MGMC02H3 Lecture Notes - Lecture 9: Decision-Making, Cognitive Model, Negativity Bias
Document Summary
Chapter 9 judgment and decision making based on high effort. Judgment evaluations of an object or estimate of likelihood of an outcome or event. Decision making making a selection among options of course of action. Consumer context judgments are evaluations or estimates regarding the likelihood that products and services possess certain features or will perform a certain manner. Estimations of likelihood judging how likely it is that something will occur. Judgment of goodness/badness evaluating the desirability of something. Not affected by the attributes of a product; also affected by how we feel. Consumers tend to form judgments more quickly and consistently based, in part, on the intensity and direction of their affective response. Anchoring and adjustment process starting with an initial evaluation and adjusting it with additional information. Imagery/visualization imagining an event in order to make a judgment. Causes consumers to overestimate how satisfied they will be with a product/service. Cause consumers to focus on vivid attributes.
