Question

Jaslyn saw a dress she liked in her favorite department store a month ago. At that time the dress was on sale for 50% off. Jaslyn did not buy the dress at that time, but she bought it when the store had a "Buy One, Get One Free!" sale. Jaslyn's behavior can be explained by:
a)overconfidence.
b)a sunk cost fallacy.
c)altruism.
d)a framing bias.

Answer 1

Answer:

A framing bias

Explanation:

Framing bias creates a cognitive bias which leads the brain to make decisions about a purchase or information depending on the presentation of the information. It operates on the ability of humans to respond differently to the same piece of information , depending on how favorable it's made to look. It's frequently used in marketing to influence customer decisions.

There are various types of framing:

• Attribute framing - This aims at painting a positive or negative picture of a characteristic of an object. When a positive picture is painted, the customer is likely to drift towards that object and make a purchase. When painted in a negative light, the customer is likely to drift away. Being cautious about what attribute to be painted, guides a marketer or seller to know what light the attribute of the product should be painted.

• Risky choice framing - This form of framing paints the information on a product as a gamble. This implies to the customer that there could either be a gain or a loss. Framing the gamble in form of a gain will most likely gear the customer to take action on the information. In this form however, the level of risk the customer is willing to take to avoid a loss should be taken into consideration and understood.

• Goal framing - This form of framing emphasizes negative outcomes of not participating, thereby making the customer interested in participating.

Answer 2

Answer:

The correct answer is letter "D": a framing bias.

Explanation:

Framing bias is an advertising technique of portraying information in different ways so that it will be more appealing for consumers. The less informed about the product being displayed the consumer is, the more affected the consumer will be by the framing bias. As the different wording of the advertising can be deceiving, consumers should make their own research about the information being displayed to make a rational decision.