Cognitive biases: how they can help understand and influence consumer buying behaviour and decision-making
- The main focus of this thesis will be to shed light on the existence of cognitive biases. As many researchers, such as Daniel Kahneman and Amos Tversky, have proven in the last five decades, people are not always as rational as they would like to believe. It is important to understand the origin of this irrational behaviour as well as its implications on judgements and decisions. Furthermore, cognitive biases also have a significant influence on consumers’ buying behaviour and decision-making. Through extensive research in secondary as well as primary data it will be shown how much of an influence the cognitive biases anchoring, hyperbolic discounting, loss aversion, endowment effect and decoy effect have on consumer buying behaviour. Additionally, recommendations of how these influences can be used in marketing will be given.
| Author: | Violetta Braun |
|---|---|
| Advisor: | Eva Kirner |
| Document Type: | Bachelor Thesis |
| Language: | English |
| Year of Completion: | 2019 |
| Granting Institution: | Hochschule Furtwangen |
| Release Date: | 2019/03/08 |
| Tag: | Behavioural economics; Cognitive biases; Consumer buying behaviour |
| Degree Program: | IBM - International Business Management |
| Functional area: | Marketing |
| Licence (German): |  Urheberrechtlich geschützt |