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Judgement & Decision Making - Coggle Diagram
Judgement & Decision Making
Judgements
Judgements in Information Processing
Likelihood
Goodness or Badness
Mental & Emotional Accounting
Anchoring & Adjustment Process
Imagery / Visualisation
Biases in Judgement Process
Confirmation bias
Self positivity
Negative bias
Mood and bias
Prior brand evaluations
Prior experience
Difficulty of mental calculations
High Effort Decisions
What Brands to consider
Inept Set (Unacceptable)
Inert Set (Indifference)
Consideration Set
Attraction Effect
Factors Important to Choice
Consumer Goals
Timing of Decision
Construal Level Theory
How decision is framed or represented
Framing Gains or Losses
Priming Certain Attributes
What offerings to choose
Cognitive (Brain) decision-making models
Affective (Heart) decision-making models
Whether to make decision now
Decision Delay
How to make choices when alternatives cannot be compared
Alternative-based strategy/ top-down processing
Attribute-based strategy/ bottom-up processing
High Effort Decision Making Process
Consumer Characteristics
Expertise
Mood
Time Pressure
Extremeness Aversion
Compromise Effect
Attribute Balancing
Metacognitive Experiences
Decision Characteristics
Information Availability
Information Format
Trivial Attribute
Group Context
Low Effort Judgement Processes
Heuristics
Representativeness Heuristic
Availability Heuristic
(-) base-rate information
(-) law of small numbers
Anchoring and Adjustment Heuristic
Low Effort Decision Making Process
Unconscious Low-Effort Decision-Making
Conscious Low-Effort Decision-Making
hierarchy of effects
Affective processing
Using simplifying strategies when MAO is low
Satisficing
Choice Tactics
Cognitive Decision Making
Performance
Habit
Normative
Brand Loyalty
Price
Affective Decision Making
Feelings
Brand familiarity
Variety Seeking
Impulse
Consumer Decision Making Today
Brand Building efforts through the mass media may not be effective with younger consumers
Social media is where many consumers today learn about new products
Decision making strategies easier to study online