Information Search
This term describes the set of brands that are top of mind for a consumer when making a purchase decision.
What is the evoked set? (aka consideration set)
This cognitive bias occurs individuals rely too heavily on an initial piece of information when making decisions, leading to insufficient adjustments
What is anchoring (and adjustments)?
This type of mental shortcut leads consumers to judge probabilities based on how easily examples come to mind, for example, believing plane crashes are more common than car accidents.
What is the availability heuristic?
This psychological anxiety or discomfort that emerges after a decision is made between two attractive options.
What is post-purchase dissonance?
This influence tactic involves making a large request first, then following up with a smaller and more reasonable request.
What is the door-in-the-face technique?
This type of information search relies on knowledge already stored in memory.
What is an internal search?
This type of decision model is compensatory and relies on processing by brand. It asks you to make a decision by assigning weighted importance to options.
What is the multi-attribute model?
This type of fallacy occurs when you believe that a combination of events is more probably than a single, general event.
What is the conjunction fallacy?
1. Generate Hypothesis
2. Exposure to evidence
3. Encoding evidence
4. Integrating evidence
What are teh four steps of hypothesis testing (aka how consumers gain knowledge)?
This type of influence occurs when social pressure encorages conformity.
What is normative influence?
When a consumer has high motivation, ability, and opportunity (aka MAO), they are able to conduct this type of search much more effectively.
What is an external search?
In this noncompensatroy model, a consumer sets a minimum for each attributes and rejects any brand that fails to meet it.
What is a conjunctive model?
The Sports Illustrative Jinx is an example of this type of fallacy?
What is the regression to the mean?
This occurs when there is a discrepancy between our prior experience and a product's performance.
What is disconfirmation paradigm?
This source of influence offers very high control, but lower relative credibility.
What is marketer-dominated source?
This bias causes consumers to pay more attention to information that confirms what they already believe.
What is confirmation bias?
Framing a product by its % of fat content is an example of this type of framing.
What is attribute framing?
Under low-effort conditions, consumers will often choose a good-enough result rather than the optimal result.
What is satisficing?
This theory explains why people are motivated by perceived fairness.
What is the equity theory?
This type of influence tactic happens when you get someone to agree to a small request first, then you follow it up with a larger (critical) request.
What is the foot-in-the-door technique?
This feature is the most prominent in a consumer's mind.
What is a salient attribute?
Believing that expensive wine is higher quality is an example of this kind of fallacy, when people think two variables are connected even when evidence is weak or nonexistent.
What is illusory correlation?
This type of cognitive bias occurs when you ignore general statistics in favor of anecdotal evidence.
What is neglecting base rates?
Locus of causality, controllability, stability
What are the three factors of attribution theory?
it may be difficult to evaluate the quality of this type of good even after consumption.
What is a credence good?