#The anchoring effect examples series

#The anchoring effect examples series

Under the condition of modern market economy, customer experience not only determines customers’ own perception and satisfaction after consumption, but also can spread outward at the speed of geometric series through modern marketing environments, thus affecting the consumption decisions and production or service performance of others ( Tong et al., 2020).Įxperience marketing comes into being compared with traditional marketing methods. This experience is the customer’s subject perception and value of everything experienced through the whole consumption process ( Gan, 2019). Finally, this article provides advice for enterprise marketing planners including setting reasonable anchor values, highlighting the design of experiencing scenes, and developing differentiation strategies.īack in the 1950s, Abbott (1956) first mentioned the concept of “customer experience,” arguing that consumers really expect not the product, but the experience in the process of consumer products. In addition to the factors of time pressure and self-confidence level, gender, personality, knowledge, and skill all had a significant influence on anchoring effect under external anchor conditions. The experimental results showed that consumers were affected by anchoring effect when making price judgment in experiencing scenes. Subjects judged and estimated different prices after product experience through the design of different decision-making scenarios of external (high anchors and low anchors) and internal anchors, and finally, the anchoring index (AI) and the mean skew index were used to calculate the anchoring effect. In this article, the hypothesis is that anchoring effect exists and is influenced by factors including anchor value, gender, emotion, personality, knowledge and skill, time pressure, early warning indication, cognitive need, and self-confidence level under external and internal anchor conditions. This article uses experimental research to explore the existence and influencing factors of anchoring effect when consumers judge and estimate the price of a product in experiencing scenes. Research on anchoring effect focuses on psychology, economics, law, and medicine instead of the price judgment of consumers. Compared with traditional marketing scenarios, it is easy to bias decision makers due to the existence of anchor information. 2School of Management, Tianjin University of Commerce, Tianjin, ChinaĬonsumers are prone to cognitive biases in decision-making due to the impact of time restrictions, specific environment, and project inducements in the process of experience.1Postgraduate Office, Tianjin University of Commerce, Tianjin, China.