in what ways do consumers stray from deliberate processes
TRANSCRIPT
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WAYS IN WHICH CONSUMERS STRAY FROM
RATIONAL DECISIONS
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CONSUMER
DECISIONS NOT
ALWAYS RATIONAL
THEY CAN SOMETIMES MAKE SEEMINGLY IRRATIONAL CHOICES TOO.
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AVAILABILITY HEURISTIC
BASED ON THE QUICKNESS AND EASE WITH WHICH AN EXAMPLE COMES TO MIND.
A RECENT FAILURE MIGHT MAKE THEM INCLINED TO BUYING A WARRANTY IN THE FUTURE
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REPRESENTATIVE HEURISTICS
PACKAGING SIMILAR BECAUSE BRANDS WANT THEM TO BE SEEN AS REPRESENTATIVE OF THE WHOLE CATEGORY
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ANCHORING AND ADJUSTMENT HEURISTICS
CUSTOMERS BASE THEIR DECISION ON INITIAL JUDGEMENT AND THEN MODIFY IT ACCORDING TO
ADDITIONAL INFORMATION
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FRAMING
THE MANNER IN WHICH CHOICES ARE
SEEN BY AND PRESENTED TO A
CUSTOMER
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MENTAL ACCOUNTING
THE WAY CONSUMERS EVALUATE AND
CATEGORIZE FINANCIAL OUTOMES OF PURCHASES
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PROSPECT THEORY
CONSUMERS FRAME THEIR DECISION ALTERNATIVES IN TERMS
OF GAINS AND LOSSES IN THE FORM OF A VALUE FUNCTION
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DISCLAIMER
Created by Abhigyan Singh, NIT Allahabad, during an internship by Prof. Sameer Mathur, IIM Lucknow.