Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.
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The Non-Skinnerian Podcast: Where Behavioral Economics and Gamification Redefine Engagement and Motivation
Roman Rackwitz
...where Behavioral Economics and Gamification Redefine Engagement and Motivation. You might be wondering—what exactly do we mean by 'non-Skinnerian'? Well, instead of relying solely on rewards and punishments to drive behavior, we delve into the rich and nuanced world of behavioral economics and gamification. We explore how understanding human psychology—our quirks, biases, and intrinsic motivations—can lead to far more effective and sustainable strategies for engagement and motivation.
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Hyperbolic Discounting and Productivity in Remote Teams | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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8:49Addressing hyperbolic discounting is crucial for enhancing productivity in remote teams. By implementing strategies such as setting clear short-term goals, using time-blocking techniques, providing immediate feedback, incentivizing long-term goals, promoting accountability, and utilizing task management tools, teams can effectively counteract the t…
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Hawthorne Effect | Definition Minute | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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3:03The Hawthorne Effect refers to the phenomenon where individuals alter their behavior due to the awareness that they are being observed. This behavioral change can occur in response to any form of attention or monitoring, and it often leads to temporary improvements in performance or productivity. The term originates from the Hawthorne studies condu…
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Hyperbolic Discounting | Definition Minute | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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2:11Hyperbolic Discounting is a time-inconsistent model of delay discounting; or the tendency for people to have a stronger preference from immediate rewards over rewards that come later in the future, even when these immediate rewards are smaller. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episo…
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The Reciprocity Principle and Enhancing Team Cooperation | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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8:06Applying the Reciprocity Principle to enhance team cooperation can significantly strengthen the collaborative spirit within an organization. By recognizing and rewarding contributions, offering support, sharing knowledge, creating team-building opportunities, and encouraging peer recognition, teams can foster a culture where mutual support and coop…
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The Halo Effect and Remote Leadership Perceptions
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7:33Leveraging the Halo Effect can significantly enhance remote leadership by positively shaping how leaders are perceived by their teams. By consistently demonstrating professionalism in communication, showcasing expertise, fostering positive relationships, and recognizing team achievements, remote leaders can create a strong, favorable overall impres…
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The Hawthorne Effect and Remote Work Performance | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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9:33Effectively applying the Hawthorne Effect to remote work involves implementing strategies that subtly remind employees of their visibility and the value of their contributions without intruding on their privacy. By adopting practices such as regular check-ins, visible metrics, and recognition systems, organizations can foster an environment where e…
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The Economics of Remote Work | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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7:51The economics of remote work are multifaceted and far-reaching. For businesses, the potential for cost savings and enhanced productivity are compelling reasons to embrace this shift. Employees benefit from reduced expenses and improved work-life balance, although challenges persist. The broader economic landscape will continue to evolve as remote w…
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Intro to Season 9 | Economics of Remote Work | Behavioral Economics in Marketing Podcast
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7:27Welcome to Season 9 of the Behavioral Economics in Marketing podcast. This season, we are dedicating our entire series to a topic that has reshaped the professional landscape: remote work. The COVID-19 pandemic accelerated the adoption of remote work, making it the norm for many organizations worldwide. As we navigate this new reality, it's crucial…
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🚨 Season 9 of Behavioral Economics in Marketing Starts This Thursday! 🚨 I’m Sandra Thomas-Comenole, and I’m excited to kick off Season 9 with fresh insights on remote work and its impact on marketing and leadership. In Episode 1, we’ll explore how behavioral economics shapes remote work dynamics and what you can do to boost performance and collabor…
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Discover the New Behavioral Economics in Marketing Website!
