Examining Cognitive Biases in Consumer Decision-Making at the Point of Purchase: Comprehensive Analysis through the Lens of the 4Ps Marketing Mix
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School of Business |
Bachelor's thesis
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Authors
Date
2023
Department
Markkinoinnin laitos
Major/Subject
Mcode
Degree programme
Markkinointi
Language
en
Pages
47
Series
Abstract
This thesis investigates consumer decision-making by examining the impact of cognitive biases within the marketing mix framework. The study examines biases such as loss aversion, present bias, and negativity bias, revealing their role in shaping consumer behaviour using a bibliometric analysis. Real-world examples and a literature review highlight the complexities and importance of biases in consumer decisions. The integration of cognitive biases with McCarthy's (1960) 4Ps adds theoretical value, but ethical considerations emphasize the potential consequences of using biases in advertising. Managerial insights emphasize the importance of specialized marketing techniques that are matched with consumer psychological tendencies, with an emphasis on transparency and ethical behaviours.Description
Thesis advisor
Etz, MiriamKeywords
cognitive biases, marketing mix, consumer decision-making, marketing strategies, ethical marketing