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The Behavioral Economics in Marketing's PodcastLeveraging Social Proof to Increase Conversion Rates | Behavioral Economics in Marketing PodcastIn this episode, I discuss how companies can leverage social proof to increase conversion rates.
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...2023-02-0103 minThe Behavioral Economics in Marketing's PodcastVerbatim Effect | Definition Minute | Behavioral Economics in Marketing PodcastVerbatim Effect | The verbatim effect is a cognitive bias that causes people to remember the general meaning of information, rather than its exact form, which is the way the information was presented and the minor details that it involved.
📎 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...2023-01-3101 minThe Behavioral Economics in Marketing's PodcastSocial proof | Definition Minute | Behavioral Economics in Marketing PodcastSocial proof | Social proof is a psychological and social phenomenon that describes the tendency of human beings to follow the actions of others when making decisions, placing weight on these actions to assume “the correct decision.”
📎 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...2023-01-3001 minThe Behavioral Economics in Marketing's PodcastScarcity | Definition Minute | Behavioral Economics in Marketing PodcastScarcity | Scarcity is a foundational concept in economics and describes the dilemma of how finite resources are allocated, or the perception of limited resources, when there is not enough to fulfill human needs and wants.
📎 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...2023-01-2902 minThe Behavioral Economics in Marketing's PodcastGeographic clustering | Definition Minute | Behavioral Economics in Marketing PodcastGeographic clustering | In economics, geographic clustering is defined as a geographic concentration of related companies, organizations or institutions.
📎 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 mar...2023-01-2801 minThe Behavioral Economics in Marketing's PodcastPrincipal Agent Problem | Definition Minute | Behavioral Economics in Marketing PodcastPrincipal Agent Problem | The principal–agent problem, is an economic term that describes when one person or entity (the "agent"), is able to make decisions and/or take actions on behalf of, or that impact, another person or entity: the "principal". This dilemma exists in circumstances where agents are motivated to act in their own best interests, which are contrary to those of their principals, and is an example of moral hazard. This moral hazard is often combined with the existence of asymmetric information.
📎 Definition Minute is a new subset of the Behavioral Economics in Market...2023-01-2703 minThe Behavioral Economics in Marketing's PodcastLoss Aversion | Definition Minute | Behavioral Economics in Marketing PodcastLoss Aversion | Loss aversion bias is a cognitive bias that describes the observation that humans experiense loss asymmetrically to a greater degree than acquiring equivalent gains.
📎 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 i...2023-01-2602 minThe Behavioral Economics in Marketing's PodcastCultural capital | Definition Minute | Behavioral Economics in Marketing PodcastCultural capital | Cultural capital is a sociological term used to define the tangible and intangible social assets of a person or organization, such as education, intellect, style of speech, dress, behaviors, etc. that promote social mobility and the ability to influence others in a particular situation based on shared elements of culture. Cultural capital functions as a social relation within an economy of practices and includes specific knowledge and shared experiences that confers social status, power and inclusive.
📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will...2023-01-2502 minThe Behavioral Economics in Marketing's PodcastIntention-Action Gap | Definition Minute | Behavioral Economics in Marketing PodcastIntention-Action Gap | 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 nat...2023-01-2402 minThe Behavioral Economics in Marketing's PodcastMindset | Definition Minute | Behavioral Economics in Marketing PodcastMindset | In decision theory, implicit personality theory and general systems theory, a mindset is a complex mental state comprised of a set of assumptions, values, dispositions, methods or notions held that determines how you will interpret and respond to situations.
📎 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 m...2023-01-2301 minThe Behavioral Economics in Marketing's PodcastFlow Theory | Definition Minute | Behavioral Economics in Marketing PodcastFlow Theory | The concept of "flow" is a mental state in which a person performing some activity is fully immersed and is so involved in the activity that nothing else seems to matter; the experience is so enjoyable that people will continue to do it even at great cost, for the sheer sake of doing it. Flow is characterized by the complete absorption in what the person is doing that they even lose their sense of time.
📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define...2023-01-2202 minThe Behavioral Economics in Marketing's PodcastGrowth mindset | Definition Minute | Behavioral Economics in Marketing Podcast Growth mindset | A growth mindset was first proposed by Stanford professor Carol Dweck in her book Mindset: The New Psychology of Success. The Growth mindset theory is centered around the belief that intelligence and learning can be developed and improved.
📎 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 m...2023-01-2102 minThe Behavioral Economics in Marketing's PodcastDecoy effect | Definition Minute | Behavioral Economics in Marketing PodcastDecoy effect | The decoy effect is also known as the asymmetrical dominance effect. It is a cognitive bias that describes when people change their preference between two options when a third option is presented.
