In the modern world of business, producers have made much effort to provide consumers with a wide range of products.  From the wide variety, consumers have the privilege of deciding what to buy and what not to. Consumers base their decision on what to buy on a number of factors. However, marketers have applied a number of physiological tactics to win more consumers to buying their products. One of the physiological effects is anchoring. When a consumer over depends on a single factor or certain factors over others in decision making, it is referred to as anchor consumer decision process. On this article we shall discuss the anchor consumer decision process and the influencing factors.

Anchoring and How It Affects Consumer Decision Making Process

An anchor is a particular value set by the mind of a buyer as a reference point for all decisions on the commodity to buy. Marketers take advantage of weaknesses within the brains of humans and use the anchoring effect to influence the decision making process. In most cases, consumers tend to over rely on a comparative value rather than the actual value of a particular product. There is always a tendency of comparing the different offers available for a given product with one of them acting as an anchor. In this case, consumers fail to make a rational decision and end up settling on a particular product with the best offer rather than the best product overall.

Factors that Influence Anchoring in Consumer Decision Making Process

 A number of factors influence the anchor consumer decision process. These include;

  1. The mood of a consumer

Researchers and scientists have established that a relationship exists between anchoring and the mood of a consumer. Buyers suffering from depression or sadness have greater tendency of being affected by anchoring than normal and happy consumers. 

  1. Cognitive ability

Human beings possess intellectual prowess which give them the ability to make rational decisions. Consumers with high cognitive abilities are less likely to be affected anchoring effect while those with low cognitive ability have greater susceptibility to the effect.  

  1. The personality of individual consumers.

Consumers have different personalities which play a big role in influencing their decision making process. Researchers have established that a relationship exists between the top five personalities (conscientiousness, agreeableness, openness, extraversion and neuroticism) and high susceptibility to anchor effect. Anchoring effect affects consumers with higher conscientiousness while consumers with extraversion personality are less affected.

  1. Level of experience.

Level of experience or expertise varies significantly from one consumer to the other. Scientists have proven that knowledgeable and more experienced consumers are less likely to be affected by anchoring effect.

Conclusion

The anchoring effect is an important tool that has been used to effectively market products. Marketers can take advantage of the effect to manipulate the human mind and the decision making process.  It works for them, but can also help some consumer’s make a good decision. The little information give though the marketer intends to make big sales, it also opens a lead for someone who has no clue on what to choose.

Author's Bio: 

Marina Pal is a renowned author and social media enthusiast.