Anchoring and Adjustment Heuristic Definition and Explanation PDF Download
Learn Anchoring and Adjustment Heuristic definition in marketing with explanation to study “What is Anchoring and Adjustment Heuristic”. Study anchoring and adjustment heuristic explanation with marketing terms to review marketing course for online MBA programs.
Anchoring and Adjustment Heuristic Definition:
When consumers arrive at an initial judgment and then make adjustments of their first impressions based on additional information.
Principles of Marketing by Philip T. Kotler, Gary Armstrong
Anchoring and Adjustment Heuristic Explanation:
Anchoring and adjustment defines the process where individuals basis their initial creative ideas on one allocated point. It is a cognitive process described by behavioral finance. It occurs during decision making process, where an individual believes on initial information in order to make final purchase decision regarding product which can be right or wrong.
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