📎 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 stu...2023-01-2001 minThe Behavioral Economics in Marketing's PodcastAnchoring Effect on Pricing Strategies | Behavioral Economics in Marketing PodcastAnchoring is all about first impressions. Using anchoring to inform pricing strategies will help your customers to perceive value of your products and services.
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 profe...2023-01-1902 minThe Behavioral Economics in Marketing's PodcastUtility Theory | Definition Minute | Behavioral Economics in Marketing PodcastUtility Theory | Utility theory is one of the pillars of modern economics and is an economic hypothesis that postulates that consumers make purchase decisions based on the degree of utility or satisfaction they obtain from a given product or service.
📎 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 marketi...2023-01-1802 minThe Behavioral Economics in Marketing's PodcastSupply | Definition Minute | Behavioral Economics in Marketing PodcastSupply | In economics, supply is a fundamental concept that describes the amount of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period. Supply can relate to the amount available at a specific price or the amount available across a range of prices. This relates closely to the demand for a good or service at a specific price; all else being equal, the supply provided by producers will rise if the price rises because all firms look to maximize profits.
📎 Definition Minute is a ne...2023-01-1702 minThe Behavioral Economics in Marketing's PodcastConfirmation Bias on Customer Retention | Behavioral Economics in Marketing PodcastConfirmation bias is the tendency to process and analyze information in such a way that it supports one’s pre-existing beliefs, ideas and convictions. One of the most important uses of Confirmation Bias in marketing is in customer retention or repeat buyer programs because there are several touchpoints along the customer journey where marketers can leverage Confirmation Bias to increase the customer retention rate and repeat purchase behavior.
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 ins...2023-01-1607 minThe Behavioral Economics in Marketing's PodcastConfirmation bias | Definition Minute | Behavioral Economics in Marketing PodcastConfirmation bias | Confirmation bias is the tendency to process and analyze information in such a way that it supports one’s preexisting beliefs, ideas and convictions.
📎 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 in...2023-01-1502 minThe Behavioral Economics in Marketing's PodcastDemand | Defintion Minute | Behavioral Economics in Marketing PodcastDemand | In economics, demand is a function of the quantity demanded of a commodity and the factors influencing demand such as an item's perceived necessity, price, perceived quality, convenience; available alternatives; purchasers' disposable income and tastes; and many other factors.
📎 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...2023-01-1402 minThe Behavioral Economics in Marketing's PodcastElasticity | Definition Minute | Behavioral Economics in Marketing PodcastElasticity | Elasticity is an important concept in neoclassical economic theory that allows economists to measure the responsiveness or sensitivity of an economic variable in response to a change in another economic variable such as the measure of the change in quantity demanded of an item relative to changes in other factors such as the price.
📎 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.
Behavi...2023-01-1302 minThe Behavioral Economics in Marketing's PodcastInoculation theory | Definition Minute | Behavioral Economics in Marketing PodcastInoculation theory | As the name suggests, the theory employs medical inoculation as an explanatory analogy as inoculation theory is a model for building resistance to persuasion attempts through pre-exposure to weaker counter arguments. In this way, Inoculation theory is unique. Instead of offering ways to enhance persuasion, inoculation offers resistance to persuasion.
📎 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 | Underst...2023-01-1202 minThe Behavioral Economics in Marketing's PodcastFraming effect | Definiton Minute | Behavioral Economics in Marketing PodcastFraming effect | In behavioral economics, framing effect refers to the principle that information is not static, but fluid based on how, when and where it is communicated. In other words, people's decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement.
📎 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 Mar...2023-01-1102 minThe Behavioral Economics in Marketing's PodcastClustering | Definition Minute | Behavioral Economics in Marketing PodcastClustering | Clustering is a psychological term that is defined as the tendency for items to be consistently grouped together in the course of recall.
📎 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 shap...2023-01-1001 minThe Behavioral Economics in Marketing's PodcastCorrelation of Dual Process Theory and Status Quo Bias | Behavioral Economics in Marketing PodcastIn this episode, I discuss the correlation of Dual Process Theory and Status Quo Bias.
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 sale...2023-01-0906 minThe Behavioral Economics in Marketing's PodcastDual process theory | Definition Minute | Behavioral Economics in Marketing PodcastDual process theory | Dual process theory is a psychological term that describes the two different modes or systems of thinking.
📎 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. Ma...2023-01-0801 minThe Behavioral Economics in Marketing's PodcastBounded rationality theory | Definition Minute | Behavioral Economics in Marketing PodcastBounded rationality theory | Bounded rationality theory of economic behavior states that people make judgments based on a limited amount of information and their cognitive capacity. In other words, Bounded rationality is a decision-making mechanism in which we try to satisfy rather than optimize our goals. Instead of seeking the optimal decision, we choose a decision that will suffice.
