Influence of Price Anchoring on Consumer Behavior

Explore the psychological phenomenon of anchoring and its impact on consumer behavior in this insightful TEDx talk by Professor Bhaskar Shejwal. Discover how initial information, particularly price points, significantly influences decision-making processes in market scenarios. Engage with interactive experiments demonstrating the anchoring effect in action, and learn how it applies to various contexts beyond pricing. Delve into the role of personality traits, mood, and cognitive abilities in susceptibility to anchoring. Gain valuable insights into behavioral economics and consumer psychology through diverse real-life examples and research findings. Understand the importance of developing marketing intelligence and critical thinking skills to make more informed decisions in the face of anchoring influences. Conclude with a balanced perspective on navigating the inevitability of anchoring in decision-making while striving for rational choices in consumer behavior.