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0:42🎧 Discover the New Behavioral Economics in Marketing Website! Explore exclusive content and discover amazing resources that will elevate your marketing strategy. Plus, don’t miss out on our exclusive merch and check out the trusted affiliates and partners that can help you take your marketing game to the next level. Visit www.BehavioralEconomicsinM…
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Suffering as a Service: Why We Crave Discomfort in a Comfortable World
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8:46Embracing Discomfort: The Surprising Secret to a Meaningful Life As the sun begins to rise over a wintery mountain, a climber braves the icy trail, knowing that every step is tough but rewarding. The cold bites, the muscles ache, and yet, with each ascent, a profound sense of life rushes through them. It’s a feeling many seek in a world designed fo…
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Strengthening Democracy with AI and Critical Thinking
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15:06Breaking the Rabbit Hole: Strengthening Democracy with AI and Critical Thinking In today’s episode of Breaking the Rabbit Hole, we explore a groundbreaking intersection between psychology, technology, and democracy. Imagine an AI powerful enough to change deeply held conspiracy beliefs – and the impact that could have on society. Join us as we unpa…
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Are you curious if those brain training games, like Nintendo's Brain Age, actually deliver on their promises? Our latest episode takes a deep dive into the science and psychology behind these popular games, revealing the myths and truths that can impact your cognitive health. Don't miss out on this podcast that challenges the status quo of brain tr…
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The Joy of Production: How Your Enjoyment Makes Your Customers Pay More
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13:21A seller's enjoyment of their craft can significantly influence consumer behavior and choices. Important points include how authentic enthusiasm can enhance storytelling in marketing engage customers and ultimately lead to increased sales. Enjoyment isn’t just a feeling; it’s a powerful tool for sales. When sellers express joy, buyers feel it. This…
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Why Investing Time in Your Customers Beats Fast Solutions Every Time Businesses that neglect to recognize the value of time spent on relationships miss out on creating deeper bonds with their customers. When we look at businesses that thrive on customer loyalty, they often employ strategies designed for personal engagement.…
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The Unchanging in a Fast-Paced World
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14:36Welcome to another thought-provoking episode of The Non-Skinnerian Podcast, hosted by Roman Rackwitz. This week, Roman delves into an intriguing paradox: while the world around us seems to be accelerating with new technologies, innovations, and trends, certain core aspects of human behavior remain unshakably consistent. Fresh off the Zukunft Person…
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In this episode of The Non-Skinnerian Podcast, host Roman Rackwitz dives deep into the fascinating concept of "Almost," a powerful idea from Teresa Amabile and Steven Kramer’s research in The Progress Principle. We explore the psychology behind those pivotal moments when you're so close to completing a task and how this "almost there" feeling can f…
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Why Thinking Logically Could Be Your Biggest Mistake!
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11:52Join host Roman Rackwitz as we dive deep into the fascinating world of psychology and its impact on decision-making. In this episode, we challenge the belief that logic is always the best guide for our choices. What You'll Discover: The Limits of Logic: Explore how relying solely on logic can create blind spots in our decision-making process. Psych…
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Welcome, and warm invitation to 'The non-Skinnerian Podcast'
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3:38Welcome and warm invitation to a podcast format that looks at the world of human attention, participation, and motivation. But significantly without the carrot-and-stick approach. Motivation is a multi-faceted concept that has puzzled thinkers, leaders, and businesses for decades. If you've ever found yourself wondering why a colleague seems to thr…
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The Paradox of Choice in E-Commerce: Behavioral Economics Strategies for Streamlining Online Decisions || Season 8 || Behavioral Economics in Marketing Podcast
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12:56In the dynamic landscape of e-commerce, where a plethora of products and services beckon consumers with enticing options, the paradox of choice emerges as a significant challenge. As online shoppers navigate through an expansive array of offerings, the abundance of choices can lead to decision fatigue, indecision, and diminished satisfaction. In th…
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Anchoring in Email Pricing: Maximizing Perceived Value Through Strategic Price Points || Season 8 || Behavioral Economics in Marketing Podcast
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8:32In the intricate world of email marketing, the concept of anchoring plays a pivotal role in shaping consumer perceptions of value. Just as a ship relies on its anchor to stay grounded, email marketers strategically utilize pricing as an anchor point to influence how recipients perceive the value of their offerings. This episode delves into the art …
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Marketers Guide to Promotion Strategies || Season 8 || Behavioral Economics in Marketing Podcast
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13:28In the realm of marketing, the "Promotion" is not merely a communication tool; it encapsulates the essence of a brand's identity and the pledge it extends to its consumers. Positioned as a cornerstone within the 4Ps framework, Promotion is the heartbeat of a company's marketing strategy, embodying advertising, public relations, sales promotions, an…
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Flip the Script on Availability Heuristic | Special Episode | Behavioral Economics in Marketing Podcast
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23:07In this special episode of the behavioral economics in marketing podcast, we challenge our human nature to rely solely on perceptions and knee-jerk reactions, both in marketing strategies and interpersonal relationships, by flipping the script on the availability heuristic. As George Harrison once sang in "Got My Mind Set on You," "It's gonna take …
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The Role of Social Proof in Location-Based Marketing: Leveraging Social Influence in Physical Spaces || Season 8 || Behavioral Economics in Marketing Podcast