📎 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 Economi...2023-01-0704 minThe Behavioral Economics in Marketing's PodcastHomo economicus | Definition Minute | Behavioral Economics in Marketing PodcastHomo economicus | Homo economicus, or economic man, is a theoretical abstraction that neoclassical economists use to describe a perfectly rational human being.
📎 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 hel...2023-01-0602 minThe Behavioral Economics in Marketing's PodcastCeteris Paribus | Definition Minute | Behavioral Economics in Marketing PodcastCeteris Paribus | Ceteris paribus is a Latin phrase that means "all other things being equal or "holding other things constant." In economics, ceteris paribus is a statement about the causal, empirical or logical relationship between two variables, phenomena or states of affair when all other variables, phenomena or states of affair are held constant.
📎 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 | Unders...2023-01-0503 minThe Behavioral Economics in Marketing's PodcastStatus Quo Bias | Definition Minute | Behavioral Economics in Marketing PodcastStatus Quo Bias | Status Quo Bias is a cognitive bias that is based in emotion whereby an individual is presented with the choice of switching from status quo or maintaining status quo weighs the potential losses of switching more heavily than the potential gains of switching.
📎 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 m...2023-01-0401 minThe Behavioral Economics in Marketing's PodcastPrice Discrimination | Definition Minute | Behavioral Economics in Marketing PodcastPrice discrimination | Price discrimination is a pricing strategy whereby firms charge customers different prices for the same product or service depending on a number of factors such as demographics or on how they value the product or service.
📎 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 st...2023-01-0302 minThe Behavioral Economics in Marketing's PodcastAnchoring Effect on Branding | Behavioral Economics in Marketing PodcastAnchoring is all about first impressions. Effective branding represents the brand, and what your company can offer, in a new and non-generic way.
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...2023-01-0202 minThe Behavioral Economics in Marketing's PodcastIntro to Season 6 | 30 Day Challenge | Behavioral Economics in Marketing PodcastBehavioral 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 Lin...2023-01-0104 minThe Behavioral Economics in Marketing's PodcastSpecial Announcement | Season 6 Teaser | Behavioral Economics in Marketing PodcastSpecial Announcement | This special announcement is a teaser for Season 6 of the Behavioral Economics in Marketing Podcast!
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 mark...2022-12-2301 minThe Behavioral Economics in Marketing's PodcastZero Sum Games and Insurance | Lessons From the Fire | Behavioral Economics in MarketingMathematicians, economists and analysts use the term zero-sum game throughout game theory and economic theory to describe a competitive situation wherein the profit of one equals the loss of another and vice-versa, thereby nullifying the net change in wealth for participants involved.
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 an...2022-10-2106 minThe Behavioral Economics in Marketing's PodcastSocietal Norms and Marketing | Lessons From the Fire | Behavioral Economics in MarketingSocietal norms are shared standards of acceptable behavior by groups. They are the unwritten rules of behavior and beliefs. Social norms are an exciting topic to be talking about and there are so many applications in marketing, professional development, leadership, etc.
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 se...2022-10-1307 minThe Behavioral Economics in Marketing's PodcastIKEA Effect | Definition Minute | Behavioral Economics in Marketing PodcastIKEA effect is a cognitive bias that implies consumers place a disproportionately high value on items that they have played a part in creating.
📎 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 shap...2022-10-0601 minThe Behavioral Economics in Marketing's PodcastLoss Aversion in the Wake of a Natural Disaster | Lessons From the Fire | Behavioral Economics in MarketingLoss aversion bias is a cognitive bias that describes the observation that humans experience loss asymmetrically to a greater degree than acquiring equivalent gains. In this episode, I discuss loss aversion bias behaviors experienced and witnessed in the wake of a natural disaster including FOMO, the power of free, panic buying and price gouging.
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 in...2022-09-2908 minThe Behavioral Economics in Marketing's PodcastAcquisition Theory | Definition Minute | Behavioral Economics in Marketing PodcastAcquisition theory is a motivational model that affirms that we all have three motivating drivers: achievement, power and affiliation. These motivational drivers affect the actions of people regardless of age, sex, race or culture.
📎 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 ca...2022-09-2202 minThe Behavioral Economics in Marketing's PodcastAchieving Optimal Outcomes with Backwards Induction | Lessons from the Fire | Behavioral Economics in Marketing PodcastBackwards induction in game theory is an iterative process of reasoning backward in time, from the end of a problem or situation, to solve finite extensive form and sequential games, and infer a sequence of optimal actions. In this episode, I considered achieving optimal outcomes with backwards induction using examples of when this type of decision making process comes in handy and the basic steps to create a backwards induction model.
