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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.
Episodes
Tuesday Jul 06, 2021
Tuesday Jul 06, 2021
In this episode, we are considering "moral hazard". A moral hazard is a situation in which a party has limited responsibility for the risks or is completely protected from risk will in some way act differently than if they didn't have that protection.
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 topics will be review, introductory or discrete in nature.
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