I would like to explores the connection between behavioural economics, emotional models, and consumer psychology to design an applied neuromarketing practice. The study aims to bridge the gap between these disciplines and provide insights into how they can be integrated to enhance marketing strategies.
In my paper I want to discusses the principles of behavioural economics, which examine how individuals make economic decisions influenced by cognitive biases and heuristics. Then I would like to explores emotional models, which focus on understanding the role of emotions in decision-making processes. Additionally, the I want to delves into consumer psychology, which investigates the psychological factors that influence consumer behavior.
By integrating these fields, I want to proposes an applied neuromarketing practice that combines the understanding of cognitive biases, emotional triggers, and consumer psychology to create effective marketing strategies. This approach utilizes insights from neuroscience and psychology to optimize marketing campaigns, product design, pricing strategies, and consumer experiences.
This is to emphasizes the importance of utilizing empirical research and data analysis to inform decision-making in applied neuromarketing. I also highlights the potential benefits of this interdisciplinary approach, including improved consumer engagement, increased brand loyalty, and more effective communication strategies.
I believe it should provide valuable insights into the integration of behavioural economics, emotional models, and consumer psychology for the development of an applied neuromarketing practice, showcasing the potential for enhancing marketing effectiveness through a deeper understanding of human decision-making processes.
Please share your comments and if someone already involved in such studies i would like to discuss further.
Hello, I wish you success in your work. I also work in the field of behavioral economics. My question to you would be, how would you integrate people's psychological factors into your work in behavioral economics?
Hi Sojy, this is a great question. I don have a perfect answer, i just wanted to share some perspective. Economically , consumers are very rational in their choices given the budget contraint . While they aim at chosing the best combination of goods that maximize utility, the choice is limited by budget and individual preference. Marketing leverage on potential benefit(utility)to sell products, consumers rely on derived utility to sustain use of a product and potentially make them prefer one brand over the other.
That's right, but the problem in economics is that econometric modeling of human behavior is a troublesome and difficult process. What kind of a model do you use when setting up an econometric model in behavioral economics?
Hi, Hidayet Duzcu thanks for your comment and question. It's a good question. To me, integrating people's psychological factors into behavioral economics involves recognizing and understanding the ways in which individuals' thoughts, emotions, and biases influence their economic decisions.
Human behaviour can't predict it's depends on the situations
In order to include behavioral economics in models, it is really necessary to do a lot of reading, especially in the field of behavioral economics. You have to read and absorb it.
I am sure Behavioural Economics needs no detailing here. Economics and Economists assume that people are rational and make rational decisions. But is it so in real life? In India people buy diesel cars which are more expensive than petrol ones, serving is more expensive, and wear& tear is more. Until unless one drives a certain no of kilometers per year all these should be a deterrents. But are not. People generally look at the price difference between diesel and petrol make a decision. Is this rational ? Is marginal benefit vs marginal cost being analysed? Or is this an emotional decision based on opinions - verbal / written etc? Your questions is a broad stroke. You need to be specific as too what you are looking for in terms of :
1. what is problem statement
2. which need(s) you are looking to target / address
3. what is perspective you have considered - in terms of impact of the required decision
4. how will this make the consumer do the cost benefit analysis
Hope this propels you to look at your situation more specifically.
As any applied field, building useful marketing mechanisms critically depends on reading the available literature, which is by now abundant. There is a lot of reading material in behavioral economics regarding how humans react to stymuli. You should consider the distinction between Systems 1 and 2, in order to realize that many consumption choices -- even when they concern spending money -- derive from automatic reactions to the circumstances faced by the agent. Literature on nudges is also keen to understanding the context in which behavior occurs. You may also consider experimenting a little with the data that you can access: would this type of language reach my targeted audience? how fast do specific consumers react to this kind of add? what media is more useful? and so on.
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