Fichas
Consumer behavior midterm
Fichas del conjunto (91)
- 1Consumer behaviorA psychological perspective on how people act before, during, and after engaging in a market and why they act that way.
The subset of behavioral phenomena that are relevant to consumption. - 2Why study consumer behavior?Epistemic (people have sharp intuitions but we need theory & scientific experimentation to overcome pervasive biases & gaps in these intuitions), Strategic, Societal
- 3Homo EconomicusEconomic assumption that consumers are rational, self-interested & optimizing
- 4Endowment Effectconsumers tend to place a higher value on a good when they own it
- 5Exposure (1st question of information processing)Inbound/Outbound marketing-can be thought of as modes of achieving deliberate OR random exposure
- 6Attention (2nd question of information processing)Occurs when you actually are processing a stimulus (information). High or low involvement
- 7SalienceThe extent to which a stimulus stands out; Can I get your attention? (size, intensity, attractiveness, positioning, isolation); importance varies based on how consumer is processing
- 8Positioning (attention-salience)context dependent where optimal:
retailing= eye level
print ads= upper right
online ads= vertical - 9Top-down processingletting our existing thoughts shape how we process incoming information
- 10Bottom-up processingTaking incoming information to shape our thinking
- 11Involvementmotivated attention; Can I keep your attention?
- 12Targeted advertisingfinding people who are already prone to being engaged (involved)
- 13Interpretation (3rd question of information processing)How are the people processing information: cognitive, affective
- 14Schemaconstruct we use to categorize products (consumers need it to cognitively interpret products/services); the network of associations we have around a given concept
- 15Persuasion Knowledge (cognitive)Consumers' knowledge of marketing tactics and the strategics they use to defend themselves
- 16Expectations (cognitive)can play a major role on our experiences (ex. wine telling people cheap or expensive, changed their pleasantness level)
- 17ContextCognitive
- 18AffectiveEmotions can play a role in how we interpret information.
- 19Had participants in study consume content involving human suffering, war documentary found that...consumer were more averse to products involving pleasure immediately after (affective)
- 20Integral affectEmotions which are derived from the focal stimulus (ex. Otis in dog shelter)
- 21Incidental affectEmotions which are NOT derived from the focal stimulus, but affect the interpretation of the focal stimulus
- 22Inferenceswhether consumers draw spontaneous or deliberative information depends upon their motivation/resources
- 23Spontaneous inferences (factor 1-ease of deriving inferences)shown to be held with more confidence and be more impactful towards judgements and behaviors
- 24Inductive (generalizations) inferences (factor 2)consumers use cues to probabilistically infer information about products; shown to be held with more confidence and be more impactful towards judgements and behaviors
- 25Deductive (logical conclusions) Inferences (factor 2)Drawing inferences from general premises more if/then rule-based
- 26Memory-based (factor 3)those made from information retrieved from memory; shown to be held with more confidence and be more impactful towards judgements and behaviors
- 27Stimulus-based (factor 3)made from information that is present
- 28Casual Inferencescorrelation does not equal causation; independent variable effects dependent
- 29Counterfactualwhat would have happened otherwise
- 30How to infer counterfactuals when doing research?Ideal=control conditions
- 31Internal validitycan we reasonably draw conclusions from this study
- 32External Validitycan we draw conclusions about settings different from those of the experiment
- 33Ecological Validitydoes your experiment represent the real world situation you are trying to inform
- 34Confoundsis more than one thing differing across your conditions?
- 35Selection bias (sampling)are you recruiting a representative sample from your population of interest?
- 36Demand effectsare participants trying to infer how you want them to behave?
