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Consumers? choices are prey to subtle discrepancies that arise in cognitive accounting

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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

 

Paper#19453 | Written in 18-Jul-2015

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