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 ca...2022-09-1510 minThe Behavioral Economics in Marketing's PodcastHyperbolic Discounting | Definition Minute | Behavioral Economics in Marketing PodcastHyperbolic Discounting is a time-inconsistent model of delay discounting; or the tendency for people to have a stronger preference from immediate rewards over rewards that come later in the future, even when these immediate rewards are smaller.
📎 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...2022-09-0802 minThe Behavioral Economics in Marketing's PodcastCorporate Philanthropy in Response to Natural Disasters | Lessons From the Fire | Behavioral Economics in MarketingCorporate philanthropy is the act of a corporation or business promoting the welfare of others, generally through charitable donations of funds, goods or time. Corporate philanthropy after a natural or any type of disaster can have a tremendous impact on your company, your employees and the world around you. In this episode, I discuss the benefits of corporate philanthropy and types of corporate philanthropy programs.
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 be...2022-09-0106 minThe Behavioral Economics in Marketing's PodcastPriming Effect | Definition Minute | Behavioral Economics in Marketing PodcastPriming Effect is a phenomenon whereby exposure to one stimulus influences how a person responds to a subsequent stimulus, without any awareness of the connection.
📎 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 t...2022-08-2502 minThe Behavioral Economics in Marketing's PodcastMaslow’s Hierarchy of Needs, Self-Actualization on Personal and Professional Development | Behavioral Economics in Marketing PodcastMaslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The psychology theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In this episode, I discussed you can cultivate self-actualization in your personal and professional development.
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 y...2022-08-1815 minThe Behavioral Economics in Marketing's PodcastREPLAY: Endowment Effect | Definition Minute | Behavioral Economics in Marketing PodcastThe Endowment Effect is the feeling of owning something, where the idea of possession increases its worth regardless of its objective market value.
📎 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 t...2022-08-1102 minThe Behavioral Economics in Marketing's PodcastLeveraging Social Belonging in Branding and Messaging | Maslow’s Hierarchy of Needs | Lessons From the Fire | Behavioral Economics in MarketingMaslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The psychology theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In this episode, I discussed how marketing professionals can leverage the social belonging category in their company branding.
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 he...2022-08-0411 minThe Behavioral Economics in Marketing's PodcastAffect Heuristic | Definition Minute | Behavioral Economics in Marketing PodcastAffect Heuristic | The affect heuristic represents a reliance on good or bad feelings experienced in relation to a stimulus. Affect-based evaluations are quick, automatic, and rooted in experiential thought that is activated prior to reflective judgments (Slovic et al., 2002).
📎 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...2022-08-0102 minThe Behavioral Economics in Marketing's PodcastMaslow’s Hierarchy of Needs, Categories of Needs | Lessons From the Fire | Behavioral Economics in MarketingMaslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The psychology theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In this episode, I went more in depth on Maslow's Hierarchy of Needs by defining each of the categories of needs and motivations, especially how they relate to marketing. And I also discuss some of the criticisms of Maslow's Hierarchy of Needs.
Behavioral Economics in Marketing Podcast | Understanding how we as...2022-07-2109 minThe Behavioral Economics in Marketing's PodcastAvailability Heuristic | Definition Minute | Behavioral Economics in Marketing PodcastAvailability Heuristic | Availability is a heuristic whereby people make judgments about the likelihood of an event based on how easily an example, instance or case comes to mind.
📎 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...2022-07-1502 minThe Behavioral Economics in Marketing's PodcastMaslow’s Hierarchy of Needs, an Introduction | Lessons From the Fire | Behavioral Economics in MarketingMaslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In this episode, I define Maslow's hierarchy of needs while giving popular examples in macroeconomics, microeconomics and personal and professional development.
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 in...2022-07-0706 minThe Behavioral Economics in Marketing's PodcastREPLAY: Framing Effect on Delegation | Behavioral Economics in MarketingThe framing effect is about how employees' decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement. In this episode, we discussed ways for leaders to apply the framing effect in the successful delegation.
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 p...2022-06-3010 minThe Behavioral Economics in Marketing's PodcastREPLAY: Delegation Common Pitfalls and Hang-ups | Behavioral Economics in MarketingIn this episode of the Behavioral Economics in Marketing podcast, we discuss common delegation pitfalls and hang-ups such as delegating to the wrong employee, over-delegating, micromanaging, envy, time costs and fear of loss of control.
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 t...2022-06-2907 minThe Behavioral Economics in Marketing's PodcastREPLAY: Delegation, a Definition | Behavioral Economics in MarketingIn this episode, we define and discuss delegation including the direction of delegation, the process of delegation and the principles of delegation such as the principle of result expected, the principle of delegation of authority, the scalar principle and the principle of exception.
