Heuristics and Decision Rules in Consumer Choice

Flashcards reviewing key concepts about heuristics and decision-making in consumer behavior.

What are heuristics in consumer decision making?

Heuristics are mental shortcuts that simplify decision-making and allow quick choices without extensive cognitive effort.

What common consumer heuristics are mentioned?

Common consumer heuristics include availability, representativeness, and anchoring.

What does the availability heuristic refer to?

The availability heuristic refers to consumers judging likelihood or frequency based on the ease of recall of events or information.

How can marketers leverage heuristics?

Marketers can leverage heuristics by designing products, packaging, or advertisements that trigger specific mental shortcuts.

What is the representativeness heuristic?

The representativeness heuristic involves making judgments based on similarity to stereotypes or prototypes.

What is the anchoring heuristic?

The anchoring heuristic is when consumers rely heavily on the initial piece of information (the anchor) when making decisions.

What are compensatory decision rules?

Compensatory decision rules are processes where consumers consider all relevant attributes and make trade-offs, allowing a high score on one attribute to compensate for a low score on another.

What are non-compensatory decision rules?

Non-compensatory decision rules eliminate alternatives that fail to meet certain criteria, where a high score on one attribute cannot compensate for a low score.

How does the choice of packaging influence consumer behavior?

Packaging can create associations with positive stereotypes and emphasize attributes that fit the consumer's mental image of an ideal product.

What role does advertising play in triggering heuristics?

Advertising can use vivid images or catchy slogans to enhance recall and influence consumer decisions.