12 - JudgmentandDecision MakingBasedonHigh ConsumerEffort...

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Judgment and Decision  Making Based on High  Consumer Effort Marketing 3250 October 12, 2009
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The Value of Information  Presentation: Menu Engineers Information presentation matters! http://www.msnbc .msn.com/id/21134540/vp/27717035#27  
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High-Effort Judgment  Processes Judgment ≠ Decision making Judgments serve as input into your  decisions Judgments:  “evaluations or estimates  regarding the likelihood that products  or services possess certain features  or will perform in a certain manner” Decision making:  “making a selection  between options or activities”
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Anchoring and Adjustment Anchoring and adjustment:  When consumers first anchor the  judgment based on some initial value  and then adjust or “update” the  evaluation as they consider additional  information
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Biases in Judgment Processes Confirmation bias When consumer acquire and process only 
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This note was uploaded on 09/22/2010 for the course MKTG 3250 at Colorado.

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12 - JudgmentandDecision MakingBasedonHigh ConsumerEffort...

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