The Behavioral Economics of Brand Choice


Book Description

This text presents a cutting edge approach to the analysis of brand choice, relevant to marketing practice and social science. This analysis reveals the causes of consumer choice that underlie brand selection; the role of price and non-price elements of marketing; a new way of describing the structure of markets and analyzing consumer behaviour.




The Choice Factory


Book Description

Before you can influence decisions, you need to understand what drives them. In The Choice Factory, Richard Shotton sets out to help you learn. By observing a typical day of decision-making, from trivial food choices to significant work-place moves, he investigates how our behaviour is shaped by psychological shortcuts. With a clear focus on the marketing potential of knowing what makes us tick, Shotton has drawn on evidence from academia, real-life ad campaigns and his own original research. The Choice Factory is written in an entertaining and highly-accessible format, with 25 short chapters, each addressing a cognitive bias and outlining simple ways to apply it to your own marketing challenges. Supporting his discussion, Shotton adds insights from new interviews with some of the smartest thinkers in advertising, including Rory Sutherland, Lucy Jameson and Mark Earls. From priming to the pratfall effect, charm pricing to the curse of knowledge, the science of behavioural economics has never been easier to apply to marketing. The Choice Factory is the new advertising essential.




The Paradox of Choice


Book Description

Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.




What Your Customer Wants and Can't Tell You


Book Description

Why do people buy? A behavioral economist explains the science of consumer behavior in “the most important business book to come out in years” (Michael F. Schein, author and columnist for Inc., Forbes, and Psychology Today). What Your Customer Wants and Can’t Tell You explains the neuroscience of consumer behavior. Learn exactly why people buy—and how to use that knowledge to improve pricing, increase sales, create better “brain-friendly” brand messaging, and be a more effective leader. Behavioral economics is the marketing research future of brands and business. This book goes beyond an academic understanding of behavioral economics and into practical applications. Learn how real businesses and business professionals can use science to make their companies better. Business owner, consultant, and behavioral economics expert Melina Palmer helps leaders like you use the psychology of the consumer, innovation, and truly impactful branding to achieve real, bottom-line benefits. Discover information and tools you can actually use to influence consumers. Go beyond data science and learn how the consumer brain works. Dramatically improve your effectiveness as a leader and marketer with: · Real-world examples that bring a concept to life and make it stick · Ideas to help you with problem solving for your business · Ways to hack your brain into coming up with innovative programs, products, and initiatives “A stand-out guide for anyone fascinated by customer behavior and the science of decision-making.” —Madeline Quinlan, cofounder of Salient Behavioral Consultants




The Business of Choice


Book Description

Whether your objective is to grow a brand or promote healthy behaviors, you need a deep understanding of how humans intuitively make choices using cognitive mechanisms that have evolved over millions of years. Marketing is about influencing consumers' decisions, and the more you understand about human nature, the more successful you'll be. Fortunately, dramatic recent advances in neuroscience, evolutionary biology, and the behavioral and social sciences are revolutionizing the way we understand human decision-making. The Business of Choice doesn't just reveal what's been learned: it shows how to use these insights to make your brand or behavior the most instinctive, intuitive, and easiest choice. Authored by Matthew Willcox, founder and executive director of Draft FCB's pioneering Institute of Decision Making, The Business of Choice shows you: How choice has shaped the human species, leading to choices that often seem strange and irrational How marketers can leverage the same evolutionary factors that have made humans so successful What we copy from others, and what we don't copy: the power and limitations of "social" The huge cognitive biases associated with planning the future and remembering the past How to make decisions easy for consumers: building cognitive fluency, creating reference points, architecting information, and managing choice Convincing customers to feel intuitively good about the choices they've made - so they'll return for more




Predictably Irrational


Book Description

Intelligent, lively, humorous, and thoroughly engaging, "The Predictably Irrational" explains why people often make bad decisions and what can be done about it.




Decoded


Book Description

In this groundbreaking book Phil Barden reveals what decision science explains about people’s purchase behaviour, and specifically demonstrates its value to marketing. He shares the latest research on the motivations behind consumers’ choices and what happens in the human brain as buyers make their decisions. He deciphers the ‘secret codes’ of products, services and brands to explain why people buy them. And finally he shows how to apply this knowledge in day to day marketing to great effect by dramatically improving key factors such as relevance, differentiation and credibility. Shows how the latest insights from the fields of Behavioural Economics, psychology and neuro-economics explain why we buy what we buy Offers a pragmatic framework and guidelines for day-to-day marketing practice on how to employ this knowledge for more effective brand management - from strategy to implementation and NPD. The first book to apply Daniel Kahneman’s Nobel Prize-winning work to marketing and advertising Packed with case studies, this is a must-read for marketers, advertising professionals, web designers, R&D managers, industrial designers, graphic designers in fact anyone whose role or interest focuses on the ‘why’ behind consumer behaviour. Foreword by Rory Sutherland, Executive Creative Director and Vice-Chairman, OgilvyOne London and Vice-Chairman,Ogilvy Group UK Full colour throughout




Psychology in Economics and Business


Book Description

This book is targeted at students of economics and business administration and presents the state of the art in behavioral economics and economic psychology and their applications to economics and business. It discusses economic psychological themes, information processing, and applications in fields including entrepreneurial behavior, perceptions of price, risk, inflation and economic activities, and economic socialization.




Advances in Behavioral Economics


Book Description

Today, behavioral economics has become virtually mainstream.




Interpreting Consumer Choice


Book Description

Interpretive consumer research usually proceeds with a minimum of structure and preconceptions. This book presents a more structured approach than is usual, showing how a simple framework that embodies the rewards and costs associated with consumer choice can be used to interpret a wide range of consumer behaviours from everyday purchasing and saving, innovative choice, imitation, ‘green’ consumer behavior, to compulsive behaviors such as addictions (to shopping, to gambling, to alcohol and other drugs, etc). Foxall takes a qualitative approach to interpreting behavior, focusing on the epistemological problems that arise in such research and emphasizing the emotional as well as cognitive aspects of consumption. The author argues that consumer behaviour can be understood with the aid of a very simple model that proposes how the consequences of consumption impact consumers’ subsequent choices. The objective is to show that a basic model can be used to interpret consumer behaviour in general, not in isolation from the marketing influences that shape it, but as a course of human choice that is dynamically linked with managerial concerns.