MRKT 452 Study Guide - Midterm Guide: Brand Equity, United Breaks Guitars, Brand Valuation
28 Sep 2017
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A mental shortcut that relies on immediate examples that come to mind. When you are trying to make a decision, a number of related events or situations might immediately spring to the forefront of your thoughts. Ex. blue packaging makes product seem fresh, green natural. Negative repels more than positive attracts (weight negative > positive) Gun control: opponent emphasizes losing guns, proponents emphasize gaining safety. We use anchors (reference points) when making judgements. Ex. listing both original and sale price. Middle option = best of both worlds. Adding a decoy favors the middle option, since adding a more expensive model made the medium-priced version look more attractive. Ex. three different sizes of soda in fast food restaurant. We focus on later information that confirms our initial expectations. Sunk cost tendency for people to escalate commitment to a course of action to which they have already made substantial commitments. Keep eating food that you bought despite being full.
