Elmira Shahriari PhD Marketing student New Mexico State University What are the Most Important Decision Making Biases in Entrepreneurial Marketing Behavior Elmira Shahriari PhD Marketing student New Mexico State University

Main steps in this study -Definitions according to the literature review -Conduct several personal interviews and read some online interviews -Findings and conclusion

Goal: To find the most common and important biases in marketing decisions, in order to use the positive influences to our advantage and to stop their negative influences.

Macro storytelling What are the main external factors (social, economical, governmental,…) influencing the entrepreneurial marketing decision making biases Micro storytelling What are the main internal factors ( personal, organizational,…) influencing the entrepreneurial marketing decision making biases

Biases in Entrepreneurship A cognitive bias is the human tendency to draw incorrect conclusions in certain circumstances based on cognitive factors rather than evidence. Biases in Marketing Those biases which influence the marketers’ decisions about designing the 4Ps, unconsciously. Biases in Entrepreneurship Entrepreneurs’ decision biases which are based on various factors and are about running a business in different stages of its life cycle.

Influential factors on entrepreneurs’ decisions -Personal -Environmental -Organizational

Personal Factors: -Previous Experience -Self-Efficacy -Internal locus of control -Personal Optimism -Risk-taking Propensity -Positive Emotions

Environmental Factors: -Environmental Pressure -Lack of Resources

Organizational Factors: -Limitations in information processing -Lack of decision-making procedures

The most important biases which are common between Entrepreneurship and Marketing -Over Confidence -Escalation of Commitment -Loss Aversion -Planning Fallacy -Illusion of Control -Status Quo -Optimism -The Belief in the Law of Small Numbers

Findings and Conclusion According to the frequency of the biases in marketers’ decisions, the most common biases are known as: -Over Confidence -Illusion of Control -Escalation of Commitment -Planning Fallacy

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