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 pr...2022-06-2810 minThe Behavioral Economics in Marketing's PodcastAltruism vs Self-Interest in Marketing and Leadership | Lessons From the Fire | Behavioral Economics in MarketingAltruism is a form of prosocial behavior. It is the principle and moral practice of concern for others (including human beings and animals). Altruism is generally defined as the belief in or practice of disinterested and selfless concern for the well-being of others. In this episode, I describe how marketing professionals can avoid conflicting and confusing altruistic vs self-seeking benefits in several facets of their marketing and leadership efforts.
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 ca...2022-06-2309 minThe Behavioral Economics in Marketing's PodcastChoice Overload | Definition Minute | Behavioral Economics in MarketingChoice Overload | Choice Overload is a cognitive impairment that occurs as a result of having too many choices available.
📎 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. Market...2022-06-0902 minThe Behavioral Economics in Marketing's PodcastKeynesian Economics and Natural Disasters | Lessons From the Fire | Behavioral Economics in Marketing PodcastKeynesian Economics and Natural Disasters | In this episode, we discuss Keynesian economics in relation to natural disasters. Keynesian economics is all about stimulating aggregate demand through government spending to increase economic growth. In the wake of a natural disaster, government spending and consumer spending is stimulated in a sizeable, systematic and calculable way.
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 B...2022-06-0206 minThe Behavioral Economics in Marketing's PodcastRisk vs Reward Ratio | Definition Minute | Behavioral Economics in Marketing PodcastRisk vs Reward Ratio | The risk versus reward ratio is a systematic approach to assess the relationship between the cost or risk of an undertaking to the prospective reward.
📎 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 b...2022-05-2602 minThe Behavioral Economics in Marketing's PodcastIntro to Season 5 | Lessons From the Fire | Behavioral Economics in Marketing PodcastLessons From the Fire | Through this season, I will be applying lessons that I learned from the Marshall Fire in Boulder Colorado to marketing and business development, as well as professional and personal growth. Additionally, listeners can expect to hear poignant self-revelation, interesting tidbits on human behavior in the wake of a natural disaster and economic truths about everyday occurrences.
Here are just a few of the episodes that listeners can expect to hear about in season 5 of the Behavioral Economics in Marketing podcast, Lessons From the Fire: Achieving optimal outcomes with backwards induction, Keynesian Economics and Natural Disasters...2022-05-2310 minThe Behavioral Economics in Marketing's PodcastMarshall Fire Boulder Colorado AnnouncementBoulder Colorado Fires Announcement from host, Sandra Thomas-Comenole
On December 30th, 2021, a wildfire blazed through the residential communities of Boulder Co, including the community that my family and I call home. Around 12 noon on that day, we noticed our neighbor's house two doors down on fire and called 911. They had no idea that there was even a fire in the area. My husband and I quickly got our 4 children and ourselves out of our house, leaving with the clothes on our backs and without shoes on our feet. We made it safely out as we could see the fire...2022-01-0601 minThe Behavioral Economics in Marketing's PodcastDual Process Theory on Customer Journey OptimizationDuring the last few episodes, we have been hanging out in a series on the customer journey and doing a deep dive into what they are, why they are important and how to optimize customer journeys through behavioral economics. In this episode, we will discuss dual process theory and several ways to apply it to customer journey optimization. Dual process theory is a psychological term that describes the two different modes or systems of thinking. System 1 is the automatic mode of thinking, where System 2 is the calculating mode of thinking. In this episode, we used examples of toothpaste buying...2021-12-0911 minThe Behavioral Economics in Marketing's PodcastHow to Build a Customer Journey MapDuring the next few episodes, we will go on a deep dive into customer journeys. What they are, why they are important and how to optimize customer journeys through behavioral economics. The customer journey map is a tool that helps marketers to understand the series of connected experiences that customers desire and need — whether that be completing a desired task or traversing the end-to-end journey from prospect to customer to loyal advocate. In this episode, we explored a simple framework for developing a customer journey map including establishing goals, conducting market research and taking inventory of your resources.
Be...2021-12-0209 minThe Behavioral Economics in Marketing's PodcastReplay: Optimizing Customer Experience (CX) with Priming EffectReplay: Priming Effect is such an integral part of marketing that marketing professionals should really take the time to understand how to leverage Priming Effect in their marketing. This episode focuses on leveraging the Priming Effect in customer experience (CX) optimization through branding, engagement and placement.
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 p...2021-11-2509 minThe Behavioral Economics in Marketing's Podcast6 Stages of the Customer JourneyDuring the next few episodes, we will go on a deep dive into customer journeys. What they are, why they are important and how to optimize customer journeys through behavioral economics. In the last episode, we defined customer journeys. In this episode, we consider the 6 common phases of the customer journey including awareness, evaluation, consideration, purchase, retention and advocacy.