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10:07In the ever-evolving landscape of marketing, businesses are increasingly recognizing the power of social proof, not only in the digital realm but also within the physical spaces where consumers make tangible decisions. From bustling retail stores to local eateries, the concept of social proof extends its influence into our everyday surroundings. In…
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Pop-Up Shops and the Scarcity Effect: A Behavioral Economics Exploration || Season 8 || Behavioral Economics in Marketing Podcast
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13:00In this episode, we delve into the dynamic interplay of scarcity and location within the realm of pop-up shops. As we explore the captivating synergy between these two powerful elements, we dissect ways marketers can strategically leverage scarcity and location to amplify the impact of temporary retail experiences. From the creation of exclusive pr…
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Marketers Guide to Place Strategies || Season 8 || Behavioral Economics in Marketing Podcast
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9:17This episode delving into the intricacies of the "Place" element in marketing, it becomes evident that the strategic decisions surrounding distribution and accessibility are paramount to a brand's success. From the careful selection of retail locations to the seamless management of logistics, "Place" serves as the linchpin in connecting products or…
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Market Segmentation | Definition Minute | Behavioral Economics in Marketing Podcast
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3:23Market segmentation is a marketing strategy that involves dividing a broad target market into subsets or segments based on certain characteristics, preferences, behaviors, or needs shared by the individuals within each segment. The purpose of market segmentation is to better understand and address the diverse needs of different customer groups, all…
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Sales Channels || Definition Minute || Behavioral Economics in Marketing Podcast
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4:34Sales channels, in the context of business and marketing, refer to the various avenues or methods through which a company distributes and sells its products or services to customers. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The …
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Dual Process Theory Impact on Reactions vs Deliberate Decisions || Special Episode Tribute to Daniel Kahneman || Behavioral Economics in Marketing Podcast
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29:47Dual process theory provides invaluable insights into the interplay between reactive responses and deliberate decisions in both personal and business contexts. Understanding the dynamic interaction between System 1 and System 2 thinking allows individuals to navigate high-pressure situations with greater awareness and efficacy. By recognizing when …
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Hedonic Adaptation and Product Satisfaction: Sustaining Consumer Joy Beyond the Purchase || Season 8 || Behavioral Economics in Marketing Podcast
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9:39In this episode, we delve into the intricate dynamics that shape how individuals perceive and derive pleasure from products over time. Hedonic adaptation, a process where the initial delight of a purchase diminishes with familiarity, poses a unique challenge for marketers seeking to sustain consumer joy beyond the point of sale. In this episode we …
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Search Engine Optimization (SEO) | Definition Minute | Behavioral Economics in Marketing Podcast
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3:03SEO is the practice of optimizing websites or online content to improve their visibility and ranking on search engine results pages (SERPs). The primary goal of SEO is to enhance the chances of a website or web page being found by users when they search for relevant keywords or phrases on search engines like Google, Bing, or Yahoo. 📎 Definition Min…
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Fixed Costs || Definition Minute || Behavioral Economics in Marketing Podcast
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3:24Fixed costs are essential components of a business's cost structure that remain constant regardless of the level of production or sales. These costs do not vary with the quantity of goods or services produced and remain stable over a specific period. Examples of fixed costs include rent for facilities, salaries of permanent staff, insurance premium…
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Temporal Discounting and Product Launches: Strategies for Overcoming Short-Term Bias || Season 8 || Behavioral Economics in Marketing Podcast
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9:32In this episode, we unravel the subtle but powerful cognitive bias that leads individuals to place greater value on immediate rewards while discounting the significance of delayed gratification. Temporal discounting poses a unique challenge for marketers seeking to orchestrate successful product launches, as consumers are inherently wired to priori…
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Search Engine Marketing (SEM) | Definition Minute | Behavioral Economics in Marketing Podcast
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3:03SEM is a digital marketing strategy that involves promoting websites by increasing their visibility in search engine results pages (SERPs) through paid advertising. SEM encompasses various paid advertising methods, with the most common being Pay-Per-Click (PPC) advertising. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketin…
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Left Digit Pricing || Definition Minute || Behavioral Economics in Marketing Podcast
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2:54Left-digit pricing is a pricing strategy where the leftmost digit of a product's price is reduced by one unit, such as pricing an item at $9.99 instead of $10. This psychological pricing technique takes advantage of the way consumers perceive prices, as the reduction of that leftmost digit tends to make the price appear significantly lower, even if…
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The Veblen Effect: Luxury Products and Conspicuous Consumption in Behavioral Economics || Season 8 || Behavioral Economics in Marketing Podcast
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9:04The Veblen Effect, with its roots in the desire for social distinction, has illuminated the complex interplay between consumer choices and societal signals of status. This episode has unraveled the mystique behind the allure of luxury, showcasing how the price tag of certain goods becomes a symbol of exclusivity and prestige. In the tapestry of beh…
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Social Media Marketing (SMM) | Definition Minute | Behavioral Economics in Marketing Podcast
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3:13SMM is a digital marketing strategy that involves the use of social media platforms to promote products, services, or brands. The primary goal of SMM is to create and share content that engages and attracts the target audience, ultimately driving brand awareness, website traffic, and customer engagement. 📎 Definition Minute is a new subset of the B…
