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Goldilocks and the Three Bears” is more than a fairy tale—it’s also a study in consumer behavior. “Given three choices, most people go with the Goldilocks approach, choosing the middle or ‘just right’ option and avoiding extremes,” said Donald Davidoff, an industry consultant and a panelist during the session “The Psychology of Price” at the 2012 ARM Conference in October.
“I consider myself to be an active consumer and I find myself falling right into that trap of picking the thing in the middle,” adds panelist Julie Smith, President of Greenbelt, Md.-based Bozzuto Management Company. “I think the cheapest product won’t be very good and the most expensive option seems to be priced too high. I do it all the time—at car washes and everything. It just feels safer to choose the middle.”
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