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 m...2021-11-1808 minThe Behavioral Economics in Marketing's PodcastCustomer Journeys, a DefinitionDuring the next few episodes, we will go on a deep dive into customer journeys. What they are, why they are important and how to optimize customer journeys through behavioral economics. For this reason, this episode provides a thorough foundation into what a customer journey is, from a consumer standpoint and a marketing professional standpoint, as well as other definitions that are important to customer journey mapping. Additionally, we offer an excellent case study into how customer journey mapping can improve user experience (UX) and directly impact conversion rates.
Behavioral Economics in Marketing Podcast | Understanding how we a...2021-11-1107 minThe Behavioral Economics in Marketing's PodcastPriming Effect on Market ResearchPriming Effect is a phenomenon whereby exposure to one stimulus influences how a person responds to a subsequent stimulus, without any awareness of the connection. Priming Effect is an integral part of marketing and can be leveraged in branding, key value propositions and unique selling points, engagement, user experience (UX), customer journeys, negotiations and company culture. But it should be avoided in market research. This episode gives practical ways for marketing professionals to avoid Priming Effect in market research.
Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. B...2021-11-0408 minThe Behavioral Economics in Marketing's PodcastAnchoring Effect | Definition MinuteThe anchoring effect is a cognitive bias that influences you to rely too heavily on the first piece of information you receive, whereby initial exposure to a number or concept serves as a reference point and influences subsequent judgments.
📎 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...2021-10-2801 minThe Behavioral Economics in Marketing's PodcastLeveraging Endowment Effect on Cart AbandonmentIn this episode we consider ways that marketing professionals can leverage endowment effect on cart abandonment with check out nudges and follow-ups can increase your conversion rate significantly.
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.
S...2021-10-2104 minThe Behavioral Economics in Marketing's PodcastSample Selection Bias | Definition MinuteIn this episode, we are considering the Sample Selection Bias. Sample Selection Bias is a systematic error caused by choosing non-random data for statistical and qualitative analysis. The bias exists due to a flaw in the sample selection process, where a subset of the data is excluded due to a particular attribute, sampling technique or even geographic location; resulting in a biased sample, defined as a statistical sample of a population in which all participants are not equally balanced or objectively represented. The exclusion of the subset can influence the statistical significance and produces distorted results.
📎 Definition Min...2021-10-1802 minThe Behavioral Economics in Marketing's PodcastIntro to Season 4 | Behavioral Economics in Marketing PodcastWelcome to Season 4 of the behavioral economics in marketing podcast. During the last two seasons we camped out in leadership topics, covering intention-action gap on habit change, social axiom theory on growth mindset across culture, overcoming the principal-agent problem and several other great episodes. And though there is so much more ground I could cover on behavioral economics in leadership, there is also a ton of topics related more closely to marketing. For that reason, Season 4 will be a mixed bag covering topics in marketing, leadership and communication.
Behavioral Economics in Marketing Podcast | Understanding how we as h...2021-10-1705 minThe Behavioral Economics in Marketing's PodcastCognitive Dissonance | Definition MinuteIn this episode, we are considering Cognitive dissonance. Cognitive dissonance is the phenomenon of having inconsistent thoughts, beliefs, values or attitudes.
📎 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 marketi...2021-09-1604 minThe Behavioral Economics in Marketing's PodcastIntention-Action Gap on Habit Change🎖 The Intention-Action Gap is a social psychology and behavioral economics term that describes the occurrence of when one’s values, attitudes or intentions do not correlate with their actions. The intention-action gap is often what stands in the way of habit change. In this episode, we discuss simple ways that people can leverage behavioral economics to break an existing habit or start a new routine.
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 behavio...2021-09-0910 minThe Behavioral Economics in Marketing's PodcastChampion the IKEA Effect to Elevate Team Engagement🔨 The IKEA effect is a cognitive bias that implies that individuals place a disproportionately high value on items that they have played a part in creating.
In this episode, we explore how to champion the IKEA Effect to elevate engagement on your team through open communication, involving the team in the process, recognizing extra effort, team building activities, exercising empathy and investing in your team members.
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 hel...2021-09-0206 minThe Behavioral Economics in Marketing's PodcastAvoiding Office Herd Behavior with Behavioral Economics🎯 Herd behavior is all about making a decision based, at least in part, on the behavior and choices of others. In this episode we discussed ways that leaders can avoid herd behavior in the workplace including eradicating time constraints, communication training, consciously creating culture and building diverse and inclusive teams.
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 crea...2021-08-1906 minThe Behavioral Economics in Marketing's PodcastSocial Axiom Theory on Growth Mindset Across CulturesGrowth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider how growth mindset and its effect on achievement varies across cultures through the review of the recently published article, Society-level social axiom moderates the association between growth mindset and achievement across cultures.
