Marketing professors Joseph Goodman and Selin Malkoc presented new research about the effects of time and choice on consumers at the latest Olin Praxis luncheon, Dec. 9. The professors shared details of their experiments that suggest consumers may be suffering from product variety overload and actually prefer fewer choices under certain conditions. In particular, consumers prefer a smaller assortment of products when purchase decisions are to be made in distant future.
Over 40 attendees, representing marketing executives from a wide range of local companies including Citi, Emerson, Express Scripts, Mallinckrodt Pharmaceuticals, Schnuck’s, and others gathered for this year’s second Praxis Luncheon at the Knight Center.
Supported by Richard Mahoney, Olin Distinguished Executive in Residence and former Chairman and CEO of Monsanto, the event was part of the series of luncheons featuring Olin Business School faculty and their research with implications and applications for today’s business managers.
The presentation was followed by a lively discussion with the corporate guests. The next Olin Praxis luncheon will be held in February with the winner of the 2013 Olin Award as guest speaker.
Read the executive summary of “Choosing Here and Now vs There and Later: The Moderating Role of Psychological Distance on Assortment Size Preferences” by professors Goodman and Malkoc in the latest issue of Praxis: Research that Impacts Business.