The whole issue picked up this April when Selfridges & Co. claimed that it was going to offer the world’s most expensive sandwich at £85 which is close to Rs 7000 approx. The sandwich is called The McDonald. It is apparently made of rare Wagyu beef which is its key ingredient.In fact BBC came out and also said that the sandwich apparently had more than 5 advance orders. Just post this a huge word-war started taking place on BBC newsforums with 2 classes of people taunting each other.
More than 245 comments were posted in less than 5 days.
Someone said that he would like a golden brick in the bread if he ought to pay £85. Another said that the filling should be of £20 notes. This probably offended a few who thought that they had a right to eat a £85 sandwich (Honestly, I believe that they do). Then the discussion soon turned into a heated argument and comments such as “I can't believe how miserable everyone with a comment here is. If you don't like the price don't buy one. If someone wants to spend some money on some nice food then why not?” started coming in.
This just shows me how passionate people can be with money. Just the thought of it spending makes them chuckle. And this same passion turns into word-war if the amount of money involved does not conform to their belief of “Value”.
I see flavors of the key elements of Behavioral Finance in this entire e-brawl and that’s psychology with the Endowment Effect. People’s unparalleled passion for money coupled with their headstrong approach towards their beliefs is a flammable mix. That’s what I saw when I read those comments. We all have the right to have an opinion. Usually these opinions are intoxicated with our beliefs.
4 comments:
Speaking from a marketing point of view, Value is still undefined. It can be very different depending on the psyche of individuals. Thus Value is the main driver for people to have different perceptions or beliefs, however you put it.
I hope that people who eat that sandwich find it worth spending Rs. 7000. I also would definitely taste it someday. Hope that day comes soon... Inshahallah.
deep,
what i am trying to say is that this so called "Value" is driven by the Endowment Effect as per Behavioral Finance and i have seen this work practically. People are naturally biased in opinion towards objects of interest. This for them substantiates the "Value" they place on an object.
the company was smart to come outwith somethg so bizzard and yet attain succesful..smart strategy to make some quick money wthout bearing any advertising costs...the newschannels have take tat responsibility.. and the people buying the products know well what they want...
after all each man for himself
i believe people are crazy jst trying to show off
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