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Pain Points || Definition Minute || Behavioral Economics in Marketing Podcast
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3:21In business and marketing, pain points refer to specific problems or challenges that customers experience, causing discomfort or dissatisfaction. These pain points can range from inconveniences and frustrations to more significant obstacles that hinder a customer's ability to achieve their goals or desires. Identifying and understanding these pain …
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Marketers Guide to Product Strategies || Season 8 || Behavioral Economics in Marketing Podcast
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11:21In the realm of marketing, the 'Product' is not merely a tangible item; it embodies the essence of a brand's identity and the promise it extends to its consumers. Positioned as one of the fundamental elements in the 4Ps framework, the Product is the heart of a company's marketing strategy, embodying features, design, quality, and the solution it pr…
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Iterative Moves, Nash Equilibrium, and Breaking Stalemates || Special Episode || Behavioral Economics in Marketing Podcast
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32:04Welcome to a special episode of the "Behavioral Economics in Marketing Podcast," where we delve into the intriguing dynamics of iterative moves, Nash equilibrium, and breaking stalemates in high-stakes scenarios. Join us as we explore the intersection of game theory, psychology, and decision-making in various aspects of business and interpersonal r…
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Principle of Perceived Value | Definition Minute | Behavioral Economics in Marketing Podcast
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3:11The principle of perceived value refers to the subjective assessment or judgment that a consumer makes about the worth or desirability of a product or service. Perceived value is not solely based on objective qualities or features of a product; instead, it involves the consumer's perception of the overall benefits, quality, and satisfaction derived…
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Disruptive Technologies || Definition Minute || Behavioral Economics in Marketing Podcast
3:51
3:51
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3:51Disruptive technologies are innovations that significantly alter the way industries or markets function, often replacing established products, services, or entire business models. These technologies introduce new and more efficient ways of doing things, challenging traditional approaches and reshaping the competitive landscape. Disruptive technolog…
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The Decoy Effect: Guiding Consumer Choices in Your Pricing Structure || Season 8 || Behavioral Economics in Marketing Podcast
7:47
7:47
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7:47In this episode, we delve into the fascinating realm of the Decoy Effect and its profound influence on consumer decision-making within your pricing structure. Imagine a scenario where a seemingly innocuous third option holds the key to steering customers towards your preferred choices. The Decoy Effect, a subtle yet powerful phenomenon in behaviora…
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Intention-Action Gap | Definition Minute | Behavioral Economics in Marketing Podcast
2:33
2:33
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2:33The Intention-Action Gap is a social psychology and behavioral economics theory that describes the occurrence of when one’s values, attitudes or intentions do not correlate with their actions. It is the failure to convert intentions into action and behavior. In other words, it is the difference between what people say they will do and what people a…
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Differentiation || Definition Minute|| Behavioral Economics in Marketing Podcast
4:25
4:25
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4:25Differentiation in business refers to the strategy of making a product or service unique and distinct from competitors in the eyes of customers. By highlighting unique features, benefits, or attributes, companies aim to create a competitive advantage that sets them apart in the market. This strategy involves offering something that is perceived as …
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Time Discounting and Dynamic Pricing: Strategies for Addressing Consumer Impatience | Season 8 | Behavioral Economics in Marketing Podcast
12:34
12:34
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12:34In a world where time is a precious commodity, consumer impatience has become a driving force shaping purchasing decisions. Drawing from the wisdom of the Christian Bible, Matthew 6:21 aptly reminds us, 'For where your treasure is, there your heart will be also.' This biblical insight resonates with the modern reality that how individuals allocate …
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Paradox of Choice || Definition Minute || Behavioral Economics in Marketing Podcast
3:00
3:00
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3:00The paradox of choice is a concept in psychology and economics that suggests that having too many choices can lead to decision-making difficulties, dissatisfaction, and a sense of overwhelm for individuals. The idea is that while having choices is generally considered positive, an abundance of options can create negative consequences, making it cha…
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Dynamic Pricing || Definition Minute || Behavioral Economics in Marketing Podcast
3:24
3:24
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3:24Dynamic pricing is a pricing strategy where the cost of a product or service fluctuates based on real-time market demand, supply, and other relevant factors. Unlike fixed pricing, which remains constant, dynamic pricing allows businesses to adjust prices dynamically in response to changing market conditions. This strategy is commonly used in indust…
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Pricing Tactics 101: Elevating Your Business Strategy for Success | Behavioral Economics in Marketing Podcast
11:21
11:21
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11:21In this episode we reveal the synergy of behavioral economics, marketing, and pricing strategy for business success. By weaving these threads into a strategic fabric, businesses can navigate the complexities of consumer behavior, optimize pricing, and chart a course for sustained success. Embrace the art of strategic pricing to elevate your busines…
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REPLAY: Asymmetric Information || Definition Minute || Behavioral Economics in Marketing Podcast
4:03
4:03
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4:03In this episode, we are considering asymmetric information. The term asymmetric information describes when one party in an economic transaction possesses greater material knowledge than the other party. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a…
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