- 37Short-term memoryInformation that exists in memory while it is being processed; lost unless transferred to long term memory; limited in capacity
- 38Working memoryapplication of your short term memory for judgements & decisions
- 39Long-term memoryinformation that exists in memory for longer periods of time "sticky"
- 40Encoding (learning)the process of converting incoming information into a storable, memorable form
- 41retrievalmemory being accessed
- 42storage (maintenance)memory being saved
- 43chunkingwhen consumers cluster information together to create fewer higher level pieces of information
- 44Scripta special type of schema that describes the way events “should” happen
- 45Semantic memorywhat you know about a given concept
- 46episodic memoryyour knowledge and sequence of events in which you participated
- 47flashbulb memorydeep and vivid knowledge of a specific event
- 48operant conditioning (instrumental learning)behaviors are modified through the association of stimuli with reinforcement or punishment
- 49serial position effectprimacy & recency effects whereby first and last items on a list tend to be best retrieved
- 50peak end rulewhen assessing an experience from memory, people place particular weight on the most intense part of the experience and the end of it
- 51processing fluencyExperienced ease of processing a set of information
- 52cuesstimuli which trigger or aid in the retrieval of memories
- 53heuristica decision-rule or shortcut that we use to make judgements and decisions with limited processing
- 54Biasestendencies which violate normativity
- 55NormativityAxioms about how someone should behave (economists get to decide what is normative)
- 56An economist would say that behavior is counternormative if…it involves a consumer violating rationality
- 57Decoy effectthe presence of a third dominated option shifts preferences across two focal options
- 58Omission Biasthe belief that guilt by omission (doing nothing) is lesser than guilty by commission (making the decision) for the same outcome
- 59Anthropomorphismthe human tendency to ascribe human characteristics and feelings to non-human entities
- 60Availability heuristicsThe tendency to believe more easily retrieved (available) events are more likely
- 61Common application of availability heuristic in marketing:taking advantage of the link between exposure and availability
- 62Representativeness HeuristicPeople judge the likelihood of an event by considering its resemblance to existing prototypes and stereotypes
- 63Illusion of explanatory depthpeople overestimate their understandings of mechanisms but recalibrate after being asked to explain these mechanisms
- 64Dunning-Kruger EffectNatural to feel underconfident if you have high competence; with low or medium competence your perceived performance is higher than actual performance
- 65Curse of knowledgeonce we know something, it's hard to imagine not knowing it
- 66End of History IllusionRegardless of age, we falsely believe that we are the “final version” of ourselves
- 67Loss aversion-Losses feel worse than an equivalent gain feels good
-key implication of Kahneman and Tversky's “prospect theory”
-LA stronger for hedonic (vs. utilitarian) goods - 68Endowment effectWTA>WTP
we place higher value on something just by owning it - 69Psychological ownership (felt ownership)can be induced for goods which consumer do not (yet) own, can result in endowment effect
- 70Sunk cost fallacyWhen we refuse to take the best future course of action because of past involvement; proposed to be driven by loss aversion
- 71Status quo biascounternormative preference for things to remain the way they are; proposed to be driven by loss aversion: the potential losses involved with change weight too heavily against the potential gains
- 72Choice overloadpresence of a high number of choices such that choices are less likely and less satisfying, among other negative consequences; proposed in part by loss aversion
- 73Knightian Riskevents of unknown outcomes for which we can assign numerical probabilities
- 74Knightian uncertaintyevents of unknown outcomes for which we can NOT assign numerical probablities
- 75Uncertainity aversionpreference for situations defined by Knightian risk over knightain uncertainty (people want a number)
- 76Epistemic uncertaintycomes from a lack of knowledge around a process (knowable uncertainty)
- 77aleatory uncertaintycomes from a process of inherent randomness (cannot be reduced through information search)
- 78Risk aversiontendency to prefer the less risky option even if the riskier one has an equal or sometimes higher expected value
- 79Intertemporal discountingwhen a consumer places a lower value on a good the later they will receive it
- 80Hyperbolic discountingmodel for how we discount future outcomes
- 81Present biastendency to overly value present rewards over larger future rewards (tend to be exacerbated in hot states)
- 82Marshmallow studyChildren who were able to wait for two marshmallows performed better on cognitive and social competency tasks as adolescents; our self-control abilities are tied to other positive attributes like cognitive skills; consumer use pre-commitment mechanisms to manage self-control
- 83Construal Level Theory (CLT)A theory used to explain how something can feel psychologically close (low-level construal: more how) versus psychologically distant (high-level construal: more why & benefits and less risk-averse, can disregard our future selves)
- 84Planning fallacyAn optimism bias in how little time it will take to complete a task
- 85Savoring & DreadPeople tend to prefer to delay positive outcomes (to increase savoring) and move-up negatives outcomes (to reduce dread)
- 86Choice architecturethe way a decision environment is organized
- 87NudgeGenerally refers to strategic choice architecture which guides a decision maker towards a particular choice
- 88Defaultsmaking an option the default can be extremely powerful “nudge” (ex. study organ donation)
- 89FramingStrategically conveying information to engender a certain reaction
- 90FrictionExternal barriers to a given action, usually, but not necessarily subtle
- 91Highly effective nudgessalience, defaults, reducing choice overload
Información
- Descripción
- Fichas sobre Consumer behavior midterm, creado por Natalya Escobar el 08/10/2023.
- Creado por
- Natalya Escobar
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