EgoBiases - (73% of subjects traded away a lottery tick for...

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How do people view themselves and their possessions? How can marketers capitalize on consumers’ ego biases?
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Self Views Spotlight Effect (I am the focus of other’s attention.) Who’s Who, consumer conformity, selling status goods Optimism Bias (I am luckier than others.) Online security behaviors, gambling behavior, insurance sales. Illusion of Control (I can control events.) Gambling, give consumers choice Over-Confidence (I make accurate predictions and claims.) Investing Self-Serving Attributions (I am responsible for successes but not failures.) Weight loss, smoking cessation, sports
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Illusion of Control & Conditions that Enhance It Weak Competition (subjects bet $11.04 on high-low card game when competitor was a “schnook” vs $16.25 when competitor was “dapper”) Choice (subjects sold a lottery ticket for $1.96 when handed the ticket in the first place vs $8.67 when allowed to pick the ticket) Familiarity (w/ stimuli or responses)
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Unformatted text preview: (73% of subjects traded away a lottery tick for another with better odds when it had unusual symbols on it vs 50% when it did not) Involvement (active or passive ) (68% of subjects traded a 3 digit lottery number they got one day for another w/ better odds vs 37% when the first number was received one digit a day over three days) SELF ASSOCIATIONS Endowment Effect Home trials once you get it in your house it feels like yours - you Auctions Name Effect Direct mail signatures Product names Like products with your intials! Endowment Effects in Chimpanzees Name Letter & Product Name Preference Consumers prefer products/product names that share letters from their own names when: 1. Self-esteem is threatened, and/or 2. Product specific needs are moderately activated. Source: Brendl, C.M., et. al. (2005). Journal of Consumer Research ....
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This note was uploaded on 01/08/2011 for the course HADM 3347 taught by Professor Lynn during the Fall '09 term at Cornell University (Engineering School).

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EgoBiases - (73% of subjects traded away a lottery tick for...

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