The Anchoring Effect Concept
[2023-05-29 12:50:35]
In the process of completing tasks, they make decisions based on the values they are already familiar with This is the best estimate, they only adapt to all other values and prices. If another price is lower than that person's reference point, he or she will definitely purchase the product or service
Since the concept of anchor effect is based on known information, it is very suitable for this topic. By doing so, you can purchase lower value products and services as customers. Okay, we think we are very fortunate, we are special, we are smarter than other customers.
For example, women go to the mall and go shopping for new shoes. She saw two very beautiful shoes, she tried, she noticed that the shoes were what she was looking for. They were very beautiful and very comfortable and suitable for the new clothes she bought a week ago, but then she saw a $ 400 price tag. The woman knew that it was very expensive for her, and then suddenly the salesman brought the good news that these shoes are now being sold 50%, so they only spent $ 200 used. This woman is
Anchor effect: We all receive cognitive bias called "anchor effect". Simply put, it assumes that our preliminary observations are consistent with us and affects our subsequent ideas and subsequent decisions. For example, consumers tend to be greatly influenced by the price they encounter the first time they consider purchasing. This effect has been well demonstrated in studies of chocolate, electronic equipment, fine wine and so on. When you carefully start reading the wine list and you see that most bottles are over $ 90, you may tend to deviate from the $ 50 price target and buy a $ 70 bottle. Please do not fall into this anchor trap.
Anchor effect is everywhere, inevitable. Therefore, a way to avoid falling into a fixing effect helps consumers become better financial planners. First, an affordable price will be proposed at the beginning of negotiations to provide an anchor to the seller. In addition, buyers need to be aware that the loss of products that can not be sold far exceeds the seller's low transaction loss. However, refusing to negotiate is wiser than negotiations when facing unreasonably high prices, which will help consumers build promising reference standards.
Fixation can also have subtle effects by negotiation. Janiszewski and Uy studied the effect of the accuracy of the anchor. Participants read the initial price of the beach house and then they gave them what they thought they were worth the price. They received a general, seemingly nonspecific anchor (eg $ 800,000) or more accurate and concrete anchor (eg $ 7.998 million). Participants with common anchor points adjusted the estimate over the exact anchor point ($ 751,867 versus $ 784,671). The authors suggest that this effect arises from the difference in scale; in other words, the anchor affects not only the initial value but also the initial ratio. Given a common anchor of $ 20, people adjust in large increments ($ 19, $ 21, etc.), but given more specific anchor points such as $ 19.85, people are lower I will adjust it. Size (19.75 dollars, 19.95 dollars etc) Therefore, a more specific initial price tends to bring the final price closer to the initial price.