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    Raghav Drolia
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    Consumer behavior is influenced by psychological factors like the anchor effect, where initial information provided sets a reference point that impacts subsequent decisions. For example, a customer shown a more expensive product first may feel a cheaper alternative is a good value, even if it costs more than they otherwise would pay. Understanding how the anchor effect and other cognitive biases shape choices can help businesses better market their products.

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    Consumer behavior is influenced by psychological factors like the anchor effect, where initial information provided sets a reference point that impacts subsequent decisions. For example, a customer shown a more expensive product first may feel a cheaper alternative is a good value, even if it costs more than they otherwise would pay. Understanding how the anchor effect and other cognitive biases shape choices can help businesses better market their products.

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    © All Rights Reserved
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    4 views7 pages

    DO You

    Uploaded by

    Raghav Drolia
    Consumer behavior is influenced by psychological factors like the anchor effect, where initial information provided sets a reference point that impacts subsequent decisions. For example, a customer shown a more expensive product first may feel a cheaper alternative is a good value, even if it costs more than they otherwise would pay. Understanding how the anchor effect and other cognitive biases shape choices can help businesses better market their products.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    HOW CONSUMER

    BEHAVIOUR SHAPES
    BUYING DECISIONS

    DO YOU?
    KNOW?
    Anchor Effect
    Anchor Effect Example
    @consultingboardscms
    Consulting Board, SCMS Pune

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