Marketing Psychology 3 - CHOICE and COGNITIVE BIASES

Why psychological effect is used to make people prefer the option on the right?

• Confirmation Bias

• Context Bias

• Loss Aversion

• Anchoring

You tend to like the foods you eat as a child better than the ones in your 20s and 30s. What psychological phenomena are at play here? (tick all that apply)

• Primacy Effect

• Recency Effect

• Anchoring Effect

• Decoy Effect

• Zeigarnik Effect

Why do people prefer the option on the right to save $5 to the option on the left to gain $5?

• They tend to prefer what's presented to them on the right.

• They tend to prefer avoiding losses rather than obtaining gains.

• They tend to prefer blue colour to orange colour.

• They tend to prefer what's presented to them later than earlier.

What are the reasons for the media to keep reporting news on the Coronavirus? (tick all that apply)

• Scarcity (Loss Aversion)

• Recency Effect

• Loss Framing

• The Zeigarnik Effect

President Donald Trump used to call COVID-19 the "Chinese virus". What cognitive bias does he suffer from?

(a)  

The Zeigarnik Effect was successfully used by Hollywood movie makers to spin lots of money for franchises like Star Wars, Lord Of The Rings, Avengers, and Harry Potter.

• True

• False

Which of the principles of NUDGES is applied in this example here?

(a)  

What are the two possible reasons to show you your past utility consumption habits?

• To use gamification to challenge you to reduce consumption

• To use the Zeigarnik Effect to reduce consumption

• To nudge you to reduce your consumption

• To employ scarcity or loss aversion to reduce your consumption