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 an...2021-08-0511 minThe Behavioral Economics in Marketing's PodcastSocial Axiom Theory | Definition MinuteIn this episode, we are considering the social axiom theory. Social axioms are generalized beliefs about people, groups, social institutions, the physical environment or the spiritual realm as well as about categories of events and phenomena in the social world. These generalized beliefs are encoded in the form of an assertion about the relationship between two entities or concepts.
📎 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 Ma...2021-08-0303 minThe Behavioral Economics in Marketing's PodcastBuilding Growth Mindset with Inoculation TheoryInoculation Theory is a social psychology and communication theory that employs medical inoculation as an explanatory analogy as inoculation theory is a model for building resistance to persuasion attempts through pre-exposure to weaker counter-arguments. In this episode, we considered ways to inoculate yourself and your team against a fixed mindset to build a growth mindset.
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 t...2021-07-2910 minThe Behavioral Economics in Marketing's PodcastGame Theory | Definition Minute🎯 Game theory is a fascinating and beneficial tool to have in your marketing leadership arsenal. The applications of game theory in marketing and leadership are seemingly endless: negotiation, contracts, pricing, location, ad placement, hiring and team management all can be boiled down to a mathematical model or decision matrix to decide the best possible outcome.
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 hum...2021-07-2704 minThe Behavioral Economics in Marketing's PodcastFacilitating Growth MindsetThe Growth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider ways to facilitate a growth mindset in your team.
2021-07-2209 minThe Behavioral Economics in Marketing's PodcastGrowth Mindset vs Fixed MindsetGrowth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider the differences between a growth mindset and a fixed mindset.
2021-07-1507 minThe Behavioral Economics in Marketing's PodcastAnchoring Effect | Definition MinuteThe anchoring effect is a cognitive bias that influences you to rely too heavily on the first piece of information you receive, whereby initial exposure to a number or concept serves as a reference point and influences subsequent judgments.
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.
2021-07-1301 minThe Behavioral Economics in Marketing's PodcastTips for Overcoming the Principal-Agent ProblemThe "Principal-Agent Problem" is an economic term for the competing priorities between a leader and an employee. In the workplace, the "Principal-Agent Problem" looks like employees showing up late, taking long lunches, browsing the internet on the clock, procrastinating and missing deadlines. A few ways that leaders can overcome the "Principal-Agent Problem" is through transparency, motivation, incentives and communication.
2021-07-0812 minThe Behavioral Economics in Marketing's PodcastMoral Hazard | Definition MinuteIn 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.
2021-07-0602 minThe Behavioral Economics in Marketing's PodcastLeading Through Flow TheoryFlow Theory is a mental state in which a person performing some activity is fully immersed in the task at hand. Leaders who wish to incorporate flow into the workplace should consider these seven conditions with regards to their team and each team member individually. In this episode, we discussed the characteristics and conditions of flow and how to implement it in the workplace.
2021-07-0105 minThe Behavioral Economics in Marketing's PodcastAsymmetric Information | Definition MinuteIn 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.
2021-06-2904 minThe Behavioral Economics in Marketing's PodcastDiamond-Water Paradox | Definition MinuteThe Diamond-Water Paradox presents the human contradiction that although water is necessary to survival and diamonds are frivolous purchases; diamonds command a much higher price in the marketplace than water.
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.
2021-06-2402 minThe Behavioral Economics in Marketing's PodcastConsciously Creating Cultural CapitalCultural capital is a sociological term that can be defined as the tangible and intangible social assets and patterns of behaviors of a person or organization and includes specific knowledge and shared experiences that confer social status, power and inclusivity. Cultural capital is considered the new competitive advantage and a root of organizational success. In this episode, we considered strategies for consciously creating cultural capital.
2021-06-2112 minThe Behavioral Economics in Marketing's PodcastSpecial Announcement: Hub and Spoken Travel Show Now LiveThis special announcement is about the Hub and Spoken Travel Show. Listen in for the news!
And check out the Hub and Spoken Travel Show on Spotify!
2021-06-1501 minThe Behavioral Economics in Marketing's PodcastIntro to Behavioral Economics in Marketing Leadership | Season 3Behavioral economics is the study of decision-making and can give keen insight into employee behavior. Leaders can tap into Behavioral Economics to create happy and healthy working environments for their direct reports and fellow employees, invest in their team, increase team engagement and motivate their team. In Season 3, we will talk about Cultural Capital, Agency Cost, IKEA Effect and Herd Behavior among others.
