Nudging the Consumer to Your Brand
Rethinking Marketing through the Behavioral Economics Lens
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 half-day seminar, we examine the key concepts of behavioral economics from the perspective of understanding consumer choices. The relevance of these ideas pervades all areas of marketing - from pricing, to 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 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 it is for the marketing researcher. Only through this understanding can the marketers design a choice architecture, that nudges the consumer to their brand
Program
- Understanding the consumer choice process
- System 1 and System 2 driven consumer behavior
- Heuristics Biases governing consumer choices under various conditions – how do these influence the choices of consumers, who are faced with a plethora of products
- The “nudge framework” for marketing
- How the right “framing” and “priming” of choices can make all the difference in winning the consumers and increasing their spending
- The experiencing self and the remembering self – and implications on the design of communications and consumer experiences
- Generating insights through a behavioral economics lens - implications on market research.
How to Pay:
Transferring accountAccount name: Thailand Marketing Research Society
(สมาคมวิจัยการตลาดแห่งประเทศไทย)
Bank: UOB Bank
Branch: Mercury Ville @ Chidlom Branch
Saving Acct no.
704-123-863-5,
Swift Code: UOVBTHBK
ไทย
