How to Improve Marketers’ Rational Decision-Making?

Topics: Emotion, Decision making, Marketing Pages: 8 (2780 words) Published: May 6, 2013
The Subject: How to improve marketers’ rational decision-making? ---Analyzed from the perspective of Affect Heuristic and Neuroscience Technique

1. Introduction
2. Theory
3.1 Decision making
3.2 The importance of Affect
3.3 Judgmental heuristics---Affect heuristic
3.4 Consumer sensation
3.5 Consumer decision-making process
3. Empirical findings
4.6 Daily examples: wine shopping experience
4.7 Research: The Coca-Cola & Pepsi taste test
4.8 Business intelligence: Neuroscience techniques
4. Analysis
5.9 How consumers are affected by marketing strategy?
5.10 Based on the awareness of the affect heuristic when people do judgment, experts create Neuroscience techniques as tools for business 5.11 How marketers can improve their rational decision-making? 5. Conclusion

6. Reference

1. Introduction
Since the affect heuristics is so important in our judgment after we finished learning the course “Management, Analysis and Action”, in this essay, I’m curious to explore on how the affect heuristic can influence normal consumers’ decision-making when facing a huge amount of brand choices every day and whether affect heuristic could be used by marketers to promote product. After the marketing experts aware the affect heuristics characteristic for consumers, are they possible to use the business intelligence such as machine learning system to improve rational decision-making? In order to make these “mysterious” more clearly and find clue to study on them, the following theories are going to be analyzed to support the essay: first of all, I will generally summarize the decision-making process for every normal human being. Then I will narrow down the topic which only focuses on the importance of affect and the affect heuristics when people make judgment for explaining the awareness of the nature mental shortcut. After that, the normal people will be concentrated on normal consumers who are going to be analyzed on the specific aspects of their consciousness and decision-making process, which affords the basis of argument to further study on how marketers can make use of this characterization to launch and promote product to consumers. At last, when considering the business intelligence such as machine learning system, I find Neuroscience techniques could be an effective business tool to marketers to improve their rational decision-making in this field. The basic assumption of this essay is that once marketers understand the importance of affect heuristics on consumers’ decision-making as well as combine effective business tool such as Neuroscience techniques, they are possible to improve their rational decision-making which aims at affecting the consumers to the direction they want “under the surface”. This inspiration is generated from Ayres’s (2007) saying: “In a word, hypothesize. The most important thing is left to humans is to use our minds and our intuition to guess what variables should and should not be included in statistical analysis.” 2. Theory

3.1 Decision making
As the bounds of human rationality, when people make decisions, we simply search until we find a satisfactory solution that will suffice because it achieves an acceptable level of performance rather than examining all possible alternatives (Bazerman & Moore 2009). For this reason, usually our judgment is just comparatively reasonable. Generally, we try to move from intuitively compelling system 1 to analytical system 2 thinking in order to be rational. However, when the environment is changed, system 1 could work in the decision maker’s favor as well. Therefore, as Damasio (1994) mentions, “Rationality is not only a product of the analytical mind, but of the experiential mind as well. 3.2 The importance of “Affect”

According to Slovic (1999), although analysis is certainly important in some decision-making...
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