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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
Monday Mar 04, 2024
Monday Mar 04, 2024
Disruptive 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 technologies can emerge across various sectors, ranging from information technology to healthcare and transportation. Unlike incremental innovations, which improve upon existing technologies, disruptive technologies can revolutionize entire industries, leading to rapid and profound changes. Businesses that successfully embrace and adapt to disruptive technologies can gain a competitive edge, while those that resist or ignore them risk becoming obsolete in a rapidly evolving market.
📎 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
Thursday Feb 29, 2024
Thursday Feb 29, 2024
In 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 behavioral economics, unveils the art of guiding consumer choices through strategic pricing.
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
Tuesday Feb 27, 2024
Tuesday Feb 27, 2024
The 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 actually do.
📎 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
Monday Feb 26, 2024
Monday Feb 26, 2024
Differentiation 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 valuable and difficult for competitors to replicate, ultimately leading to customer preference and loyalty. Differentiation can take various forms, including product innovation, superior quality, exceptional customer service, or even distinctive branding. The goal is to carve out a niche and establish a strong market position based on the perceived uniqueness of the offering.
📎 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
Thursday Feb 22, 2024
Thursday Feb 22, 2024
In 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 their resources, including time and money, reflects their true priorities. Understanding the principles of time discounting, where individuals place higher value on immediate rewards over future gains, opens the door to dynamic pricing strategies that align with these temporal preferences. This episode delves into the psychology of time and explores actionable strategies businesses can employ to address consumer impatience through dynamic pricing.
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
Tuesday Feb 20, 2024
Tuesday Feb 20, 2024
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
Monday Feb 19, 2024
Monday Feb 19, 2024
Dynamic 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 industries such as e-commerce, hospitality, and transportation. By leveraging algorithms and data analysis, companies can optimize their pricing to maximize revenue, respond to changes in consumer behavior, and stay competitive in a dynamic market environment. Dynamic pricing enables businesses to set prices that reflect the current value of their offerings, enhancing flexibility and responsiveness to market dynamics.
📎 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
Thursday Feb 15, 2024
Thursday Feb 15, 2024
In 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 business in the dynamic landscape of today's markets.
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
Tuesday Feb 13, 2024
Tuesday Feb 13, 2024
In 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 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
Monday Feb 12, 2024
Monday Feb 12, 2024
Channel marketing is the strategic approach that companies use to get their products into the hands of consumers through various intermediary businesses. Instead of selling directly to end-users, companies collaborate with middlemen such as retailers, wholesalers, and distributors to ensure their products are available in different locations. This approach allows businesses to tap into the expertise and reach of these intermediaries, expanding their market presence and enhancing the overall distribution process. Channel marketing involves forming and managing partnerships, providing support to intermediaries, and implementing strategies to optimize product accessibility and boost sales.
📎 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