Publications
Publications
- 2017
The 4 Minds of the Customer: A Framework for Understanding and Applying the Science of Decision Making
By: Ryan Hamilton and Uma R. Karmarkar
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.