CCI fellows are constantly adding to the knowledge about customer behavior and trends. The CCI Insights Review synthesizes their research and makes it accessible to the broader marketing community for real-world application.
Posts categorized "Behavioral Economics"
The arrival of spring has us cleaning out closets and deciding what we should keep, and what we can toss: The DVDs, clothes, and books from our loved ones. The equal (or likely larger) mound of knickknacks from charities, in thanks for a contribution, in subtle request for the next.
Economists and marketers have long assumed that potential customers rationally weigh the costs and benefits of every possible choice before deciding what to buy. Under this assumption, marketers use tidy frameworks to help identify ways to influence consumer decisions.
As it turns out, this assumption is wrong. While shopping, we don't think as much as we think we think.
In an episode of the popular sitcom Seinfeld, George thinks he has purchased a car that once belonged to the actor Jon Voight. In every conversation he finds a way to drop in the name and basks in the reflected glory and people are very impressed with him and his car.