Paradox of Choice || Definition Minute || Behavioral Economics in Marketing Podcast

The 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 challenging for people to make decisions and ultimately reducing their overall satisfaction with the chosen option.

📎 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. 

 

Behavioral Economics in Marketing Podcast | 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.

Sandra Thomas-Comenole | Host | Marketing professional with over 15 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism