Behavioural economics for marketers
I had a very interesting conversation yesterday with the head of a branding agency who shares our vision of developing a scientific foundation for the practice of marketing. My view (and that of Rory Sutherland of the IPA and Ogilvy) is that behavioural economics can provide this foundation. But as a discipline, behavioural economics is not yet mature. It has a hole at its centre which needs filled before we can genuinely say that there is a science of marketing. Filling this hole is the goal of my research and this article outlines how it can be done. The key step in the development of behavioural economics is to close the gap in our understanding between neuromarketing and phenomenological descriptions of behaviour. The practice and underlying science of marketing can be represented as a multi-layered set of disciplines, from highest to lowest level: The craft and folk wisdom of sales and marketing Experimental phenomena from behavioural economics ??? Neuromarketing and the applicati...