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Anchoring occurs when an individual relies too heavily on an initial piece of information when making decisions. For example, a retailer may list an artificially high 'original price' next to a sale price to make a discount appear more significant.

Choice Architecture refers to organizing the context in which people make decisions to influence their choices. For instance, a cafeteria might display healthier foods at eye level to promote better dietary choices among consumers.

Loss Aversion is the tendency for people to prefer avoiding losses rather than acquiring equivalent gains. An example is when companies offer a ‘money-back guarantee’ to reduce the perceived risk of trying a new product.

Scarcity is a principle where limited availability of a product increases its perceived value. An example is when a company advertises that a product is available ‘while supplies last’ to prompt immediate buying.

Social Proof involves individuals adopting the beliefs or actions of a group. For example, testimonials and user reviews are used on websites to influence potential customers.

The Framing Effect is the tendency of people’s decisions to be influenced by how information is presented rather than just the information itself. For example, emphasizing a product’s benefits as ‘95% effective’ rather than focusing on the 5% failure rate.

Reciprocity refers to the tendency of individuals to reciprocate or feel obligated to return a favor. An example is when a store offers free samples, prompting customers to make a purchase in return.

The Decoy Effect occurs when consumers change their preference between two options when presented with a third option that is asymmetrically dominated. For instance, a company may include a third subscription plan to make one of the original two seem more appealing.

The Endowment Effect is the phenomenon where people ascribe more value to things merely because they own them. An example is the higher price sellers ask for second-hand goods compared to what buyers are willing to pay.

Bounded Rationality is the concept that in decision-making, the rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make decisions. One application is in simplifying product choices to prevent consumer overload.

The Primacy Effect is the tendency for the first items presented in a series to be remembered more easily or have more influence than subsequent items. An example includes positioning flagship products at the beginning of a retail display.

The Recency Effect is the tendency to remember the most recently presented items or experiences. Retailers use this by placing impulse buy items near the checkout.

Herd Behavior is when individuals in a group act collectively without centralized direction. In consumer psychology, it may manifest in trends where people buy a product because 'everyone else is'.

The Aesthetic-Usability Effect refers to users’ tendency to perceive aesthetically pleasing designs as more usable. For example, brands often design their product packaging to be attractive in order to suggest functionality.

Commitment and Consistency is the principle that people like to be consistent with what they have previously said or done. An application is subscriptions where the initial commitment is low cost, leading to habit formation and future renewals.

The Paradox of Choice posits that too many options can lead to decision-making paralysis and reduced satisfaction. Retailers might limit product varieties to avoid overwhelming customers.

The Country-of-Origin Effect is consumer perception biased by the product's country of manufacture. A positive example is German engineering being synonymous with quality; a negative could be skepticism towards electronics from an unknown origin.

Expectation Disconfirmation Theory proposes that satisfaction is related to the difference between consumers' expectations and the actual performance of the product. Companies managing customer expectations about product performance apply this theory.

The Baader-Meinhof Phenomenon, or frequency illusion, occurs when something you recently learned about suddenly seems to appear everywhere. For instance, after seeing an ad for a car, you start to see the same model frequently on the road.