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Week 7 - Coggle Diagram

- - - - involvement and perceived risks
      - Percieved costs and benefits
      - Attitudes towards search
    - - Consumer knowledge
      - Cognitive abilities
      - Demographics
    - - information volume
      - format
      - complexity
      - Time availability
- - - - Low effort and involvement (
      - Quick analysis, use of heuristics (mental shortcuts)
        
        Mental shortcuts of rules of thumb
        
        We often ignore more diagnostic information
        
        Judgements tend to be made by comparing the stimulus with the category prototype or exemplar. Judgements are based on similarity prototype
        
        Marketing implications
        
        Position product close to the prototype with positive associations
        
        When representativeness is not desired
        
        Position product away from a prototype with negative associations
        
        Provide base rate information
        
        Availability Heuristic
        
        The heuristic used to evaluate the frequency or likelihood of an event based on how quickly and easily examples come to mind
        
        More examples come to mind as people see the event as more likely
        
        Bias can be reduced if people are reminded about the base rate statistics
        
        Marketing implications
        
        Marketers can increase consumers estimate of the likelihood of a positive product outcome by
        
        Providing consumers with vivid, easy to recall positive product experiences
        
        Making the product easy to retrieve, stimulating positive word of mouth
        
        Marketers can decrease consumers estimate of the likelihood of a negative outcome by
        
        Bringing attention to the base rate
    - - Behavior is the result of previous actions and reward or punishment
      - Low effort choice tactics (though based)
        
        Performance related
        
        Brand loyalty
        
        Price - related
        
        Habit related
      - Low effort choice tactics (Affect based)
        
        Decisions based on familiarity
        
        Decisions based on low level affect (hunch, feels right)
        
        Variety seeking needs (choosing options for the sake of variety)
        
        Impulse purchasing