Chapter 8 Flashcards
Judgement
Evaluation of object or likelihood of an outcome
Decision-making
estimation of likelihood, the judgment of goodness or badness
Anchoring and adjustment
additional info to initial eval.
Biases in judgement processes (7)
Confirmation, self-positivity, negativity, mood, prior brand eval., prior experience, difficulty of mental calc.
Decisions (5)
deciding brand, deciding what is important, choice, when, no alternatives
Inept vs Inert
No, indifferent
Cognitive decision-making model
combination of info about attributes to reach decision
affective decision making model
decision on feelings & emotions
Affective
Appraisals & feelings, affective forecasts
Noncomparable decisions
alternative based (pros & cons), attribute based(abstract)
cognitive decision making model
types of decision processes, comp vs non comp, brand vs attributes, additive difference model
Endowment
When ownership increases value of item
Prospect theory
Losses have more influence than gains, stronger reaction to price increases than price decrease
Feeling based decision
Greater satisfaction
Appraisal theory
emotions determined by way we think about situations
Affective forecasting
You predict how you will feel in the future: Valence (good or bad), intensity, duration
Contextual effects on consumer decision making (3)
Consumer characteristics, decision characteristics, presence of group
Task characteristics affecting decision making (4)
Information availability, information format, information quality, trivial attributes
Group decision making
self-presentation, minimizing regret, information gathering
Affective decision making
appraisal theory, affective forecasting, imagery
Noncomparable decision
making decision about products from different categories
Alternative based strategy
Making noncomparable choice based on overall eval.
attribute based strategy
noncomparable abstract choice
Consumer characteristics(5)
Expertise, mood, time pressure, extremeness aversion, metacognitive experiences,
