Consumer Decision Making with Limited Information: Purchasing “Tech” Swimsuits

Authors

  • Robert E. Wright University of Illinois at Springfield

Keywords:

Business, Economics, Finance, Consumers

Abstract

Consumers are frequently involved in a purchase decision making process where they have limited information about the quality of the product being purchased. In such situations, consumers may resort to using a choice heuristic to simplify the decision making process. This paper discusses the situation where use of the anchor and adjustment heuristic may induce consumers to pay a high price for a product, based on using a high priced, high quality product as the anchor, and implications for marketers

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Published

2016-08-01

How to Cite

Wright, R. E. (2016). Consumer Decision Making with Limited Information: Purchasing “Tech” Swimsuits. Journal of Applied Business and Economics, 18(4). Retrieved from https://articlegateway.com/index.php/JABE/article/view/855

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Section

Articles