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AP Psychology
Unit 5 – Cognitive Psychology
Topic 5.8
How does the anchoring bias interact with marketing strategies to influence consumers' purchasing decisions?
The anchoring effect plays no role in sales and marketing; instead, it's a phenomenon observed in legal contexts only.
The anchoring effect suggests that people tend to stick with their initial choice regardless of any subsequent information or options available.
Anchoring bias often makes consumers rely heavily on the first price they see (anchor), causing them to perceive subsequent prices as bargains, influencing their buying decision.
Anchoring bias has no significant effect on consumer behavior; instead, it relates more to investors in financial markets.
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AP Psychology - 5.8 Biases and Errors in Thinking
Key terms
Anchoring Bias
Consumers' Purchasing Decisions
Influence
Marketing Strategies
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Cram Mode
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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