One of My Friends Used to Have This Walkman, It Was Cool
1. I chose following five products among many classic product that have strong nostalgia value, then I ask three people(45-year-male, 26-year male and 35-year-female) to do associations.
These products immediately remind pleasurable memories of people. One person said that “Ahh my grandfather used to buy this coke for me!”, other one said that “One of my friends used to have this Walkman, it was cool!”. Almost all responses was positive, these products evoke their memories of ‘good old days’ and memories that is major part of their unique individuality. Some people told a story related to the product and got into the mood of these days.
Interestingly, nostalgia gives vitality to a product also product becomes a storyteller and part of consumer unique individuality. Nostalgia value comes from experiences, sometimes this value comes from a collective indirect experience for example drinking same beer brand (Einbecker) in 13th century. Consumers split themselves their existences and feel themselves connected to the flow of humanity with this product.
Nostalgia values could be used to target specific consumer group or market segment because possibility of having close collective experiences in a consumer group is high.
Lastly, I want to share some pictures from a leading department store Migros;
2. There are many decision making biases, sometimes we aware of them sometimes not. Sunk-cost fallacy, loss-aversion and majority fallacy are most common ones. Particular people are more prone to particular biases. For example, my mother fell into confirmation biases many times. If any salesperson confirms her ideas about product even prescription on the product says otherwise, she definitely believes information on the product is wrong and she awards that salesperson by buying the product. But,relation between my father and our 27 years old LADA NIVA is an extreme example. Actually, I like car and some