Date post: | 22-Oct-2014 |
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Marketing |
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04/07/2023
Deboleena Panja1
Using Cognitive Bias for Effective Marketing
04/07/2023
Deboleena Panja
2
Framing In a hypermarket there were two
different brand of meat are kept in one shelf
The cover of one brand says the meat is ‘99% fat free’ and the other brand says it is ‘1% fat only’
It was observed that, significantly more number of buyers picked up the brand which says ‘99% fat free’
04/07/2023
Deboleena Panja
3
Loss Aversion
refers to people's tendency to strongly prefer avoiding losses to acquiring gains
04/07/2023
Deboleena Panja
4
Availability heuristic Ease of recall, retrieve-ability and
presumed associations Ease of recall: Top of the mind
availability (TOMA)
04/07/20235
Representativeness Stereotyping, In-group Brand Extension uses this
Insensitivity to base rate/ sample size Misconception of chance Regression to the mean Conjunction fallacy
Deboleena Panja
04/07/2023
Deboleena Panja
6
Conjunction Fallacy a combination of two is more probable
than just one
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Deboleena Panja
7
Endowment Effect
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Deboleena Panja
8
Ambiguity Effect the tendency to avoid options for which
missing information makes the probability seem "unknown”
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Deboleena Panja
9
Backfire Effect when people react to disconfirming
evidence by strengthening their beliefs When our deepest convictions are
challenged by contradictory evidence, our beliefs get stronger
04/07/2023
Deboleena Panja
10
Bandwagon Effect the tendency to do as others are doing Eg: Movies with Big star cast ;)
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Deboleena Panja
11
Anchoring tendency to rely too heavily on one
piece of information when making decisions
For example, when buying a car we might compare on grounds of price even though there are myriad other factors to take into account.
04/07/2023
Deboleena Panja
12
Choice-supportive bias Tendency to search for or interpret
information in a way that confirms one’s preconceptions.
Tendency to retrospectively ascribe positive attributes to an option one has selected.
04/07/2023
Deboleena Panja
13
Clustering illusion a tendency to see clusters of meaningful
patterns in a random jumble of info. Don't place too much emphasis on
short-term performance
04/07/2023
Deboleena Panja
14
False-consensus effect Cognitive bias of a person who believes
other people think the same way they do
Marketers should specially be aware of this bias, as we sometimes think that we can know the consumer without any proper research done
04/07/2023
Deboleena Panja
15
Forer or Barnum effect personality that supposedly are tailored
specifically for them, but are in fact vague and general enough to apply to a wide range of people.
Eg. Nike shoes
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Deboleena Panja
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References http://
www.businessdictionary.com/definition/false-consensus-effect.html
http://brandeminence.wordpress.com/2013/10/15/framing-effect-in-marketing-advertising/
https://www.cibcwg.com/c/document_library/get_file?uuid=45092816-5a63-4edc-aaf8-725ef19b658f&groupId=109423
http://www.abccopywriting.com/blog/2010/09/27/marketing-2020-vision