19lowconsumereffort

19lowconsumereffort - JudgmentandDecision MakingBasedonLow...

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Judgment and Decision  Making Based on Low  Consumer Effort Marketing 3250 October 19, 2009
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What is a Heuristic? “A simple rule of thumb used to  make judgments or decisions”
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Low-Effort Judgments  Processes When MAO is low, individuals are  motivated to simplify the cognitive  processes by using heuristics Representativeness heuristic:  “making a judgment by simply  comparing a stimulus to the  category prototype or exemplar” Availability heuristic:   “basing  judgments on events that are easier  to recall”
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Availability (Accessibility)  Heuristic These judgments are biased because  we tend to ignore base-rate  information –  “how often the event  really occurs”  – in favor of  information that is more vivid  The law of small numbers:  “people  expect information obtained from a  small sample to be typical of the  larger population”
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This note was uploaded on 09/22/2010 for the course MKTG 3250 at Colorado.

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19lowconsumereffort - JudgmentandDecision MakingBasedonLow...

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