9990 · 2.3.3
Mistakes in decision-making
**Decision mistakes** (2.3.3) completes 2.3. Give **real marketing examples** for each bias.
Need to know
What you need to know
- An 'anchor' is the first piece of information a consumer receives.
- Consumers over-rely on this anchor when evaluating a product or price.
- Common examples include original vs. sale prices, MSRPs, and suggested donation amounts.
- This bias can make subsequent prices seem higher or lower than they are objectively.
Explanation
Mistakes in decision-making
- An 'anchor' is the first piece of information a consumer receives.
- Consumers over-rely on this anchor when evaluating a product or price.
- Common examples include original vs. sale prices, MSRPs, and suggested donation amounts.
- This bias can make subsequent prices seem higher or lower than they are objectively.