An Experimental Study on Anchoring Effect of Consumers' Price Judgment Based on Consumers' Experiencing Scenes.

Yi Zong,Xiaojie Guo

doi:10.3389/fpsyg.2022.794135

Abstract

Consumers 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. Compared with traditional marketing scenarios, it is easy to bias decision makers due to the existence of anchor information. Research on anchoring effect focuses on psychology, economics, law, and medicine instead of the price judgment of consumers. 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. 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. 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. The experimental results showed that consumers were affected by anchoring effect when making price judgment in experiencing scenes. 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. Finally, this article provides advice for enterprise marketing planners including setting reasonable anchor values, highlighting the design of experiencing scenes, and developing differentiation strategies.

Highlights

Back 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
This study aims at the blank points of previous research, grasps the experience marketing scene, and boldly puts forward relevant assumptions
According to the statistical results, the subjects were influenced by anchoring effect on all the three questions, which suggested that consumers were affected by anchoring effect when making price judgment in a scene of external anchors

Summary

Introduction

Back 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. This experience is the customer’s subject perception and value of everything experienced through the whole consumption process (Gan, 2019). Anchoring Effect of Consumers’ Price Judgment economy, customer experience determines customers’ own perception and satisfaction after consumption, and can spread outward at the speed of geometric series through modern marketing environments, affecting the consumption decisions and production or service performance of others (Tong et al, 2020). Customers often get a consumer experience, and they share the experience with others, creating product experience value. Experience value is not created by customers alone and must be built in the process of good interaction with others, covering a range of internal and external experience value, such as functional experience, emotional value, social experience, and content experience (Chen and Zhu, 2019; Li, 2019)

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