All Subjects
Light
Practice Quizzes
AP Psychology
Unit 5 – Cognitive Psychology
Topic 5.8
How does the anchoring bias interact with marketing strategies to influence consumers' purchasing decisions?
The anchoring effect plays no role in sales and marketing; instead, it's a phenomenon observed in legal contexts only.
Anchoring bias has no significant effect on consumer behavior; instead, it relates more to investors in financial markets.
The anchoring effect suggests that people tend to stick with their initial choice regardless of any subsequent information or options available.
Anchoring bias often makes consumers rely heavily on the first price they see (anchor), causing them to perceive subsequent prices as bargains, influencing their buying decision.
Related content
Practice quizzes
Practice this subject
Practice this unit
Practice this topic
Study guides (1)
AP Psychology - 5.8 Biases and Errors in Thinking
Key terms
Anchoring Bias
Consumers' Purchasing Decisions
Influence
Marketing Strategies
About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
Stay Connected
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
Back
Practice Quiz
Guides
Glossary
Guides
Glossary
Next
