Bertrand Russell once remarked, "It has been said that man is a rational animal – throughout a long life, I have been searching evidence which could support this." Behavioral economics tells us that, we may think of ourselves as rational, but our choices are governed by systematic and predictable biases, and are susceptible to change based on the context. In this full-day seminar we examine the key concepts of behavioral economics from a perspective of understanding consumer choices. The relevance of these ideas pervades all areas of marketing – from pricing, communication to designing superlative customer experiences. Daniel Kahneman’s contribution to understanding judgment and decision making, which forms the foundations of behavioral economics, was awarded with the Nobel Prize in 2002. And Richard Thaler, who developed on ideas of Kahneman was awarded the Nobel Prize in 2017.
Brand choice is all about judgment and decision making - and understanding the social and psychological factors that influence brand choice is a must for every successful marketer as well as marketing researcher. Only through this understanding can marketing professionals design a choice architecture that nudges the consumer to their brand.
Marketing directors/managers, brand/product managers, strategy planners or market researchers
Ashok Sethi, Head of Illuminera Institute
