Chapter 9 - Chapter 9- Judgment and Decision Making Based...

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Chapter 9- Judgment and Decision Making Based on High Effort High Effort Judgment Processes Judgments- evaluations or estimates regarding likelihood that products and services possess certain features or will perform in a certain manner Do NOT require a decision… Decision Making- Making a selection among options or courses of action Judgment of Likelihood and Goodness/ Badness Estimations of Likelihood- judging how likely it is that something will occur Judgments of goodness/ badness- evaluating the desirability of something o Not ONLY affected by the attributes, but also affected by how we feel o The speed it takes to determine goodness/ badness depends on how strongly the consumer feels about product Anchoring and Adjustment Anchoring and Adjustment Process- starting with an initial evaluation and adjusting it with additional information Initial Value Can be information that is taken from external environment that is encountered first Consumer values and normative influence also major factors Can be information or affective response readily available from memory Same anchor can lead to different outcomes; depending on how anchor is interpreted… do people have positive or negative feelings of the anchor? This will reflect different outcomes Imagery- imagining an event in order to make a judgment Using imagery can make event seem more likely to occur because consumers may form a positive bias when they imagine themselves using product Can lead to… consumers over estimating how satisfied they will be with product/ service Can cause someone to really consider the vivid attributes and weigh those attributes more heavily when forming judgments Biases in judgment Processes Judgments are NOT ALWAYS OBJECTIVE! Ways bias and other factors can affect the consumer behavior and consumer judgment… 1. Confirmation Bias Focus more on judgments that confirm what they already believe and will hold these judgments with more confidence Could ignore information that does not agree with their judgments Can thus reduce searching for more information… o If you only believe what you know And ignore things that don’t agree with your judgment 2. Self- Positivity Bias Consumers make judgments about the extent to which they are vulnerable to bad things happening to them
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o Example: think that bad things will only happen to others and not self, therefore disregard any warning messages 3. Negativity Bias Consumers give negative information more weight than they give to positive information when forming judgments o Pattern- seem to happen when consumer is forming judgment about something VERY IMPORTANT to them Example: deciding on college to attend o Does NOT occur when they are already committed to a brand 4. Mood and Bias Serve as initial anchor for judgment Reduce their search for and attention to negative information (want to preserve the good mood) Can make consumers overconfident about judgments they are reaching
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This note was uploaded on 02/25/2012 for the course MGMT 4375 taught by Professor Eixmann during the Fall '11 term at Texas State.

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Chapter 9 - Chapter 9- Judgment and Decision Making Based...

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