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Behavioural Economics and its use in Marketing
Explore how behavioral economics revolutionises marketing over two decades. Learn its fundamentals, enhancement of customer experience, influence on marketing’s 4Ps, strategic application, and real-world challenges in this introductory course.
Over the past 20 years, behavioural economics has gained global momentum and influence in many areas of society. One area in particular this trend has gained momentum and popularity in is marketing. So, how can behavioural economics be applied in marketing and why is it important for marketers to know about and use?
This course provides a great introduction into the exciting and growing world of behavioural economics. We will look at the basics of behavioural economics; how it can enhance the customer experience; the impact it has on the 4Ps of marketing; how marketers can leverage behavioural economics effectively in their marketing strategies; and some of the challenges when applying it to real-world situations.
Key Topics
What behavioural economics is and why it is important
System 1 and System 2 thinking
Nudge theory
Behavioural economics into customer experience
Learning Outcomes
Determine the psychological aspects of consumers and their preferences
Determine techniques to influence consumers and help them make decisions
Understand the different types of behavioural economic approaches that can be used in marketing research
