MGMC02H3 Chapter Notes -Narrative Structure, Metacognition, Decision-Making
20 Sep 2013
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Document Summary
Judgment: evaluation of an object or estimates of likelihood of an outcome or event. Decision-making: making a selection among options or course of action. Estimation of likelihood: judging how likely it is that something will occur\ Judgments of goodness/badness: evaluating the desirability of something. Anchoring and adjustment process: starting with an initial evaluation and adjusting it with additional information. Initial value can be info or effective response available the memory: or attribute info from external environment encountered first, or consumer value and normative influence. Example starbucks is popular in japan another coffee shop named itself. Seattle coffee to have a positive brand image (anchoring) Imagery: imagining an event in order to make a judgment: may form a positive bias, over estimate satisfaction, focus on vivid attributes. Negativity bias: more weight on negative information than positive, do not engage in negative bias when already committed to a brand.
