example in all europe of tough discussion between trade and, you know, fast moving goods company. i think that we always have been very reasonable in the last three orfour years in the relationship with the trade, knowing that there is the right limit and the right balance sheet for them, for us, and the right threshold where the two faces can start talking to each other. so i would say it s a very tough discussion, but probably thanks to our past years history, and the credibility also that we got on the market, we have always been able at the end to find the right solution with them, but not an easyjob. but these retailers, they often have their own brands. i m just wondering, is that a big plus for them when negotiating? ....
That is something that scientists call the price quality heuristic. and that means that not only the high quality influences the price which is how we usually think about the world no, the price also influences the quality perception, and that has been shown in a number of incredibly interesting studies. for instance, it s been shown that the same wine, the same wine tastes better if it s designed to be expensive. also, painkillers. the placebo effect of a painkiller is much stronger if you label that painkiller as an expensive painkiller as opposed to a cheap painkiller. and, kai, what do you think about companies using shrinkflation? you know, keeping prices the same, but making the product smaller? i mean, is that effective? ....
To cushion consumers from the worst of the inflation. retailers have been absorbing part of the higher cost increases. and they ve been doing this via promotions by making a huge investment in pricing to ensure that consumers. ..to ensure that consumers can get good deals. and, christel, i m wondering, what kind of conversations are the retailers having with the suppliers? well, the conversations are pretty tough and the situation is very difficult at the moment. retailers negotiate on behalf of consumers for the best deal and the best assortments. and what we have seen is a concerning trend by the manufacturers to seek, in particular from the large global manufacturers, large global brands, who have been seeking to push up price increases beyond the cost increases. ....