Hi ,
As marketers, we should understand the decision-making process of all consumers. As the economy grows and the choice of products increases exponentially, it's more important now than ever to know why the customer chose brand A instead of a very similar brand B. Was it calculated? Was it random? Was it pricing, location, the color of packaging? All together?
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Classical economic theories explain human behavior in a rational, mathematical way. They claim that customers choose the product that brings them the most utility: that is best for them and the cheapest one among its competitors. As marketers, we know that's at least not always the case. Otherwise, advertising wouldn't be as effective as it is. But psychologists know more – they know this is absolutely wrong. They know people are irrational, unreasonable and impulsive, and, most of all, they are horrible at maths, unlike what economists assume.
This post is an overview of some cognitive biases people rely on when making a decision, and a peek at which marketing ideas you can apply after discovering these biases... Read the rest of the article here.
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