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Judgment and Decision Making Based on High Consumer Effort
Chapter 9 Judgment and Decision Making Based on High Consumer Effort
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Learning Objectives Why are judgment and decision making important?
Types of cognitive models for high-effort decision making and influencing Affective decisions in high-effort situations Identify types of high-effort decisions made by consumers & how marketers can influence them
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Chapter Overview: Judgment and Decision Making Based on High Consumer Effort (Exhibit 9.1)
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High-Effort Judgment Processes
Estimation of likelihood Goodness/badness Anchoring/adjustment Imagery Conjunctive probability assessment Illusory correlation
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Biases in Judgment Processes
Confirmation Self-positivity—prime Negativity Mood Prior brand evaluations
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High-Effort Consumer Decisions (Exhibit 9.3)
Deciding which brands to consider Consideration set Deciding what is important to the choice Goals Time Framing
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High-Effort Consumer Decisions (Exhibit 9.3, cont’d)
Deciding what offerings to choose Thought-based decisions Brands Product attributes Gains and losses Feeling-based decisions Appraisals and feelings Affective forecasts
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High-Effort Consumer Decisions (Exhibit 9.3, cont’d)
Deciding whether to make a decision now Decision delay Deciding when alternatives cannot be compared
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High-Effort Decision Making Processes
Consideration set Inept set Inert set
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High-Effort Thought-Based Decisions
Cognitive decision-making models Types of decision processes Compensatory versus noncompensatory Brand versus attribute Compensatory brand-processing models Additive difference model
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Types of Cognitive Choice Models (Exhibit 9.6)
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Brand Processing Models
Compensatory Models Multiattribute models (Theory of Reasoned Action [TORA]) Noncompensatory Models Conjunctive model Disjunctive model
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High-Effort Thought-Based Decisions (cont’d)
Noncompensatory brand-processing models Cutoff levels Models Conjunctive Disjunctive Noncompensatory attribute-processing models Lexicographic Elimination-by-aspects Multiple models
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Noncompensatory Attribute Processing Models
Elimination by Aspects Attributes ordered by importance; alternatives acceptable on first attribute proceed to evaluation on further attributes I will eliminate any brands with a value of 3 or below, beginning with most important attribute.
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Decisions Based on Gains & Losses
Prospect Theory Losses have more influence than gains Consumers have stronger reaction to price increases than price decreases Endowment effect Ownership increases value (and loss) associated with an item
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High-Effort Feeling-Based Decisions
Affective decision making is that in which decisions are made in a more holistic manner on the basis of feelings or emotions.
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Affective Decision-Making
Appraisal Theory Affective Forecasting Valence Intensity Duration Imagery
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Additional High-Effort Decisions
Decision delay Decision too risky Decision entails unpleasant task Decision making when alternatives cannot be compared
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Decision Making When Alternative Cannot Be Compared
Noncomparable Decisions Strategy: Alternative-Based Attribute-Based
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Contextual Effects on Consumer Decision Making
Consumer Characteristics Task Characteristics Task Definition/Framing Presence of a Group
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Consumer Characteristics Affecting Decision Making
Expertise Mood Time pressure Extremeness aversion Metacognitive experiences
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Task Characteristics Affecting Decision Making
Information availability Information format Trivial attributes
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Group Context of Decision Making
Individual-alone goals Individual-group goals
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Group Context and Decision Making
Self-Presentation Minimizing Regret Information Gathering
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Goals Classes Affecting Decision Making (Exhibit 9.13)
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