consumer decision making

consumer decision making

1. anchoring and purchase quantity decisions Wansink et al. 1998

   • investigating what factors influence how many units of a product a customer chooses to buy. next studies show that point of purchase promotions with multiple unit prices, purchase quantity limits and suggestive selling, could increase sales. 
   • study 1 (field)
     • example of multiple unit anchor promotion: on sale - 6 cans for $3 instead of on sale-50c this is the independent variable the dependent variable was calculated as percentage change in sales compared with the baseline.
     • one week experiment comparing multiple with single promotional pricing in 86 stores that were assigned randomly to either  multiple or single. an average weekly sale during the previous 6 months with no promotions was calculated. (baseline)
     • same shelfs and same 13 items were used in each store. same prices too.
     • 32% icrease in sales over the single unit controls. 12/13 of products the sale was higher in multiple pricing 9/13 was statistically different. meta analysis indicates multiple unit pricing is highly reliable (p<0.0001)
     • quick eval: consumers may have believed they had to get several items in order to get the promotional price. (confusion) we have no way if knowing whether the similar number of people purchased more items or an increased number of customers
   • study 2 (field)
     • purchase 
   • study 3 (lab)
   • study 4 (lab)

2. pre-cognitive decisions (lab)

3. EVALUATION

4. thinking fast-thinking slow/system 1 and system 2

   • examples and experiments
     • 1
     • 2
     • 3
     • 4
   • system 1
   • system 2

5. choice blindness

6. advertising and false memory

   • experiment 1
   • experiment 2
   • experiment 3

7. EVALUATION