[19] Decision-making mechanisms that can be used at work and lead to results: The very basics of behavioral economics

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Intended participants

All levels (marketing staff, sales staff, product/service developers, managers/leaders)

Expected effects

Marketing professionals: For creating effective marketing strategies
Sales representatives: To deepen customer understanding
Product and service developers: Understanding consumer purchasing behavior
Managers, leaders... for better decision-making across the organization

Target audience and expected results

Overview

overview

Behavioral economics is a field of study that combines traditional economics with the essence of psychology to elucidate the economic behavior of real human beings.

For example, "I saw a message on an online shopping site saying 'Only 3 left' and I put it in my basket without thinking," "I worked hard to lose weight, but ended up eating a cake as a reward," "Even though the functionality is the same, I end up choosing the 'limited edition color' or 'special version'"...people's consumption behavior is often irrational in this way.

The same is true in the business world.

"Even though the investment amount keeps increasing and it is becoming difficult to recoup, I can't cancel the plan." "I've been proceeding according to plan, but I always end up panicking in the latter half of the plan." "I drank too much the day before an important business meeting."

...Why do we behave in this way? "Behavioral economics" elucidates the reasons behind such decisions.

If "behavioral economics" can become the common language within an organization, it will enable people to act based on more rational decision-making than ever before, which can lead to growth for each member and ultimately for the organization as a whole.

This content is an introduction to behavioral economics, providing an understanding of the basics and knowledge that can be applied to daily business activities.