The Impact of Cognitive Biases on Consumer Decision-Making

EasyChair Preprint 14017

Abstract

This research aims to examine the impact of cognitive biases on consumer decision-making. Cognitive biases are inherent mental shortcuts or tendencies that individuals employ when making judgments or decisions. These biases often deviate from rational decision-making processes and can significantly influence consumer behavior. By understanding and analyzing these biases, marketers and strategists can better comprehend how consumers make choices and develop strategies to effectively target and influence them. In this study, we review various cognitive biases, such as confirmation bias, anchoring bias, and availability bias, and explore their influence on consumer decision-making. We also discuss the implications of these biases for marketing practices and propose strategies to mitigate their negative effects. Ultimately, this research provides valuable insights for marketers and policymakers to enhance consumer decision-making processes and create more effective marketing campaigns.

Keyphrases: Marketing, consumer, decision making

@booklet{EasyChair:14017,
  author    = {Ralph Shad and Ayoolu Olukemi},
  title     = {The Impact of Cognitive Biases on Consumer Decision-Making},
  howpublished = {EasyChair Preprint 14017},
  year      = {EasyChair, 2024}}