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2 cards from this section. Quick, good the night before a test.
Define the term 'anchoring' in your own words.
Think about how prices are presented during sales.
What is loss aversion?
Consider how people react to losing money vs. gaining money.
What is the primary purpose of using anchoring in marketing?
Think about why prices are shown in a certain way.
True or False: Loss aversion increases customer willingness to purchase when an anchor is present.
Consider the emotional aspect of purchasing decisions.
Develop a pricing strategy for a new product launch using anchoring principles. Describe how to present the pricing and what key points to include for maximum effectiveness.
Think about emotional appeal in your pricing strategy.
Evaluate a case where anchoring was misused in marketing. Discuss what could have been done differently.
Refocus on the relationship between perceived value and trust.
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