24202 Lecture Notes - Lecture 7: Minimum Cut, Negativity Bias, Confirmation Bias
Document Summary
Judgement and decision-making based on high consumer effort: distinguish between judgement and decision making and indicate why both processes are important to marketers. Marketers need to understand judgements about likelihood (e. g. likelihood that it will satisfy our needs) and good/badness. Anchoring: initial evaluation (e. g. product country of origin) Adjustment: judgement changes depending on new information. Confirmation bias: how cognitive decision making models differ from affective decision making models and why marketers are interested in both. Negativity bias (consumers give negative info more weight than pos) Self positivity bias (tend to believe bad things only happen to others) Cognitive: attributes research decision in rational, systematic manner. Affective: decision making based on feelings and emotions. Compensatory (negative features can be compensated by positive ones) v. s noncomp (one level e. g. safety levels) Brand-holistic judgement vs attribute (look at reliability across all cars) Non compensatory (negative info leads to rejection of offer) Conjunctive model: sets minimum cut off (gets rid of bad options)
