From the course: Psychology Fundamentals for Marketing and Sales Success
Join today to access over 24,800 courses taught by industry experts.
Decoding cognitive bias in decision making
From the course: Psychology Fundamentals for Marketing and Sales Success
Decoding cognitive bias in decision making
Right before a major storm is expected, what grocery item increases sales by 700%? Maybe you're thinking bottled water. Milk? Try strawberry Pop-Tarts. Consumer behavior can sometimes make unpredicted choices. But when you understand the science behind those choices, it becomes more clear. In this lesson, I'll explore cognitive biases and how understanding them can enhance your ability to influence customer buying decisions. First, what are cognitive biases? They are mental shortcuts brains take that can lead to irrational decisions when shopping. For example, consider the anchoring bias, where people rely heavily on the first piece of information they receive. This bias is evident in situations like Walmart experiencing a surge in strawberry Pop-Tart sales before a major storm. As people anchor their decisions based on familiar items during uncertain times. You can also create new anchor points in the mind of consumers. Take Acura's marketing strategy, for instance. Despite winning…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.