The Psychology of Decision-Making

Explain the Elaboration Likelihood Model (ELM) and how it determines the route of persuasion for different audiences.

Define heuristics and identify common cognitive biases that influence consumer choice (e.g., anchoring, framing, scarcity).

Explain the core principles of Prospect Theory, including reference points, loss aversion, and the value function.

Apply gain vs. loss framing to a marketing message based on the principles of Prospect Theory.

Describe the psychological principle of 'social proof' and its neural basis in persuasion.

Explain the 'somatic marker hypothesis' and how gut feelings, driven by emotion, guide consumer decisions.