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Publications
Publications
  • 2017
  • Working Paper

The 4 Minds of the Customer: A Framework for Understanding and Applying the Science of Decision Making

By: Ryan Hamilton and Uma R. Karmarkar
  • Format:Print
  • | Language:English
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Abstract

Scientists have spent decades creating powerful and detailed descriptions of how people make decisions. Unfortunately, many of these theories make contradictory predictions and are difficult to understand and implement. We introduce the 4 Minds framework as a practical tool for understanding and applying the science of decision-making in the marketplace. We synthesize previous research on decision-making into four broad approaches customers can take to making choices. These four decision-making “Minds”—Ideal Point Mind, Market Comparison Mind, Local Comparison Mind, and Image Mind—lead to very different outcomes and behaviors. We have developed the 4 Minds framework to serve as a diagnostic tool to help identify which clusters of decision-making research are most likely to apply in any given situation. By learning how these decision-making Minds differ, and the factors and environments that precipitate each one, marketers can better anticipate and serve their intended customers.

Keywords

Consumer Choice; Market Research; Decision Making Process; Decision; Marketing Research; Consumer Behavior; Decision Choices and Conditions; Marketing; Decision Making; Segmentation; Research

Citation

Hamilton, Ryan, and Uma R. Karmarkar. "The 4 Minds of the Customer: A Framework for Understanding and Applying the Science of Decision Making." Marketing Science Institute Report, No. 17-109, May 2017.
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More from the Authors

    • July 2017
    • Journal of Behavioral Decision Making

    The Impact of 'Display-Set' Options on Decision-Making

    By: Uma R. Karmarkar
    • 2017
    • Scientific Reports

    Blunted Ambiguity Aversion During Cost-Benefit Decisions in Antisocial Individuals

    By: Joshua W. Buckholtz, Uma R. Karmarkar, Shengxuan Ye, Grace M. Brennan and Arielle Baskin-Sommers
    • January 2017
    • Journal of Behavioral Decision Making

    Should You Sleep on It? The Effects of Overnight Sleep on Subjective Preference-based Choice

    By: Uma R. Karmarkar, Baba Shiv and Rebecca M.C. Spencer
More from the Authors
  • The Impact of 'Display-Set' Options on Decision-Making By: Uma R. Karmarkar
  • Blunted Ambiguity Aversion During Cost-Benefit Decisions in Antisocial Individuals By: Joshua W. Buckholtz, Uma R. Karmarkar, Shengxuan Ye, Grace M. Brennan and Arielle Baskin-Sommers
  • Should You Sleep on It? The Effects of Overnight Sleep on Subjective Preference-based Choice By: Uma R. Karmarkar, Baba Shiv and Rebecca M.C. Spencer
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