Understanding Consumer Choice Heuristics

Which heuristic is based on how quickly something comes to mind when making a decision?

• Representativeness heuristic

• Availability heuristic

• Recognition heuristic

• Anchoring heuristic

Explain how the representativeness heuristic might influence a consumer's choice when selecting a product.

• It relies on the consumer's memory of past experiences with the product.

• It involves comparing the product to an ideal image or stereotype.

• It is based on the consumer's recognition of the brand.

• It uses a single attribute to make a decision.

A consumer is choosing between two shampoos. One is a brand they recognize, and the other is not. Which heuristic are they likely using if they choose the recognized brand?

• Anchoring heuristic

• Take-the-best heuristic

• Recognition heuristic

• Availability heuristic

Describe a scenario where the anchoring heuristic might affect a consumer's decision-making process.

• A consumer buys a product because it is the first one they see.

• A consumer chooses a product because it is similar to a more expensive option.

• A consumer selects a product based on a single important feature.

• A consumer picks a product because it is advertised with a celebrity.

Which heuristic involves making a decision based on a single important reason?

• Take-the-best heuristic

• Availability heuristic

• Recognition heuristic

• Anchoring heuristic

How might a company use the availability heuristic to influence consumer behavior?

• By ensuring their product is the most expensive on the shelf.

• By creating advertisements that frequently remind consumers of their product.

• By packaging their product to look like a luxury brand.

• By placing their product next to a well-known brand.

A consumer decides to buy a shampoo because it is advertised with a person who looks like they want to look. Which heuristic is at play here?

• Recognition heuristic

• Representativeness heuristic

• Anchoring heuristic

• Availability heuristic

Discuss how the recognition heuristic can be both beneficial and limiting in consumer decision-making.

• It simplifies decision-making but may lead to ignoring better options.

• It ensures the consumer always chooses the best product.

• It allows consumers to make decisions based on price alone.

• It encourages consumers to try new products.

What is the primary focus of the take-the-best heuristic in decision-making?

• Using prior knowledge to compare options

• Relying on a single important attribute

• Recognizing familiar brands

• Comparing products to an ideal image

Evaluate the potential impact of the anchoring heuristic on consumer perception of product value.

• It can make a product seem more valuable when compared to a higher-priced item.

• It ensures consumers always choose the cheapest option.

• It leads consumers to ignore product quality.

• It encourages consumers to buy products they recognize.