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Consumer Behavior WK4 - Coggle Diagram
Consumer Behavior WK4
Hidden traps in decision making
Anchoring Trap
Always view a problem from different perspectives.
Think about the problem on your own before consulting others
Be open-minded.
Be careful to avoid anchoring your advisers, consultants, and others from whom you solicit information and counsel
Be particularly wary of anchors in negotiations.
Status-Quo Trap
Always remind yourself of your ob- jectives and examine how they would be served by the status quo.
Never think of the status quo as your only alternative.
Avoid exaggerating the effort or cost involved in switching from the status quo.
The Sunk-Cost Trap
The Confirming-Evidence Trap
The Framing Trap
The Estimating and Forecasting Traps
The overconfidence trap.
The prudence trap
The recallability trap
Consumer Decision Making
Ford Fiesta Movement