Why Behavioral Economics Could Mean More Accurate Insights for Marketers

    The marketing application of behavioral economics can mean more accurate insights and more satisfied customers
    Behavioral economics and marketing have had a natural connection for decades. Marketing has a heritage of understanding consumer decision-making behavior and its departures from purely rational choice. For example, brands are believed to “shift the demand curve” that relates price to volume.

    In recent years there has been increasing interest in behavioral economics applications in marketing that can improve business performance. While many elements of behavioral economics have great benefits for marketers, more attention is focusing on the development of capabilities to deliver the value to the organization.

    Bron en volledig bericht: American Marketing Association