2021-06-1007 minThe Behavioral Economics in Marketing's PodcastTrailer | Behavioral Economics in Marketing Podcast | Season 3As a marketing professional, you are called to be a leader, even if you aren't a leader by title. For that reason, this season will build on the theme of leadership introduced in the previous season. Stay tuned for great episodes such as: Consciously Creating Cultural Capital and Overcoming the Principal Agent Problem!
2021-06-0901 minThe Behavioral Economics in Marketing's PodcastFraming Effect on DelegationThe framing effect is about how employees' decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement. In this episode, we discussed ways for leaders to apply the framing effect in the successful delegation.
2021-06-0310 minThe Behavioral Economics in Marketing's PodcastDelegation Common Pitfalls and Hang-upsIn this episode of the Behavioral Economics in Marketing podcast, we discuss common delegation pitfalls and hang-ups such as delegating to the wrong employee, over-delegating, micromanaging, envy, time costs and fear of loss of control.
2021-05-2907 minThe Behavioral Economics in Marketing's PodcastDelegation, a DefinitionIn this episode, we define and discuss delegation including the direction of delegation, the process of delegation and the principles of delegation such as the principle of result expected, the principle of delegation of authority, the scalar principle and the principle of exception.
2021-05-2010 minThe Behavioral Economics in Marketing's PodcastAvailability Heuristic in Developing an Elevator PitchThe availability heuristic is all about being top of mind. Developing a strong, punchy elevator pitch can help marketing and sales leaders get their point across and have it stick, developing that top of mind recognition.
2021-05-1305 minThe Behavioral Economics in Marketing's PodcastAlleviating Conflict Before it StartsConflict is a normal part of everyday life and all of us have experienced friction or disagreements. In this episode, we discuss ways to alleviate conflict before it begins such as through open communication, communication training, building report with your team, maintaining transparency and giving positive feedback.
2021-04-2906 minThe Behavioral Economics in Marketing's PodcastManaging Conflict in the WorkplaceWhen conflicts happen in the workplace; they impede progress, lower morale and can even repel talented employees. Therefore, it is important for leaders to resolve and manage them in an effective manner. In this episode, we discussed ways that leaders can address conflict in the workplace including ways to assess the situation, listen and communicate positively.
2021-04-2208 minThe Behavioral Economics in Marketing's PodcastMastering the Art of Managing ConflictMastering the art of managing conflict is a lifelong pursuit. Conflict is a normal part of everyday life and all of us have experienced friction or disagreements. Not surprisingly, conflict can also happen in the workplace. And when conflicts happen at work, they can create discord between co-workers, impede progress, lower morale and can even repel talented employees. In this episode, we discuss categories of conflict and commonly practiced conflict resolution strategies.
2021-04-0306 minThe Behavioral Economics in Marketing's PodcastMotivating Your Team Through Acquisition TheoryAcquisition theory is a motivational model that affirms that we all have three motivating drivers: achievement, power and affiliation. The type of motivation by which each we are driven derives from our life experiences, perceptions and cultural norms. As a leader in your organization, assessing and understanding your team's motivational drivers helps you to create a working environment that not only optimizes your employees productivity but promotes their overall wellness and well-being.
2021-03-1807 minThe Behavioral Economics in Marketing's PodcastLeveraging Pent-up Demand for Business GrowthIn this episode, we considered ways in which travel companies can leverage pent-up demand through research, collaboration, targeting and using this time to skill-up and onboard new employees.
2021-03-0409 minThe Behavioral Economics in Marketing's PodcastPent-up Demand Research Brief | White Paper: Are we experiencing pent-up demand in the travel industry?In this episode, we consider pent-up in the travel industry during COVID-19 in three research studies and their findings from Sandra Thomas-Comenole's recent white paper, "Are we experiencing pent-up demand in the travel industry?"
2021-02-2507 minThe Behavioral Economics in Marketing's PodcastWhat is pent-up demandPent-up demand is a build-up of demand for goods and services in an economy where consumers are unable or unwilling to make purchases to satisfy the demand at the present time. This generally occurs during times of economic uncertainty – such as a recession. In this episode, we considered pent-up demand in the travel industry during COVID-19.
2021-02-1808 min
The South East Asia Travel ShowReconnecting the US & Asia Through Travel, with Sandra Thomas-ComenoleThis week, Gary and Hannah chat with Denver-based travel marketer, behavioural economist and podcaster Sandra Thomas-Comenole. During a varied career, Sandra has worked with several international travel brands, including InsideJapan Tours, Croatian Tourism and the US National Parks Service. In a fascinating interview, she discusses how behavioural economics can help guide travel marketers through an uncertain 2021, the pitfalls of traveller sentiment surveys and the impending leadership challenges should tourism rebound at a rapid rate. We also discuss the current state of destination marketing in the US, and some of the opportunities for engaging more closely with Asian markets and...2021-01-2230 min