Marketing Question

Marketing Management Assignment 4 Please watch the video “How You Really Make Decisions” and answer the following questions. https://www.dailymotion.com/video/x3q4alx 1. What is “unintentional blindness” and why is it a problem with respect to eye witness accounts of an activity? 2. In the video, two modes of thinking were identified: fast (system 1) and slow (system 2). Please describe each of these modes in detail. Which system (e.g., system 1 or 2) does most of the “driving”? When does a problem occur in terms of our ability to make a rational decision? 3. What is the “anchoring effect” and why is it important to keep in mind especially in a negotiation setting? 4. In the video, a number of biases were identified. One of the most important of these was identified as confirmation bias. What is it? Is training considered a method that will help people overcome confirmation bias? Why or why not. 5. What is “loss aversion”? What human assumption is the “bed rock” of traditional economics? How is Behavioral Economics different than traditional economics?