How might a company take benefit of consumers mental

Assignment Help Operation Management

Reference no: EM13388399

Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in improving your decision making.

As the readings for this module demonstrate, people value gains and losses differently under different scenarios. For example, contestants in a game show might choose a guaranteed $10 prize over a 50 percent chance of winning $20 despite the fact that the expected values are the same.

Using the readings for this module, the Argosy University online library resources, and the Internet, address the following:

What is mental accounting and how does it impact consumer decision making?

How might a company take advantage of consumers' mental accounting? Give examples.

As a marketer, how might you frame certain decisions to benefit from the disparities that arise in one's cognitive accounting?

As a consumer, how would you avoid the pitfalls posed by the inequalities of one's cognitive accounting?

Write a 3-5-page paper in Word format. Apply APA standards to citation of sources.

Reference no: EM13388399

Questions Cloud

Use the given data to compute a labor force participation : use the following data to calculate a the labor force participation rate b the unemployment rate and c the

The question is how should this communication be carried : the question is how should this communication be carried out to be sure that it is reaching all of the

Categorize each of the following as employed unemployed or : classify each of the following as employed unemployed or not in the labor force.a. beth is not working she applied

Suppose a venture fund wishes to base its required return : suppose a venture fund wishes to base its required return used in discounting future terminal values on its historical

How might a company take benefit of consumers mental : consumers choices are prey to subtle discrepancies that arise in cognitive accounting. learning how and when you are

Discuss the primary reasons why firms that focus on : discuss the primary reasons why firms that focus on fairness to stakeholders i.e. customers are more likely to be seen

Convert receipts for each to real dollars for year 2010 : the receipts and year of release of the five movies with the largest nominal box office revenues along with the cpi

In a slow year deutsche burgers will produce 20 million : in a slow year deutsche burgers will produce 2.0 million hamburgers at a total cost of 4.1 million. in a good year it

Choose an organization delivering goods andor services : choose an organization delivering goods andor services globally. provide a background of the organization and fully

User Account

All Pages