Are you really in control of your buying decisions?

If you’ve not heard of this, it is a discipline that plays on the rationality (or irrationality depending on your POV) of economic decisions.

Wikipedia (that source of all knowledge) defines it as:

study the effects of social, cognitive, and emotional factors on the economicdecisions of individuals and institutions and the consequences for market pricesreturns, and the resource allocation.

It’s a fascinating subject matter and an immensely complex one.  From a marketer’s perspective we need to be aware of the biases and behaviours people have and develop what it termed ‘choice architecture’ – i.e. orchestrating and organising your offerings in such a way as to guide people to the decision you’d like them to make.

There are many branches to BE, and below is an illustration/introduction to it.

 

Another excellent piece on it is this talk from Rory Sutherland

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