a marketing science perspective on recognition-based heuristics (and the fast-and-frugal paradigm)

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ID: 224899
2011
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Abstract
Marketing science seeks to prescribe better marketing strategies (advertising, product development, pricing, etc.). To do so we rely on models of consumer decisions grounded in empirical observations. Field experience suggests that recognition-based heuristics help consumers to choose which brands to consider and purchase in frequently-purchased categories, but other heuristics are more relevant in durable-goods categories. Screening with recognition is a rational screening rule when advertising is a signal of product quality, when observing other consumers makes it easy to learn decision rules, and when firms react to engineering-design constraints by offering brands such that a high-level on one product feature implies a low level on another product feature. Experience with applications and field experiments suggests four fruitful research topics: deciding how to decide (endogeneity), learning decision rules by self-reflection, risk reduction, and the difference between utility functions and decision rules. These challenges also pose methodological cautions.
Reference Key
hauser2011judgmenta Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors ;John Hauser
Journal nederlands tijdschrift voor geneeskunde
Year 2011
DOI
DOI not found
URL
http://journal.sjdm.org/11/rh22/rh22.pdf
Keywords
product development recognitionheuristic

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